DUK - Earnings call transcript Q4 2024 | Duke Energy Corporation

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Operator

Hello, and welcome to the Duke Energy Fourth Quarter and Year-End 2024 Earnings. My name is Elliot. I'll be your coordinator today. [Operator Instructions] I would now like to hand over to Abby Motsinger, Vice President of Investor Relations. Please go ahead.

Abby Motsinger

good and Elliot, you, morning, everyone. Thank Duke Business Update. to Energy's Fourth and Review Earnings XXXX Quarter Welcome Leading today Savoy, with Harry our CEO; Sideris, and call President; is Lynn and Brian CFO. Chair Good, along

non-GAAP includes use Lynn. a SEC Today's discussion information. measures. results the of filings. financial materials factors The differ may and non-GAAP reconciliation to presentation measures forward-looking due in over and appendix Actual call statements let of supplemental from disclosed that, will with me forward-looking financial in of information, the along include today's With Duke today's Energy's turn to

Lynn Good

Abby, storms. many morning, $X.XX, our our XXXX finishing during you, and was response our ways, great was Helene Today, of adjusted guidance support appreciation our for we of range. XXXX defined Milton. by by thank announced moved and Hurricanes We good were within a historic communities' to share in earnings and work of and, per outpouring year everyone. accomplishment these

progress. guidance resource robust earn higher XXXX capital plan, spending. We in with growth. $X.XX; and by billion regulatory $XX announced growing $X.XX spending by earnings our an with infrastructure potential to as a EPS XXXX drives the midpoint jurisdictions including years X.X% integrated $X.XX represents of range processes finally, growth such the updated grid This X% underpinned as investment which earnings-based the to approved plans to And also X% of continuation rate driven share of per today, the capital and a through range

to to and about investors flows of back the this and growth and our strength excited cash we're communities. a delivering superior the in earnings of position enters Energy service customers part strong Duke future. our We're committed for and decade

key 'XX. achievements Before let we acknowledge further guidance, in into our me XXXX get

rate years Turning of approval our XXXX and investments. last regulatory X case $XX 'XX. regulatory X, the work The we track the rate of with Slide of exposure continued minimizes in of execution record billion base to

and generation like to now integrated solar transmission three-peat. Florida advanced approvals, Piedmont in to we continued through I'd and CPCN And megawatts the acknowledge also our Gas add Natural finally, X,XXX We and in service. resource plans with

earned for For gas #X the Power service team in the natural consecutive satisfaction ranking J.D. the customer the year, Southeast. third

to And of me take an acknowledge be Ted also last of honor Duke announcement. CEO my role and been President Harry just April the call month's will today let Therefore, X, Craver moment It's a Board. will the prior independent last retirement. will and Chair and of Energy; who's assume to makes Effective company, lead become and journey company Energy. appreciate capital you you to for for thank me. I our our we your everyone and our powers the provide you this with success in our To possible. commitment work shareholders, The thank customers. been To your do investment and on Duke earnings the employees,

analysts And for I've leader me. Harry, valuable the you who the your cover to appreciated play being to thoughtful And thank our and adviser community, and role a you incredible research. investment an in to company,

XX-year our commitment a customers. company this has our company in facet great is raised our every veteran nearly business. thanks to Harry with know, you to success, of and and our led of for of hand many As assignment challenging his his employees, investors, the every Harry experience to

to team Harry in him, company all next around I'm well a Energy the strategy, and as phase achieve. of and With leadership that execute will our positioned Duke CEO is confident the business strong experienced

the like to I'd over call to that, Harry. turn with So

Harry Sideris

that has for is fully deeply ahead. Thank leadership, the kind Board I'm confidence honored and regulated your for your for words years. positioned Energy the industry-leading by become utility the you, mentorship ideally Lynn, growth your many Through over industry an leaders, community. officials time It imagine employees, the and more lead me many as you in the as to for well placed to has and Energy. of a hard of Duke investment received public from is outpouring compelling I've in support Duke

We of opportunities and customers are communities. vitality forward ahead mission our look team. and to of our around the power strategy, passionate our operating I to the the with our our lives about optimism culture our

build, growth. Turning aspirations the on administration's look new to to technology to availability Slide X. business to these the and align affordable with for strategy, needed energy and and and reliable in our our priorities ensuring this share working at I a the meet forward point customer Congress We These assume economic infrastructure -- President pivotal protect of for both role to goals. company and critical our parties leadership we with industry. deliver country's operate, states new our and our Trump, commitment to

To that to all-of-the-above our meet and replace demand executing end, we generation infrastructure. growing aging are strategy

in is mix which gas, resources Our renewables. have started Carolinas, diverse the our of to complements customers and dispatchable new essential investments and natural affordability includes In substantial reliability we for maintaining in over on we generation CPCNs of of X Indiana gigawatts year, and was gas gas approved and filing Carolinas quarter. round this construction next the plants that last are our for natural

and important gas miles, capital resiliency and XXX,XXX ability for expediting largest investments line each supply these our of significant to sites, of X-year connect ensuring growth. the in the system a will economic and portion operate our megawatts be continue our reliability investments the are we system. support our generation distribution transmission to nation. With turbines plan, secured of With grid development accelerating, to We

our turn delivering record future. The we build. the is tailored on load stakeholders energy navigate this to demands have we and to now me path with new state-specific And to our ability into and call as our plans meeting value customers' we the Working multiyear remain investment strengthen that, of focused shareholders grid jurisdictions, With let clear infrastructure over large our while ensure forward Brian. connect across customers. to decade the

Brian Savoy

everyone. Thanks, Harry, and good morning,

guidance XXXX was our our As full within per earnings of range. Lynn share mentioned, year adjusted $X.XX

cases the impacts hurricane was by offset historic line we a jurisdictions, year, of saw and rate the which across season. For growth partially from our top riders

additional details supporting on results, materials refer For news to 'XX today's release. and please

range our $X.XX Moving to $X.XX growth Slide $X.XX. midpoint This X. over is since at to guidance growth represents a trend we've annual X% We The delivered X% EPS the XXXX. around XXXX. XXXX of continuation set

case outcomes entered Carolina. the our growth Florida. recently Electric Midwest We'll benefits rate segment, plan well the continue years rate In past X our implemented plan the to and from DEC Carolina in and constructive multiyear over case multiyear Indiana and see South rate the approved new rate case rate we as our as in riders will North grid Within drive from of in results. Florida year X January,

activity, the and weather in growth annual will integrity as sales customer and management and X.X% North rate rate to case our plan in our investments. Tennessee Carolina driven addition additions by as well XXXX. of in normal assumes rate segment mechanisms Carolina be Piedmont, In Growth and Gas retail X% to South

we to our Finally, Other capital the expect modest of plan. be results dilution higher to by driven fund segment and interest growing share expense

Slide in increasing XXXX, volumes an X. Beginning X% to the in we growth acceleration with see Turning of enterprise. to to annual X% load

over we particularly development underpinned by at this in to the confidence X% growing same Carolinas, projects online, coming economic see is period. forecast in the X% which significant Our

across as data economic as advanced multiple projects manufacturing well development centers. Our reflects sectors pipeline

annual in take our letter on a We projects total utilize growth very we're portion we the then the between approach level reminder, term, We our development. project commercial the require with near ensure incorporate energy load forecast. to in risk-adjusted agreements In those of confidence for evaluate to operation planning discrete analysis in when as a As to will focusing pipeline, include a just projects late-stage we and or of X.X% which X% begin supply. enterprise.

the and across our Our existing strong service forecast is customer growth, expansion new of territories. residential businesses supported industrial activity by improving and

Moving XX. to Slide

$XX reflected Our XX% prior X-year now versus as plan. the up by The our over in X-year investments generation These ramp increase is we billion, of infrastructure. aging capital IRPs. our plan the investments load accelerates is period increase driven and replace majority a

represent investments of our around grid plans. XX% addition, capital In

system. improve of continue reliability and the resiliency We to our

XXXX, customer roughly increase With our we this are a which healthy expect from mechanisms, updated limited base need recovery this Supporting efficient our and prior The to maintaining point to regulatory capital impacts. critical are mitigating smoothing infrastructure regions growing not basis support plan. a is our balance XX growth to growth X-year now lag X.X% plan. for sheet, earnings through annual plan, rate

of runway long a well into decade. opportunities have that next the investment We extend

to Turning Slide XX.

priority. As sheet our we strong have top to current to our demonstrated commitment credit over a years, many a will be continue and ratings balance

end FFO plan. XX% by targeting expect to are to the the above X-year XX% XXXX of over improve debt We and

threshold. threshold Our Moody's over and long-term target our points downgrade above XXX above over of our cushion basis downgrade XXX basis points provides S&P

our over billion accretive support credit we funds fund and capital To equity years. funding XX% $X.X approximately next in This plan growth, equity these increased of increase. to X objectives increase the

use will to continue fund our We our to needs. efficiently programs and reinvestment at-the-market equity dividend

As constructive and past Harry flow. mentioned, in enable years. of regulatory considerable we've delivered outcomes operating over investments many These drive our results cash recovery timely X improvement the

see credits we million customers continue we of over addition, credits. a over for market efficiently to monetized strong In tax XXXX, energy time. In benefit that $XXX will

consecutive With let to this a unchanged. importance questions, in understand regulatory our our and its cash open year with paying the XX. quarterly record XXXX and remains shareholders our with execution, me we marks Before dividend begin of up commitment XXth dividend. the Slide strong it we plan, track close for year confidence We of a to

earn growth, position X% of With potential in XXXX, As line questions. to deliver we progress end your accelerates as we'll the capital plan, look the strong range higher with X% constructive ahead, us you jurisdictions growth for the open and in through throughout to our robust growth forward to the load the on year. the plan. look updating back our We that, to customer

Operator

question from Pourreza with Instructions] comes First Shar Guggenheim Partners. [Operator

Shahriar Pourreza

you updated. good is CapEx financing obviously, pretty now. guys just is So visibility The updated, have

of don't lot regulatory a You have uncertainty.

S&P, finer XXX XXX EPS the and you range the there, And on point just just the you language metric a versus higher of we Are in the have Brian, put that targets out comments, specific this "over" out over Lynn on range? bps end basically the above top CAGR, can prepared. this, towards a guys range the the bps just there? bit of target guiding have you mentioned with mentioned credit a in Moody's, you Just above Brian,

Brian Savoy

questions. start the I'll thanks EPS, the and Shar, for Yes, with

see the 'XX there the plan the that right. in is to exactly have growth load. on we're range. and continues in our economic the development 'XX, serve ability we at grow this by alluding growing pipeline top accelerating half and And look based to we through opportunity earn to the That's clearly, It's what As day the you're to. load the of

half the X% So years the of over X% end in we X the clearly back the to see the top land. and

and FFO XX.X% debt outcomes in but spite we at saw On the were We years. saw. as XXXX that's to we're because And pleased. accelerating. is we some on credit, overcame storms experienced very storms. that pressure couple we've We it We that over finished expecting of cash the it the our -- of operating flow the past based business regulatory from the

in which We basis feel over right As we that's like to threshold the look for Moody's out above like XXX mentioned, downgrade time, guided gives points, above us target S&P. XX%, and XX%. XXX over you now we've above in

We progresses. will up plan as specific with the guidance come

Shahriar Pourreza

That's perfect. Brian. to trying get what Okay, I at, was

to a bit the on trying that a in be little long range point we time term. So be over I to. there the can really when That's target specific was what you get more will

Brian Savoy

correct. That's

Shahriar Pourreza

just focused weeks from hyperscalers, for then out The incremental obviously, few the growth stuff now. and And DeepSeek opportunities load great. Stargate there cetera. a load Okay, been the et is on everyone on has growth,

we're it any as customers spending pun intended, in and Just to Harry, your et tone, kind the conversations of speed your needs, from ahead? way. thinking Or by change is market, full speed Lynn cetera? and No about

Harry Sideris

feel that efficiency our take we hyperscalers, we confident gains and so pullback increase in I'll of Yes. our DeepSeek they discussions the opportunities. plan they're In that to at any fact They're in these you, surprise for efficiencies ahead. Yes, speed have shared very AI, may anything so them. anticipated a on. one, a seen not with wealth we we have Shar. demand not actually that looking the They're planning with full was the

find important fact, is you ways we lot discussions ourselves we've pride accelerating working a it's to as innovatively on very is that on some And which and seen solutions with them. work. on speed, what them their with more quicker, In want. bring mentioned, something And to they of to them

with So they're them, discussing to we'll with seeing us. but an in what in acceleration not continue any work we're pullback, fact,

Lynn Good

And sure, thing... the only

Shahriar Pourreza

And Okay, then... that's helpful.

Lynn Good

you Harry, that on talk data sorry. centers really about of are the compute. cloud might little lot a pipeline. There's in what near-term focused Yes, delay, we the see a

Harry Sideris

that under in, there. and as The that's construction AI good with data Yes. see some associated later coming generative are we're load centers Lynn. the point, really And the expansion computing plan, near-term That's of move then that's the a into data we are when growth. and where larger cloud having centers we

Shahriar Pourreza

congrats Xs, Board. Lynn, you going It's XX And Harry you and big watching miss I both be Perfect. over going to and your Lynn, a but it's calls to over take know earnings we're been of years Phase on lot. fun

much. you thank So

Harry Sideris

Thanks, Shar.

Operator

We Jefferies. Barclays. on to with We Nicholas to Dumoulin-Smith with now Julien move turn now Campanella

Nicholas Campanella

I yes, all comments. counted XX. congrats to to Congrats I'll earnings But Shar's Lynn. that. echo over the it's call,

Lynn Good

you. Thank

Nicholas Campanella

like sub plan, or the equity does of kind were junior or if through to But content you the like that change just the do remain just of you needs? do in hybrid do of new for this kind remain type kind plan? you -- to of equity instrument, this Or expect any that you equity outlined constant

Brian Savoy

at Nick, of cap, company a what I equity our And little we and us and fund the as the size for The look through of we frame us expect a just the have most cost-effective, we bit. expect to to look this the equity the But X%, to would around an the need equity planning would X.X% And basis. the in on will. in solutions on ATM the would attractive market funding that you hybrids annual using plan. context is shareholder-friendly continued to we're DRIP. and market, be you look

Nicholas Campanella

appreciate definitely cap of context is in Yes, market the smaller.

So another question.

investors. a curious, discussion Just kind been I legislation point. for And point of at has many this plan in South none your Carolina in assume is of just that

on Carolina? it legislation, put resource there? how you any detail impact in maybe Could change to differently can the plan. you South your plans the ability you under-earning way, Are If would in execute out

Harry Sideris

our is this dual regulatory since energy been has always the support progress. tone-setting as around support one. last Nick, and for different. year in state that more is that going part It's operate, the that strategy lines, and Harry. and Carolina something for making really We're on South well time states, I'll at system all-of-the-above is as to discussions take Yes, take no we that. pleased is This policy

the will South continue our Carolina changes legislation, it in make policymakers us, on anticipate for the to don't we So we tone front. our plans that and stronger from but support with and to that work

Operator

David to We turn now Morgan with Stanley. Arcaro

David Arcaro

wishes And Harry. Lynn, upcoming your retirement. And best congratulations, with

Lynn Good

Thank you, David.

Harry Sideris

Thank you.

David Arcaro

Let me XXXX, see thinking you going possible within plan We're like to is end the Or the of top here? specifics to spot. just specifically? in X-year it on put see. the are how about you the just Brian, --

Brian Savoy

lot not start start Yes, when projects will and stepping that a these construction taking the of load we are we're that that's in get our on growth development David, under slides. energy going see do now specific up will serving to 'XX them. day that's and in And but economic

year that's does and we of kind where ratcheting of present the opportunity. top growth up on this see So line, the the it do

David Arcaro

Yes.

Okay, No, that's great. helpful.

to the [indiscernible] getting the you're centers And data which on is the pipeline. just crystallized back that that's state, in activity great just seeing there center curious, to quantum Now of see.

Harry Sideris

in but not economic just opportunity a total development. of Yes, David, have we wealth data centers

a have very manufacturing pipeline. advanced diverse pharmaceuticals, We and

is pipeline Our that gigawatts, near-term least X pipeline is and grow. broader advanced continues our and to and stage over at double pipeline

the them. load what a we risk-based mentioned, approach timing in we loads As these around our forecast of can because we and put know take in move Brian

very and economic projects. or work not get either And continue strongly turning forecast. near in bring dirt agreements. positioning load we're putting forward the feel we our and load ones or in in in for development forecast, future So letter pipeline the centers them agreements letter the to growth, other economic them And development about data items with that in have are really the just we but to

David Arcaro

more lot thought of probability weighted Yes, here. of the a course, obviously -- that you're over you've your based this growth, further color. the or seeing helpful. terms the you're guess, know in a and be I I possible And the territory? updated put of the upside, the -- change even in there was there pace appreciate development that just into rate of load pace that it could is -- in excellent. that's No, I of But on potential for I is of time? service seeing, upside

Harry Sideris

to David, continue can. focus that we're I load load on speed plan shared can and we serve sure additional And much that the definitely you, reliably earlier, that with we confident bring we important. is that making and mentioned Like to in work as the we we affordably.

up, the how with other continue can economic this have those and advanced we as we and hyperscalers the So discussions to as speed well development folks. manufacturing

Lynn Good

we at to we the to example, pipeline would I it the David, And over centers. now for as the increase. last data out year, continued XXXX, has say look if is XX% of pipeline looked

So and into you to of not work how bringing I that keep service customers the territory updated the hard stop. growth. think on team the And way we'll do translates along our will

Operator

now Dumoulin-Smith return Jefferies. Julien We with to

Julien Dumoulin-Smith

you, out Lynn, little they the ahead about opportunity. potential And conversation a Just organization. been all a shifting to over you about focus said. a seems year It's ability maybe think Nicely meaningful both the just the like done. savings? talk as of guys. cost the we best. more efficiencies Can the pleasure to bit Congratulations drive It as years, slightly. of here the Look, indeed,

makes How of factors? different cycle the of the a backdrop I development seems relatively about contributing you to are anyone. you rates if appreciate that number to deliver remain here, economic guys that how But you question do what against scale a think a different of variety a that for of could well? peers And -- you in as your against think X% competitive? of from how maybe like metrics. and reinflationary what backdrop Harry, competitive do Again, especially the X% more about

Brian Savoy

scale to And our I'm cost but past been are. back it's leveraging is going Julien, cost including for to the and that some and to they in Brian. a recognizing additional you thank many And years, process industry. going that. technology, improvement add and the color, and Harry our start, drive over you're come to where leader AI, we've

I say, base, O&M larger will to base going asset serve as customer increase. our grows to a is

our the our will We improvement cost to going -- whole some assets, additional smaller serving and much continuous as efforts we or the revenue with is the them. in increase customers those did see see continue than that suspect it. comes our increase I slight O&M, time, over keep you But to industry increases we're the

as position manage the our that's, customers O&M believe the to planning a don't X% than we're CAGR adding. assets cost growth, assumption But and to much is have this again, very on leader we change. around is we And And and less going tightly. we're long-term going the

Harry Sideris

long-term our and sure that size well our on make us And and resources as supply growth in to have materials ways chain I our would to locked-up made add, planning our to continuous partners better and a day. each technology things Julien, really we plans of And lot improvement have that then to better culture. we deals we It's strategy. and using find with implement scale a every helps improvement negotiate DNA our do strong

helps that manage our So us costs.

That's definitive money have that of an approach generation we're in to allowing a a of saving to this programmatic really dependable to implement doing. ways efficient lot manner. and taking build some and really And we're us the us

us Brian do technology, to future. times So but talk the the opportunity AI a in continue of on to lot about to we that. and efficient make leverage load continue us to that's those another side, we'll mentioned for tools more

Julien Dumoulin-Smith

I'd on I Is then about, a here. versus If customer we've a more you bit But that. of rate in bit that a thought also utilities we're maybe further going impacting press to as how especially that cumulative about with I and can, right, and within are talk your little rate the about as little that we excellent. love if related, should rate and to you the base. think base Awesome. hear little be I All increase yes, point about And about you ramping. consolidation loads the could peers here that bit deposits CapEx? -- a late some the think base of relative seen factor Certainly, thinking starting guys

Lynn Good

Julien, let me in. jump

the the for talking load. of You that bit about And I as company. tariff scale us, some the may noise structures creative of a the large would little for of given think be of being

the of that in degree numbers base rate have amount structure. deployed you that's rate to be actually the with confidence high our So we're going sharing capital a of in

an to And makes protects I team also structures low-income the think done large economic that attract our load in extraordinary job customers, but developing our has our state creative development. for customers, residential attractive tariff a way

Julien Dumoulin-Smith

there X.X% CAGR I between was guys you translation. the XX previously, if have bit rate earlier, base was had have is that the the thought Yes, the and little I maybe the getting of of translation -- was XX Awesome. offsets CapEx would higher any been [ between at from ] thinking versus a the what would I X.X% to

Lynn Good

you I specifics think go offline. with can more we through

Julien Dumoulin-Smith

offline. Let's take it

Lynn Good

has I say we put is capital a Julien, strong. Yes. all And to processes. through you, rate our base been as see, growth what that of incredibly regulatory XX% would underpinning great

in our the you just strong. integrated And we place, I around et the they'd really would resource operators were even capital more have business invest opportunities like to that We see call I because are table, plans if in to that cetera. to the say

returns going it. go the with keep delivering we'll and that So

Operator

Tonet turn with technical now gentlemen, for the JPMorgan. to and Ladies sorry difficulties. We'll Jeremy

Jeremy Tonet

Harry, Lynn, congratulations. best forward. going of luck

Lynn Good

Thank you.

Harry Sideris

you. Thank

Jeremy Tonet

things in I lot could Was as wondering talk happening guess, activity utilities just clearly, in other of bit could see a And little what in economic on in dig But Carolinas, you more, if the in just some those heard good what on you about of seeing, touch there. improvements wondering a if Midwest footprint. carrier you areas your well. you're the we've

Harry Sideris

In we're that. seeing much centers to have in and very advanced not -- in very Carolinas. them take there growth advance manufacturing into of focus have we've attracting coming with pipeline economic that territories them in seeing as to as but to the we have the are that that. do industries well. facilities Indiana, The They a our Indiana to But continue data bring we into expanding, level discussions environment, job side I'll Indiana Jeremy, work development and strong a have a constructive and the as plans main business-friendly great facilities we state. or we're Yes, seen some do side others seeing can. that with and we by around manufacturing It's

Jeremy Tonet

out there's nuclear I maybe long-term improving Got granted And aren't if curious terms was very particularly with as at process administration seems point. and thought guess, change this in to regards some all, of impacts, decisions there's just with in just making it. the ways wondering, across the like D.C., you're But X-year the momentum run that ship. to guess, It D.C. your at initiatives country. if to, anything really I nuclear relates it

Lynn Good

demonstrates -- And strategy our shared with cost And this of meet forward. look think with what in growth at administration, it been to we for thanks has development that we that states ensure to as also serve growth really for market the say and generation economic have as Energy, well delivering that Jeremy, reliable that are federal and power about we continues aspirations a decades. is economic the does that as a federal that underpin our we that customers that at way embrace states I we deploy keep strategy the to speed our a this Duke seeing but built low it administration, going frankly, but way good requires question. particular would and in to

to think, strong nuclear strong we're the and we're -- is I that a nuclear particular, operator. level framework strategy we've And state in we underpinning level. So and about at been a were that both that pursuing, the if federal talk

all-of-the-above of pursuing we and XXXXs the are a We part be how as beyond. strategy our can get nuclear into

likely DOE have We that joined to that a when confidence with You important TVA and chain continuing design. high around degree is technologies we think learn are consortium others there that grant. on of these we're ready a a and more saw we deploy, supply a to engineering so

Constructors ready produce these go in technologies to that so and customers. can way that a for we sense new makes operate

So growth the of opportunity we and at level and lot to a level are deeply the the state federal see support across engaged U.S.

Operator

comes Our next question with from Anthony Crowdell Mizuho.

Anthony Crowdell

Congrats, Lynn. my Congrats, Brian. for Harry. questions are Unfortunately, for most

with know get Shar. don't same break it little little you here. I guys a You I down. part a X and guess, maybe the bit want -- [indiscernible] I looking to And question, I'm not addressed to hold you

growth. rate Maybe same statement? question maybe you then the maybe we trigger? On is be -- do plan, to talked you reasonable to you so tend over the the the on the the back above plan. more a FFO to the What's debt end to there. question cushion end raise improve leave the assume income of X-year How second I'll earnings improve talk the or you would balance to so, by? X% towards And about you've of improving like about Slide sheet And it you high upgrade X% expect the to XX, we earnings the XX% as think about in that growth work

Brian Savoy

from come that and about we downgrade and positive deal scale us. of of FFO our years. uncertainties as size with debt points towards flexibility to that rating the And proven to tremendously past we've basis Moody's several with execute our threshold been Energy, the to Duke gives have plans I and agencies confidence Anthony. Thanks, way. our And The over us think the XXX cushion firmly believe

ours. regulatory regulators line that the outcomes of able with on agencies the are consistency and of our revenues top credit that we've that And that to that for support work provided the been profile looking have cash rating flow operating

would with that. start I So

size have rating So way. number Duke the of the we been have, step scale and us Energy, the XX% is for and diversity given very of the solid supportive agencies a and every

we more cash improving. going investments As details us. feel and the out of the see but progresses, plan look X accelerate. the to in good that more making we to as We're into flow very Those top years we we Again, investments. see and how does playing time, operating line we I'm where provide are revenues turning XX% sit front

say a for 'XX change just clearly on the to enterprise. substantial I we're earn X.X% and step it top And from opportunity to earnings half. in a across in the to up, X% step us. the And the 'XX, X% that us growth It moves gives to and is would the question, 'XX that's 'XX load X% up a seeing in 'XX,

Operator

final comes Evercore from today with Our Chopra ISI. Durgesh question

Durgesh Chopra

for a I'll I midpoint, sorry, guidance to when And was I 'XX original onetime Lynn, hurricane All advance stuff. as best But guidance and the X% Harry. and it 'XX apologize because the congratulations Brian, of echo it's EPS the you. And 'XX think annoying question. this in growth. the compare I is the an to guidance obviously, about lowered

is headwinds could the it that as at to conservative versus there are you end Any being you the like are be wondering, relates causing rates to XXXX? other you just I'm Or low XXXX? there? So color original share interest

Brian Savoy

to start X%. $X.XX the firmly I with, is within our would Durgesh, X%

you level didn't us. year, One, XXXX. storm increasing due Those have the X walk-up to or had O&M going some see, we the to resources our projects in focused to at the feel Electric we the half in planned. earnings, But it's for in we generation on the outages As and up right? item we like caught we is we've X things. second are I'd our grid that be looked plan, that point some had on do So right of

So we shifts from have that. some O&M in

with our And we to not storm where because a storms the have we that's confidence thing, a But more your right additional costs it. also X showing in O&M impact is set say in need you than in aside would to we point shift have resources feel And be, seen degree line we've up like to timing of might set that and that, some regions. that's for you had $X.XX other we wanted if high I in achieving of 'XX model. frequent

Durgesh Chopra

it. Got

bit finally, for at shifting that that. then little on ROE other annually, O&M The gears, helpful. appreciate the considerably below Ohio, still catch-up That's a subsidiary ROE it's looking timing. publish charts So your And Kentucky thank you that. you of just I averages. very doing

So that. rate a case steps of wondering have timing you -- on footnote just in there, what

any to of there. to X-plus So get what could steps you take percent? it kind Just thoughts

Harry Sideris

Durgesh. look question, commissioners work ways continually to that other our continue Yes, thank you on the our focus we future. and rate with cases to working in riders Yes, we that. on and in that, with mechanisms will for And improve

Lynn Good

pursuing [indiscernible] earn objective And ROE The I in that think our returns you year-to-year other rate from aggressively a there evaluate it's that for the way over or reductions to rate activities utilities is can longer-term only be and ask in think some may cases is as thing to going cost we a position outage an on. period. variability return would be I add about success. whether of about we would by those

Operator

This any concludes our Q&A. hand final back remarks. I Good for to Lynn will now

Lynn Good

that but I growth, like strong delivering sentiments long-term you and a for We conversation. presented appreciate appreciate of in you, for all. case for thank all me, Duke continuing investment Well, of Harry look feel flows, most we've of returns and forward for for your all, cash congratulations and Energy. I to the

joining So thanks again for us.

Operator

today's call has thank like now participation. to We'd for gentlemen, and you Ladies concluded. your

now disconnect lines. may your You

Duke Energy (DUK) 13 Feb 252024 Q4 Earnings call transcript