DUK - Earnings call transcript Q1 2022 | Duke Energy Corporation

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Operator

Good morning. Thank you for attending today's Duke Energy Quarter 1, 2022 Conference Call. My name is Amber, and I will be your moderator for today's call. All lines have been muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions]. pleasure Sullivan, the Relations Vice Energy. the our over with have Jack host, President now of conference handing to Duke I of Investor Mr. please Sullivan, proceed.

Jack Sullivan

forward-looking financial first And Thank the than Vice Leading update. President reconciliation Actual Young, statements. discussion Executive measures. today Chair, outlined within Today's and to appendix results morning, presentation supplemental may Officer; Duke And are of Amber. Good, call laws. measures of earnings securities will everyone. and The Lynn use and you, includes in information Duke and information CFO. meaning factors Good SEC non-GAAP our disclosed of be forward-looking Energy's include Executive herein a and President of financial filings. quarter is today's business with along Energy's XXXX disclosures, review Steve non-GAAP welcome different and the those along Chief with

let's that, with turn Lynn. over to So call the

Lynn Good

storms, moment $X.XX, a adjusted we've seen million in Today, continued growth workers, severe power Jack, thank and full also thank of results guidance we midpoint of of offset by Florida. in reaffirming to $X.XX necessary strategic of original our XXXX the guidance remain Indiana range action winter the will most on are driven you. touch this the have the volumes. winter long-term announced with work customers delivering X% year, at I deliver quarter, of for to growth just we underway to monitoring we execute from And a share everyone. XXXX, reaffirming EPS higher as storms, by QX of start like range. our strong on economic a to We're important over in across tirelessly guidance good earnings eight we and to $X.XX We're the to expense storms. Carolinas, of more growth earnings rate partially X% I'd midpoint through Despite continue in take approximately our restoration track was if trends our to X $X.XX. $X.XX That worked year XX,XXX to and who morning, to take within electric restore original range will a the the series moment. per years.

We've and track ESG Turning expands accomplishments late-April first some our areas key X. record adds the published strong sustainability We've and slide. established included and our report each themes social targets a to that of have in Slide future. governance We highlights historic got more insight in for these topics. this on on ambitious and

Carolina, and ESG North forward more recognized to in rating MSCI, Our updates Florida. solar Indiana ESG with additional even our carbon across on laying in our during AA which plant community, in the throughout We work progress look our to also groundwork the upgraded year has IRP for in proposed including and our ongoing the X. investments been our and October grid We're February. by ESG Day sharing

X. Slide to Moving

the minutes state forth few a XXX. on a North spend There's progress in the me framework Let implementing Carolina. meaningful Bill House in set

timing on legislation been rate working as performance-based, We've As with decoupling. well the including as transition a provisions, residential rate-making energy and reminder, for landmark provides this development measures multiyear a performance clean bipartisan proposals modernize May will closely incentive stakeholders plans, retirements will commission reduction the our achieve with The file and which resource of to on multiple including XX. outline around the XX% target, we additions. plant coal plan, of carbon proposed carbon plan portfolios

for portfolio Onshore opportunities as and every for will reliability well customers. small Each nuclear side for and pathway. management and solar in been efficiency expect affordability consideration modular and as tested rigorously be reactors. substantial demand We wind battery our offshore additions, energy presented has

the May approve updated on Commission will commission will by adjustments the North final regulation. gather the issued Carolina stakeholder additional thereafter. years the filing rulemaking its plan our Utilities input, every and Following And two February, make plan the year. for of a be The In plan, carbon end proposed for XX performance-based balanced that of in certain the objectives issued order of order consistent retirement. Both value were HB utilities on with and rule constructive, its securitize the April, the Commission allows half of plant Carolina their to upon early plants our establishing are coal processes making fair, securitization. This coal North carrying policy XXX. orders of remaining

to case, a the process is to in NCUC a filings We plans North conferences for fourth on approved filing. North tools a expect the HB case rate likely XXXX rate-making multiyear rate a file XXX. case Carolina and currently technical DEP introducing DEC rate quarter file to prior the The that early these for year. Carolina priority modernized strategic established next rate Another has in include

House. is tool and touch like restoration the costs, storm prior and In would for key initiatives territories. securitization The enacted, now in compared customers future as to significant I'd across Carolina our creating the legislation Senate traditional recovery recover in If cost our this to service being to heard move storm continues to South to savings mechanisms. additional provide an legislation legislation X. the passed Turning has on forward. Slide proposed

megawatts. our we billion both coal. support updated to XX our storm developers intermittent we're RFP, different proposals megawatts our from In now. to grid for Indiana, filed to reviewing and through the filed X,XXX bids from under harden X,XXX for We X, generation investments them which received up on May XX XX years. plan, capital protection next transition the for of with to than the totaling are On of projects more received portion over and resources the having which intermittent dispatchable the We're RFP dispatchable Florida, response the new over we our pleased recently includes bids plan. making of Moving request includes the investments to $X XXXX,

case was harden this filed our November, a enable we to natural customer blueprint invest gas we anticipate our in was year. legislation natural hearing low July. for Commission LDCs, held Disk the from for legislation with to in investments And second we If will approved, South general receive to a and be We and prepare reliability, the in would to comply program in generation. decarbonization by file passed This In that make our zero executing the help continue the plan includes expect in serve and Carolina, jurisdictions, Utility In utilities begin $X we grid billion to strategy. T with capital allow could we six-year, expect Indiana. CPCNs across The commitments and to investments projects. to effective Shifting approved, the improve Tennessee, our April. A our will to filed October. In country. in a rate in decision Indiana in and our needed states closing, will unit federal customer across rates Regulatory later fronts to distributed improve making emission clean If meeting revised legislation business the March, for energy vision we're regulations. XXXX. progress reliability commission all gas build other infrastructure, on plan as recently

with sustainable investment the over XXXX, years. will growth for that, a shareholders We over forward call plan our believe earnings to clear turn five deliver and path let And next the to to and value have me Steve. X% X%

Steven Young

And of Lynn. results, discussion morning, with good few the start Thanks, everyone. quarterly brief of key variances highlighting a to I'll our a year. the prior

adjusted earnings and per our earnings was of more $X.XX, on non-GAAP included the first $X.XX details. reported reconciliation earnings quarter year. Slide for adjusted see compared X, our share share per per shown and As reported in This last was Please and $X.XX $X.XX. release to earnings our share

with Electric items business, Infrastructure to up $X.XX & In were higher LDC favorable segments, rate gas the offset winter the investments. impacting commercial higher segment, lower, base timing were lower Partially primarily higher were year-over-year, were from offsetting weather primarily fewer investments the prior favorability rate $X.XX to returns was and due riders, were XXXX, fewer to costs severe storms fleet. by Utilities volumes to than lower Results O&M, Commercial storms other cases $X.XX contributions market flat associated growth new our Results to last with we compared to due weaker and these in year. we due increases. by winter year. our Within on attributed And and Trusts. from to compared partially due from offset and O&M Benefit

the QX the X.X%. This pandemic, during on with year growth improving 'XX first figure with been this quarters, X, over replacing weaker the orders expect to our COVID year. on industrial moderate off Turning and XX-month We the ultimately we fourth second continued the past economic steadily believe electric of four in improve will figure trends. watermark We experienced has loosening forecast XXXX X.X% XX-month restrictions quarter and first XXXX, utilities commercial February. growth customers. This call further of quarter with load move X.X% is earnings year. driven of the customer sustained for are landing shared for rolling year let high growth, load our volumes by continued the retail consistent we've to Slide The full around favorable and electric quarters stronger the into for as for the to rate rate started the results rolling me mainly represents residential in the and touch growth as we

customers who continue to from load from from several in rode and storms home winter residential We incremental out Midwest work also from the customers as benefited and Carolinas home.

incremental nearly economies new development growth looking the and customers helped industrial in accelerating rebound our For of attract ahead, And communities. capital territories, jobs continued billion accomplishments existing classes, team. customers. service XXXX, creating due a saw our to commercial see from start In investment economic of growth vibrant new we to we we will our in and outstanding $X.X and to XX,XXX our

continue momentum XXXX. this into seen have We

and economic are results GDP these we to indicators moderating supply watching the such While growth, are year, inflation as constraints. key start rising a chain great

business scale fourth to our solar projects to of and constraints and well control decision XXXX across aspects global panels, We costs, for and rising the positioned to regulated secure regulated work solar necessary will on steps to materials those other services operations. slated our supply in activate reduced O&M Commercial This will let for we growth $XXX range size take need ordering approximately related of to materials the of will vendor measures income cost actively On our to agility our for leverage quarter XXXX call counteract moment our original and and from measures. down impacting advanced a our and the relationships, to earnings all continue this million, through panel segment $XXX our we our me With -- address we plan. solar secure taken February, we prioritize to ongoing February, strategic million in projects projection Having This a existing to supply. net our are million. Renewables matter. with $XXX all execute commercial

XXXX to of we're monitoring of the investigations. Department Commerce beyond, We and projects. assess solar closely the our Looking timing

side, regulated we XXXX. the On no delays expect in

of XXXX business and stages the targeting in with panel delivering on resulting price various underway. renewables from dependent time. are The been XXXX. commercial of XXXX half approximately few remaining commercial megawatts projects PPA business, a have and and development in see For delays clarity. solar have we XXX Panels upon negotiations in-line projects line to this persist, largely of we are If at XXXX, shift sight more may are in secured roughly solar

pipeline range of X% of maintain a outcomes annual and trajectory. planning for capital earnings a growth and X% to our agility have are to levers We

reminder, As CapEx approximately represents plan. XXXX X% total our five-year commercial for our solar for the capital a of

nuclear in operations. our regulated Turning fleet owns operates and America. nuclear Energy Duke North the to largest

Russia-Ukraine existing a have potential fleet. our suppliers and supply diverse with to we significant uranium contracts sufficient nuclear the have of related across enriched several Regardless our product such, sanctions of and inventories, As uranium set flexibility agreements are continents. of fuel inventory a to any war,

with Slide Let me XX. close

are to to of our a XXXX, $X.XX, and $X.XX guidance midpoint We off a earnings with range of of in $X.XX. good feel confident start

second simply the the of year. O&M, a due the higher quarter, me to given year. for calendar planned outages see in to XXXX slotting earnings discuss Compared of profile remainder we Let different will the

will rate resulting business pick will fourth riders the Additionally, The largely the quarter. Florida second recognition gas from impact growth, in rate wholesale half in natural of settlement timing contract growth up and cases, unit, the customer the XXXX. and

our occurs strides meaningful we affordability Turning to of our shaping customers. in to advancement conclusion, quarterly energy those clean factors but towards target Again, the majority of to first In are of the the reliability on make variance of Renewables, we keen focus XXXX in earnings strategy, earnings. half XXXX negative on a continue for and with for Commercial in the the compared XXXX, will year. the impact these

Our long-term we'll a in our line return our attractive our dividend and service for open investments robust questions. that, from territories, provides With yield, regulated earnings your coupled with growth shareholders. risk-adjusted utilities for the compelling

Operator

Thank Julien, your Julien first from question of line open. is of Dumoulin-Smith now you. comes Our [Operator Instructions] America. Bank

Julien Dumoulin-Smith

thanks good Hey, opportunity team. and the on and the here. details Appreciated for Thanks for call. morning, to time connect the

Lynn Good

morning. Good

Julien Dumoulin-Smith

indeed. morning, Good

Just if back -- can CapEx the super the going quick back I conversation there and go solar quickly. here very to

And bit about recap 'XX, you you're little also, a you I if earnings persist. would us delays 'XX. the XXX-ish the so that was in if to a think more kind if of recognition. that key said level what from on at bit persist? can can, like point for for Can look Again, line you 'XX little delays you elaborate

that Just across that if portfolio? impact, being you the of is of first sort your think year, about will? of average weighted How think how that should behind if captured that about sort much the of mechanics ITC we we in

Lynn Good

I'm will some And, Steve have a sure shot, I'll add. to Sure. Julien, take and things

commercial you that the I'd XXXX in like on both are to is think leave track we regulated with renewables. I for headline and

the So of are XXXX, tracking to we about, been the made adjustment have both that that to we those. exactly talking we earnings

regulated track. are For XXXX, renewables and to we prioritize continue they our on

going really to by we price project that some for economics. how is is at commercial, this XX% impact there price As investigation that's ultimately uncertainty been and look created around

track. So we do than keep And something if to is to that a with so that potential are can range occurs what shared clarity you could persist, or the if comparable range planning on outcomes. have of that Steve we the better soon include projects for XXXX delays enough we

this Energy. in a I think of minor construct it's that the capital important recognize is of to amount Duke

our And so as to X% growth we XXXX, think X% we about rate. confident are in

I'll recognition, if circle that, we see income about Steve on these to can we Julien, bit So turn a and little to and then talk resolve it back questions.

Steven Young

Julien, been we've at Right. the projects that we've range. on range, the in accelerated equity are years, depreciation benefits of overall that three to couple the in have but recognition, past The looking the five ITC depending been on years, been what again, to tax partner needs the as what move, perhaps we've been five well. as at. that's to makes at spread. year we where sense looking equity the kind But seven look That's type projects what But we've tax are and of been. arrangement,

Julien Dumoulin-Smith

Got it.

of And second clarify Fair much forward, You enough. please. just question, shifting? that of be can. have of that Okay. don't so then to I XX, much I a to portfolio. go that? impact How would that Lynn, there, shifted, just maybe your half -- clarify how if know, And

Lynn Good

be our to trying we in would the if were Julien up expectation end we the what of 'XX million 'XX. Well, share, is shifting, do range is

Julien Dumoulin-Smith

Yeah. Yeah. Got it.

speakers]. the presentation is [multiple plan on the for focused Forget

Lynn Good

out themselves look in time, clarity gives supply the we around. by XXXX these sufficient also more a chain regulated resolve hopefully for price. XXXX, issues we see we then as And And to renewables to rolls ramp-up that on Yeah. believe time

talking about projects moving if So to a from the we're this monitoring commercial the persists. and be along And way. few 'XX we'll, updating in of uncertainty course 'XX

Julien Dumoulin-Smith

so and time-related issue, appreciate Clearly, evidently, that. Yeah. Right. I very this much

a super second quick question. Just

treasuries. Just

et today the where comment with this slides, seen? there? know the $X.XX rates from different activity the take you have you it? about in cetera. of we've Lynn, would guys I in to Against, impact that that, to your go sensitivity ways out lots business You Can move you the got

Lynn Good

that averaging But is expect, because Julien, interest can would this the specifics. at really through term you $X.XX as rate rates. our you short long-term on high Yeah. and point, experiencing into on dollar end, we're And take Steve

Steven Young

the rate we even right. in half hedging 'XX to we've But hedged 'XX. we've securities We on be got and securities for were past are mitigate over done a some we the that the we of in hedged have about And gave some That's increased that occur. sensitivity securities going the we very variable to know we've things year XX% that -- on based knew issuing portfolio. to that in going -- 'XX. years some of We've significantly

that, and been market, and So the of scope into with given scale, timing, we going opportunistically we've do tenure utilization our pretty well. working which, can

have we impact So significantly see that to techniques. through you knocked of $X.XX the those the down plan might

Julien Dumoulin-Smith

it. Got

Really much. Okay, you guys. appreciated. all Thank very

Lynn Good

you, Thank Julien.

Operator

Thank you, Julien.

Research Partners. your now Jonathan comes Arnold line is Our Vertical with open. from next Jonathan, question

Jonathan Arnold

Hi. And guys. good morning,

Lynn Good

Hi, Jonathan.

Steven Young

Good morning.

Jonathan Arnold

different everyone Lynn, to tell in make will definitive more A on carbon Or appreciate that But, Obviously, several and that'll recommendation choose? a on Commission sort to and about us decision -- expect of the The technologies. that filing? mentioned be tell of I like quick one then a more But encompass you're that preferred would there one about it your options, which a more you is different going with options plan. you range to bit. portfolio will shape

Lynn Good

the present those the reflect range that Hey, And XX% commission. technologies, ultimately, And from by be a the subject then portfolios the cetera. of will price decision implications, Jonathan, it's going latter. options the et on commission's public input on hearings We're it pace, stakeholders. and reduction the and be to of would review

a topics that plan. the series three So deeply we've are of meetings. also more robust had to carbon to stakeholder relevant dig technical We've had conferences into

And this our file -- a provide balance the on we Monday, to year. of of Jonathan, this in be when you what's come the centerpiece of will then, over course, there. will discussion on information So all we of

Jonathan Arnold

one the there? best the anything think -- or not from Okay. But is that there's sound going be to we this like

Lynn Good

No. No.

Jonathan Arnold

and to expected it the trajectory being glide quarter what path, what when the -- I -- the Or line Or quarter, a you you just guess? you color of how mean, you're Are seeing roughly just gave sorry, in there? is terms little is comments on ahead? you peak, more give few about last relevant the you've have the seen on then has us on terms you tracked has weeks can probably your what seen I -- year-end second X.X% load that you've how in thought? first of any it And Great. -- would

Jonathan Arnold

with our Florida and up economy going But and would GDP in say with experience in monitoring Jonathan, strength. results that reflect and economic growth the And up I we're continue very also broader development. growth we shows it to in that shows strong Carolinas the on customers, expectations. with what's inflation

so know, has don't the kept that? that year. add level And our us for Steve, would of full at planned if you I And X.X% to

Steven Young

early think the this X.X% said, I because going off out But we not when continue there to efforts in migration to the going move time areas to et of seeing And move other Yeah, here. to we're and year. about see cetera. the need service we're climate. strongly And we're gate to business robust in. just nice due it's we're kind the to in, think at economic industrial of But follow just as Lynn are resorts, our development in general is that, people growth hotels, good factors commercial the

start, we we're through got off on. carry to to will and the change that it, forecast. hopefully, But time eye not So on but a keep an to continue good

Jonathan Arnold

you good, as little be more enabling a the of you the been but about conservative to It's year. rest think Great. it's

Lynn Good

right. That's

Jonathan Arnold

much. so Thanks Great.

Lynn Good

Jonathan. you, Thank

Operator

Jonathan. you, Thank

Jeremy comes open. JPMorgan. Jeremy, from with Our next line is your Tonet question now

Ryan Karnish

ask just good the Can Ryan of DEP in I for up Karnish morning. kind you questions. And of those on us carbon taking how filing. for big of think XQ? on and the just Hi, about ultimately you plan actually filings. of remind milestones Can us Jeremy. Thanks ahead follow-up that filing? one your I kind remind multiyear show DEC watch XQ to will plan It's talked

Lynn Good

and Well A the Sure. be planning I investment. couple over note capital multiyear of of distribution transmission things there. would rate will XX%

for level storage will battery period. and renewables of three-year include really the some carbon targeted the of consistent We with the end plan,

rate the continue do through to the in the beyond And have about 'XX-'XX. an the work that to is way we projects think here So opportunity update cases the filing would in of come service date Carolinas hearing. capital

plan would be So that will the that to time. understand extent approved we that in needs capital, to fully do so the to give the made us carbon at an and adjustment opportunity

a the cycle. don't So majority three-year the running the bit I parallel, impact given plant expect lot that the from about T&D, this carbon But impact next would think of one. in these Ryan. we the things capital in in rate multiyear is -- on A of a in material plan

Ryan Karnish

Got very then supply chain the one that inflation impacts sense, makes just And on No, outside helpful. maybe of or it. solar. even

kind hit kind trends see your in you Just could O&M? structure. going of ability to across just on script, the on that bit how but your to a taking continue seeing little curious, cost of you're And intertwining with you

Lynn Good

see We as of we been it's at had have raised maybe in center. a suppliers, what negative us continue you're substitution, contracts, for flat, we're trajectory throughout as materials, a confident in background And to been front and are variety some considerations. for with We we addressing our giving had whether costs X%. Steve, long-term our those planning, our planning with O&M inventory, of We indicated, additional little labor, there, and raw hearing improved a originally that we that Ryan. XXXX, scale, risks headroom. to particular, industry, But planned look the just course, fuel

in projects we're on And for O&M our executing track mentioned so the us I the of customers. our We've combination that impact keep give as our we been and in these in capital have supply a plan any changes. overall to confidence of see result able even all for chain, make address And yet delays to to substitutions XXXX. things

Ryan Karnish

No, it you. Got that’s helpful. I’ll very leave Thank it. there.

Lynn Good

Thank you.

Operator

comes Michael Sachs. now Instructions] Ryan. your Goldman Thank open. Lapides line next question Our Michael, with from [Operator you, is

Michael Lapides

taking for Hey, you Thank guys. --- my

Lynn Good

Hi, Michael.

Michael Lapides

couple. good the a Congrats have congrats on a a of And I good -- start actually on Lynn. year. hey,

if O&M up How of have O&M. cadence backend comments the assume. the schedules, understood with quarter I is First you'll if it's of would O&M, in about in correctly, for second And should Flat, I pressure O&M XXXX think And year-over-year. ex-storms? that some trajectory outage loaded? down? more what up, we it was down, all, means ex-storms, Steve's and

Steven Young

flat, certainly be We and had Michael, targeted at least will it flat.

agility downward. drive efforts be potentially I could It But back to things it think, place, being of in declining. Our feel will half. frankly, certainly just putting are good, aligning. we the That's storms, timing are absent I about flat that when

Michael Lapides

I Got the coming think you've know cell Indiana. gigawatts. how much it. the phone X.X how in renewable got conventional? RFPs of or PPA? that under And you And do of Can what is I'm just of kind versus versus just curious utility me remind is And about traditional potentially you

Lynn Good

So breaks almost XX-XX. down Michael, it

We're X,XXX of to generation. is resources, putting renewable ownership that X,XXX to And utility resources. forward know utility our of then believe the customers. digesting. came results we And So would And we'll that building more of May that megawatts our of we'll continue dispatchable X. be renewables, be expectation about some buying degree there ownership. The megawatts still valuable in electric renewables in

shared a those is on as if get of resources robust indication, But has that. third-party The specifics administrator responses to lot the any we'll well. renewable not

Michael Lapides

last then And one. it. Got

that much in remind requirement for You storm Can make next the change a protection today mentioned and filings a to remarks -- how did year you revenue that plan of updated of your spend capital and the this quickly in Florida. the filing material the me how in relative material to the you in Florida? couple of years original plan

Steven Young

SPP was Overall, as Florida, the increase filing a updating the of billion impact in about a Michael. $X result

Michael Lapides

you $X over two for timing that some and But please? $X billion around years? over can XX Just cadence billion years, me, put

Lynn Good

back decade, be the to it Michael. of expect would I half

remember capital under rate a We'll we're that may multiyear be updating through XXXX. early connection You with plan in filing.

be going the years, not next to it in would be couple later. of it's So

Steven Young

was That's right. XX-year filing. It a

it So bulk back going part of the to Lynn year. would right, in in but be the plan, five-year that after part of the probably is of is be We'll some catch of it our the that. latter

Michael Lapides

core separate thought covered a and Right. have that or from tracker And GRCs that, forward-looking you I was years was Florida? the rider test or in via

Lynn Good

is. It

Steven Young

in filing It the be That's with a the late in year. is the increase kicking That's of most will that rider. correct. decade. it's spend latter and this It started correct. in updated 'XX, But part in of

Lynn Good

protection integrated And customers look these and would really of an multiyear impact that Florida our schedule how is approach The and and a about storm our plan, things. part to suggest plan thinking activities to of serving Michael, in I price rate and capital. the we all at the construction

we coordinated way. a them So plan in

Michael Lapides

Got it. Steve. Thanks, Thanks, Lynn.

Lynn Good

Thank you.

Steven Young

Sure.

Operator

Michael. you, Thank

Our Anthony, Mizuho. now Crowdell with your next is comes from question open. Anthony line

Anthony Crowdell

Lynn. Congrats good morning, Good Good Steve. morning, on a quarter.

Steven Young

Thank you.

Anthony Crowdell

Hey, hopefully, South pivot Carolina, on the A Carolina. focus could easy just North one. lot an of if I to

I guess the Duke's would has when a the target. I state wondering, decarbonization how believe target I'm from the Just think impact that yet. And state decarbonization don't clarity wondering CapEx do you we plan? on more get

Lynn Good

work think in both got up to would going two around nuclear whether alignment bit Anthony, to a the make the talk I just states that decades, little about that about investment pull has existed you maybe sure even we've over development economic states. between or

Carolina interest renewable strong generation. a in has South

that policy as out how around for remember to to our we way both sense continue And our and work XX may about parameters important will different. be investors. states objectives. coordinated set the You the some both are Act transition construction. state And meet with so renewable should clean that occur their on able states. The be makes and in customers think language slightly energy a for being I may to believe, approach, aligned we will would The energy

all up meetings the stakeholder Anthony. of work completely in going in carbon a Carolina. So Carolina is should on been But have to active this at I'll And lot sure they I at that to occurring. South in that is leave North that stakeholders indicate point, very it date plan make the on here

Anthony Crowdell

Great. if could one in I just more. And sneak

you I have Duke's guys Just think, on the think great earning. probably, renewables. overall it's X% clarity Again, I pressure of on

we of pull kind I it's clarify utilities I'll there. don't flat -- the that? small is pressure in of -- leverage look wanted pretty just Just you toggle Do or would where on a O&M 'XX? the But Steve And 'XX to renewables, the leave to renewables. portion. know pressure I leverage navigate maybe if think to maybe what maybe just to on for lower if to be kind it the So offset overcome for what Lynn, would

Lynn Good

think in would the about other would Anthony, business. capital Yeah. I I places also about acceleration think that. in of

our and to to So add have time if maintain trajectory. agility you'd anything? see the Steve, look of pulled time you again to types levers we And, I'll

Steven Young

Yeah, our We scale, well. the muscle make mechanisms rider as got look scope look look various and given footprint. I we've in can is across supply our these think agility O&M can that's the the and mechanisms And core exercise We at at can chain we we we a investments that within right. And there. that times. that and there

of a the tools So footprint that in across vein, number Anthony.

Anthony Crowdell

Great. taking questions. Thanks for my

Lynn Good

Thank you.

Operator

you, Thank Anthony.

David from with open. comes Research. question Paz Wolfe line next your Our David, is now

Lynn Good

Good morning, David.

David Paz

Can me are Good Lynn. morning, you doing? you hear How okay?

Lynn Good

you. can. we Thank Yeah,

David Paz

Great.

the the made in relatively your you plan. solar modest CapEx So on comments I appreciate current

we should about your post think how solar curious, Just current plans.

was a Would decade. to in us talk similar you've the range say to are you percentage given half Or So -- higher? be we I the of think going points? materially back it's in going a

Lynn Good

to ramping customers are significant that than 'XX-'XX point be would business short the look a in I the construction will term, ‘XX-‘XX-‘XX, thing the regulated way seeing. I much your at more David, as the in we renewable

So about think Carolinas. the

we of about capital that and an not in will in the in commercial, the renewable had 'XX-‘XX. our but the capital to we Carolinas, regulated begin see renewables. increasing fact show have way 'XX. up impact allocation plan and to see between amount begin that that will 'XX-'XX a in think regulated And you'll We've that will about talked We build

David Paz

that think Okay. for Is law, it you have fair your under XX% Carolinas least to the say North solar level that projection that is whatever in at reflects XX%? I the Carolina, of -- ownership plan you the or

Lynn Good

Yes. XX% utility XX-XX, Absolutely, ownership.

David Paz

about conducting inform specific clean to incentives just I solar that talk to generally? and the really and you DoC if ask can But generally just maybe maybe administration are a Duke And Great. about Duke. and general efforts the energy investigation maybe in you can the the industry question,

Lynn Good

discussion of around chain really shared Yes. I back the future. one. credits, to year end energy into supply been net-zero administration reaching around last the the goal of say a continuing would dating We ongoing And David, around tax with policy, renewable clean this there's issues

so to these about we're talking that elements are relevant And that conversation.

So and a timely the believe Commerce we important. resolution Inquiry efficient Department is of of

believe renewable goals. also investment think about tax you important to of the planned these as is customers that the level for our credits are reach that We

I And our So in that engaged we're don't that zero. net actively for very see policies changing. impact goals

David Paz

you. Thank Okay.

Lynn Good

Thank you.

Operator

pass Thank the portion back today's remarks. the you, concludes closing will David. of I conference This to Good call. now Q&A any Lynn for over

Lynn Good

investment always, today Energy. in questions, anything on questions thank Well, covered you soon. for there Duke for follow-up or further you Thanks, are And to available that as forward we've your And participation again. look for we're talking if today. to

Operator

concludes X, Duke participation. call. XXXX for Quarter Energy That today's conference your you Thank

lines. may disconnect now You your

Duke Energy (DUK) 9 May 222022 Q1 Earnings call transcript