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Analyst Contact: Jack Sullivan
Office: 980.373.3564
November 4, 2021
Duke Energy reports third-quarter 2021 financial results
▪Third-quarter 2021 reported EPS of $1.79 and adjusted EPS of $1.88
▪Results driven by continued strength in Electric Utilities and Infrastructure
▪North Carolina clean energy legislation establishes state's carbon reduction goal of 70% by 2030, introduces modernized ratemaking tools
▪Company narrows 2021 adjusted EPS guidance range to $5.15 to $5.30 and reaffirms long-term adjusted EPS growth rate of 5% to 7% through 2025
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2021 reported EPS of $1.79, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.88. This is compared to reported EPS of $1.74 and adjusted EPS of $1.87 for the third quarter of 2020.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the third-quarter 2021 reported and adjusted EPS is due to an impairment charge related to the 2018 South Carolina rate cases, Coal Combustion Residuals Settlement Agreement ("CCR Settlement Agreement") and insurance proceeds, workplace and workforce realignment costs and exit obligations from gas pipeline investments.
Higher third-quarter 2021 adjusted results were led by growth in Electric Utilities and Infrastructure from rate case contributions and higher volumes. These items were partially offset by higher O&M expenses and share dilution.
“We delivered strong results in the third quarter and continue to execute on our clean energy strategy in a way that provides sustainable value to our customers, communities and shareholders,” said Lynn Good, Duke Energy chair, president and chief executive officer. “Our net-zero emission goals are driving our investment strategy, long-term planning and operational execution and we are making significant progress on all fronts. Over the next decade, we have one of the largest growth capital investment plans in the country to build the infrastructure needed to support a clean energy future."
“We are well-positioned to deliver results within our narrowed guidance range of $5.15 to $5.30, and reaffirm our long-term EPS growth rate of 5% to 7% through 2025, based off our original 2021 guidance range.”
Duke Energy News Release 2
Business segment results
In addition to the following summary of third-quarter 2021 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release.
The discussion below of third-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized third-quarter 2021 segment income of $1,425 million, compared to segment income of $1,381 million in the third quarter of 2020. In addition to the drivers below, third-quarter 2021 and 2020 results include impacts from an impairment charge related to the 2018 South Carolina rate cases, coal ash settlement in North Carolina, including insurance proceeds distributed in accordance with the CCR Settlement Agreement, and partial settlements from Duke Energy Carolinas and Duke Energy Progress North Carolina rates cases. These charges were treated as special items and excluded from adjusted earnings.
On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2021 segment income of $1,489 million, compared to segment income of $1,412 million in the third quarter of 2020, an increase of $0.10 per share, excluding share dilution of $0.08 per share. Higher quarterly results were primarily due to volumes (+$0.11 per share) and contributions from rate cases (+$0.09 per share). These results were partially offset by higher O&M expenses (-$0.08 per share).
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized a third-quarter 2021 segment loss of $3 million, compared to a loss of $73 million in the third quarter of 2020. In addition to the drivers outlined below, third-quarter 2021 and 2020 results include costs related to the cancellation of the ACP investment. These charges were treated as special items and excluded from adjusted earnings.
On an adjusted basis, Gas Utilities and Infrastructure recognized a third-quarter 2021 segment loss of $5 million, compared to a loss of $8 million in the third quarter of 2020, flat per share. Margin expansion (+$0.01 per share) was offset by higher depreciation on a growing asset base (-$0.01 per share).
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized third-quarter 2021 segment income of $78 million, compared to reported and adjusted segment income of $60 million in the third quarter of 2020. This represents an increase of $0.02 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily driven by new renewable projects (+$0.03 per share).
Duke Energy News Release 3
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported basis, Other recognized a third-quarter 2021 net loss of $134 million compared to a net loss of $103 million in the third quarter of 2020. In addition to the drivers outlined below, third-quarter 2021 results include workplace and workforce realignment costs. This amount was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Other recognized a third-quarter 2021 net loss of $127 million. This is compared to an adjusted net loss of $103 million in the third quarter of 2020, a decrease of $0.03 per share, excluding share dilution of -$0.01 per share. Lower quarterly results at Other were primarily due to higher income tax expense.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the third-quarter of 2021 was 6.6% compared to 7.8% in the third quarter of 2020. The decrease in the effective tax rate was primarily due to 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 third quarter of 2021 was 7.1% compared to 9.0% in the third quarter of 2020. 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 third-quarter 2021 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.
The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 800.263.0877 in the United States or 323.794.2094 outside the United States. The confirmation code is 3383857. 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, November 14, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 3383857. An audio replay and transcript will also be available by accessing the investors section of the company’s website.
Duke Energy News Release 4
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for third-quarter 2021 and 2020 financial results: | | | | | | | | | | | |
| (In millions, except per share amounts) | After-Tax Amount | 3Q 2021 EPS | 3Q 2020 EPS |
| EPS, as reported | | $ | 1.79 | | $ | 1.74 | |
| Adjustments to reported EPS: | | | |
| Third Quarter 2021 | | | |
| | | |
| Gas Pipeline Investments | $ | (2) | | — | | |
| Workplace and Workforce Realignment | 7 | | — | | |
| Regulatory Settlements | 64 | | $ | 0.09 | | |
| | | |
| Third Quarter 2020 | | | |
| | | |
| Gas Pipeline Investments | $ | 69 | | | 0.09 | |
| Regulatory Settlements | 27 | | | 0.04 | |
| | | |
| | | |
| Total adjustments | | $ | 0.09 | | $ | 0.13 | |
| EPS, adjusted | | $ | 1.88 | | $ | 1.87 | |
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 investment and additional exit obligations.
Duke Energy News Release 5
•Workplace and Workforce Realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.
•Regulatory Settlements represents an impairment charge related to the 2018 South Carolina rate cases, charges related to the CCR Settlement Agreement and insurance proceeds distributed in accordance with that agreement and Duke Energy Carolinas and Duke Energy Progress partial settlements in the 2019 North Carolina rate cases.
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).
Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income (loss) and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy News Release 6
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2021 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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;
Duke Energy News Release 7
◦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;
◦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;
◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;
Duke Energy News Release 8
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock; and
◦The ability to implement our business strategy, including 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 September 30, 2021
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Special Items | | | | | | | | | | |
| | Reported Earnings | | Gas Pipeline Investments | | Workplace and Workforce Realignment | | Regulatory Settlements | | | | | | | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 1,425 | | | $ | — | | | $ | — | | | $ | 64 | | C | | | | | | | $ | 64 | | | $ | 1,489 | |
| Gas Utilities and Infrastructure | | (3) | | | (2) | | A | — | | | — | | | | | | | | | (2) | | | (5) | |
| Commercial Renewables | | 78 | | | — | | | — | | | — | | | | | | | | | — | | | 78 | |
| Total Reportable Segment Income | | 1,500 | | | (2) | | | — | | | 64 | | | | | | | | | 62 | | | 1,562 | |
| Other | | (134) | | | — | | | 7 | | B | — | | | | | | | | | 7 | | | (127) | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | 1,366 | | | $ | (2) | | | $ | 7 | | | $ | 64 | | | | | | | | | $ | 69 | | | $ | 1,435 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | 1.79 | | | $ | — | | | $ | — | | | $ | 0.09 | | | | | | | | | $ | 0.09 | | | $ | 1.88 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A — Net of $1 million tax expense. $3 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B — Net of $2 million tax benefit. $8 million recorded within Impairment of assets and other charges and $1 million within Operations, maintenance and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.
C — Net of $18 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.
•$160 million of expense recorded within Impairment of assets and other charges, $77 million of income recorded within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues and $3 million of expense within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to a South Carolina rate case impairment charge and the CCR Settlement and insurance proceeds distributed in accordance with that agreement.
•$42 million of expense recorded within Impairment of assets and other charges, $34 million of income recorded within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues and $5 million of expense within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to a South Carolina rate case impairment charge and the CCR Settlement and insurance proceeds distributed in accordance with that agreement.
Weighted Average Shares (reported and adjusted) - 769 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2021
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Special Items | | | | | | | | | | | | | | | | |
| | Reported Earnings | | Gas Pipeline Investments | | Workplace and Workforce Realignment | | Regulatory Settlements | | | | | | | | | | | | | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME | | | | | | | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 3,180 | | | $ | — | | | $ | — | | | $ | 64 | | C | | | | | | | | | | | | | $ | 64 | | | $ | 3,244 | |
| Gas Utilities and Infrastructure | | 259 | | | 15 | | A | — | | | — | | | | | | | | | | | | | | | 15 | | | 274 | |
| Commercial Renewables | | 152 | | | — | | | — | | | — | | | | | | | | | | | | | | | — | | | 152 | |
| Total Reportable Segment Income | | 3,591 | | | 15 | | | — | | | 64 | | | | | | | | | | | | | | | 79 | | | 3,670 | |
| Other | | (521) | | | — | | | 142 | | B | — | | | | | | | | | | | | | | | 142 | | | (379) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | 3,070 | | | $ | 15 | | | $ | 142 | | | $ | 64 | | | | | | | | | | | | | | | $ | 221 | | | $ | 3,291 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | 4.00 | | | $ | 0.02 | | | $ | 0.19 | | | $ | 0.09 | | | | | | | | | | | | | | | $ | 0.30 | | | $ | 4.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A — Net of $4 million tax benefit. $19 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B — Net of $42 million tax benefit. $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.
C — Net of $18 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.
•$160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues and $3 million of expense within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to a South Carolina rate case impairment charge and the CCR Settlement and insurance proceeds distributed in accordance with that agreement.
•$42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues and $5 million of expense within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to a South Carolina rate case impairment charge and the CCR Settlement and insurance proceeds distributed in accordance with that agreement.
Weighted Average Shares (reported and adjusted) - 769 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2020
(Dollars in millions, except per share amounts) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Special Items | | | | | | | | | | | | |
| Reported Earnings | | Gas Pipeline Investments | | Regulatory Settlements | | | | | | | | | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | $ | 1,381 | | | $ | 4 | | A | $ | 27 | | C | | | | | | | | | $ | 31 | | | $ | 1,412 | |
| Gas Utilities and Infrastructure | (73) | | | 65 | | B | — | | | | | | | | | | | 65 | | | (8) | |
| Commercial Renewables | 60 | | | — | | | — | | | | | | | | | | | — | | | 60 | |
| Total Reportable Segment Income | 1,368 | | | 69 | | | 27 | | | | | | | | | | | 96 | | | 1,464 | |
| | | | | | | | | | | | | | | | | |
| Other | (103) | | | — | | | — | | | | | | | | | | | — | | | (103) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,265 | | | $ | 69 | | | $ | 27 | | | | | | | | | | | $ | 96 | | | $ | 1,361 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.74 | | | $ | 0.09 | | | $ | 0.04 | | | | | | | | | | | $ | 0.13 | | | $ | 1.87 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A — Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Condensed Consolidated Statements of Operations.
B — Net of $20 million tax benefit.
•$78 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Condensed Consolidated Statements of Operations.
• $7 million included within Impairment charges related to gas project materials on the Piedmont Condensed Consolidated Statements of Operations.
C — Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
•$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' Condensed Consolidated Statements of Operations.
•$8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 735 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2020
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Special Items | | | | |
| | Reported Earnings | | | | | | | | Gas Pipeline Investments | | | | Severance | | Regulatory Settlements | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 2,839 | | | | | | | | | $ | 4 | | A | | | $ | — | | | $ | 27 | | D | $ | 31 | | | $ | 2,870 | |
| Gas Utilities and Infrastructure | | (1,400) | | | | | | | | | 1,691 | | B | | | — | | | — | | | 1,691 | | | 291 | |
| Commercial Renewables | | 207 | | | | | | | | | — | | | | | — | | | — | | | — | | | 207 | |
| Total Reportable Segment Income | | 1,646 | | | | | | | | | 1,695 | | | | | — | | | 27 | | | 1,722 | | | 3,368 | |
| Other | | (299) | | | | | | | | | — | | | | | (75) | | C | — | | | (75) | | | (374) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | 1,347 | | | | | | | | | $ | 1,695 | | | | | $ | (75) | | | $ | 27 | | | $ | 1,647 | | | $ | 2,994 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | 1.85 | | | | | | | | | $ | 2.30 | | | | | $ | (0.10) | | | $ | 0.04 | | | $ | 2.24 | | | $ | 4.09 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A — Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Condensed Consolidated Statements of Operations.
B — Net of $394 million tax benefit.
•$2,078 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Condensed Consolidated Statements of Operations.
• $7 million included within Impairment charges related to gas project materials on the Piedmont Condensed 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 Condensed Consolidated Statements of Operations.
D — Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
•$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' Condensed Consolidated Statements of Operations.
•$8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 735 million
DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
September 2021
(Dollars in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, 2021 | | Nine Months Ended
September 30, 2021 | |
| Balance | | Effective Tax Rate | | Balance | | Effective Tax Rate | |
| | | | | | | | |
| Reported Income Before Income Taxes | $ | 1,366 | | | | | $ | 3,125 | | | | |
| | | | | | | | |
| Gas Pipeline Investments | (3) | | | | | 19 | | | | |
| Workplace and Workforce Realignment | 9 | | | | | 184 | | | | |
| Regulatory Settlements | 83 | | | | | 83 | | | | |
| Noncontrolling Interests | 129 | | | | | 247 | | | | |
| Preferred Dividends | (39) | | | | | (92) | | | | |
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,545 | | | | | $ | 3,566 | | | | |
| | | | | | | | |
| Reported Income Tax Expense | $ | 90 | | | 6.6 | % | | $ | 210 | | | 6.7 | % | |
| | | | | | | | |
| Gas Pipeline Investments | (1) | | | | | 4 | | | | |
| Workplace and Workforce Realignment | 2 | | | | | 42 | | | | |
| Regulatory Settlements | 19 | | | | | 19 | | | | |
| | | | | | | | |
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 110 | | | 7.1 | % | | $ | 275 | | | 7.7 | % | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, 2020 | | Nine Months Ended
September 30, 2020 | |
| Balance | | Effective Tax Rate | | Balance | | Effective Tax Rate | |
| | | | | | | | |
| Reported Income Before Income Taxes | 1,339 | | | | | $ | 1,158 | | | | |
| Gas Pipeline Investments | 90 | | | | | 2,090 | | | | |
| Severance | — | | | | | (98) | | | | |
| Regulatory Settlements | 35 | | | | | 35 | | | | |
| Noncontrolling Interests | 70 | | | | | 208 | | | | |
| Preferred Dividends | (39) | | | | | (93) | | | | |
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,495 | | | | | $ | 3,300 | | | | |
| | | | | | | | |
| Reported Income Tax Expense (Benefit) | 105 | | | 7.8 | % | | (74) | | | (6.4) | % | |
| Gas Pipeline Investments | 21 | | | | | 395 | | | | |
| Severance | — | | | | | (23) | | | | |
| | | | | | | | |
| Regulatory Settlements | 8 | | | | | 8 | | | | |
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 134 | | | 9.0 | % | | $ | 306 | | | 9.3 | % | |
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2021 QTD vs. Prior Year
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (Dollars per share) | Electric Utilities and Infrastructure | | Gas
Utilities and Infrastructure | | Commercial Renewables | | Other | | | | Consolidated |
| 2020 QTD Reported Earnings Per Share | $ | 1.88 | | | | $ | (0.10) | | | | $ | 0.09 | | | | $ | (0.13) | | | | | | | $ | 1.74 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Gas Pipeline Investments | — | | | | 0.09 | | | | — | | | | — | | | | | | | 0.09 | | |
| Regulatory Settlements | 0.04 | | | | — | | | | — | | | | — | | | | | | | 0.04 | | |
| 2020 QTD Adjusted Earnings Per Share | $ | 1.92 | | | | $ | (0.01) | | | | $ | 0.09 | | | | $ | (0.13) | | | | | | | $ | 1.87 | | |
| Weather | (0.02) | | | | — | | | | — | | | | — | | | | | | | (0.02) | | |
| Volume | 0.11 | | | | — | | | | — | | | | — | | | | | | | 0.11 | | |
Riders and Other Retail Margin(a) | 0.03 | | | | 0.01 | | | | — | | | | — | | | | | | | 0.04 | | |
Rate case impacts, net(b) | 0.09 | | | | — | | | | — | | | | — | | | | | | | 0.09 | | |
| Wholesale | (0.03) | | | | — | | | | — | | | | — | | | | | | | (0.03) | | |
Operations and maintenance, net of recoverables(c) | (0.08) | | | | — | | | | — | | | | — | | | | | | | (0.08) | | |
| | | | | | | | | | | | | | | | | |
Duke Energy Renewables(d) | — | | | | — | | | | 0.02 | | | | — | | | | | | | 0.02 | | |
| Interest Expense | (0.02) | | | | — | | | | — | | | | — | | | | | | | (0.02) | | |
| AFUDC Equity | 0.01 | | | | — | | | | — | | | | — | | | | | | | 0.01 | | |
Depreciation and amortization(e) | 0.03 | | | | (0.01) | | | | — | | | | — | | | | | | | 0.02 | | |
| | | | | | | | | | | | | | | | | |
Other(f) | (0.02) | | | | — | | | | — | | | | (0.03) | | | | | | | (0.05) | | |
| Total variance before share count | $ | 0.10 | | | | $ | — | | | | $ | 0.02 | | | | $ | (0.03) | | | | | | | $ | 0.09 | | |
| Change in share count | (0.08) | | | | — | | | | (0.01) | | | | 0.01 | | | | | | | (0.08) | | |
| 2021 QTD Adjusted Earnings Per Share | $ | 1.94 | | | | $ | (0.01) | | | | $ | 0.10 | | | | $ | (0.15) | | | | | | | $ | 1.88 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Regulatory Settlements | (0.09) | | | | — | | | | — | | | | — | | | | | | | (0.09) | | |
| 2021 QTD Reported Earnings Per Share | $ | 1.85 | | | | $ | (0.01) | | | | $ | 0.10 | | | | $ | (0.15) | | | | | | | $ | 1.79 | | |
| | | | | | | | | | | | | | | | | |
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 735 million shares to 769 million. |
|
(a) Electric Utilities and Infrastructure includes higher transmission revenues and higher late payment revenues compared to prior year related to COVID-19.
(b) Electric Utilities and Infrastructure includes the net impact of DEI base rate increases, effective August 2020 (+$0.04), the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.03), respectively, and the DEF SBRA and multiyear rate plan (+0.02).
(c) Primarily due to higher employee-related expenses.
(d) Primarily due to new renewable projects placed in service in the current year.
(e) Excludes rate case impacts.
(f) Electric Utilities and Infrastructure includes higher property tax expense. Other includes higher income tax expense.
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2021 YTD vs. Prior Year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (Dollars per share) | Electric Utilities and Infrastructure | | Gas
Utilities and Infrastructure | | Commercial Renewables | | Other | | | | Consolidated |
| 2020 YTD Reported Earnings Per Share | $ | 3.86 | | | | $ | (1.90) | | | | $ | 0.28 | | | | $ | (0.39) | | | | | | | $ | 1.85 | | |
| Gas Pipeline Investments | — | | | | 2.30 | | | | — | | | | — | | | | | | | 2.30 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Regulatory Settlements | 0.04 | | | | — | | | | — | | | | — | | | | | | | 0.04 | | |
| Severance | — | | | | — | | | | — | | | | (0.10) | | | | | | | (0.10) | | |
| 2020 YTD Adjusted Earnings Per Share | $ | 3.90 | | | | $ | 0.40 | | | | $ | 0.28 | | | | $ | (0.49) | | | | | | | $ | 4.09 | | |
| Weather | 0.09 | | | | — | | | | — | | | | — | | | | | | | 0.09 | | |
| Volume | 0.19 | | | | — | | | | — | | | | — | | | | | | | 0.19 | | |
Riders and Other Retail Margin(a) | 0.07 | | | | 0.05 | | | | — | | | | — | | | | | | | 0.12 | | |
Rate case impacts, net(b) | 0.32 | | | | 0.02 | | | | — | | | | — | | | | | | | 0.34 | | |
| Wholesale | 0.01 | | | | — | | | | — | | | | — | | | | | | | 0.01 | | |
Operations and maintenance, net of recoverables(c) | (0.12) | | | | — | | | | — | | | | — | | | | | | | (0.12) | | |
Midstream Gas Pipelines(d) | — | | | | (0.07) | | | | — | | | | — | | | | | | | (0.07) | | |
Duke Energy Renewables(e) | — | | | | — | | | | (0.07) | | | | — | | | | | | | (0.07) | | |
| Interest Expense | (0.01) | | | | — | | | | — | | | | 0.03 | | | | | | | 0.02 | | |
| AFUDC Equity | 0.01 | | | | — | | | | — | | | | — | | | | | | | 0.01 | | |
Depreciation and amortization(f) | 0.02 | | | | (0.02) | | | | — | | | | — | | | | | | | — | | |
| | | | | | | | | | | | | | | | | |
Other(g) | (0.09) | | | | — | | | | — | | | | (0.04) | | | | | | | (0.13) | | |
| Total variance before share count | $ | 0.49 | | | | $ | (0.02) | | | | $ | (0.07) | | | | $ | (0.01) | | | | | | | $ | 0.39 | | |
| Change in share count | (0.17) | | | | (0.02) | | | | (0.01) | | | | 0.02 | | | | | | | (0.18) | | |
| 2021 YTD Adjusted Earnings Per Share | $ | 4.22 | | | | $ | 0.36 | | | | $ | 0.20 | | | | $ | (0.48) | | | | | | | $ | 4.30 | | |
| | | | | | | | | | | | | | | | | |
| Workplace and Workforce Realignment | — | | | | — | | | | — | | | | (0.19) | | | | | | | (0.19) | | |
| Regulatory Settlements | (0.09) | | | | — | | | | — | | | | — | | | | | | | (0.09) | | |
| Gas Pipeline Investments | — | | | | (0.02) | | | | — | | | | — | | | | | | | (0.02) | | |
| 2021 YTD Reported Earnings Per Share | $ | 4.13 | | | | $ | 0.34 | | | | $ | 0.20 | | | | $ | (0.67) | | | | | | | $ | 4.00 | | |
|
| 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 735 million shares to 769 million. |
| | | | | | | | | | | | | | | | | |
(a) Electric Utilities and Infrastructure includes higher transmission revenues, a disallowance of purchased power at a DEF plant in the prior year and higher late payment revenues compared to prior year related to COVID-19.
(b) Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.18), DEI base rate increases, effective August 2020 (+0.10), DEF SBRA and multi-year rate plan (+0.03) and DEK base rates increases, effective April 2020 (+0.01). Gas Utilities and Infrastructure includes the net impact of the PNG Tennessee rate case, effective January 2021.
(c) Primarily due to higher employee-related expenses.
(d) Primarily the loss of ACP earnings.
(e) Primarily due to Texas Storm Uri impacts (-0.04) in February 2021 and lower wind resource.
(f) Excludes rate case impacts.
(g) Electric Utilities and Infrastructure and Other include higher income and property tax expense.
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| DUKE ENERGY CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In millions, except per share amounts) |
| | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2021 | | 2020 | | 2021 | | 2020 | | |
| Operating Revenues | | | | | | | | | |
| Regulated electric | $ | 6,495 | | | $ | 6,315 | | | $ | 16,972 | | | $ | 16,402 | | | |
| Regulated natural gas | 263 | | | 214 | | | 1,314 | | | 1,115 | | | |
| Nonregulated electric and other | 193 | | | 192 | | | 573 | | | 574 | | | |
| Total operating revenues | 6,951 | | | 6,721 | | | 18,859 | | | 18,091 | | | |
| Operating Expenses | | | | | | | | | |
| Fuel used in electric generation and purchased power | 1,844 | | | 1,849 | | | 4,702 | | | 4,645 | | | |
| Cost of natural gas | 75 | | | 41 | | | 430 | | | 299 | | | |
| Operation, maintenance and other | 1,507 | | | 1,450 | | | 4,319 | | | 4,142 | | | |
| Depreciation and amortization | 1,265 | | | 1,217 | | | 3,698 | | | 3,497 | | | |
| Property and other taxes | 371 | | | 324 | | | 1,073 | | | 1,003 | | | |
| Impairment of assets and other charges | 211 | | | 28 | | | 342 | | | 36 | | | |
| Total operating expenses | 5,273 | | | 4,909 | | | 14,564 | | | 13,622 | | | |
| Gains on Sales of Other Assets and Other, net | 9 | | | 2 | | | 11 | | | 10 | | | |
| Operating Income | 1,687 | | | 1,814 | | | 4,306 | | | 4,479 | | | |
| Other Income and Expenses | | | | | | | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 22 | | | (80) | | | 14 | | | (2,004) | | | |
| Other income and expenses, net | 238 | | | 127 | | | 493 | | | 310 | | | |
| Total other income and expenses | 260 | | | 47 | | | 507 | | | (1,694) | | | |
| Interest Expense | 581 | | | 522 | | | 1,688 | | | 1,627 | | | |
| Income Before Income Taxes | 1,366 | | | 1,339 | | | 3,125 | | | 1,158 | | | |
| Income Tax Expense (Benefit) | 90 | | | 105 | | | 210 | | | (74) | | | |
| | | | | | | | | |
| | | | | | | | | |
| Net Income | 1,276 | | | 1,234 | | | 2,915 | | | 1,232 | | | |
| Add: Net Loss Attributable to Noncontrolling Interests | 129 | | | 70 | | | 247 | | | 208 | | | |
| Net Income Attributable to Duke Energy Corporation | 1,405 | | | 1,304 | | | 3,162 | | | 1,440 | | | |
| Less: Preferred Dividends | 39 | | | 39 | | | 92 | | | 93 | | | |
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,366 | | | $ | 1,265 | | | $ | 3,070 | | | $ | 1,347 | | | |
| | | | | | | | | |
| Earnings Per Share – Basic and Diluted | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Basic and Diluted | $ | 1.79 | | | $ | 1.74 | | | $ | 4.00 | | | $ | 1.85 | | | |
| | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic and Diluted | 769 | | | 735 | | | 769 | | | 735 | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| (In millions) | September 30, 2021 | | December 31, 2020 |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 548 | | | $ | 259 | |
| | | |
| Receivables (net of allowance for doubtful accounts of $48 at 2021 and $29 at 2020) | 998 | | | 1,009 | |
| Receivables of VIEs (net of allowance for doubtful accounts of $75 at 2021 and $117 at 2020) | 2,431 | | | 2,144 | |
| Inventory | 2,900 | | | 3,167 | |
| | | |
| Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs) | 1,791 | | | 1,641 | |
| Other (includes $347 at 2021 and $296 at 2020 related to VIEs) | 768 | | | 462 | |
| Total current assets | 9,436 | | | 8,682 | |
| Property, Plant and Equipment | | | |
| Cost | 160,652 | | | 155,580 | |
| Accumulated depreciation and amortization | (50,543) | | | (48,827) | |
| Facilities to be retired, net | 127 | | | 29 | |
| Net property, plant and equipment | 110,236 | | | 106,782 | |
| Other Noncurrent Assets | | | |
| Goodwill | 19,303 | | | 19,303 | |
| Regulatory assets (includes $896 at 2021 and $937 at 2020 related to VIEs) | 12,247 | | | 12,421 | |
| Nuclear decommissioning trust funds | 9,861 | | | 9,114 | |
| Operating lease right-of-use assets, net | 1,287 | | | 1,524 | |
| Investments in equity method unconsolidated affiliates | 951 | | | 961 | |
| | | |
| Other (includes $134 at 2021 and $81 at 2020 related to VIEs) | 3,686 | | | 3,601 | |
| Total other noncurrent assets | 47,335 | | | 46,924 | |
| Total Assets | $ | 167,007 | | | $ | 162,388 | |
| LIABILITIES AND EQUITY | | | |
| Current Liabilities | | | |
| Accounts payable | $ | 2,888 | | | $ | 3,144 | |
| Notes payable and commercial paper | 2,098 | | | 2,873 | |
| Taxes accrued | 908 | | | 482 | |
| Interest accrued | 558 | | | 537 | |
| Current maturities of long-term debt (includes $221 at 2021 and $472 at 2020 related to VIEs) | 4,873 | | | 4,238 | |
| | | |
| Asset retirement obligations | 673 | | | 718 | |
| Regulatory liabilities | 1,319 | | | 1,377 | |
| Other | 2,239 | | | 2,936 | |
| Total current liabilities | 15,556 | | | 16,305 | |
| Long-Term Debt (includes $3,923 at 2021 and $3,535 at 2020 related to VIEs) | 57,929 | | | 55,625 | |
| Other Noncurrent Liabilities | | | |
| Deferred income taxes | 9,875 | | | 9,244 | |
| Asset retirement obligations | 12,278 | | | 12,286 | |
| Regulatory liabilities | 15,530 | | | 15,029 | |
| Operating lease liabilities | 1,093 | | | 1,340 | |
| Accrued pension and other post-retirement benefit costs | 988 | | | 969 | |
| Investment tax credits | 804 | | | 687 | |
| | | |
| Other (includes $341 at 2021 and $316 at 2020 related to VIEs) | 1,714 | | | 1,719 | |
| Total other noncurrent liabilities | 42,282 | | | 41,274 | |
| Commitments and Contingencies | | | |
| Equity | | | |
| Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020 | 973 | | | 973 | |
| Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020 | 989 | | | 989 | |
| Common Stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 2020 | 1 | | | 1 | |
| Additional paid-in capital | 44,348 | | | 43,767 | |
| Retained earnings | 3,293 | | | 2,471 | |
| Accumulated other comprehensive loss | (297) | | | (237) | |
| Total Duke Energy Corporation stockholders' equity | 49,307 | | | 47,964 | |
| Noncontrolling interests | 1,933 | | | 1,220 | |
| Total equity | 51,240 | | | 49,184 | |
| Total Liabilities and Equity | $ | 167,007 | | | $ | 162,388 | |
| | | | | | | | | | | | | | | | | | | |
| DUKE ENERGY CORPORATION | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| (Unaudited) | |
| (In millions) | |
| | | | | | | |
| | Nine Months Ended September 30, | |
| | 2021 | | 2020 | | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
| Net Income | | $ | 2,915 | | | $ | 1,232 | | | | |
| Adjustments to reconcile net income to net cash provided by operating activities | | 4,312 | | | 5,534 | | | | |
| Net cash provided by operating activities | | 7,227 | | | 6,766 | | | | |
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | |
| Net cash used in investing activities | | (8,200) | | | (7,964) | | | | |
| | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
| Net cash provided by financing activities | | 1,160 | | | 1,225 | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net increase in cash, cash equivalents and restricted cash | | 187 | | | 27 | | | | |
| Cash, cash equivalents and restricted cash at beginning of period | | 556 | | | 573 | | | | |
| Cash, cash equivalents and restricted cash at end of period | | $ | 743 | | | $ | 600 | | | | |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2021 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 6,569 | | $ | — | | $ | — | | $ | — | | $ | (74) | | $ | 6,495 | |
| Regulated natural gas | — | | 285 | | — | | — | | (22) | | 263 | |
| Nonregulated electric and other | — | | 4 | | 117 | | 28 | | 44 | | 193 | |
| Total operating revenues | 6,569 | | 289 | | 117 | | 28 | | (52) | | 6,951 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 1,864 | | — | | — | | — | | (20) | | 1,844 | |
| Cost of natural gas | — | | 75 | | — | | — | | — | | 75 | |
| Operation, maintenance and other | 1,363 | | 102 | | 90 | | (20) | | (28) | | 1,507 | |
| Depreciation and amortization | 1,084 | | 74 | | 58 | | 56 | | (7) | | 1,265 | |
| Property and other taxes | 330 | | 30 | | 10 | | 2 | | (1) | | 371 | |
| Impairment of assets and other charges | 202 | | — | | — | | 8 | | 1 | | 211 | |
| Total operating expenses | 4,843 | | 281 | | 158 | | 46 | | (55) | | 5,273 | |
| Gains (Losses) on Sales of Other Assets and Other, net | 9 | | — | | — | | (1) | | 1 | | 9 | |
| Operating Income (Loss) | 1,735 | | 8 | | (41) | | (19) | | 4 | | 1,687 | |
| Other Income and Expenses | | | | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 3 | | 10 | | (4) | | 13 | | — | | 22 | |
| Other income and expenses, net | 217 | | 15 | | 2 | | 12 | | (8) | | 238 | |
| Total Other Income and Expenses | 220 | | 25 | | (2) | | 25 | | (8) | | 260 | |
| Interest Expense | 365 | | 37 | | 20 | | 163 | | (4) | | 581 | |
| Income (Loss) Before Income Taxes | 1,590 | | (4) | | (63) | | (157) | | — | | 1,366 | |
| Income Tax Expense (Benefit) | 160 | | (1) | | (6) | | (63) | | — | | 90 | |
| Net Income (Loss) | 1,430 | | (3) | | (57) | | (94) | | — | | 1,276 | |
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (5) | | — | | 135 | | (1) | | — | | 129 | |
| Net Income (Loss) Attributable to Duke Energy Corporation | 1,425 | | (3) | | 78 | | (95) | | — | | 1,405 | |
| Less: Preferred Dividends | — | | — | | — | | 39 | | — | | 39 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Segment Income (Loss) / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,425 | | $ | (3) | | $ | 78 | | $ | (134) | | $ | — | | $ | 1,366 | |
| Special Items | 64 | | (2) | | — | | 7 | | — | | 69 | |
Adjusted Earnings(a) | $ | 1,489 | | $ | (5) | | $ | 78 | | $ | (127) | | $ | — | | $ | 1,435 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2021 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 17,185 | | $ | — | | $ | — | | $ | — | | $ | (213) | | $ | 16,972 | |
| Regulated natural gas | — | | 1,381 | | — | | — | | (67) | | 1,314 | |
| Nonregulated electric and other | — | | 10 | | 355 | | 81 | | 127 | | 573 | |
| Total operating revenues | 17,185 | | 1,391 | | 355 | | 81 | | (153) | | 18,859 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 4,760 | | — | | — | | — | | (58) | | 4,702 | |
| Cost of natural gas | — | | 430 | | — | | — | | — | | 430 | |
| Operation, maintenance and other | 3,907 | | 302 | | 240 | | (43) | | (87) | | 4,319 | |
| Depreciation and amortization | 3,154 | | 216 | | 167 | | 182 | | (21) | | 3,698 | |
| Property and other taxes | 949 | | 92 | | 28 | | 4 | | — | | 1,073 | |
| Impairment of assets and other charges | 203 | | — | | — | | 139 | | — | | 342 | |
| Total operating expenses | 12,973 | | 1,040 | | 435 | | 282 | | (166) | | 14,564 | |
| Gains (Losses) on Sales of Other Assets and Other, net | 11 | | — | | — | | (1) | | 1 | | 11 | |
| Operating Income (Loss) | 4,223 | | 351 | | (80) | | (202) | | 14 | | 4,306 | |
| Other Income and Expenses | | | | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 8 | | 2 | | (32) | | 36 | | — | | 14 | |
| Other income and expenses, net | 413 | | 50 | | 8 | | 42 | | (20) | | 493 | |
| Total Other Income and Expenses | 421 | | 52 | | (24) | | 78 | | (20) | | 507 | |
| Interest Expense | 1,066 | | 105 | | 53 | | 470 | | (6) | | 1,688 | |
| Income (Loss) Before Income Taxes | 3,578 | | 298 | | (157) | | (594) | | — | | 3,125 | |
| Income Tax Expense (Benefit) | 393 | | 39 | | (56) | | (166) | | — | | 210 | |
| Net Income (Loss) | 3,185 | | 259 | | (101) | | (428) | | — | | 2,915 | |
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (5) | | — | | 253 | | (1) | | — | | 247 | |
| Net Income (Loss) Attributable to Duke Energy Corporation | 3,180 | | 259 | | 152 | | (429) | | — | | 3,162 | |
| Less: Preferred Dividends | — | | — | | — | | 92 | | — | | 92 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,180 | | $ | 259 | | $ | 152 | | $ | (521) | | $ | — | | $ | 3,070 | |
| Special Items | 64 | | 15 | | — | | 142 | | — | | 221 | |
Adjusted Earnings(a) | $ | 3,244 | | $ | 274 | | $ | 152 | | $ | (379) | | $ | — | | $ | 3,291 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2020 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 6,379 | | $ | — | | $ | — | | $ | — | | $ | (64) | | $ | 6,315 | |
| Regulated natural gas | — | | 238 | | — | | — | | (24) | | 214 | |
| Nonregulated electric and other | — | | 3 | | 126 | | 24 | | 39 | | 192 | |
| Total operating revenues | 6,379 | | 241 | | 126 | | 24 | | (49) | | 6,721 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 1,869 | | — | | — | | — | | (20) | | 1,849 | |
| Cost of natural gas | — | | 41 | | — | | — | | — | | 41 | |
| Operation, maintenance and other | 1,326 | | 103 | | 72 | | (21) | | (30) | | 1,450 | |
| Depreciation and amortization | 1,053 | | 65 | | 52 | | 54 | | (7) | | 1,217 | |
| Property and other taxes | 286 | | 26 | | 8 | | 4 | | — | | 324 | |
| Impairment of assets and other charges | 20 | | 7 | | — | | — | | 1 | | 28 | |
| Total operating expenses | 4,554 | | 242 | | 132 | | 37 | | (56) | | 4,909 | |
| Gains on Sales of Other Assets and Other, net | 3 | | — | | — | | — | | (1) | | 2 | |
| Operating Income (Loss) | 1,828 | | (1) | | (6) | | (13) | | 6 | | 1,814 | |
| Other Income and Expenses | | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (8) | | (71) | | (3) | | 3 | | (1) | | (80) | |
| Other income and expenses, net | 75 | | 16 | | 2 | | 40 | | (6) | | 127 | |
| Total Other Income and Expenses | 67 | | (55) | | (1) | | 43 | | (7) | | 47 | |
| Interest Expense | 308 | | 35 | | 18 | | 160 | | 1 | | 522 | |
| Income (Loss) Before Income Taxes | 1,587 | | (91) | | (25) | | (130) | | (2) | | 1,339 | |
| Income Tax Expense (Benefit) | 206 | | (18) | | (15) | | (66) | | (2) | | 105 | |
| Net Income (Loss) | 1,381 | | (73) | | (10) | | (64) | | — | | 1,234 | |
| Add: Net Loss Attributable to Noncontrolling Interest | — | | — | | 70 | | — | | — | | 70 | |
| Net Income (Loss) Attributable to Duke Energy Corporation | 1,381 | | (73) | | 60 | | (64) | | — | | 1,304 | |
| Less: Preferred Dividends | — | | — | | — | | 39 | | — | | 39 | |
| Segment Income (Loss) / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,381 | | $ | (73) | | $ | 60 | | $ | (103) | | $ | — | | $ | 1,265 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Special Items | 31 | | 65 | | — | | — | | — | | 96 | |
Adjusted Earnings(a) | $ | 1,412 | | $ | (8) | | $ | 60 | | $ | (103) | | $ | — | | $ | 1,361 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2020 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 16,596 | | $ | — | | $ | — | | $ | — | | $ | (194) | | $ | 16,402 | |
| Regulated natural gas | — | | 1,186 | | — | | — | | (71) | | 1,115 | |
| Nonregulated electric and other | — | | 8 | | 378 | | 73 | | 115 | | 574 | |
| Total operating revenues | 16,596 | | 1,194 | | 378 | | 73 | | (150) | | 18,091 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 4,703 | | — | | — | | — | | (58) | | 4,645 | |
| Cost of natural gas | — | | 300 | | — | | — | | (1) | | 299 | |
| Operation, maintenance and other | 3,891 | | 312 | | 204 | | (181) | | (84) | | 4,142 | |
| Depreciation and amortization | 3,023 | | 193 | | 148 | | 154 | | (21) | | 3,497 | |
| Property and other taxes | 885 | | 82 | | 24 | | 12 | | — | | 1,003 | |
| Impairment of assets and other charges | 23 | | 7 | | 6 | | — | | — | | 36 | |
| Total operating expenses | 12,525 | | 894 | | 382 | | (15) | | (164) | | 13,622 | |
| Gains on Sales of Other Assets and Other, net | 11 | | — | | — | | — | | (1) | | 10 | |
| Operating Income | 4,082 | | 300 | | (4) | | 88 | | 13 | | 4,479 | |
| Other Income and Expenses | | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (3) | | (2,004) | | (5) | | 9 | | (1) | | (2,004) | |
| Other income and expenses, net | 244 | | 42 | | 5 | | 46 | | (27) | | 310 | |
| Total Other Income and Expenses | 241 | | (1,962) | | — | | 55 | | (28) | | (1,694) | |
| Interest Expense | 991 | | 103 | | 49 | | 498 | | (14) | | 1,627 | |
| Income (Loss) Before Income Taxes | 3,332 | | (1,765) | | (53) | | (355) | | (1) | | 1,158 | |
| Income Tax Expense (Benefit) | 493 | | (365) | | (52) | | (149) | | (1) | | (74) | |
| Net Income (Loss) | 2,839 | | (1,400) | | (1) | | (206) | | — | | 1,232 | |
| Add: Net Loss Attributable to Noncontrolling Interest | — | | — | | 208 | | — | | — | | 208 | |
| Net Income (Loss) Attributable to Duke Energy Corporation | 2,839 | | (1,400) | | 207 | | (206) | | — | | 1,440 | |
| Less: Preferred Dividends | — | | — | | — | | 93 | | — | | 93 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Segment Income (Loss) / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 2,839 | | $ | (1,400) | | $ | 207 | | $ | (299) | | $ | — | | $ | 1,347 | |
| Special Items | 31 | | 1,691 | | — | | (75) | | — | | 1,647 | |
Adjusted Earnings(a) | $ | 2,870 | | $ | 291 | | $ | 207 | | $ | (374) | | $ | — | | $ | 2,994 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (In millions) | Electric Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial
Renewables | Other | Eliminations/
Adjustments | Duke Energy |
| Current Assets | | | | | | |
| Cash and cash equivalents | $ | 138 | | $ | 12 | | $ | 4 | | $ | 394 | | $ | — | | $ | 548 | |
| | | | | | |
| Receivables, net | 713 | | 104 | | 174 | | 7 | | — | | 998 | |
| Receivables of variable interest entities, net | 2,431 | | — | | — | | — | | — | | 2,431 | |
| Receivables from affiliated companies | 168 | | 356 | | 655 | | 1,389 | | (2,568) | | — | |
| Notes receivable from affiliated companies | 113 | | — | | — | | 1,420 | | (1,533) | | — | |
| Inventory | 2,686 | | 86 | | 84 | | 43 | | 1 | | 2,900 | |
| | | | | | |
| Regulatory assets | 1,546 | | 147 | | — | | 98 | | — | | 1,791 | |
| Other | 311 | | 91 | | 247 | | 139 | | (20) | | 768 | |
| Total current assets | 8,106 | | 796 | | 1,164 | | 3,490 | | (4,120) | | 9,436 | |
| Property, Plant and Equipment | | | | | | |
| Cost | 137,419 | | 13,662 | | 7,214 | | 2,454 | | (97) | | 160,652 | |
| Accumulated depreciation and amortization | (44,984) | | (2,702) | | (1,388) | | (1,468) | | (1) | | (50,543) | |
| Facilities to be retired, net | 116 | | 11 | | — | | — | | — | | 127 | |
| Net property, plant and equipment | 92,551 | | 10,971 | | 5,826 | | 986 | | (98) | | 110,236 | |
| Other Noncurrent Assets | | | | | | |
| Goodwill | 17,379 | | 1,924 | | — | | — | | — | | 19,303 | |
| Regulatory assets | 10,987 | | 761 | | — | | 499 | | — | | 12,247 | |
| Nuclear decommissioning trust funds | 9,861 | | — | | — | | — | | — | | 9,861 | |
| Operating lease right-of-use assets, net | 879 | | 17 | | 122 | | 269 | | — | | 1,287 | |
| Investments in equity method unconsolidated affiliates | 108 | | 236 | | 470 | | 137 | | — | | 951 | |
| Investment in consolidated subsidiaries | 604 | | 4 | | (4) | | 64,796 | | (65,400) | | — | |
| | | | | | |
| Other | 2,106 | | 324 | | 111 | | 2,797 | | (1,652) | | 3,686 | |
| Total other noncurrent assets | 41,924 | | 3,266 | | 699 | | 68,498 | | (67,052) | | 47,335 | |
| Total Assets | 142,581 | | 15,033 | | 7,689 | | 72,974 | | (71,270) | | 167,007 | |
| Segment reclassifications, intercompany balances and other | (1,016) | | (341) | | (652) | | (69,257) | | 71,266 | | — | |
| Segment Assets | $ | 141,565 | | $ | 14,692 | | $ | 7,037 | | $ | 3,717 | | $ | (4) | | $ | 167,007 | |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (In millions) | Electric Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial
Renewables | Other | Eliminations/
Adjustments | Duke Energy |
| Current Liabilities | | | | | | |
| Accounts payable | $ | 2,080 | | $ | 232 | | $ | 83 | | $ | 493 | | $ | — | | $ | 2,888 | |
| Accounts payable to affiliated companies | 715 | | 29 | | 809 | | 945 | | (2,498) | | — | |
| Notes payable to affiliated companies | 979 | | 468 | | 44 | | 54 | | (1,545) | | — | |
| Notes payable and commercial paper | — | | 34 | | — | | 2,065 | | (1) | | 2,098 | |
| Taxes accrued | 1,001 | | 54 | | (86) | | (60) | | (1) | | 908 | |
| Interest accrued | 359 | | 43 | | 2 | | 154 | | — | | 558 | |
| Current maturities of long-term debt | 2,135 | | 26 | | 165 | | 2,551 | | (4) | | 4,873 | |
| | | | | | |
| Asset retirement obligations | 673 | | — | | — | | — | | — | | 673 | |
| Regulatory liabilities | 1,233 | | 86 | | — | | — | | — | | 1,319 | |
| Other | 1,527 | | 118 | | 133 | | 538 | | (77) | | 2,239 | |
| Total current liabilities | 10,702 | | 1,090 | | 1,150 | | 6,740 | | (4,126) | | 15,556 | |
| Long-Term Debt | 35,717 | | 3,641 | | 1,553 | | 17,110 | | (92) | | 57,929 | |
| Long-Term Debt Payable to Affiliated Companies | 1,646 | | 7 | | — | | — | | (1,653) | | — | |
| Other Noncurrent Liabilities | | | | | | |
| Deferred income taxes | 10,895 | | 1,152 | | (659) | | (1,513) | | — | | 9,875 | |
| Asset retirement obligations | 12,045 | | 64 | | 169 | | — | | — | | 12,278 | |
| Regulatory liabilities | 14,093 | | 1,415 | | — | | 23 | | (1) | | 15,530 | |
| Operating lease liabilities | 774 | | 15 | | 127 | | 177 | | — | | 1,093 | |
| Accrued pension and other post-retirement benefit costs | 435 | | 34 | | (28) | | 547 | | — | | 988 | |
| Investment tax credits | 801 | | 2 | | — | | — | | 1 | | 804 | |
| | | | | | |
| Other | 761 | | 272 | | 367 | | 502 | | (188) | | 1,714 | |
| Total other noncurrent liabilities | 39,804 | | 2,954 | | (24) | | (264) | | (188) | | 42,282 | |
| Equity | | | | | | |
| Total Duke Energy Corporation stockholders' equity | 54,267 | | 7,339 | | 3,527 | | 49,385 | | (65,211) | | 49,307 | |
| Noncontrolling interests | 445 | | 2 | | 1,483 | | 3 | | — | | 1,933 | |
| Total equity | 54,712 | | 7,341 | | 5,010 | | 49,388 | | (65,211) | | 51,240 | |
| Total Liabilities and Equity | 142,581 | | 15,033 | | 7,689 | | 72,974 | | (71,270) | | 167,007 | |
| Segment reclassifications, intercompany balances and other | (1,016) | | (341) | | (652) | | (69,257) | | 71,266 | | — | |
| Segment Liabilities and Equity | $ | 141,565 | | $ | 14,692 | | $ | 7,037 | | $ | 3,717 | | $ | (4) | | $ | 167,007 | |
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2021 |
| (In millions) | Duke
Energy
Carolinas | Duke
Energy
Progress | Duke
Energy
Florida | Duke Energy Ohio(a) | Duke
Energy
Indiana | Eliminations/
Other | Electric Utilities and Infrastructure |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Operating Revenues | $ | 2,104 | | $ | 1,667 | | $ | 1,561 | | $ | 413 | | $ | 886 | | $ | (62) | | $ | 6,569 | |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 452 | | 523 | | 552 | | 119 | | 292 | | (74) | | 1,864 | |
| Operation, maintenance and other | 465 | | 364 | | 262 | | 90 | | 171 | | 11 | | 1,363 | |
| Depreciation and amortization | 366 | | 290 | | 214 | | 56 | | 154 | | 4 | | 1,084 | |
| Property and other taxes | 91 | | 39 | | 105 | | 76 | | 16 | | 3 | | 330 | |
| Impairment of assets and other charges | 159 | | 43 | | — | | — | | — | | — | | 202 | |
| Total operating expenses | 1,533 | | 1,259 | | 1,133 | | 341 | | 633 | | (56) | | 4,843 | |
| (Losses) Gains on Sales of Other Assets and Other, net | (1) | | 7 | | 1 | | 1 | | 1 | | — | | 9 | |
| Operating Income | 570 | | 415 | | 429 | | 73 | | 254 | | (6) | | 1,735 | |
Other Income and Expenses, net(b) | 125 | | 60 | | 20 | | 3 | | 11 | | 1 | | 220 | |
| Interest Expense | 137 | | 79 | | 79 | | 23 | | 49 | | (2) | | 365 | |
| Income Before Income Taxes | 558 | | 396 | | 370 | | 53 | | 216 | | (3) | | 1,590 | |
| Income Tax Expense | 19 | | 25 | | 72 | | 5 | | 34 | | 5 | | 160 | |
| Less: Net Income Attributable to Noncontrolling Interest | — | | — | | — | | — | | — | | 5 | | 5 | |
| Segment Income | $ | 539 | | $ | 371 | | $ | 298 | | $ | 48 | | $ | 182 | | $ | (13) | | $ | 1,425 | |
| | | | | | | |
| | | | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $17 million for Duke Energy Carolinas, $9 million for Duke Energy Progress, $4 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $7 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2021 |
| (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 | $ | 5,430 | | $ | 4,417 | | $ | 3,987 | | $ | 1,119 | | $ | 2,366 | | $ | (134) | | $ | 17,185 | |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 1,218 | | 1,368 | | 1,335 | | 294 | | 710 | | (165) | | 4,760 | |
| Operation, maintenance and other | 1,310 | | 1,069 | | 743 | | 252 | | 534 | | (1) | | 3,907 | |
| Depreciation and amortization | 1,088 | | 811 | | 619 | | 163 | | 458 | | 15 | | 3,154 | |
| Property and other taxes | 248 | | 129 | | 290 | | 217 | | 57 | | 8 | | 949 | |
| Impairment of assets and other charges | 160 | | 43 | | — | | — | | — | | — | | 203 | |
| Total operating expenses | 4,024 | | 3,420 | | 2,987 | | 926 | | 1,759 | | (143) | | 12,973 | |
| Gains on Sales of Other Assets and Other, net | 1 | | 8 | | 1 | | 1 | | — | | — | | 11 | |
| Operating Income | 1,407 | | 1,005 | | 1,001 | | 194 | | 607 | | 9 | | 4,223 | |
Other Income and Expenses, net(b) | 219 | | 106 | | 54 | | 10 | | 31 | | 1 | | 421 | |
| Interest Expense | 400 | | 226 | | 239 | | 66 | | 148 | | (13) | | 1,066 | |
| Income Before Income Taxes | 1,226 | | 885 | | 816 | | 138 | | 490 | | 23 | | 3,578 | |
| Income Tax Expense | 67 | | 60 | | 160 | | 16 | | 81 | | 9 | | 393 | |
| Less: Net Income Attributable to Noncontrolling Interest | — | | — | | — | | — | | — | | 5 | | 5 | |
Segment Income | $ | 1,159 | | $ | 825 | | $ | 656 | | $ | 122 | | $ | 409 | | $ | 9 | | $ | 3,180 | |
| | | | | | | |
| | | | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $46 million for Duke Energy Carolinas, $25 million for Duke Energy Progress, $12 million for Duke Energy Florida, $4 million for Duke Energy Ohio and $19 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (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 | | $ | 51 | | $ | 40 | | $ | 12 | | $ | 14 | | $ | — | | $ | 138 | |
| | | | | | | |
| Receivables, net | 278 | | 162 | | 104 | | 99 | | 81 | | (11) | | 713 | |
| Receivables of variable interest entities, net | 915 | | 532 | | 449 | | — | | — | | 535 | | 2,431 | |
| Receivables from affiliated companies | 85 | | 68 | | 3 | | 93 | | 62 | | (143) | | 168 | |
| Notes receivable from affiliated companies | — | | — | | — | | — | | 251 | | (138) | | 113 | |
| Inventory | 969 | | 815 | | 439 | | 95 | | 367 | | 1 | | 2,686 | |
| | | | | | | |
| Regulatory assets | 460 | | 499 | | 365 | | 27 | | 196 | | (1) | | 1,546 | |
| Other | 104 | | 116 | | 35 | | (1) | | 60 | | (3) | | 311 | |
| Total current assets | 2,832 | | 2,243 | | 1,435 | | 325 | | 1,031 | | 240 | | 8,106 | |
| Property, Plant and Equipment | | | | | | | |
| Cost | 51,790 | | 36,666 | | 23,300 | | 7,641 | | 17,321 | | 701 | | 137,419 | |
| Accumulated depreciation and amortization | (17,959) | | (13,365) | | (5,839) | | (2,261) | | (5,551) | | (9) | | (44,984) | |
| Facilities to be retired, net | 89 | | 27 | | — | | — | | — | | — | | 116 | |
| Net property, plant and equipment | 33,920 | | 23,328 | | 17,461 | | 5,380 | | 11,770 | | 692 | | 92,551 | |
| Other Noncurrent Assets | | | | | | | |
| Goodwill | — | | — | | — | | 596 | | — | | 16,783 | | 17,379 | |
| Regulatory assets | 2,743 | | 3,955 | | 1,829 | | 337 | | 1,300 | | 823 | | 10,987 | |
| Nuclear decommissioning trust funds | 5,434 | | 3,857 | | 570 | | — | | — | | — | | 9,861 | |
| Operating lease right-of-use assets, net | 95 | | 402 | | 312 | | 19 | | 51 | | — | | 879 | |
| Investments in equity method unconsolidated affiliates | — | | — | | 1 | | — | | — | | 107 | | 108 | |
| Investment in consolidated subsidiaries | 60 | | 14 | | 3 | | 291 | | 1 | | 235 | | 604 | |
| | | | | | | |
| Other | 1,198 | | 771 | | 350 | | 65 | | 276 | | (554) | | 2,106 | |
| Total other noncurrent assets | 9,530 | | 8,999 | | 3,065 | | 1,308 | | 1,628 | | 17,394 | | 41,924 | |
| Total Assets | 46,282 | | 34,570 | | 21,961 | | 7,013 | | 14,429 | | 18,326 | | 142,581 | |
| Segment reclassifications, intercompany balances and other | (176) | | (121) | | (117) | | (297) | | (111) | | (194) | | (1,016) | |
| Reportable Segment Assets | $ | 46,106 | | $ | 34,449 | | $ | 21,844 | | $ | 6,716 | | $ | 14,318 | | $ | 18,132 | | $ | 141,565 | |
(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)
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (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 | $ | 673 | | $ | 392 | | $ | 506 | | $ | 256 | | $ | 239 | | $ | 14 | | $ | 2,080 | |
| Accounts payable to affiliated companies | 184 | | 113 | | 129 | | 20 | | 198 | | 71 | | 715 | |
| Notes payable to affiliated companies | 86 | | 117 | | 603 | | 299 | | — | | (126) | | 979 | |
| | | | | | | |
| Taxes accrued | 392 | | 164 | | 177 | | 185 | | 83 | | — | | 1,001 | |
| Interest accrued | 137 | | 68 | | 72 | | 23 | | 59 | | — | | 359 | |
| Current maturities of long-term debt | 357 | | 1,207 | | 276 | | 24 | | 151 | | 120 | | 2,135 | |
| | | | | | | |
| Asset retirement obligations | 245 | | 234 | | — | | 17 | | 177 | | — | | 673 | |
| Regulatory liabilities | 503 | | 439 | | 102 | | 41 | | 147 | | 1 | | 1,233 | |
| Other | 516 | | 442 | | 404 | | 63 | | 105 | | (3) | | 1,527 | |
| Total current liabilities | 3,093 | | 3,176 | | 2,269 | | 928 | | 1,159 | | 77 | | 10,702 | |
| Long-Term Debt | 12,318 | | 8,491 | | 7,273 | | 2,447 | | 3,791 | | 1,397 | | 35,717 | |
| Long-Term Debt Payable to Affiliated Companies | 300 | | 150 | | — | | 18 | | 150 | | 1,028 | | 1,646 | |
| Other Noncurrent Liabilities | | | | | | | |
| Deferred income taxes | 3,953 | | 2,500 | | 2,385 | | 734 | | 1,289 | | 34 | | 10,895 | |
| Asset retirement obligations | 5,134 | | 5,407 | | 443 | | 51 | | 966 | | 44 | | 12,045 | |
| Regulatory liabilities | 6,867 | | 4,686 | | 649 | | 336 | | 1,573 | | (18) | | 14,093 | |
| Operating lease liabilities | 83 | | 359 | | 265 | | 19 | | 49 | | (1) | | 774 | |
| Accrued pension and other post-retirement benefit costs | 64 | | 234 | | 225 | | 86 | | 172 | | (346) | | 435 | |
| Investment tax credits | 288 | | 129 | | 208 | | 3 | | 172 | | 1 | | 801 | |
| | | | | | | |
| Other | 558 | | 78 | | 56 | | 57 | | 53 | | (41) | | 761 | |
| Total other noncurrent liabilities | 16,947 | | 13,393 | | 4,231 | | 1,286 | | 4,274 | | (327) | | 39,804 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Equity | | | | | | | |
| Total Duke Energy Corporation stockholders equity | 13,624 | | 9,360 | | 8,188 | | 2,334 | | 5,055 | | 15,706 | | 54,267 | |
Noncontrolling interests(c) | — | | — | | — | | — | | — | | 445 | | 445 | |
| Total equity | 13,624 | | 9,360 | | 8,188 | | 2,334 | | 5,055 | | 16,151 | | 54,712 | |
| Total Liabilities and Equity | 46,282 | | 34,570 | | 21,961 | | 7,013 | | 14,429 | | 18,326 | | 142,581 | |
| Segment reclassifications, intercompany balances and other | (176) | | (121) | | (117) | | (297) | | (111) | | (194) | | (1,016) | |
| Reportable Segment Liabilities and Equity | $ | 46,106 | | $ | 34,449 | | $ | 21,844 | | $ | 6,716 | | $ | 14,318 | | $ | 18,132 | | $ | 141,565 | |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
(c) Includes a noncontrolling interest in Duke Energy Indiana.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2021 |
| (In millions) | Duke Energy
Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/
Adjustments | Gas
Utilities and Infrastructure |
| | | | | |
| | | | | |
| | | | | |
| Operating Revenues | $ | 93 | | $ | 195 | | $ | — | | $ | 1 | | $ | 289 | |
| Operating Expenses | | | | | |
| Cost of natural gas | 9 | | 66 | | — | | — | | 75 | |
| Operation, maintenance and other | 27 | | 76 | | (1) | | — | | 102 | |
| Depreciation and amortization | 23 | | 51 | | 1 | | (1) | | 74 | |
| Property and other taxes | 14 | | 16 | | — | | — | | 30 | |
| | | | | |
| Total operating expenses | 73 | | 209 | | — | | (1) | | 281 | |
| Gains on Sales of Other Assets and Other, net | 1 | | — | | — | | (1) | | — | |
| Operating Income (Loss) | 21 | | (14) | | — | | 1 | | 8 | |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | — | | — | | 9 | | 1 | | 10 | |
| Other income and expenses, net | 2 | | 14 | | — | | (1) | | 15 | |
| Total other income and expenses | 2 | | 14 | | 9 | | — | | 25 | |
| Interest Expense | 8 | | 29 | | — | | — | | 37 | |
| Income (Loss) Before Income Taxes | 15 | | (29) | | 9 | | 1 | | (4) | |
| Income Tax Expense (Benefit) | 4 | | (7) | | 2 | | — | | (1) | |
| Segment Income (Loss) | $ | 11 | | $ | (22) | | $ | 7 | | $ | 1 | | $ | (3) | |
| | | | | |
| | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2021 |
| (In millions) |
Duke Energy
Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/
Adjustments |
Gas Utilities and Infrastructure |
| | | | | |
| | | | | |
| | | | | |
| Operating Revenues | $ | 375 | | $ | 1,016 | | $ | — | | $ | — | | $ | 1,391 | |
| Operating Expenses | | | | | |
| Cost of natural gas | 76 | | 354 | | — | | — | | 430 | |
| Operation, maintenance and other | 77 | | 225 | | 1 | | (1) | | 302 | |
| Depreciation and amortization | 65 | | 150 | | 1 | | — | | 216 | |
| Property and other taxes | 48 | | 44 | | — | | — | | 92 | |
| | | | | |
| Total operating expenses | 266 | | 773 | | 2 | | (1) | | 1,040 | |
| Gains on Sales of Other Assets and Other, net | 1 | | — | | — | | (1) | | — | |
| Operating Income (Loss) | 110 | | 243 | | (2) | | — | | 351 | |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | — | | — | | 2 | | — | | 2 | |
| Other income and expenses, net | 5 | | 45 | | — | | — | | 50 | |
| Total other income and expenses | 5 | | 45 | | 2 | | — | | 52 | |
| Interest Expense | 17 | | 88 | | — | | — | | 105 | |
| Income Before Income Taxes | 98 | | 200 | | — | | — | | 298 | |
| Income Tax Expense | 21 | | 18 | | — | | — | | 39 | |
| Segment Income | $ | 77 | | $ | 182 | | $ | — | | $ | — | | $ | 259 | |
| | | | | |
| | | | | |
(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)
| | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (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 | $ | 4 | | $ | — | | $ | 8 | | $ | — | | $ | 12 | |
| | | | | |
| Receivables, net | 9 | | 96 | | — | | (1) | | 104 | |
| | | | | |
| Receivables from affiliated companies | 1 | | 87 | | 386 | | (118) | | 356 | |
| | | | | |
| Inventory | 19 | | 68 | | — | | (1) | | 86 | |
| | | | | |
| Regulatory assets | 22 | | 125 | | — | | — | | 147 | |
| Other | 30 | | 58 | | 2 | | 1 | | 91 | |
| Total current assets | 85 | | 434 | | 396 | | (119) | | 796 | |
| Property, Plant and Equipment | | | | | |
| Cost | 3,890 | | 9,732 | | 40 | | — | | 13,662 | |
| Accumulated depreciation and amortization | (841) | | (1,861) | | — | | — | | (2,702) | |
| Facilities to be retired, net | — | | 11 | | — | | — | | 11 | |
| Net property, plant and equipment | 3,049 | | 7,882 | | 40 | | — | | 10,971 | |
| Other Noncurrent Assets | | | | | |
| Goodwill | 324 | | 49 | | — | | 1,551 | | 1,924 | |
| Regulatory assets | 309 | | 335 | | — | | 117 | | 761 | |
| Operating lease right-of-use assets, net | — | | 17 | | — | | — | | 17 | |
| Investments in equity method unconsolidated affiliates | — | | — | | 231 | | 5 | | 236 | |
| Investment in consolidated subsidiaries | — | | — | | — | | 4 | | 4 | |
| | | | | |
| Other | 17 | | 282 | | 24 | | 1 | | 324 | |
| Total other noncurrent assets | 650 | | 683 | | 255 | | 1,678 | | 3,266 | |
| Total Assets | 3,784 | | 8,999 | | 691 | | 1,559 | | 15,033 | |
| Segment reclassifications, intercompany balances and other | (1) | | (28) | | (27) | | (285) | | (341) | |
| Reportable Segment Assets | $ | 3,783 | | $ | 8,971 | | $ | 664 | | $ | 1,274 | | $ | 14,692 | |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | |
| September 30, 2021 |
| (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 | $ | 47 | | $ | 184 | | $ | 1 | | $ | — | | $ | 232 | |
| Accounts payable to affiliated companies | 20 | | 32 | | 100 | | (123) | | 29 | |
| Notes payable to affiliated companies | 153 | | 315 | | — | | — | | 468 | |
| Notes payable and commercial paper | — | | — | | 34 | | — | | 34 | |
| Taxes accrued | 18 | | 40 | | (3) | | (1) | | 54 | |
| Interest accrued | 8 | | 35 | | — | | — | | 43 | |
| Current maturities of long-term debt | 26 | | — | | — | | — | | 26 | |
| | | | | |
| | | | | |
| Regulatory liabilities | 22 | | 64 | | — | | — | | 86 | |
| Other | 4 | | 77 | | 37 | | — | | 118 | |
| Total current liabilities | 298 | | 747 | | 169 | | (124) | | 1,090 | |
| Long-Term Debt | 569 | | 2,968 | | — | | 104 | | 3,641 | |
| Long-Term Debt Payable to Affiliated Companies | 7 | | — | | — | | — | | 7 | |
| Other Noncurrent Liabilities | | | | | |
| Deferred income taxes | 302 | | 859 | | (9) | | — | | 1,152 | |
| Asset retirement obligations | 44 | | 21 | | — | | (1) | | 64 | |
| Regulatory liabilities | 398 | | 1,004 | | — | | 13 | | 1,415 | |
| Operating lease liabilities | — | | 15 | | — | | — | | 15 | |
| Accrued pension and other post-retirement benefit costs | 28 | | 6 | | — | | — | | 34 | |
| Investment tax credits | 1 | | 1 | | — | | — | | 2 | |
| | | | | |
| Other | 34 | | 172 | | 63 | | 3 | | 272 | |
| Total other noncurrent liabilities | 807 | | 2,078 | | 54 | | 15 | | 2,954 | |
| Equity | | | | | |
| Total Duke Energy Corporation stockholders' equity | 2,103 | | 3,206 | | 466 | | 1,564 | | 7,339 | |
| Noncontrolling interests | — | | — | | 2 | | — | | 2 | |
| Total equity | 2,103 | | 3,206 | | 468 | | 1,564 | | 7,341 | |
| Total Liabilities and Equity | 3,784 | | 8,999 | | 691 | | 1,559 | | 15,033 | |
| Segment reclassifications, intercompany balances and other | (1) | | (28) | | (27) | | (285) | | (341) | |
| Reportable Segment Liabilities and Equity | $ | 3,783 | | $ | 8,971 | | $ | 664 | | $ | 1,274 | | $ | 14,692 | |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure |
| Quarterly Highlights |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
Gigawatt-hour (GWh) Sales(a) | | | | | | | | | | | | | | | |
| Residential | 25,604 | | | 26,157 | | | (2.1 | %) | | (0.2 | %) | | 68,115 | | | 65,817 | | | 3.5 | % | | 0.6 | % |
| General Service | 21,991 | | | 21,113 | | | 4.2 | % | | 5.3 | % | | 56,956 | | | 55,263 | | | 3.1 | % | | 4.0 | % |
| Industrial | 13,736 | | | 12,662 | | | 8.5 | % | | 7.2 | % | | 37,436 | | | 35,583 | | | 5.2 | % | | 5.5 | % |
| Other Energy Sales | 146 | | | 130 | | | 12.3 | % | | n/a | | 419 | | | 421 | | | (0.5 | %) | | n/a |
| Unbilled Sales | (937) | | | (1,171) | | | 20.0 | % | | n/a | | (676) | | | (219) | | | (208.7 | %) | | n/a |
| Total Retail Sales | 60,540 | | | 58,891 | | | 2.8 | % | | 3.4 | % | | 162,250 | | | 156,865 | | | 3.4 | % | | 2.9 | % |
| Wholesale and Other | 12,327 | | | 11,984 | | | 2.9 | % | | | | 31,859 | | | 29,687 | | | 7.3 | % | | |
| Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 72,867 | | | 70,875 | | | 2.8 | % | | | | 194,109 | | | 186,552 | | | 4.1 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers (Electric) | | | | | | | | | | | | | | | |
| Residential | 7,011,080 | | | 6,883,872 | | | 1.8 | % | | | | 6,965,548 | | | 6,848,397 | | | 1.7 | % | | |
| General Service | 1,051,194 | | | 1,005,196 | | | 4.6 | % | | | | 1,008,890 | | | 1,000,760 | | | 0.8 | % | | |
| Industrial | 17,155 | | | 17,270 | | | (0.7 | %) | | | | 16,684 | | | 17,294 | | | (3.5 | %) | | |
| Other Energy Sales | 22,750 | | | 31,157 | | | (27.0 | %) | | | | 25,074 | | | 31,042 | | | (19.2 | %) | | |
| Total Retail Customers | 8,102,179 | | | 7,937,495 | | | 2.1 | % | | | | 8,016,196 | | | 7,897,493 | | | 1.5 | % | | |
| Wholesale and Other | 35 | | | 46 | | | (23.9 | %) | | | | 37 | | | 45 | | | (17.8 | %) | | |
| Total Average Number of Customers – Electric Utilities and Infrastructure | 8,102,214 | | | 7,937,541 | | | 2.1 | % | | | | 8,016,233 | | | 7,897,538 | | | 1.5 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 15,428 | | | 17,245 | | | (10.5 | %) | | | | 39,527 | | | 33,201 | | | 19.1 | % | | |
| Nuclear | 19,147 | | | 18,852 | | | 1.6 | % | | | | 56,632 | | | 55,890 | | | 1.3 | % | | |
| Hydro | 374 | | | 640 | | | (41.6 | %) | | | | 2,000 | | | 2,544 | | | (21.4 | %) | | |
| Natural Gas and Oil | 24,321 | | | 22,424 | | | 8.5 | % | | | | 60,248 | | | 59,585 | | | 1.1 | % | | |
| Renewable Energy | 411 | | | 334 | | | 23.1 | % | | | | 1,181 | | | 894 | | | 32.1 | % | | |
| Total Generation(d) | 59,681 | | | 59,495 | | | 0.3 | % | | | | 159,588 | | | 152,114 | | | 4.9 | % | | |
| Purchased Power and Net Interchange(e) | 16,789 | | | 15,631 | | | 7.4 | % | | | | 45,558 | | | 44,441 | | | 2.5 | % | | |
| Total Sources of Energy | 76,470 | | | 75,126 | | | 1.8 | % | | | | 205,146 | | | 196,555 | | | 4.4 | % | | |
| Less: Line Loss and Other | 3,603 | | | 4,251 | | | (15.2 | %) | | | | 11,037 | | | 10,003 | | | 10.3 | % | | |
| Total GWh Sources | 72,867 | | | 70,875 | | | 2.8 | % | | | | 194,109 | | | 186,552 | | | 4.1 | % | | |
| | | | | | | | | | | | | | | | |
Owned Megawatt (MW) Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 50,137 | | | 50,759 | | | | | |
| Winter | | | | | | | | | 53,545 | | | 54,272 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 96 | | | 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 |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 8,537 | | 8,657 | | | (1.4 | %) | | | | 22,960 | | | 21,879 | | | 4.9 | % | | |
| General Service | 8,384 | | 8,023 | | | 4.5 | % | | | | 21,496 | | | 21,077 | | | 2.0 | % | | |
| Industrial | 5,966 | | 5,273 | | | 13.1 | % | | | | 15,458 | | | 14,612 | | | 5.8 | % | | |
| Other Energy Sales | 82 | | 68 | | | 20.6 | % | | | | 228 | | | 229 | | | (0.4 | %) | | |
| Unbilled Sales | (352) | | (816) | | | 56.9 | % | | | | (85) | | | (418) | | | 79.7 | % | | |
| Total Retail Sales | 22,617 | | 21,205 | | | 6.7 | % | | 7.3 | % | | 60,057 | | | 57,379 | | | 4.7 | % | | 3.9 | % |
| Wholesale and Other | 2,416 | | 2,521 | | | (4.2 | %) | | | | 7,300 | | | 6,666 | | | 9.5 | % | | |
| Total Consolidated Electric Sales – Duke Energy Carolinas | 25,033 | | | 23,726 | | | 5.5 | % | | | | 67,357 | | | 64,045 | | | 5.2 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 2,380,208 | | 2,316,390 | | 2.8 | % | | | | 2,347,201 | | 2,300,089 | | 2.0 | % | | |
| General Service | 404,207 | | 368,342 | | 9.7 | % | | | | 389,440 | | 366,071 | | 6.4 | % | | |
| Industrial | 6,040 | | 6,097 | | (0.9 | %) | | | | 5,971 | | 6,103 | | (2.2 | %) | | |
| Other Energy Sales | 14,437 | | 22,981 | | (37.2 | %) | | | | 16,824 | | 22,880 | | (26.5 | %) | | |
| Total Retail Customers | 2,804,892 | | 2,713,810 | | 3.4 | % | | | | 2,759,436 | | 2,695,143 | | 2.4 | % | | |
| Wholesale and Other | 18 | | 21 | | (14.3 | %) | | | | 18 | | 22 | | (18.2 | %) | | |
| Total Average Number of Customers – Duke Energy Carolinas | 2,804,910 | | 2,713,831 | | 3.4 | % | | | | 2,759,454 | | 2,695,165 | | 2.4 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 4,661 | | | 5,940 | | | (21.5 | %) | | | | 12,779 | | | 11,587 | | | 10.3 | % | | |
| Nuclear | 11,191 | | | 11,463 | | | (2.4 | %) | | | | 34,534 | | | 33,642 | | | 2.7 | % | | |
| Hydro | 169 | | | 423 | | | (60.0 | %) | | | | 1,181 | | | 1,783 | | | (33.8 | %) | | |
| Natural Gas and Oil | 6,547 | | | 4,712 | | | 38.9 | % | | | | 14,966 | | | 12,975 | | | 15.3 | % | | |
| Renewable Energy | 90 | | | 47 | | | 91.5 | % | | | | 245 | | | 132 | | | 85.6 | % | | |
| Total Generation(d) | 22,658 | | | 22,585 | | | 0.3 | % | | | | 63,705 | | | 60,119 | | | 6.0 | % | | |
| Purchased Power and Net Interchange(e) | 3,156 | | | 2,823 | | | 11.8 | % | | | | 7,166 | | | 7,521 | | | (4.7 | %) | | |
| Total Sources of Energy | 25,814 | | | 25,408 | | | 1.6 | % | | | | 70,871 | | | 67,640 | | | 4.8 | % | | |
| Less: Line Loss and Other | 781 | | | 1,682 | | | (53.6 | %) | | | | 3,514 | | | 3,595 | | | (2.3 | %) | | |
| Total GWh Sources | 25,033 | | | 23,726 | | | 5.5 | % | | | | 67,357 | | | 64,045 | | | 5.2 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 20,001 | | | 20,191 | | | | | |
| Winter | | | | | | | | | 20,877 | | | 21,127 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 97 | | | 96 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 9 | | | 37 | | | (75.7 | %) | | | | 1,917 | | | 1,735 | | | 10.5 | % | | |
| Cooling Degree Days | 1,023 | | | 1,027 | | | (0.4 | %) | | | | 1,494 | | | 1,474 | | | 1.4 | % | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (35.7 | %) | | 144.2 | % | | | | | | (1.2 | %) | | (11.5 | %) | | | | |
| Cooling Degree Days | 1.4 | % | | 3.0 | % | | | | | | (1.7 | %) | | (1.9 | %) | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Progress |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 5,324 | | | 5,427 | | | (1.9 | %) | | | | 14,601 | | | 13,705 | | | 6.5 | % | | |
| General Service | 4,434 | | | 4,283 | | | 3.5 | % | | | | 11,323 | | | 10,901 | | | 3.9 | % | | |
| Industrial | 2,871 | | | 2,721 | | | 5.5 | % | | | | 7,794 | | | 7,588 | | | 2.7 | % | | |
| Other Energy Sales | 19 | | | 19 | | | — | % | | | | 58 | | | 58 | | | — | % | | |
| Unbilled Sales | (408) | | | (216) | | | (88.9 | %) | | | | (198) | | | (147) | | | (34.7 | %) | | |
| Total Retail Sales | 12,240 | | | 12,234 | | | — | % | | 1.4 | % | | 33,578 | | | 32,105 | | | 4.6 | % | | 2.6 | % |
| Wholesale and Other | 6,979 | | | 6,801 | | | 2.6 | % | | | | 17,977 | | | 17,407 | | | 3.3 | % | | |
| Total Consolidated Electric Sales – Duke Energy Progress | 19,219 | | | 19,035 | | | 1.0 | % | | | | 51,555 | | | 49,512 | | | 4.1 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 1,403,394 | | 1,380,981 | | 1.6 | % | | | | 1,397,527 | | 1,371,672 | | 1.9 | % | | |
| General Service | 244,717 | | 239,941 | | 2.0 | % | | | | 218,881 | | 238,656 | | (8.3 | %) | | |
| Industrial | 3,993 | | 3,997 | | (0.1 | %) | | | | 3,595 | | 4,000 | | (10.1 | %) | | |
| Other Energy Sales | 1,414 | | 1,415 | | (0.1 | %) | | | | 1,415 | | 1,415 | | — | % | | |
| Total Retail Customers | 1,653,518 | | | 1,626,334 | | | 1.7 | % | | | | 1,621,418 | | | 1,615,743 | | | 0.4 | % | | |
| Wholesale and Other | 7 | | | 9 | | | (22.2 | %) | | | | 8 | | | 9 | | | (11.1 | %) | | |
| Total Average Number of Customers – Duke Energy Progress | 1,653,525 | | | 1,626,343 | | | 1.7 | % | | | | 1,621,426 | | | 1,615,752 | | | 0.4 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 2,613 | | | 3,162 | | | (17.4 | %) | | | | 5,483 | | | 4,602 | | | 19.1 | % | | |
| Nuclear | 7,956 | | | 7,389 | | | 7.7 | % | | | | 22,098 | | | 22,248 | | | (0.7 | %) | | |
| Hydro | 118 | | | 160 | | | (26.3 | %) | | | | 587 | | | 624 | | | (5.9 | %) | | |
| Natural Gas and Oil | 6,269 | | | 6,155 | | | 1.9 | % | | | | 17,177 | | | 16,235 | | | 5.8 | % | | |
| Renewable Energy | 71 | | | 68 | | | 4.4 | % | | | | 198 | | | 193 | | | 2.6 | % | | |
| Total Generation(d) | 17,027 | | | 16,934 | | | 0.5 | % | | | | 45,543 | | | 43,902 | | | 3.7 | % | | |
| Purchased Power and Net Interchange(e) | 2,765 | | | 2,738 | | | 1.0 | % | | | | 7,508 | | | 7,223 | | | 3.9 | % | | |
| Total Sources of Energy | 19,792 | | | 19,672 | | | 0.6 | % | | | | 53,051 | | | 51,125 | | | 3.8 | % | | |
| Less: Line Loss and Other | 573 | | | 637 | | | (10.0 | %) | | | | 1,496 | | | 1,613 | | | (7.3 | %) | | |
| Total GWh Sources | 19,219 | | | 19,035 | | | 1.0 | % | | | | 51,555 | | | 49,512 | | | 4.1 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 12,468 | | | 12,534 | | | | | |
| Winter | | | | | | | | | 13,609 | | | 13,594 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 94 | | | 94 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 2 | | | 23 | | | (91.3 | %) | | | | 1,749 | | | 1,433 | | | 22.1 | % | | |
| Cooling Degree Days | 1,120 | | | 1,157 | | | (3.2 | %) | | | | 1,679 | | | 1,670 | | | 0.5 | % | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (83.5 | %) | | 138.8 | % | | | | | | (1.2 | %) | | (19.9 | %) | | | | |
| Cooling Degree Days | 4.0 | % | | 8.5 | % | | | | | | 2.2 | % | | 2.6 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Florida |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 6,524 | | 6,795 | | (4.0 | %) | | | | 16,215 | | 16,289 | | (0.5 | %) | | |
| General Service | 4,276 | | 4,143 | | 3.2 | % | | | | 11,231 | | 10,895 | | 3.1 | % | | |
| Industrial | 883 | | 831 | | 6.3 | % | | | | 2,547 | | 2,356 | | 8.1 | % | | |
| Other Energy Sales | 6 | | 6 | | — | % | | | | 17 | | 17 | | — | % | | |
| Unbilled Sales | (151) | | — | | — | % | | | | (28) | | 544 | | (105.1 | %) | | |
| Total Retail Sales | 11,538 | | 11,775 | | (2.0 | %) | | (0.9 | %) | | 29,982 | | 30,101 | | (0.4 | %) | | 1.5 | % |
| Wholesale and Other | 1,445 | | 1,198 | | 20.6 | % | | | | 2,749 | | 2,289 | | 20.1 | % | | |
| Total Electric Sales – Duke Energy Florida | 12,983 | | 12,973 | | 0.1 | % | | | | 32,731 | | 32,390 | | 1.1 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 1,690,451 | | 1,659,206 | | 1.9 | % | | | | 1,683,219 | | 1,650,696 | | 2.0 | % | | |
| General Service | 209,180 | | 205,232 | | 1.9 | % | | | | 207,801 | | 204,590 | | 1.6 | % | | |
| Industrial | 1,965 | | 2,000 | | (1.8 | %) | | | | 1,954 | | 2,004 | | (2.5 | %) | | |
| Other Energy Sales | 1,529 | | 1,493 | | 2.4 | % | | | | 1,501 | | 1,493 | | 0.5 | % | | |
| Total Retail Customers | 1,903,125 | | 1,867,931 | | 1.9 | % | | | | 1,894,475 | | 1,858,783 | | 1.9 | % | | |
| Wholesale and Other | 6 | | 11 | | (45.5 | %) | | | | 6 | | 9 | | (33.3 | %) | | |
| Total Average Number of Customers – Duke Energy Florida | 1,903,131 | | 1,867,942 | | 1.9 | % | | | | 1,894,481 | | 1,858,792 | | 1.9 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 1,658 | | 1,621 | | 2.3 | % | | | | 4,573 | | 2,420 | | 89.0 | % | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Natural Gas and Oil | 10,467 | | 10,595 | | (1.2 | %) | | | | 25,846 | | 27,889 | | (7.3 | %) | | |
| Renewable Energy | 241 | | 210 | | 14.8 | % | | | | 720 | | 546 | | 31.9 | % | | |
| Total Generation(d) | 12,366 | | 12,426 | | (0.5 | %) | | | | 31,139 | | 30,855 | | 0.9 | % | | |
| Purchased Power and Net Interchange(e) | 1,450 | | 1,233 | | 17.6 | % | | | | 3,514 | | 3,304 | | 6.4 | % | | |
| Total Sources of Energy | 13,816 | | 13,659 | | 1.1 | % | | | | 34,653 | | 34,159 | | 1.4 | % | | |
| Less: Line Loss and Other | 833 | | 686 | | 21.4 | % | | | | 1,922 | | 1,769 | | 8.6 | % | | |
| Total GWh Sources | 12,983 | | 12,973 | | 0.1 | % | | | | 32,731 | | 32,390 | | 1.1 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 10,246 | | 10,335 | | | | |
| Winter | | | | | | | | | 11,114 | | 11,347 | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | — | | | — | | | — | % | | | | 310 | | 220 | | 40.9 | % | | |
| Cooling Degree Days | 1,544 | | | 1,569 | | | (1.6 | %) | | | | 2,904 | | 3,229 | | (10.1 | %) | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | — | % | | — | % | | | | | | (18.2 | %) | | (10.8 | %) | | | | |
| Cooling Degree Days | 3.9 | % | | 5.5 | % | | | | | | 6.5 | % | | 17.4 | % | | | | |
| | | | | | | | | | | | | | | | |
(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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Ohio |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 2,677 | | 2,725 | | (1.8 | %) | | | | 7,093 | | 6,911 | | 2.6 | % | | |
| General Service | 2,558 | | 2,458 | | 4.1 | % | | | | 6,841 | | 6,593 | | 3.8 | % | | |
| Industrial | 1,496 | | 1,403 | | 6.6 | % | | | | 4,197 | | 3,978 | | 5.5 | % | | |
| Other Energy Sales | 27 | | 25 | | 8.0 | % | | | | 79 | | 79 | | — | % | | |
| Unbilled Sales | (33) | | (70) | | 52.9 | % | | | | (148) | | (54) | | (174.1 | %) | | |
| Total Retail Sales | 6,725 | | 6,541 | | 2.8 | % | | 2.6 | % | | 18,062 | | 17,507 | | 3.2 | % | | 1.9 | % |
| Wholesale and Other | 119 | | 137 | | (13.1 | %) | | | | 524 | | 256 | | 104.7 | % | | |
| Total Electric Sales – Duke Energy Ohio | 6,844 | | 6,678 | | 2.5 | % | | | | 18,586 | | 17,763 | | 4.6 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 785,368 | | 782,281 | | 0.4 | % | | | | 785,755 | | 781,935 | | 0.5 | % | | |
| General Service | 89,850 | | 89,075 | | 0.9 | % | | | | 89,795 | | 89,027 | | 0.9 | % | | |
| Industrial | 2,471 | | 2,479 | | (0.3 | %) | | | | 2,476 | | 2,488 | | (0.5 | %) | | |
| Other Energy Sales | 3,500 | | 3,440 | | 1.7 | % | | | | 3,472 | | 3,439 | | 1.0 | % | | |
| Total Retail Customers | 881,189 | | 877,275 | | 0.4 | % | | | | 881,498 | | 876,889 | | 0.5 | % | | |
| Wholesale and Other | 1 | | 1 | | — | % | | | | 1 | | 1 | | — | % | | |
| Total Average Number of Customers – Duke Energy Ohio | 881,190 | | 877,276 | | 0.4 | % | | | | 881,499 | | 876,890 | | 0.5 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 692 | | 940 | | (26.4 | %) | | | | 2,530 | | 1,833 | | 38.0 | % | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Natural Gas and Oil | 22 | | 33 | | (33.3 | %) | | | | 50 | | 40 | | 25.0 | % | | |
| | | | | | | | | | | | | | | | |
| Total Generation(d) | 714 | | 973 | | (26.6 | %) | | | | 2,580 | | 1,873 | | 37.7 | % | | |
| Purchased Power and Net Interchange(e) | 6,734 | | 6,399 | | 5.2 | % | | | | 17,917 | | 17,693 | | 1.3 | % | | |
| Total Sources of Energy | 7,448 | | 7,372 | | 1.0 | % | | | | 20,497 | | 19,566 | | 4.8 | % | | |
| Less: Line Loss and Other | 604 | | 694 | | (13.0 | %) | | | | 1,911 | | 1,803 | | 6.0 | % | | |
| Total GWh Sources | 6,844 | | 6,678 | | 2.5 | % | | | | 18,586 | | 17,763 | | 4.6 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 1,076 | | 1,076 | | | | |
| Winter | | | | | | | | | 1,164 | | 1,164 | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 28 | | 50 | | (44.0 | %) | | | | 3,042 | | 2,826 | | 7.6 | % | | |
| Cooling Degree Days | 855 | | 825 | | 3.6 | % | | | | 1,215 | | | 1,177 | | | 3.2 | % | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (47.2 | %) | | (12.3 | %) | | | | | | (0.4 | %) | | (8.3 | %) | | | | |
| Cooling Degree Days | 11.8 | % | | 9.4 | % | | | | | | 10.3 | % | | 8.1 | % | | | | |
| | | | | | | | | | | | | | | | |
(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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Indiana |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| September 2021 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2021 | | 2020 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 2,542 | | 2,553 | | (0.4 | %) | | | | 7,246 | | 7,033 | | 3.0 | % | | |
| General Service | 2,339 | | 2,206 | | 6.0 | % | | | | 6,065 | | 5,797 | | 4.6 | % | | |
| Industrial | 2,520 | | 2,434 | | 3.5 | % | | | | 7,440 | | 7,049 | | 5.5 | % | | |
| Other Energy Sales | 12 | | 12 | | — | % | | | | 37 | | 38 | | (2.6 | %) | | |
| Unbilled Sales | 7 | | (69) | | 110.1 | % | | | | (217) | | (144) | | (50.7 | %) | | |
| Total Retail Sales | 7,420 | | 7,136 | | 4.0 | % | | 3.2 | % | | 20,571 | | 19,773 | | 4.0 | % | | 3.2 | % |
| Wholesale and Other | 1,368 | | 1,327 | | 3.1 | % | | | | 3,309 | | 3,069 | | 7.8 | % | | |
| Total Electric Sales – Duke Energy Indiana | 8,788 | | 8,463 | | 3.8 | % | | | | 23,880 | | 22,842 | | 4.5 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 751,659 | | 745,014 | | 0.9 | % | | | | 751,846 | | 744,005 | | 1.1 | % | | |
| General Service | 103,240 | | 102,606 | | 0.6 | % | | | | 102,973 | | 102,416 | | 0.5 | % | | |
| Industrial | 2,686 | | 2,697 | | (0.4 | %) | | | | 2,688 | | 2,699 | | (0.4 | %) | | |
| Other Energy Sales | 1,870 | | 1,828 | | 2.3 | % | | | | 1,862 | | 1,815 | | 2.6 | % | | |
| Total Retail Customers | 859,455 | | 852,145 | | 0.9 | % | | | | 859,369 | | 850,935 | | 1.0 | % | | |
| Wholesale and Other | 3 | | 4 | | (25.0 | %) | | | | 4 | | 4 | | — | % | | |
| Total Average Number of Customers – Duke Energy Indiana | 859,458 | | 852,149 | | 0.9 | % | | | | 859,373 | | 850,939 | | 1.0 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 5,804 | | 5,582 | | 4.0 | % | | | | 14,162 | | 12,759 | | 11.0 | % | | |
| | | | | | | | | | | | | | | | |
| Hydro | 87 | | 57 | | 52.6 | % | | | | 232 | | 137 | | 69.3 | % | | |
| Natural Gas and Oil | 1,016 | | 929 | | 9.4 | % | | | | 2,209 | | 2,446 | | (9.7 | %) | | |
| Renewable Energy | 9 | | 9 | | — | % | | | | 18 | | 23 | | (21.7 | %) | | |
| Total Generation(d) | 6,916 | | 6,577 | | 5.2 | % | | | | 16,621 | | 15,365 | | 8.2 | % | | |
| Purchased Power and Net Interchange(e) | 2,684 | | 2,438 | | 10.1 | % | | | | 9,453 | | 8,700 | | 8.7 | % | | |
| Total Sources of Energy | 9,600 | | 9,015 | | 6.5 | % | | | | 26,074 | | 24,065 | | 8.3 | % | | |
| Less: Line Loss and Other | 812 | | 552 | | 47.1 | % | | | | 2,194 | | 1,223 | | 79.4 | % | | |
| Total GWh Sources | 8,788 | | 8,463 | | 3.8 | % | | | | 23,880 | | 22,842 | | 4.5 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 6,346 | | 6,623 | | | | |
| Winter | | | | | | | | | 6,781 | | 7,040 | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 30 | | 52 | | (42.3 | %) | | | | 3,291 | | 3,142 | | 4.7 | % | | |
| Cooling Degree Days | 841 | | 789 | | 6.6 | % | | | | 1,196 | | 1,132 | | 5.7 | % | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (50.5 | %) | | 19.6 | % | | | | | | (0.3 | %) | | (5.0 | %) | | | | |
| Cooling Degree Days | 10.9 | % | | 5.7 | % | | | | | | 9.1 | % | | 5.0 | % | | | | |
| | | | | | | | | | | | | | | | |
(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 |
| September 2021 |
| | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | %
Inc. (Dec.) | | 2021 | | 2020 | | %
Inc. (Dec.) |
| Total Sales | | | | | | | | | | | |
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 134,549,588 | | | 115,549,371 | | | 16.4 | % | | 390,210,785 | | | 360,861,306 | | | 8.1 | % |
| Duke Energy Midwest LDC throughput (Mcf) | 10,268,918 | | | 9,678,343 | | | 6.1 | % | | 62,220,827 | | | 58,570,583 | | | 6.2 | % |
| | | | | | | | | | | | |
| Average Number of Customers – Piedmont Natural Gas | | | | | | | | | | | |
| Residential | 1,021,965 | | | 1,003,014 | | | 1.9 | % | | 1,022,914 | | | 1,000,857 | | | 2.2 | % |
| Commercial | 104,788 | | | 104,572 | | | 0.2 | % | | 105,482 | | | 105,023 | | | 0.4 | % |
| Industrial | 954 | | | 965 | | | (1.1 | %) | | 960 | | | 970 | | | (1.0 | %) |
| Power Generation | 19 | | | 19 | | | — | % | | 19 | | | 18 | | | 5.6 | % |
| Total Average Number of Gas Customers – Piedmont Natural Gas | 1,127,726 | | | 1,108,570 | | | 1.7 | % | | 1,129,375 | | | 1,106,868 | | | 2.0 | % |
| | | | | | | | | | | | |
| Average Number of Customers – Duke Energy Midwest | | | | | | | | | | | |
| Residential | 497,473 | | | 493,169 | | | 0.9 | % | | 499,537 | | | 495,049 | | | 0.9 | % |
| General Service | 42,148 | | | 41,729 | | | 1.0 | % | | 43,416 | | | 43,371 | | | 0.1 | % |
| Industrial | 1,519 | | | 1,524 | | | (0.3 | %) | | 1,564 | | | 1,572 | | | (0.5 | %) |
| Other | 129 | | | 132 | | | (2.3 | %) | | 130 | | | 132 | | | (1.5 | %) |
| Total Average Number of Gas Customers – Duke Energy Midwest | 541,269 | | | 536,554 | | | 0.9 | % | | 544,647 | | | 540,124 | | | 0.8 | % |
| | | | | | | | | | | | |
(a) Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial Renewables |
| Quarterly Highlights |
| September 2021 |
| | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | % Inc. (Dec.) | | 2021 | | 2020 | | % Inc. (Dec.) |
| Renewable Plant Production, GWh | 2,567 | | | 2,563 | | | 0.2 | % | | 7,942 | | | 7,660 | | | 3.7 | % |
| Net Proportional MW Capacity in Operation(a) | n/a | | n/a | | | | 4,630 | | | 3,984 | | | 16.2 | % |
| | | | | | | | | | | | |
(a) Includes 100% tax equity project capacity.
