Duke Energy 8K reports third-quarter 2023 financial results | DUK 1 Nov 23


News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

November 2, 2023

Duke Energy reports third-quarter 2023 financial results

▪Third-quarter 2023 reported EPS of $1.59 and adjusted EPS of $1.94

▪Constructive North Carolina rate case outcome represents first implementation of performance-based regulations under HB 951

▪Company completes transition to fully regulated company

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2023 reported EPS of $1.59, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.94. This is compared to reported EPS of $1.81 and adjusted EPS of $1.78 for the third quarter of 2022.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the third-quarter 2023 reported and adjusted EPS includes the results of discontinued operations, as well as the net impact of special items for charges primarily related to the Duke Energy Carolinas North Carolina rate case settlement and the Duke Energy Progress North Carolina rate case order.

Higher third-quarter 2023 adjusted results were driven by a lower effective tax rate, growth from riders and other retail margin, and favorable rate case impacts. These items were partially offset by higher interest expense and lower volumes.

The company is narrowing the adjusted 2023 EPS guidance range to $5.55 to $5.65 and reaffirming the long-term adjusted EPS growth rate of 5% to 7% through 2027 off the original 2023 midpoint of $5.65. Management does not forecast reported GAAP EPS and related long-term growth rates.

“Over the past year, we’ve built considerable momentum on our strategic priorities, delivering a series of constructive regulatory outcomes, and solidifying our path as a fully regulated utility. We’ve also responded to revenue pressures from mild weather and lower customer usage with agile cost reduction efforts,” said Lynn Good, Duke Energy chair, president and chief executive officer.

“As we execute our $65 billion five-year capital plan – one of the largest in our industry – our long-term organic growth strategy has never been more clear. Our attractive dividend yield, coupled with long-term earnings growth from investments in our regulated utilities, has us well-positioned to deliver sustainable value and earnings growth of 5 to 7% over the next five years.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of third-quarter 2023 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 2023 segment income of $1,447 million, compared to reported segment income of $1,540 million in the third quarter of 2022. In addition to the drivers outlined below, third-quarter 2023 results include impacts related to the Duke Energy Carolinas North Carolina rate case settlement and the Duke Energy Progress North Carolina rate case order, which was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2023 segment income of $1,531 million, compared to adjusted segment income of $1,540 million in the third quarter of 2022. On an adjusted basis, this represents a decrease of $0.01 per share. Lower quarterly results were primarily due to higher interest expense and lower volumes, partially offset by growth from riders and other retail margin and favorable rate case impacts.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2023 segment income of $15 million, compared to reported and adjusted segment income of $4 million in the third quarter of 2022. On an adjusted basis, this represents an increase of $0.01 per share. Higher quarterly results were primarily driven by growth from riders and other retail margin and lower O&M expense, partially offset by higher interest expense and depreciation.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

On a reported and adjusted basis, Other recognized a third-quarter 2023 segment loss of $59 million, compared to reported and adjusted segment loss of $183 million in the third quarter of 2022. On an adjusted basis, this represents an increase of $0.16 per share. Higher quarterly results were primarily due to a lower effective tax rate.

Duke Energy News Release 3

Discontinued Operations

Discontinued operations primarily includes the impairments recorded for the sale of the Commercial Renewables business along with the operating results from Duke Energy's Commercial Renewables business. In November 2022, the company announced it had initiated a sale process of the Commercial Renewables business. The sales of the utility-scale solar and wind assets as well as the distributed generation assets closed in October 2023, completing the company's transition to a fully regulated utility.

For the third quarter of 2023, Duke Energy's GAAP reported Loss from Discontinued Operations, net of tax, includes an impairment loss on the sale of the Commercial Renewables business and other transaction costs.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the third quarter of 2023 was 2.8% compared to 10.1% in the third quarter of 2022. The decrease in the effective tax rate was primarily due to favorable adjustments related to certain allowable deductions as a result of ongoing tax efficiency efforts, partially offset by a decrease in the amortization of excess deferred taxes.

The effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the third quarter of 2023 was 3.9% compared to 10.2% in the third quarter of 2022. The decrease was primarily due to favorable adjustments related to ongoing tax efficiency efforts for certain allowable deductions in periods currently open under federal statute, partially offset by a decrease in the amortization of excess deferred taxes. The full year effective tax rate is trending toward the low end of the original guidance range of 11% to 13%.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss third-quarter 2023 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 615275. Please call in 10 to 15 minutes prior to the scheduled start time.

A recording of the webcast with transcript will be available on the investors' section of the company’s website by November 3.

Duke Energy News Release 4

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported earnings per share to adjusted earnings per share for third-quarter 2023 and 2022 financial results:


(In millions, except per share amounts)	After-Tax Amount		3Q 2023 EPS		3Q 2022 EPS
Earnings Per Share, as reported			$	1.59	$	1.81
Adjustments to reported EPS:
Third Quarter 2023

Regulatory Matters	$	84	0.11


Discontinued operations	$	190	$	0.24
Third Quarter 2022


Discontinued operations	(22)				(0.03)


Total adjustments			$	0.35	$	(0.03)
EPS, adjusted			$	1.94	$	1.78

Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The effective tax rate including noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including noncontrolling interests and preferred dividends and excluding special items are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.

Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:

•Regulatory Matters primarily represents impairment charges related to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order.

Duke Energy News Release 5

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

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

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

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

Duke Energy News Release 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 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2023 “World’s Most Admired Companies” list and Forbes’ “World’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-Looking Information

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

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

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

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

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

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

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

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

Duke Energy News Release 7

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

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

◦Advancements in technology;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

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

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

◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities, as well as the successful sale of the Commercial Renewables Disposal Groups;

Duke Energy News Release 8

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

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

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

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

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

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended September 30, 2023

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Regulatory Matters			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	1,447	$	84	A	$	—		$	84	$	1,531
Gas Utilities and Infrastructure	15		—			—			—		15

Total Reportable Segment Income	1,462		84			—			84		1,546
Other	(59)		—			—			—		(59)

Discontinued Operations	(190)		—			190		B	190		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,213	$	84		$	190		$	274	$	1,487
EARNINGS PER SHARE AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.59	$	0.11		$	0.24		$	0.35	$	1.94

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

A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.

•$62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case settlement.

•$33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case order.

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

Weighted Average Shares (reported and adjusted) – 771 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Nine Months Ended September 30, 2023

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Regulatory Matters			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,088	$	84	A	$	—		$	84	$	3,172
Gas Utilities and Infrastructure	327		—			—			—		327

Total Reportable Segment Income	3,415		84			—			84		3,499
Other	(388)		—			—			—		(388)
Discontinued Operations	(1,283)		—			1,283		B	1,283		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,744	$	84		$	1,283		$	1,367	$	3,111
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	2.27	$	0.11		$	1.67		$	1.78	$	4.05

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

A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.

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

Weighted Average Shares (reported and adjusted) – 771 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended September 30, 2022

(Dollars in millions, except per share amounts)



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	1,540	$	—		$	—	$	1,540
Gas Utilities and Infrastructure	4		—			—		4

Total Reportable Segment Income	1,544		—			—		1,544

Other	(183)		—			—		(183)
Intercompany Eliminations	(1)		$	1		1		—
Discontinued Operations	23		$	(23)	A	(23)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,383	$	(22)		$	(22)	$	1,361
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.81	$	(0.03)		$	(0.03)	$	1.78

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

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

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Nine Months Ended September 30, 2022

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Regulatory Matters			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,237	$	157	A	$	—		$	157	$	3,394
Gas Utilities and Infrastructure	277		—			—			—		277

Total Reportable Segment Income	3,514		157			—			157		3,671
Other	(480)		—			—			—		(480)
Intercompany Eliminations	(2)		—			2			2		—
Discontinued Operations	62		—			(62)		B	(62)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,094	$	157		$	(60)		$	97	$	3,191
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	4.03	$	0.21		$	(0.08)		$	0.13	$	4.16

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

A – Net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.

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

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

September 2023

(Dollars in millions)


	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,515			$	3,510
Regulatory Matters	111				111



Noncontrolling Interests	(39)				(92)
Preferred Dividends	(39)				(92)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	1,548			$	3,437

Reported Income Tax Expense From Continuing Operations	$	42	2.8	%	$	316	9.0	%



Regulatory Matters	27				27

Noncontrolling Interest Portion of Income Taxes(a)	(8)				(17)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	61	3.9	%	$	326	9.5	%


	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,568			$	3,440


Regulatory Matters	—				257
Noncontrolling Interests	(13)				(45)
Preferred Dividends	(39)				(92)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	1,516			$	3,560

Reported Income Tax Expense From Continuing Operations	$	158	10.1	%	$	297	8.6	%



Regulatory Matters	—				80
Noncontrolling Interest Portion of Income Taxes(a)	(3)				(8)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	155	10.2	%	$	369	10.4	%

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

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

September 2023 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2022 QTD Reported Earnings Per Share	$	2.00	$	—		$	(0.22)		$	0.03		$	1.81






Discontinued Operations	—		—			—			(0.03)			(0.03)
2022 QTD Adjusted Earnings Per Share	$	2.00	$	—		$	(0.22)		$	—		$	1.78
Weather	0.06		—			—			—			0.06
Volume	(0.07)		—			—			—			(0.07)
Riders and Other Retail Margin(a)	0.10		0.01			—			—			0.11
Rate case impacts, net(b)	0.08		—			—			—			0.08

Operations and maintenance, net of recoverables(c)	0.02		0.01			—			—			0.03


Interest Expense(d)	(0.09)		(0.01)			(0.07)			—			(0.17)
AFUDC Equity	(0.01)		—			—			—			(0.01)
Depreciation and amortization(d)	(0.05)		(0.01)			—			—			(0.06)

Other(e)	(0.05)		0.01			0.23			—			0.19
Total variance	$	(0.01)	$	0.01		$	0.16		$	—		$	0.16

2023 QTD Adjusted Earnings Per Share	$	1.99	$	0.01		$	(0.06)		$	—		$	1.94
Regulatory Matters	(0.11)		—			—			—			(0.11)

Discontinued Operations	—		—			—			(0.24)			(0.24)
2023 QTD Reported Earnings Per Share	$	1.88	$	0.01		$	(0.06)		$	(0.24)		$	1.59

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

(a) Electric Utilities and Infrastructure includes riders and transmission revenues (+$0.04) and favorable fuel and purchased power (+$0.04).

(b) Electric Utilities and Infrastructure includes impacts from the Duke Energy Florida (DEF) multiyear rate plan (+$0.01), DOE nuclear fuel storage funding at DEF (+$0.03) and Duke Energy Progress (DEP) South Carolina rates, effective April 2023 and DEP North Carolina interim rates, effective June 2023 (+$0.04). Per the 2021 Settlement, DEF is permitted to recognize into earnings a total of $173 million through the approved settlement period, while also remaining within the approved return on equity band.

(c) Electric Utilities and Infrastructure is primarily due to lower employee-related expenses, partially offset by higher storm costs (-$0.04).

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

(e) Electric Utilities and Infrastructure includes the impact of GIC minority interest sale and higher property taxes. Other includes a favorable adjustment related to certain allowable tax deductions (+$0.16) and higher returns on investments.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

September 2023 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2022 YTD Reported Earnings Per Share	$	4.21	$	0.36		$	(0.62)		$	0.08		$	4.03






Regulatory Matters	0.21		—			—			—			0.21
Discontinued Operations	—		—			—			(0.08)			(0.08)
2022 YTD Adjusted Earnings Per Share	$	4.42	$	0.36		$	(0.62)		$	—		$	4.16
Weather	(0.29)		—			—			—			(0.29)
Volume	(0.21)		—			—			—			(0.21)
Riders and Other Retail Margin(a)	0.28		0.07			—			—			0.35
Rate case impacts, net(b)	0.22		—			—			—			0.22
Wholesale(c)	(0.04)		—			—			—			(0.04)
Operations and maintenance, net of recoverables(d)	0.19		0.01			—			—			0.20


Interest Expense(e)	(0.24)		(0.03)			(0.22)			—			(0.49)
AFUDC Equity	(0.02)		—			—			—			(0.02)
Depreciation and amortization(e)	(0.10)		(0.01)			—			—			(0.11)

Other(f)	(0.09)		0.02			0.35			—			0.28
Total variance	$	(0.30)	$	0.06		$	0.13		$	—		$	(0.11)

2023 YTD Adjusted Earnings Per Share	$	4.12	$	0.42		$	(0.49)		$	—		$	4.05
Regulatory Matters	(0.11)		—			—			—			(0.11)

Discontinued Operations	—		—			—			(1.67)			(1.67)

2023 YTD Reported Earnings Per Share	$	4.01	$	0.42		$	(0.49)		$	(1.67)		$	2.27

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

(a) Electric Utilities and Infrastructure includes riders and transmission revenues (+$0.09), favorable fuel and purchased power (+$0.09) and revenues from customer programs (+$0.04).

(b) Electric Utilities and Infrastructure includes impacts from the DEF multiyear rate plan (+$0.07), DOE nuclear fuel storage funding at DEF (+$0.09), DEP South Carolina rates, effective April 2023 and DEP North Carolina interim rates, effective June 2023 (+$0.05) and DEO rates, effective January 2023 (+$0.01). Per the 2021 Settlement, DEF is permitted to recognize into earnings a total of $173 million through the approved settlement period, while also remaining within the approved return on equity band.

(d) Electric Utilities and Infrastructure is primarily due to lower employee-related expenses and lower storm costs in the current year.

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

(f) Electric Utilities and Infrastructure includes the impact of GIC minority interest sale and higher property taxes. Other includes a favorable adjustment related to certain allowable tax deductions (+$0.16) and higher returns on investments (+$0.14).


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,
	2023		2022		2023		2022
Operating Revenues
Regulated electric	$	7,640	$	7,373	$	20,140	$	19,381
Regulated natural gas	284		397		1,497		1,824
Nonregulated electric and other	70		72		211		212
Total operating revenues	7,994		7,842		21,848		21,417
Operating Expenses
Fuel used in electric generation and purchased power	2,571		2,632		6,987		6,421
Cost of natural gas	57		189		434		859
Operation, maintenance and other	1,428		1,308		4,113		4,223
Depreciation and amortization	1,353		1,299		3,913		3,793
Property and other taxes	394		368		1,136		1,118
Impairment of assets and other charges	88		(4)		96		202
Total operating expenses	5,891		5,792		16,679		16,616
Gains on Sales of Other Assets and Other, net	8		6		46		17
Operating Income	2,111		2,056		5,215		4,818
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	45		28		85		92
Other income and expenses, net	133		87		431		290
Total other income and expenses	178		115		516		382
Interest Expense	774		603		2,221		1,760
Income From Continuing Operations Before Income Taxes	1,515		1,568		3,510		3,440
Income Tax Expense From Continuing Operations	42		158		316		297
Income From Continuing Operations	1,473		1,410		3,194		3,143
(Loss) Income From Discontinued Operations, net of tax	(152)		3		(1,316)		(30)
Net Income	1,321		1,413		1,878		3,113
Add: Net (Income) Loss Attributable to Noncontrolling Interests	(69)		9		(42)		73
Net Income Attributable to Duke Energy Corporation	1,252		1,422		1,836		3,186
Less: Preferred Dividends	39		39		92		92
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,213	$	1,383	$	1,744	$	3,094

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.83	$	1.78	$	3.94	$	3.95

(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	(0.24)	$	0.03	$	(1.67)	$	0.08

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.59	$	1.81	$	2.27	$	4.03

Weighted average shares outstanding
Basic and Diluted	771		770		771		770

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	September 30, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	324	$	409

Receivables (net of allowance for doubtful accounts of $49 at 2023 and $40 at 2022)	831		1,309
Receivables of VIEs (net of allowance for doubtful accounts of $154 at 2023 and $176 at 2022)	3,244		3,106
Inventory	4,118		3,584

Regulatory assets (includes $109 at 2023 and $106 at 2022 related to VIEs)	3,489		3,485
Assets held for sale	440		356
Other (includes $56 at 2023 and $116 at 2022 related to VIEs)	602		973
Total current assets	13,048		13,222
Property, Plant and Equipment
Cost	170,941		163,839
Accumulated depreciation and amortization	(54,994)		(52,100)
Facilities to be retired, net	—		9
Net property, plant and equipment	115,947		111,748
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,668 at 2023 and $1,715 at 2022 related to VIEs)	13,745		14,645
Nuclear decommissioning trust funds	9,245		8,637
Operating lease right-of-use assets, net	1,073		1,042
Investments in equity method unconsolidated affiliates	505		455
Assets held for sale	4,596		$	5,634
Other (includes $43 at 2023 and $52 at 2022 related to VIEs)	3,698		3,400
Total other noncurrent assets	52,165		53,116
Total Assets	$	181,160	$	178,086
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,539	$	4,754
Notes payable and commercial paper	3,154		3,952
Taxes accrued	991		722
Interest accrued	750		626
Current maturities of long-term debt (includes $428 at 2023 and $350 at 2022 related to VIEs)	4,034		3,878

Asset retirement obligations	620		773
Regulatory liabilities	1,396		1,466
Liabilities associated with assets held for sale	589		535
Other	2,087		2,167
Total current liabilities	17,160		18,873
Long-Term Debt (includes $3,025 at 2023 and $3,108 at 2022 related to VIEs)	71,353		65,873
Other Noncurrent Liabilities
Deferred income taxes	10,438		9,964
Asset retirement obligations	11,613		11,955
Regulatory liabilities	13,396		13,582
Operating lease liabilities	897		876
Accrued pension and other post-retirement benefit costs	662		832
Investment tax credits	856		849
Liabilities associated with assets held for sale	1,634		$	1,927
Other (includes $54 at 2023 related to VIEs)	1,325		1,502
Total other noncurrent liabilities	40,821		41,487
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2023 and 2022	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2023 and 2022	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 771 million and 770 million shares outstanding at 2023 and 2022	1		1
Additional paid-in capital	44,886		44,862
Retained earnings	2,036		2,637
Accumulated other comprehensive loss	121		(140)
Total Duke Energy Corporation stockholders' equity	49,006		49,322
Noncontrolling interests	2,820		2,531
Total equity	51,826		51,853
Total Liabilities and Equity	$	181,160	$	178,086


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

	Nine Months Ended September 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,878	$	3,113
Adjustments to reconcile net income to net cash provided by operating activities	5,431		2,075
Net cash provided by operating activities	7,309		5,188

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(9,751)		(8,630)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	2,413		3,551



Net (decrease) increase in cash, cash equivalents and restricted cash	(29)		109
Cash, cash equivalents and restricted cash at beginning of period	603		520
Cash, cash equivalents and restricted cash at end of period	$	574	$	629

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended September 30, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	7,658	$	—	$	—	$	(18)	$	7,640
Regulated natural gas	—		307		—		(23)		284
Nonregulated electric and other	57		6		33		(26)		70
Total operating revenues	7,715		313		33		(67)		7,994
Operating Expenses
Fuel used in electric generation and purchased power	2,591		—		—		(20)		2,571
Cost of natural gas	—		57		—		—		57
Operation, maintenance and other	1,398		103		(29)		(44)		1,428
Depreciation and amortization	1,209		88		63		(7)		1,353
Property and other taxes	392		32		(30)		—		394
Impairment of assets and other charges	88		—		—		—		88
Total operating expenses	5,678		280		4		(71)		5,891
Gains on Sales of Other Assets and Other, net	2		—		5		1		8
Operating Income	2,039		33		34		5		2,111
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	2		21		22		—		45
Other income and expenses, net	129		18		25		(39)		133
Total Other Income and Expenses	131		39		47		(39)		178
Interest Expense	468		56		283		(33)		774
Income (Loss) from Continuing Operations before Income Taxes	1,702		16		(202)		(1)		1,515
Income Tax Expense (Benefit) from Continuing Operations	224		1		(182)		(1)		42
Income (Loss) from Continuing Operations	1,478		15		(20)		—		1,473
Less: Net Income Attributable to Noncontrolling Interest	31		—		—		—		31
Net Income (Loss) Attributable to Duke Energy Corporation	1,447		15		(20)		—		1,442
Less: Preferred Dividends	—		—		39		—		39
Segment Income/Other Net Loss	$	1,447	$	15	$	(59)	$	—	$	1,403
Discontinued Operations									(190)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,213

Segment Income/Other Net Loss	$	1,447	$	15	$	(59)	$	—	$	1,403
Special Items	84		—		—		—		84
Adjusted Earnings(a)	$	1,531	$	15	$	(59)	$	—	$	1,487

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Nine Months Ended September 30, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	20,190	$	—	$	—	$	(50)	$	20,140
Regulated natural gas	—		1,565		—		(68)		1,497
Nonregulated electric and other	173		18		98		(78)		211
Total operating revenues	20,363		1,583		98		(196)		21,848
Operating Expenses
Fuel used in electric generation and purchased power	7,045		—		—		(58)		6,987
Cost of natural gas	—		434		—		—		434
Operation, maintenance and other	4,008		332		(97)		(130)		4,113
Depreciation and amortization	3,493		257		184		(21)		3,913
Property and other taxes	1,077		93		(34)		—		1,136
Impairment of assets and other charges	100		(4)		—		—		96
Total operating expenses	15,723		1,112		53		(209)		16,679
Gains (Losses) on Sales of Other Assets and Other, net	30		(1)		16		1		46
Operating Income	4,670		470		61		14		5,215
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	5		33		47		—		85
Other income and expenses, net	383		53		121		(126)		431
Total Other Income and Expenses	388		86		168		(126)		516
Interest Expense	1,364		158		810		(111)		2,221
Income (Loss) from Continuing Operations before Income Taxes	3,694		398		(581)		(1)		3,510
Income Tax Expense (Benefit) from Continuing Operations	531		71		(285)		(1)		316
Income (Loss) from Continuing Operations	3,163		327		(296)		—		3,194
Less: Net Income Attributable to Noncontrolling Interest	75		—		—		—		75
Net Income (Loss) Attributable to Duke Energy Corporation	3,088		327		(296)		—		3,119
Less: Preferred Dividends	—		—		92		—		92
Segment Income/Other Net Loss	$	3,088	$	327	$	(388)	$	—	$	3,027
Discontinued Operations									(1,283)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,744

Segment Income/Other Net Loss	$	3,088	$	327	$	(388)	$	—	$	3,027
Special Items	84		—		—		—		84
Adjusted Earnings(a)	$	3,172	$	327	$	(388)	$	—	$	3,111

(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, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	7,382	$	—	$	1	$	(10)	$	7,373
Regulated natural gas	—		421		—		(24)		397
Nonregulated electric and other	57		6		29		(20)		72
Total operating revenues	7,439		427		30		(54)		7,842
Operating Expenses
Fuel used in electric generation and purchased power	2,653		—		—		(21)		2,632
Cost of natural gas	—		189		—		—		189
Operation, maintenance and other	1,257		115		(32)		(32)		1,308
Depreciation and amortization	1,170		80		56		(7)		1,299
Property and other taxes	336		29		3		—		368
Impairment of assets and other charges	8		(12)		—		—		(4)
Total operating expenses	5,424		401		27		(60)		5,792
Gains on Sales of Other Assets and Other, net	7		—		—		(1)		6
Operating Income	2,022		26		3		5		2,056
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	2		6		20		—		28
Other income and expenses, net	112		19		(14)		(30)		87
Total Other Income and Expenses	114		25		6		(30)		115
Interest Expense	377		45		205		(24)		603
Income (Loss) from Continuing Operations before Income Taxes	1,759		6		(196)		(1)		1,568
Income Tax Expense (Benefit) from Continuing Operations	207		2		(51)		—		158
Income (Loss) from Continuing Operations	1,552		4		(145)		(1)		1,410
Less: Net Income (Loss) Attributable to Noncontrolling Interest	12		—		(1)		—		11
Net Income (Loss) Attributable to Duke Energy Corporation	1,540		4		(144)		(1)		1,399
Less: Preferred Dividends	—		—		39		—		39
Segment Income/Other Net Loss	$	1,540	$	4	$	(183)	$	(1)	$	1,360
Discontinued Operations									23
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,383

Segment Income/Other Net Loss	$	1,540	$	4	$	(183)	$	(1)	$	1,360
Other Adjustments	—		—		—		1		1
Adjusted Earnings(a)	$	1,540	$	4	$	(183)	$	—	$	1,361

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Nine Months Ended September 30, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	19,404	$	—	$	2	$	(25)	$	19,381
Regulated natural gas	—		1,894		—		(70)		1,824
Nonregulated electric and other	172		18		89		(67)		212
Total operating revenues	19,576		1,912		91		(162)		21,417
Operating Expenses
Fuel used in electric generation and purchased power	6,481		—		—		(60)		6,421
Cost of natural gas	—		859		—		—		859
Operation, maintenance and other	4,011		410		(104)		(94)		4,223
Depreciation and amortization	3,411		241		162		(21)		3,793
Property and other taxes	1,004		103		11		—		1,118
Impairment of assets and other charges	214		(12)		—		—		202
Total operating expenses	15,121		1,601		69		(175)		16,616
Gains on Sales of Other Assets and Other, net	12		4		1		—		17
Operating Income	4,467		315		23		13		4,818
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	6		14		72		—		92
Other income and expenses, net	375		47		(77)		(55)		290
Total Other Income and Expenses	381		61		(5)		(55)		382
Interest Expense	1,144		127		529		(40)		1,760
Income (Loss) From Continuing Operations Before Income Taxes	3,704		249		(511)		(2)		3,440
Income Tax Expense (Benefit) from Continuing Operations	448		(28)		(123)		—		297
Income (Loss) from Continuing Operations	3,256		277		(388)		(2)		3,143
Less: Net Income Attributable to Noncontrolling Interest	19		—		—		—		19
Net Income (Loss) Attributable to Duke Energy Corporation	3,237		277		(388)		(2)		3,124
Less: Preferred Dividends	—		—		92		—		92
Segment Income/Other Net Loss	$	3,237	$	277	$	(480)	$	(2)	$	3,032
Discontinued Operations									62
Net Income Available to Duke Energy Corporation Common Stockholders									$	3,094

Segment Income/Other Net Loss	$	3,237	$	277	$	(480)	$	(2)	$	3,032
Special Items	157		—		—		2		159
Adjusted Earnings(a)	$	3,394	$	277	$	(480)	$	—	$	3,191

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	September 30, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	115	$	6	$	202	$	1	$	324

Receivables, net	689		126		16		—		831
Receivables of variable interest entities, net	3,244		—		—		—		3,244
Receivables from affiliated companies	127		129		616		(872)		—
Notes receivable from affiliated companies	—		—		2,085		(2,085)		—
Inventory	3,978		103		37		—		4,118
Regulatory assets	3,263		123		103		—		3,489
Assets held for sale	—		—		440		—		440
Other	324		96		208		(26)		602
Total current assets	11,740		583		3,707		(2,982)		13,048
Property, Plant and Equipment
Cost	151,987		16,213		2,829		(88)		170,941
Accumulated depreciation and amortization	(50,083)		(3,307)		(1,604)		—		(54,994)

Net property, plant and equipment	101,904		12,906		1,225		(88)		115,947
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		19,303
Regulatory assets	12,435		825		485		—		13,745
Nuclear decommissioning trust funds	9,245		—		—		—		9,245
Operating lease right-of-use assets, net	769		3		301		—		1,073
Investments in equity method unconsolidated affiliates	98		253		153		1		505
Investment in consolidated subsidiaries	662		4		70,112		(70,778)		—
Assets held for sale	—		—		4,596		—		4,596
Other	2,282		336		1,707		(627)		3,698
Total other noncurrent assets	42,870		3,345		77,354		(71,404)		52,165
Total Assets	156,514		16,834		82,286		(74,474)		181,160
Segment reclassifications, intercompany balances and other	(926)		(110)		(73,438)		74,474		—
Segment Assets	$	155,588	$	16,724	$	8,848	$	—	$	181,160

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	September 30, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	2,774	$	254	$	510	$	1	$	3,539
Accounts payable to affiliated companies	624		48		140		(812)		—
Notes payable to affiliated companies	1,722		392		—		(2,114)		—
Notes payable and commercial paper	—		—		3,154		—		3,154
Taxes accrued	1,254		44		(307)		—		991
Interest accrued	455		59		237		(1)		750
Current maturities of long-term debt	1,468		163		2,409		(6)		4,034
Asset retirement obligations	620		—		—		—		620
Regulatory liabilities	1,287		109		—		—		1,396
Liabilities associated with assets held for sale	—		—		589		—		589
Other	1,624		85		433		(55)		2,087
Total current liabilities	11,828		1,154		7,165		(2,987)		17,160
Long-Term Debt	43,932		4,398		23,104		(81)		71,353
Long-Term Debt Payable to Affiliated Companies	618		7		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	11,999		1,317		(2,878)		—		10,438
Asset retirement obligations	11,527		86		—		—		11,613
Regulatory liabilities	12,097		1,260		39		—		13,396
Operating lease liabilities	685		10		202		—		897
Accrued pension and other post-retirement benefit costs	176		30		456		—		662
Investment tax credits	855		1		—		—		856
Liabilities associated with assets held for sale	—		—		1,634		—		1,634
Other	773		235		72		245		1,325
Total other noncurrent liabilities	38,112		2,939		(475)		245		40,821
Equity
Total Duke Energy Corporation stockholders' equity	61,040		8,326		50,666		(71,026)		49,006
Noncontrolling interests	984		10		1,826		—		2,820
Total equity	62,024		8,336		52,492		(71,026)		51,826
Total Liabilities and Equity	156,514		16,834		82,286		(74,474)		181,160
Segment reclassifications, intercompany balances and other	(926)		(110)		(73,438)		74,474		—
Segment Liabilities and Equity	$	155,588	$	16,724	$	8,848	$	—	$	181,160

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended September 30, 2023
(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	$	2,393	$	1,886	$	2,164	$	472	$	851	$	(51)	$	7,715
Operating Expenses
Fuel used in electric generation and purchased power	690		651		885		145		283		(63)		2,591
Operation, maintenance and other	421		342		358		86		158		33		1,398
Depreciation and amortization	407		324		239		63		173		3		1,209
Property and other taxes	90		48		157		78		17		2		392
Impairment of assets and other charges	64		24		—		—		—		—		88
Total operating expenses	1,672		1,389		1,639		372		631		(25)		5,678
Gains on Sales of Other Assets and Other, net	—		1		—		—		—		1		2
Operating Income	721		498		525		100		220		(25)		2,039
Other Income and Expenses, net(b)	63		30		18		8		31		(19)		131
Interest Expense	172		109		103		30		53		1		468
Income Before Income Taxes	612		419		440		78		198		(45)		1,702
Income Tax Expense	29		49		92		13		37		4		224
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		31		31
Segment Income	$	583	$	370	$	348	$	65	$	161	$	(80)	$	1,447

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes an equity component of allowance for funds used during construction of $21 million for Duke Energy Carolinas, $12 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $4 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Nine Months Ended September 30, 2023
(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	$	6,155	$	4,844	$	5,456	$	1,411	$	2,606	$	(109)	$	20,363
Operating Expenses
Fuel used in electric generation and purchased power	1,823		1,685		2,218		485		980		(146)		7,045
Operation, maintenance and other	1,268		1,042		891		268		520		19		4,008
Depreciation and amortization	1,186		935		674		186		500		12		3,493
Property and other taxes	276		143		403		211		42		2		1,077
Impairment of assets and other charges	70		31		(1)		—		—		—		100
Total operating expenses	4,623		3,836		4,185		1,150		2,042		(113)		15,723
Gains on Sales of Other Assets and Other, net	26		2		1		—		—		1		30
Operating Income	1,558		1,010		1,272		261		564		5		4,670
Other Income and Expenses, net(b)	183		95		56		23		59		(28)		388
Interest Expense	504		315		305		86		157		(3)		1,364
Income Before Income Taxes	1,237		790		1,023		198		466		(20)		3,694
Income Tax Expense	101		103		208		30		83		6		531
Net Income	1,136		687		815		168		383		(26)		3,163
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		75		75
Segment Income	$	1,136	$	687	$	815	$	168	$	383	$	(101)	$	3,088

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes an equity component of allowance for funds used during construction of $69 million for Duke Energy Carolinas, $38 million for Duke Energy Progress, $10 million for Duke Energy Florida, $4 million of Duke Energy Ohio and $7 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	September 30, 2023
(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	$	19	$	27	$	41	$	14	$	14	$	—	$	115

Receivables, net	279		129		80		70		117		14		689
Receivables of variable interest entities, net	1,028		831		766		—		—		619		3,244
Receivables from affiliated companies	165		32		3		168		154		(395)		127

Inventory	1,422		1,141		662		154		600		(1)		3,978

Regulatory assets	1,447		946		749		29		93		(1)		3,263
Other	86		49		128		7		59		(5)		324
Total current assets	4,446		3,155		2,429		442		1,037		231		11,740
Property, Plant and Equipment
Cost	56,889		40,283		27,581		8,452		18,638		144		151,987
Accumulated depreciation and amortization	(19,669)		(14,870)		(6,896)		(2,309)		(6,359)		20		(50,083)

Net property, plant and equipment	37,220		25,413		20,685		6,143		12,279		164		101,904
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	4,020		4,406		2,042		347		899		721		12,435
Nuclear decommissioning trust funds	5,156		3,697		393		—		—		(1)		9,245
Operating lease right-of-use assets, net	75		329		302		17		47		(1)		769
Investments in equity method unconsolidated affiliates	—		—		1		—		—		97		98
Investment in consolidated subsidiaries	54		13		3		367		1		224		662

Other	1,088		693		463		59		323		(344)		2,282
Total other noncurrent assets	10,393		9,138		3,204		1,386		1,270		17,479		42,870
Total Assets	52,059		37,706		26,318		7,971		14,586		17,874		156,514
Segment reclassifications, intercompany balances and other	(230)		(137)		(13)		(226)		173		(493)		(926)
Reportable Segment Assets	$	51,829	$	37,569	$	26,305	$	7,745	$	14,759	$	17,381	$	155,588

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	September 30, 2023
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	1,015	$	502	$	698	$	270	$	277	$	12	$	2,774
Accounts payable to affiliated companies	221		252		154		23		111		(137)		624
Notes payable to affiliated companies	331		691		292		179		200		29		1,722

Taxes accrued	351		256		342		230		88		(13)		1,254
Interest accrued	150		86		104		42		74		(1)		455
Current maturities of long-term debt	19		71		1,194		100		3		81		1,468

Asset retirement obligations	238		260		1		8		114		(1)		620
Regulatory liabilities	532		290		224		35		205		1		1,287
Other	597		451		350		69		157		—		1,624
Total current liabilities	3,454		2,859		3,359		956		1,229		(29)		11,828
Long-Term Debt	15,676		11,497		8,726		2,863		4,351		819		43,932
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,422		2,570		2,774		810		1,352		71		11,999
Asset retirement obligations	5,030		5,362		307		71		728		29		11,527
Regulatory liabilities	5,614		4,120		664		244		1,478		(23)		12,097
Operating lease liabilities	75		298		250		17		45		—		685
Accrued pension and other post-retirement benefit costs	60		150		100		68		116		(318)		176
Investment tax credits	302		130		233		3		186		1		855

Other	566		84		69		52		15		(13)		773
Total other noncurrent liabilities	16,069		12,714		4,397		1,265		3,920		(253)		38,112



Equity
Total Duke Energy Corporation stockholders equity	16,560		10,486		9,836		2,869		4,936		16,353		61,040
Noncontrolling interests(c)	—		—		—		—		—		984		984
Total equity	16,560		10,486		9,836		2,869		4,936		17,337		62,024
Total Liabilities and Equity	52,059		37,706		26,318		7,971		14,586		17,874		156,514
Segment reclassifications, intercompany balances and other	(230)		(137)		(13)		(226)		173		(493)		(926)
Reportable Segment Liabilities and Equity	$	51,829	$	37,569	$	26,305	$	7,745	$	14,759	$	17,381	$	155,588

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended September 30, 2023
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	105	$	208	$	—	$	—	$	313
Operating Expenses
Cost of natural gas	6		51		—		—		57
Operation, maintenance and other	26		76		—		1		103
Depreciation and amortization	28		59		—		1		88
Property and other taxes	16		16		—		—		32

Total operating expenses	76		202		—		2		280

Operating Income	29		6		—		(2)		33
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—		21		—		21
Other income and expenses, net	3		15		(2)		2		18
Total other income and expenses	3		15		19		2		39
Interest Expense	14		41		—		1		56
Income (Loss) Before Income Taxes	18		(20)		19		(1)		16
Income Tax Expense (Benefit)	1		(5)		5		—		1
Segment Income	$	17	$	(15)	$	14	$	(1)	$	15

(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, 2023
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	464	$	1,119	$	—	$	—	$	1,583
Operating Expenses
Cost of natural gas	118		316		—		—		434
Operation, maintenance and other	85		245		2		—		332
Depreciation and amortization	81		175		—		1		257
Property and other taxes	47		46		—		—		93
Impairment of assets and other charges	—		(4)		—		—		(4)
Total operating expenses	331		778		2		1		1,112
Losses on Sales of Other Assets and Other, net	(1)		—		—		—		(1)
Operating Income (Loss)	132		341		(2)		(1)		470
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates	—		—		33		—		33
Other income and expenses, net	11		43		(2)		1		53
Other Income and Expenses, net	11		43		31		1		86
Interest Expense	38		120		—		—		158
Income Before Income Taxes	105		264		29		—		398
Income Tax Expense	18		45		7		1		71
Segment Income	$	87	$	219	$	22	$	(1)	$	327

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	September 30, 2023
(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	$	6	$	—	$	1	$	(1)	$	6

Receivables, net	27		99		—		—		126

Receivables from affiliated companies	59		87		78		(95)		129

Inventory	15		88		—		—		103

Regulatory assets	2		120		—		1		123
Other	29		62		5		—		96
Total current assets	138		456		84		(95)		583
Property, Plant and Equipment
Cost	4,524		11,595		93		1		16,213
Accumulated depreciation and amortization	(1,077)		(2,230)		—		—		(3,307)

Net property, plant and equipment	3,447		9,365		93		1		12,906
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	325		415		—		85		825
Operating lease right-of-use assets, net	—		3		—		—		3
Investments in equity method unconsolidated affiliates	—		—		248		5		253
Investment in consolidated subsidiaries	—		—		—		4		4

Other	18		288		29		1		336
Total other noncurrent assets	667		755		277		1,646		3,345
Total Assets	4,252		10,576		454		1,552		16,834
Segment reclassifications, intercompany balances and other	(34)		(88)		(78)		90		(110)
Reportable Segment Assets	$	4,218	$	10,488	$	376	$	1,642	$	16,724

(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, 2023
(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	$	41	$	209	$	5	$	(1)	$	254
Accounts payable to affiliated companies	26		85		32		(95)		48
Notes payable to affiliated companies	94		297		—		1		392

Taxes accrued	6		39		(1)		—		44
Interest accrued	10		49		—		—		59
Current maturities of long-term debt	75		85		—		3		163


Regulatory liabilities	11		98		—		—		109
Other	2		67		17		(1)		85
Total current liabilities	265		929		53		(93)		1,154
Long-Term Debt	629		3,628		71		70		4,398
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	361		935		20		1		1,317
Asset retirement obligations	59		28		—		(1)		86
Regulatory liabilities	254		993		—		13		1,260
Operating lease liabilities	—		10		—		—		10
Accrued pension and other post-retirement benefit costs	23		7		—		—		30
Investment tax credits	—		1		—		—		1

Other	47		174		13		1		235
Total other noncurrent liabilities	744		2,148		33		14		2,939
Equity
Total Duke Energy Corporation stockholders' equity	2,607		3,871		287		1,561		8,326
Noncontrolling interests	—		—		10		—		10
Total equity	2,607		3,871		297		1,561		8,336
Total Liabilities and Equity	4,252		10,576		454		1,552		16,834
Segment reclassifications, intercompany balances and other	(34)		(88)		(78)		90		(110)
Reportable Segment Liabilities and Equity	$	4,218	$	10,488	$	376	$	1,642	$	16,724

(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 2023

		Three Months Ended September 30,						Nine Months Ended September 30,
		2023	2022	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023	2022	% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	26,154	26,362	(0.8	%)	(0.3	%)	66,505	68,985	(3.6	%)	(1.8	%)
	General Service	22,564	22,507	0.3	%	(1.3	%)	58,707	59,009	(0.5	%)	(1.4	%)
	Industrial	12,672	13,528	(6.3	%)	(5.7	%)	36,435	37,744	(3.5	%)	(5.2	%)
	Other Energy Sales	141	148	(4.7	%)	n/a		431	428	0.7	%	n/a
	Unbilled Sales	(1,421)	(2,082)	31.7	%	n/a		(2,519)	1,180	(313.5	%)	n/a
	Total Retail Sales	60,110	60,463	(0.6	%)	(1.9)	%	159,559	167,346	(4.7	%)	(2.4	%)
	Wholesale and Other	12,951	13,262	(2.3	%)			31,864	35,231	(9.6	%)
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	73,061	73,725	(0.9	%)			191,423	202,577	(5.5	%)

Average Number of Customers (Electric)
	Residential	7,267,668	7,131,924	1.9	%			7,232,568	7,098,468	1.9	%
	General Service	1,038,192	1,035,725	0.2	%			1,036,602	1,041,327	(0.5	%)
	Industrial	16,064	16,283	(1.3	%)			16,167	16,348	(1.1	%)
	Other Energy Sales	24,070	24,340	(1.1	%)			24,158	24,698	(2.2	%)
	Total Retail Customers	8,345,994	8,208,272	1.7	%			8,309,495	8,180,841	1.6	%
	Wholesale and Other	49	35	40.0	%			48	38	26.3	%
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,346,043	8,208,307	1.7	%			8,309,543	8,180,879	1.6	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	12,750	8,918	43.0	%			25,467	28,673	(11.2	%)
	Nuclear	19,304	19,442	(0.7	%)			56,170	55,435	1.3	%
	Hydro	274	309	(11.3	%)			1,656	1,441	14.9	%
	Natural Gas and Oil	26,596	28,513	(6.7	%)			68,443	71,309	(4.0	%)
	Renewable Energy	831	706	17.7	%			2,204	1,840	19.8	%
	Total Generation(d)	59,755	57,888	3.2	%			153,940	158,698	(3.0	%)
	Purchased Power and Net Interchange(e)	17,376	19,465	(10.7	%)			47,780	52,178	(8.4	%)
	Total Sources of Energy	77,131	77,353	(0.3	%)			201,720	210,876	(4.3	%)
	Less: Line Loss and Other	4,070	3,628	12.2	%			10,298	8,299	24.1	%
	Total GWh Sources	73,061	73,725	(0.9	%)			191,422	202,577	(5.5	%)

Owned Megawatt (MW) Capacity(c)
	Summer							50,236	49,847
	Winter							53,105	53,015
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).

(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 2023

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023		2022		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023		2022		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	8,544		8,743		(2.3	%)			22,058		23,108		(4.5	%)
	General Service	8,600		8,609		(0.1	%)			22,489		22,650		(0.7	%)
	Industrial	5,357		5,605		(4.4	%)			15,061		15,869		(5.1	%)
	Other Energy Sales	69		74		(6.8	%)			209		226		(7.5	%)
	Unbilled Sales	(376)		(962)		60.9	%			(877)		282		(411.0	%)
	Total Retail Sales	22,194		22,069		0.6	%	(0.2	%)	58,940		62,135		(5.1	%)	(2.2	%)
	Wholesale and Other	2,616		2,485		5.3	%			7,427		6,990		6.3	%
	Total Consolidated Electric Sales – Duke Energy Carolinas	24,810		24,554		1.0	%			66,367		69,125		(4.0	%)

Average Number of Customers
	Residential	2,434,728		2,382,278		2.2	%			2,420,897		2,371,783		2.1	%
	General Service	400,286		399,125		0.3	%			399,932		400,440		(0.1	%)
	Industrial	6,044		6,045		—	%			6,071		6,053		0.3	%
	Other Energy Sales	11,200		11,233		(0.3	%)			11,218		11,242		(0.2	%)
	Total Retail Customers	2,852,258		2,798,681		1.9	%			2,838,118		2,789,518		1.7	%
	Wholesale and Other	25		16		56.3	%			26		17		52.9	%
	Total Average Number of Customers – Duke Energy Carolinas	2,852,283		2,798,697		1.9	%			2,838,144		2,789,535		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	3,589		1,469		144.3	%			6,522		6,066		7.5	%
	Nuclear	11,361		11,697		(2.9	%)			33,292		32,943		1.1	%
	Hydro	79		119		(33.6	%)			842		756		11.4	%
	Natural Gas and Oil	7,618		9,146		(16.7	%)			20,039		21,451		(6.6	%)
	Renewable Energy	102		143		(28.7	%)			266		389		(31.6	%)
	Total Generation(d)	22,749		22,574		0.8	%			60,961		61,605		(1.0	%)
	Purchased Power and Net Interchange(e)	3,384		3,514		(3.7	%)			8,641		10,437		(17.2	%)
	Total Sources of Energy	26,133		26,088		0.2	%			69,602		72,042		(3.4	%)
	Less: Line Loss and Other	1,323		1,534		(13.8	%)			3,235		2,917		10.9	%
	Total GWh Sources	24,810		24,554		1.0	%			66,367		69,125		(4.0	%)

Owned MW Capacity(c)
	Summer									19,617		19,492
	Winter									20,442		20,350
Nuclear Capacity Factor (%)(f)										95		95

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1		28		(96.4	%)			1,459		1,823		(20.0	%)
	Cooling Degree Days	1,048		1,007		4.1	%			1,395		1,607		(13.2	%)

	Variance from Normal
	Heating Degree Days	(95.7	%)	94.7	%					(20.0	%)	(6.2	%)
	Cooling Degree Days	4.1	%	(0.2	%)					(13.2	%)	5.8	%

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

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

(e) Purchased power includes renewable energy purchases.

(f) Statistics reflect 100% of jointly owned stations.


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2023

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023		2022		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023		2022		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	5,389		5,411		(0.4	%)			13,852		14,608		(5.2	%)
	General Service	4,456		4,202		6.0	%			11,354		11,670		(2.7	%)
	Industrial	2,559		2,844		(10.0	%)			7,407		8,571		(13.6	%)
	Other Energy Sales	21		22		(4.5	%)			64		68		(5.9	%)
	Unbilled Sales	(293)		(211)		(38.9	%)			(784)		(507)		(54.6	%)
	Total Retail Sales	12,132		12,268		(1.1	%)	(1.9	%)	31,893		34,410		(7.3	%)	(4.0	%)
	Wholesale and Other	7,572		7,340		3.2	%			18,610		20,082		(7.3	%)
	Total Consolidated Electric Sales – Duke Energy Progress	19,704		19,608		0.5	%			50,503		54,492		(7.3	%)

Average Number of Customers
	Residential	1,469,046		1,436,839		2.2	%			1,460,480		1,430,877		2.1	%
	General Service	247,729		248,949		(0.5	%)			247,356		248,526		(0.5	%)
	Industrial	3,285		3,314		(0.9	%)			3,299		3,325		(0.8	%)
	Other Energy Sales	2,484		2,548		(2.5	%)			2,499		2,561		(2.4	%)
	Total Retail Customers	1,722,544		1,691,650		1.8	%			1,713,634		1,685,289		1.7	%
	Wholesale and Other	9		7		28.6	%			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,722,553		1,691,657		1.8	%			1,713,642		1,685,297		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	2,933		1,630		79.9	%			4,390		5,374		(18.3	%)
	Nuclear	7,943		7,745		2.6	%			22,878		22,492		1.7	%
	Hydro	90		93		(3.2	%)			523		489		7.0	%
	Natural Gas and Oil	6,679		7,125		(6.3	%)			17,068		18,314		(6.8	%)
	Renewable Energy	74		68		8.8	%			203		202		0.5	%
	Total Generation(d)	17,719		16,661		6.4	%			45,062		46,871		(3.9	%)
	Purchased Power and Net Interchange(e)	2,827		3,652		(22.6	%)			7,381		8,720		(15.4	%)
	Total Sources of Energy	20,546		20,313		1.1	%			52,443		55,591		(5.7	%)
	Less: Line Loss and Other	842		705		19.4	%			1,940		1,099		76.5	%
	Total GWh Sources	19,704		19,608		0.5	%			50,503		54,492		(7.3	%)

Owned MW Capacity(c)
	Summer									12,540		12,464
	Winter									13,618		13,605
Nuclear Capacity Factor (%)(f)										97		96

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	3		11		(72.7	%)			1,197		1,615		(25.9	%)
	Cooling Degree Days	1,201		1,158		3.7	%			1,700		1,863		(8.7	%)

	Variance from Normal
	Heating Degree Days	(80.6	%)	23.3	%					(25.9	%)	(8.8	%)
	Cooling Degree Days	3.7	%	7.3	%					(8.8	%)	13.3	%

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

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

(e) Purchased power includes renewable energy purchases.

(f) Statistics reflect 100% of jointly owned stations.


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2023

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023		2022		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023		2022		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	7,238		6,951		4.1	%			17,096		16,845		1.5	%
	General Service	4,640		4,573		1.5	%			11,942		11,809		1.1	%
	Industrial	870		944		(7.8	%)			2,560		2,711		(5.6	%)
	Other Energy Sales	7		8		(12.5	%)			23		25		(8.0	%)
	Unbilled Sales	(203)		(879)		—	%			257		320		(19.7	%)
	Total Retail Sales	12,552		11,597		8.2	%	2.2	%	31,878		31,710		0.5	%	(0.7	%)
	Wholesale and Other	1,113		1,958		(43.2	%)			2,177		4,087		(46.7	%)
	Total Electric Sales – Duke Energy Florida	13,665		13,555		0.8	%			34,055		35,797		(4.9	%)

Average Number of Customers
	Residential	1,756,933		1,721,642		2.0	%			1,748,362		1,716,269		1.9	%
	General Service	209,355		207,691		0.8	%			209,011		207,385		0.8	%
	Industrial	1,755		1,854		(5.3	%)			1,784		1,878		(5.0	%)
	Other Energy Sales	3,666		3,726		(1.6	%)			3,685		3,746		(1.6	%)
	Total Retail Customers	1,971,709		1,934,913		1.9	%			1,962,842		1,929,278		1.7	%
	Wholesale and Other	10		7		42.9	%			9		9		—	%
	Total Average Number of Customers – Duke Energy Florida	1,971,719		1,934,920		1.9	%			1,962,851		1,929,287		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,473		1,130		30.4	%			2,984		3,313		(9.9	%)


	Natural Gas and Oil	10,942		11,193		(2.2	%)			27,825		28,336		(1.8	%)
	Renewable Energy	646		486		32.9	%			1,712		1,228		39.4	%
	Total Generation(d)	13,061		12,809		2.0	%			32,521		32,877		(1.1	%)
	Purchased Power and Net Interchange(e)	1,308		1,788		(26.8	%)			2,894		4,002		(27.7	%)
	Total Sources of Energy	14,369		14,597		(1.6	%)			35,415		36,879		(4.0	%)
	Less: Line Loss and Other	704		1,042		(32.4	%)			1,360		1,082		25.7	%
	Total GWh Sources	13,665		13,555		0.8	%			34,055		35,797		(4.9	%)

Owned MW Capacity(c)
	Summer									10,697		10,469
	Winter									11,132		11,115

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	—		—		—	%			178		301		(40.9	%)
	Cooling Degree Days	1,673		1,502		11.4	%			3,204		2,983		7.4	%

	Variance from Normal
	Heating Degree Days	—	%	—	%					(41.0	%)	(19.4	%)
	Cooling Degree Days	11.4	%	0.8	%					7.4	%	8.7	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2023

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023		2022		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023		2022		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	2,562		2,709		(5.4	%)			6,738		7,134		(5.6	%)
	General Service	2,555		2,820		(9.4	%)			6,809		6,688		1.8	%
	Industrial	1,490		1,586		(6.1	%)			4,174		3,841		8.7	%
	Other Energy Sales	28		26		7.7	%			86		65		32.3	%
	Unbilled Sales	(384)		(130)		(195.4	%)			(373)		514		(172.6	%)
	Total Retail Sales	6,251		7,011		(10.8	%)	(9.5	%)	17,434		18,242		(4.4	%)	(1.0	%)
	Wholesale and Other	105		63		66.7	%			260		393		(33.8	%)
	Total Electric Sales – Duke Energy Ohio	6,356		7,074		(10.1	%)			17,694		18,635		(5.0	%)

Average Number of Customers
	Residential	823,818		817,960		0.7	%			822,765		809,018		1.7	%
	General Service	75,058		74,622		0.6	%			74,789		79,894		(6.4	%)
	Industrial	2,333		2,411		(3.2	%)			2,364		2,430		(2.7	%)
	Other Energy Sales	2,828		2,851		(0.8	%)			2,837		3,154		(10.1	%)
	Total Retail Customers	904,037		897,844		0.7	%			902,755		894,496		0.9	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	904,038		897,845		0.7	%			902,756		894,497		0.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	751		572		31.3	%			1,743		2,262		(22.9	%)


	Natural Gas and Oil	49		27		81.5	%			131		51		156.9	%

	Total Generation(d)	800		599		33.6	%			1,874		2,313		(19.0	%)
	Purchased Power and Net Interchange(e)	5,826		6,425		(9.3	%)			17,471		18,123		(3.6	%)
	Total Sources of Energy	6,626		7,024		(5.7	%)			19,345		20,436		(5.3	%)
	Less: Line Loss and Other	270		(50)		640.0	%			1,651		1,801		(8.3	%)
	Total GWh Sources	6,356		7,074		(10.1	%)			17,694		18,635		(5.0	%)

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

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	4		57		(93.0	%)			2,534		3,016		(16.0	%)
	Cooling Degree Days	746		822		(9.2	%)			990		1,233		(19.7	%)

	Variance from Normal
	Heating Degree Days	(93.5	%)	8.1	%					(16.0	%)	(1.4	%)
	Cooling Degree Days	(9.3	%)	6.7	%					(19.7	%)	11.3	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2023

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023		2022		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2023		2022		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	2,420		2,548		(5.0	%)			6,760		7,290		(7.3	%)
	General Service	2,313		2,303		0.4	%			6,113		6,192		(1.3	%)
	Industrial	2,396		2,549		(6.0	%)			7,233		6,752		7.1	%
	Other Energy Sales	16		18		(11.1	%)			49		44		11.4	%
	Unbilled Sales	(165)		100		(265.0	%)			(742)		571		(229.9	%)
	Total Retail Sales	6,980		7,518		(7.2	%)	(5.7	%)	19,413		20,849		(6.9	%)	(4.0	%)
	Wholesale and Other	1,546		1,416		9.2	%			3,390		3,679		(7.9	%)
	Total Electric Sales – Duke Energy Indiana	8,526		8,934		(4.6	%)			22,803		24,528		(7.0	%)

Average Number of Customers
	Residential	783,143		773,205		1.3	%			780,064		770,521		1.2	%
	General Service	105,764		105,338		0.4	%			105,514		105,082		0.4	%
	Industrial	2,647		2,659		(0.5	%)			2,649		2,662		(0.5	%)
	Other Energy Sales	3,892		3,982		(2.3	%)			3,919		3,995		(1.9	%)
	Total Retail Customers	895,446		885,184		1.2	%			892,146		882,260		1.1	%
	Wholesale and Other	4		4		—	%			4		3		33.3	%
	Total Average Number of Customers – Duke Energy Indiana	895,450		885,188		1.2	%			892,150		882,263		1.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	4,004		4,117		(2.7	%)			9,828		11,658		(15.7	%)

	Hydro	105		97		8.2	%			291		196		48.5	%
	Natural Gas and Oil	1,308		1,022		28.0	%			3,380		3,157		7.1	%
	Renewable Energy	9		9		—	%			23		21		9.5	%
	Total Generation(d)	5,426		5,245		3.5	%			13,522		15,032		(10.0	%)
	Purchased Power and Net Interchange(e)	4,031		4,086		(1.3	%)			11,393		10,896		4.6	%
	Total Sources of Energy	9,457		9,331		1.4	%			24,915		25,928		(3.9	%)
	Less: Line Loss and Other	931		397		134.5	%			2,112		1,400		50.9	%
	Total GWh Sources	8,526		8,934		(4.6	%)			22,803		24,528		(7.0	%)

Owned MW Capacity(c)
	Summer									6,306		6,346
	Winter									6,749		6,781

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	9		68		(86.8	%)			2,779		3,365		(17.4	%)
	Cooling Degree Days	742		843		(12.0	%)			1,039		1,260		(17.5	%)

	Variance from Normal
	Heating Degree Days	(86.8	%)	12.0	%					(17.4	%)	2.0	%
	Cooling Degree Days	(11.9	%)	11.3	%					(17.5	%)	15.0	%

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

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

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
September 2023

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023	2022	% Inc. (Dec.)		2023	2022	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	143,224,608	157,145,659	(8.9	%)	426,926,457	463,863,034	(8.0	%)
	Duke Energy Midwest LDC throughput (Mcf)	9,899,743	9,559,214	3.6	%	55,809,898	63,346,715	(11.9	%)

Average Number of Customers – Piedmont Natural Gas
	Residential	1,051,853	1,035,224	1.6	%	1,054,372	1,038,168	1.6	%
	Commercial	106,689	105,492	1.1	%	107,111	106,249	0.8	%
	Industrial	953	946	0.7	%	954	954	—	%
	Power Generation	19	19	—	%	19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,159,514	1,141,681	1.6	%	1,162,456	1,145,390	1.5	%

Average Number of Customers – Duke Energy Midwest
	Residential	516,099	513,974	0.4	%	517,656	511,553	1.2	%
	General Service	33,193	33,608	(1.2	%)	34,222	37,677	(9.2	%)
	Industrial	1,784	1,532	16.4	%	1,744	1,544	13.0	%
	Other	116	116	—	%	116	120	(3.3	%)
	Total Average Number of Gas Customers – Duke Energy Midwest	551,192	549,230	0.4	%	553,738	550,894	0.5	%

(a) Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.

Duke Energy (DUK) 8-KDuke Energy reports third-quarter 2023 financial results