EX-99.1 2 er-20220331xearningsreleas.htm EX-99.1

News Release

    

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan

Office: 980.373.3564

May 9, 2022    

Duke Energy reports first-quarter 2022 financial results

▪First-quarter 2022 reported EPS of $1.08 and adjusted EPS of $1.30

▪Results driven by continued strength in Electric Utilities and Infrastructure, partially offset by 7 cents of higher expenses related to severe winter storms

▪North Carolina making meaningful progress implementing House Bill 951

▪Company reaffirms 2022 adjusted EPS guidance range of $5.30 to $5.60 and long-term adjusted EPS growth rate of 5% to 7% through 2026 off 2021 original midpoint of $5.15

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2022 reported EPS of $1.08, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.30. This is compared to reported EPS of $1.25 and adjusted EPS of $1.26 for the first quarter of 2021.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the first-quarter 2022 reported and adjusted EPS is due to the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash.

Higher first-quarter 2022 adjusted results were primarily driven by higher volumes in the Electric Utilities and Infrastructure segment, complemented by growth and rate case contributions in the Gas Utilities and Infrastructure segment. These items were partially offset by higher O&M, including storms, and fewer commercial renewable projects placed in service.

“We started the year off with strong results, delivering on our commitments and making meaningful progress on our clean energy strategy across our jurisdictions,” said Lynn Good, Duke Energy chair, president and chief executive officer. “We have a clear path forward for 2022 and our five-year, $63 billion capital plan will deliver sustainable long-term value as we continue reducing carbon emissions, retiring coal generation, and growing our renewable energy portfolio.”

“As a result, we’re reaffirming our full-year adjusted earnings guidance range of $5.30 to $5.60, with a midpoint of $5.45 and our long-term adjusted EPS growth rate of 5% to 7% through 2026, off the original 2021 midpoint.”

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Duke Energy News Release    2

Business segment results

In addition to the following summary of first-quarter 2022 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-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 first-quarter 2022 segment income of $723 million, compared to segment income of $820 million in the first quarter of 2021. First-quarter 2022 results include the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash. These charges were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized first-quarter 2022 segment income of $896 million, compared to segment income of $820 million in the first quarter of 2021, an increase of $0.10 per share. Higher quarterly results were primarily due to volumes and pricing (+$0.24 per share) partially offset by higher storm expenses (-$0.07 per share), higher other O&M expenses (-$0.04 per share) and riders and other retail margin (-$0.04 per share).

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized a first-quarter 2022 segment income of $254 million. Compared to reported and adjusted income of $245 million and $250 million, respectively, in the first quarter of 2021. Flat quarterly results were primarily driven by rate case impacts (+$0.04 per share) and riders and other retail margin (+$0.02 per share) offset by higher taxes (-$0.02 per share), higher O&M expenses (-$0.02 per share) and higher depreciation on a growing asset base (-$0.01 per share). First-quarter 2021 results included costs related to the cancellation of the ACP investment. These charges were treated as special items and excluded from adjusted earnings.

Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized first-quarter 2022 segment income of $11 million, compared to reported and adjusted segment income of $27 million in the first quarter of 2021. This represents a decrease of $0.02 per share. Lower quarterly results were primarily driven by fewer renewable projects placed in service in 2022 (-$0.06 per share), partially offset by impacts from Texas Storm Uri in 2021 (+$0.04 per share).

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Duke Energy News Release    3

Other

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

On a reported and adjusted basis, Other recognized a first-quarter 2022 net loss of $170 million compared to a net loss of $139 million in the first quarter of 2021, a decrease of $0.04 per share. Lower quarterly results were primarily due to lower returns on investments (-$0.03 per share) and higher interest expense (-$0.01 per share).

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first-quarter of 2022 was (1.7)% compared to 8.2% in the first quarter of 2021. The decrease in the effective tax rate was primarily due to an increase in the amortization of excess deferred taxes.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the first quarter of 2022 was 4.4% compared to 8.1% in the first quarter of 2021. The decrease was primarily due to an increase in the amortization of excess deferred taxes.

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

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2022 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.927.1758 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 527418. 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 May 10.

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Duke Energy News Release    4

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for first-quarter 2022 and 2021 financial results:

(In millions, except per share amounts)			After-Tax Amount			1Q 2022 EPS			1Q 2021 EPS
EPS, as reported						$	1.08		$	1.25
Adjustments to reported EPS:
First Quarter 2022
Regulatory matters			$	173		0.22
First Quarter 2021
Gas pipeline investments			$	5					0.01
Total adjustments						$	0.22		$	0.01
EPS, adjusted						$	1.30		$	1.26

Non-GAAP financial measures

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

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

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

•Regulatory matters represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash.

•Gas pipeline investments represents additional exit obligations related to ACP.

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

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

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

Duke Energy

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 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. 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.

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Duke Energy News Release    6

Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-Looking Information

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

◦The impact of the COVID-19 pandemic;

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

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

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, 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;

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

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, 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;

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

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

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

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

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Duke Energy News Release    7

◦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, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

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

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

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

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

◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;

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

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

◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;

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

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

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

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2022

(Dollars in millions, except per share amounts)

												Special Item
						Reported Earnings						Regulatory Matters																																				Total Adjustments						Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure						$	723					$	173		A																																	$	173					$	896
Gas Utilities and Infrastructure						254						—																																				—						254
Commercial Renewables						11						—																																				—						11
Total Reportable Segment Income						988						173																																				173						1,161
Other						(170)						—																																				—						(170)
Net Income Available to Duke Energy Corporation Common Stockholders						$	818					$	173																																			$	173					$	991
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.08					$	0.22																																			$	0.22					$	1.30

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

A — Net of $62 million tax benefit. $211 million recorded within Impairment of assets and other charges and $46 million within Operating revenues related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. $22 million recorded within Noncontrolling Interests related to the same Duke Energy Indiana Supreme Court ruling.

Weighted Average Shares (reported and adjusted) – 770 million

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2021

(Dollars in millions, except per share amounts)

									Special Item
			Reported Earnings						Gas Pipeline Investments																																				Total Adjustments						Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure			$	820					$	—																																			$	—					$	820
Gas Utilities and Infrastructure			245						5			A																																	5						250
Commercial Renewables			27						—																																				—						27
Total Reportable Segment Income			1,092						5																																				5						1,097
Other			(139)						—																																				—						(139)
Net Income Available to Duke Energy Corporation Common Stockholders			$	953					$	5																																			$	5					$	958
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS			$	1.25					$	0.01																																			$	0.01					$	1.26

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

A — Net of $1 million tax benefit. $6 million of exit obligations recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

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DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2022

(Dollars in millions)

			Three Months Ended    March 31, 2022
			Balance						Effective Tax Rate
Reported Income Before Income Taxes			$	806
Regulatory Matters			257
Noncontrolling Interests			13
Preferred Dividends			(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	1,037
Reported Income Tax Expense			$	(14)					(1.7)		%
Regulatory Matters			62
Noncontrolling Interest Portion of Income Taxes(a)			(2)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	46					4.4		%

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

			Three Months Ended    March 31, 2021
			Balance						Effective Tax Rate
Reported Income Before Income Taxes			1,025
Gas Pipeline Investments			6
Noncontrolling Interests			51
Preferred Dividends			(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	1,043
Reported Income Tax Expense			84						8.2		%
Gas Pipeline Investments			1
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	85					8.1		%

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DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2022 YTD vs. Prior Year

(Dollars per share)			Electric Utilities and Infrastructure									Gas Utilities and Infrastructure									Commercial Renewables									Other															Consolidated
2021 YTD Reported Earnings Per Share			$	1.07								$	0.32								$	0.04								$	(0.18)																	$	1.25
Gas Pipeline Investments			—									0.01									—									—																		0.01
2021 YTD Adjusted Earnings Per Share			$	1.07								$	0.33								$	0.04								$	(0.18)																	$	1.26
Weather			(0.01)									—									—									—																		(0.01)
Volume(a)			0.24									—									—									—																		0.24
Riders and Other Retail Margin(b)			(0.04)									0.02									—									—																		(0.02)
Rate case impacts, net(c)			0.01									0.04									—									—																		0.05
Wholesale			0.02									—									—									—																		0.02
Operations and maintenance, net of recoverables(d)			(0.11)									(0.02)									—									—																		(0.13)
Duke Energy Renewables(e)			—									—									(0.02)									—																		(0.02)
Interest Expense			—									—									—									(0.01)																		(0.01)
AFUDC Equity			0.01									—									—									—																		0.01
Depreciation and amortization(f)			—									(0.01)									—									—																		(0.01)
Other(g)			(0.02)									(0.03)									—									(0.03)																		(0.08)
Total variance before share count			$	0.10								$	—								$	(0.02)								$	(0.04)																	$	0.04
Change in share count			—									—									—									—																		—
2022 YTD Adjusted Earnings Per Share			$	1.17								$	0.33								$	0.02								$	(0.22)																	$	1.30
Regulatory Matters			(0.22)									—									—									—																		(0.22)
2022 YTD Reported Earnings Per Share			$	0.95								$	0.33								$	0.02								$	(0.22)																	$	1.08
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million.

(a)    Includes block and seasonal pricing (+$0.07).

(b)    Electric Utilities and Infrastructure includes lower base rate capacity contracts and lower late payment revenues.

(c)    Electric Utilities and Infrastructure includes the net impact of the DEF SBRA and multiyear rate plan. Gas Utilities and Infrastructure includes the net impact of the PNG North Carolina rate case, effective November 2021.

(d)    Primarily due to winter storms in the current year (-$0.07) at Electric Utilities and Infrastructure.

(e)    Primarily due to fewer renewable projects placed in service in the current year (-$0.06), partially offset by Texas Storm Uri impacts in the prior year (+$0.04).

(f)    Excludes rate case impacts.

(g)    Electric Utilities and Infrastructure includes higher property tax expense and GIC minority interest, partially offset by lower income taxes. Gas Utilities and Infrastructure includes higher taxes. Other includes lower returns on investments.

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DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
									Three Months Ended
									March 31,
															2022						2021
Operating Revenues
Regulated electric															$	5,933					$	5,219
Regulated natural gas															1,002						749
Nonregulated electric and other															197						182
Total operating revenues															7,132						6,150
Operating Expenses
Fuel used in electric generation and purchased power															1,817						1,443
Cost of natural gas															481						276
Operation, maintenance and other															1,630						1,402
Depreciation and amortization															1,320						1,226
Property and other taxes															392						353
Impairment of assets and other charges															215						—
Total operating expenses															5,855						4,700
Gains on Sales of Other Assets and Other, net															2						—
Operating Income															1,279						1,450
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates															25						(17)
Other income and expenses, net															89						127
Total other income and expenses															114						110
Interest Expense															587						535
Income Before Income Taxes															806						1,025
Income Tax (Benefit) Expense															(14)						84
Net Income															820						941
Add: Net Loss Attributable to Noncontrolling Interests															37						51
Net Income Attributable to Duke Energy Corporation															857						992
Less: Preferred Dividends															39						39
Net Income Available to Duke Energy Corporation Common Stockholders															$	818					$	953
Earnings Per Share – Basic and Diluted
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.08					$	1.25
Weighted average shares outstanding
Basic and Diluted															770						769

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			March 31, 2022						December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents			$	853					$	343
Receivables (net of allowance for doubtful accounts of $68 at 2022 and $46 at 2021)			1,148						1,173
Receivables of VIEs (net of allowance for doubtful accounts of $72 at 2022 and $76 at 2021)			2,590						2,437
Inventory			3,171						3,199
Regulatory assets (includes $105 at 2022 and 2021 related to VIEs)			2,334						2,150
Other (includes $249 at 2022 and $256 at 2021 related to VIEs)			946						638
Total current assets			11,042						9,940
Property, Plant and Equipment
Cost			163,700						161,819
Accumulated depreciation and amortization			(51,517)						(50,555)
Facilities to be retired, net			133						144
Net property, plant and equipment			112,316						111,408
Other Noncurrent Assets
Goodwill			19,303						19,303
Regulatory assets (includes $1,800 at 2022 and $1,823 at 2021 related to VIEs)			12,506						12,487
Nuclear decommissioning trust funds			9,827						10,401
Operating lease right-of-use assets, net			1,255						1,266
Investments in equity method unconsolidated affiliates			976						970
Other (includes $111 at 2022 and $92 at 2021 related to VIEs)			3,995						3,812
Total other noncurrent assets			47,862						48,239
Total Assets			$	171,220					$	169,587
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	3,175					$	3,629
Notes payable and commercial paper			3,262						3,304
Taxes accrued			642						749
Interest accrued			575						533
Current maturities of long-term debt (includes $395 at 2022 and $243 at 2021 related to VIEs)			3,884						3,387
Asset retirement obligations			648						647
Regulatory liabilities			1,238						1,211
Other			2,001						2,471
Total current liabilities			15,425						15,931
Long-Term Debt (includes $4,687 at 2022 and $4,854 at 2021 related to VIEs)			62,196						60,448
Other Noncurrent Liabilities
Deferred income taxes			9,673						9,379
Asset retirement obligations			12,112						12,129
Regulatory liabilities			16,037						16,152
Operating lease liabilities			1,068						1,074
Accrued pension and other post-retirement benefit costs			832						855
Investment tax credits			831						833
Other (includes $360 at 2022 and $319 at 2021 related to VIEs)			1,794						1,650
Total other noncurrent liabilities			42,347						42,072
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021			973						973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021			989						989
Common Stock, $0.001 par value, 2 billion shares authorized; 770 million shares outstanding at 2022 and 769 million shares outstanding at 2021			1						1
Additional paid-in capital			44,364						44,371
Retained earnings			3,323						3,265
Accumulated other comprehensive loss			(204)						(303)
Total Duke Energy Corporation stockholders' equity			49,446						49,296
Noncontrolling interests			1,806						1,840
Total equity			51,252						51,136
Total Liabilities and Equity			$	171,220					$	169,587

13

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DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
						Three Months Ended March 31,
						2022						2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income						$	820					$	941
Adjustments to reconcile net income to net cash provided by operating activities						975						1,147
Net cash provided by operating activities						1,795						2,088
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities						(2,699)						(3,137)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities						1,404						1,185
Net increase in cash, cash equivalents and restricted cash						500						136
Cash, cash equivalents and restricted cash at beginning of period						520						556
Cash, cash equivalents and restricted cash at end of period						$	1,020					$	692

14

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	5,940		$	—		$	—		$	—		$	(7)		$	5,933
Regulated natural gas			—			1,025			—			—			(23)			1,002
Nonregulated electric and other			62			7			121			30			(23)			197
Total operating revenues			6,002			1,032			121			30			(53)			7,132
Operating Expenses
Fuel used in electric generation and purchased power			1,837			—			—			—			(20)			1,817
Cost of natural gas			—			481			—			—			—			481
Operation, maintenance and other			1,426			182			82			(28)			(32)			1,630
Depreciation and amortization			1,131			79			60			57			(7)			1,320
Property and other taxes			337			41			10			4			—			392
Impairment of assets and other charges			214			—			—			—			1			215
Total operating expenses			4,945			783			152			33			(58)			5,855
Gains (Losses) on Sales of Other Assets and Other, net			2			—			(1)			1			—			2
Operating Income (Loss)			1,059			249			(32)			(2)			5			1,279
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates			2			4			(1)			20			—			25
Other income and expenses, net			112			13			1			(26)			(11)			89
Total Other Income and Expenses			114			17			—			(6)			(11)			114
Interest Expense			376			40			18			159			(6)			587
Income (Loss) Before Income Taxes			797			226			(50)			(167)			—			806
Income Tax Expense (Benefit)			83			(28)			(33)			(36)			—			(14)
Net Income (Loss)			714			254			(17)			(131)			—			820
Add: Net Loss Attributable to Noncontrolling Interest			9			—			28			—			—			37
Net Income (Loss) Attributable to Duke Energy Corporation			723			254			11			(131)			—			857
Less: Preferred Dividends			—			—			—			39			—			39
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders			$	723		$	254		$	11		$	(170)		$	—		$	818
Special Items			173			—			—			—			—			173
Adjusted Earnings(a)			$	896		$	254		$	11		$	(170)		$	—		$	991

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

15

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2021
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	5,281		$	—		$	—		$	—		$	(62)		$	5,219
Regulated natural gas			—			772			—			—			(23)			749
Nonregulated electric and other			—			3			119			26			34			182
Total operating revenues			5,281			775			119			26			(51)			6,150
Operating Expenses
Fuel used in electric generation and purchased power			1,462			—			—			—			(19)			1,443
Cost of natural gas			—			276			—			—			—			276
Operation, maintenance and other			1,282			102			72			(24)			(30)			1,402
Depreciation and amortization			1,057			68			53			55			(7)			1,226
Property and other taxes			311			35			9			(3)			1			353
Total operating expenses			4,112			481			134			28			(55)			4,700
Operating Income			1,169			294			(15)			(2)			4			1,450
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates			3			—			(27)			7			—			(17)
Other income and expenses, net			101			17			2			14			(7)			127
Total Other Income and Expenses			104			17			(25)			21			(7)			110
Interest Expense			340			33			13			151			(2)			535
Income (Loss) Before Income Taxes			933			278			(53)			(132)			(1)			1,025
Income Tax Expense (Benefit)			113			33			(29)			(32)			(1)			84
Net Income (Loss)			820			245			(24)			(100)			—			941
Add: Net Loss Attributable to Noncontrolling Interest			—			—			51			—			—			51
Net Income (Loss) Attributable to Duke Energy Corporation			820			245			27			(100)			—			992
Less: Preferred Dividends			—			—			—			39			—			39
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders			$	820		$	245		$	27		$	(139)		$	—		$	953
Special Items			—			5			—			—			—			5
Adjusted Earnings(a)			$	820		$	250		$	27		$	(139)		$	—		$	958

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

16

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents			$	88		$	5		$	4		$	755		$	1		$	853
Receivables, net			694			312			102			41			(1)			1,148
Receivables of variable interest entities, net			2,590			—			—			—			—			2,590
Receivables from affiliated companies			77			194			621			800			(1,692)			—
Notes receivable from affiliated companies			569			—			—			515			(1,084)			—
Inventory			2,976			61			90			44			—			3,171
Regulatory assets			2,080			154			—			100			—			2,334
Other			591			29			175			217			(66)			946
Total current assets			9,665			755			992			2,472			(2,842)			11,042
Property, Plant and Equipment
Cost			139,603			14,195			7,399			2,599			(96)			163,700
Accumulated depreciation and amortization			(45,589)			(2,916)			(1,507)			(1,506)			1			(51,517)
Facilities to be retired, net			122			10			—			—			1			133
Net property, plant and equipment			94,136			11,289			5,892			1,093			(94)			112,316
Other Noncurrent Assets
Goodwill			17,379			1,924			—			—			—			19,303
Regulatory assets			11,299			734			—			472			1			12,506
Nuclear decommissioning trust funds			9,827			—			—			—			—			9,827
Operating lease right-of-use assets, net			858			15			131			251			—			1,255
Investments in equity method unconsolidated affiliates			106			247			510			113			—			976
Investment in consolidated subsidiaries			578			3			(7)			66,760			(67,334)			—
Other			2,354			362			117			2,825			(1,663)			3,995
Total other noncurrent assets			42,401			3,285			751			70,421			(68,996)			47,862
Total Assets			146,202			15,329			7,635			73,986			(71,932)			171,220
Segment reclassifications, intercompany balances and other			(1,412)			(159)			(614)			(69,735)			71,920			—
Segment Assets			$	144,790		$	15,170		$	7,021		$	4,251		$	(12)		$	171,220

17

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable			$	2,239		$	331		$	103		$	503		$	(1)		$	3,175
Accounts payable to affiliated companies			754			42			209			636			(1,641)			—
Notes payable to affiliated companies			293			402			35			369			(1,099)			—
Notes payable and commercial paper			—			—			—			3,262			—			3,262
Taxes accrued			621			101			(1)			(79)			—			642
Interest accrued			379			43			2			151			—			575
Current maturities of long-term debt			2,132			—			298			1,459			(5)			3,884
Asset retirement obligations			648			—			—			—			—			648
Regulatory liabilities			1,112			126			—			—			—			1,238
Other			1,370			127			91			513			(100)			2,001
Total current liabilities			9,548			1,172			737			6,814			(2,846)			15,425
Long-Term Debt			39,234			3,728			1,325			17,999			(90)			62,196
Long-Term Debt Payable to Affiliated Companies			1,653			7			—			—			(1,660)			—
Other Noncurrent Liabilities
Deferred income taxes			10,656			1,122			(504)			(1,602)			1			9,673
Asset retirement obligations			11,861			76			175			—			—			12,112
Regulatory liabilities			14,680			1,327			—			29			1			16,037
Operating lease liabilities			760			13			135			160			—			1,068
Accrued pension and other post-retirement benefit costs			277			36			(30)			549			—			832
Investment tax credits			829			2			—			—			—			831
Other			802			281			386			518			(193)			1,794
Total other noncurrent liabilities			39,865			2,857			162			(346)			(191)			42,347
Equity
Total Duke Energy Corporation stockholders' equity			55,483			7,562			4,029			49,517			(67,145)			49,446
Noncontrolling interests			419			3			1,382			2			—			1,806
Total equity			55,902			7,565			5,411			49,519			(67,145)			51,252
Total Liabilities and Equity			146,202			15,329			7,635			73,986			(71,932)			171,220
Segment reclassifications, intercompany balances and other			(1,412)			(159)			(614)			(69,735)			71,920			—
Segment Liabilities and Equity			$	144,790		$	15,170		$	7,021		$	4,251		$	(12)		$	171,220

18

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ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2022
(In millions)			Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Eliminations/ Other			Electric Utilities and Infrastructure
Operating Revenues			$	1,888		$	1,632		$	1,355		$	412		$	822		$	(107)		$	6,002
Operating Expenses
Fuel used in electric generation and purchased power			448			574			490			127			319			(121)			1,837
Operation, maintenance and other			507			387			247			89			191			5			1,426
Depreciation and amortization			379			306			231			55			156			4			1,131
Property and other taxes			93			49			103			76			25			(9)			337
Impairment of assets and other charges			3			—			—			—			211			—			214
Total operating expenses			1,430			1,316			1,071			347			902			(121)			4,945
Gains (Losses) on Sales of Other Assets and Other, net			—			1			1			(1)			—			1			2
Operating Income			458			317			285			64			(80)			15			1,059
Other Income and Expenses, net(b)			55			25			18			4			10			2			114
Interest Expense			141			85			84			21			45			—			376
Income Before Income Taxes			372			257			219			47			(115)			17			797
Income Tax Expense			27			35			43			6			(37)			9			83
Net Income (Loss)			345			222			176			41			(78)			8			714
Add: Net Loss Attributable to Noncontrolling Interest(c)			—			—			—			—			—			9			9
Segment Income (Loss) Attributable to Duke Energy Corporation			$	345		$	222		$	176		$	41		$	(78)		$	17		$	723

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

(b)    Includes an equity component of allowance for funds used during construction of $22 million for Duke Energy Carolinas, $7 million for Duke Energy Progress, $5 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $7 million for Duke Energy Indiana.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

19

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ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2022
(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			$	4		$	42		$	13		$	11		$	19		$	(1)		$	88
Receivables, net			234			188			97			92			83			—			694
Receivables of variable interest entities, net			858			658			508			—			—			566			2,590
Receivables from affiliated companies			134			20			16			95			69			(257)			77
Notes receivable from affiliated companies			492			328			—			—			20			(271)			569
Inventory			1,040			940			463			104			430			(1)			2,976
Regulatory assets			652			595			505			27			301			—			2,080
Other			245			199			79			(3)			72			(1)			591
Total current assets			3,659			2,970			1,681			326			994			35			9,665
Property, Plant and Equipment
Cost			52,423			37,361			24,257			7,787			17,494			281			139,603
Accumulated depreciation and amortization			(18,058)			(13,691)			(6,003)			(2,139)			(5,693)			(5)			(45,589)
Facilities to be retired, net			98			24			—			—			—			—			122
Net property, plant and equipment			34,463			23,694			18,254			5,648			11,801			276			94,136
Other Noncurrent Assets
Goodwill			—			—			—			596			—			16,783			17,379
Regulatory assets			3,085			4,124			1,899			321			1,077			793			11,299
Nuclear decommissioning trust funds			5,441			3,872			514			—			—			—			9,827
Operating lease right-of-use assets, net			87			410			291			18			51			1			858
Investments in equity method unconsolidated affiliates			—			—			1			—			—			105			106
Investment in consolidated subsidiaries			57			14			3			276			1			227			578
Other			1,296			867			417			67			296			(589)			2,354
Total other noncurrent assets			9,966			9,287			3,125			1,278			1,425			17,320			42,401
Total Assets			48,088			35,951			23,060			7,252			14,220			17,631			146,202
Segment reclassifications, intercompany balances and other			(697)			(470)			(36)			(151)			209			(267)			(1,412)
Reportable Segment Assets			$	47,391		$	35,481		$	23,024		$	7,101		$	14,429		$	17,364		$	144,790

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

(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company.

20

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ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2022
(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			$	752		$	450		$	532		$	222		$	268		$	15		$	2,239
Accounts payable to affiliated companies			267			260			120			18			187			(98)			754
Notes payable to affiliated companies			—			—			468			80			—			(255)			293
Taxes accrued			124			78			97			189			132			1			621
Interest accrued			140			76			84			23			56			—			379
Current maturities of long-term debt			1,367			568			77			—			31			89			2,132
Asset retirement obligations			251			268			1			13			115			—			648
Regulatory liabilities			465			378			91			38			140			—			1,112
Other			442			400			349			72			107			—			1,370
Total current liabilities			3,808			2,478			1,819			655			1,036			(248)			9,548
Long-Term Debt			12,803			10,396			8,374			2,549			4,089			1,023			39,234
Long-Term Debt Payable to Affiliated Companies			300			150			—			18			150			1,035			1,653
Other Noncurrent Liabilities
Deferred income taxes			3,825			2,287			2,505			766			1,234			39			10,656
Asset retirement obligations			5,067			5,411			411			71			861			40			11,861
Regulatory liabilities			7,151			4,898			772			321			1,557			(19)			14,680
Operating lease liabilities			74			372			247			18			49			—			760
Accrued pension and other post-retirement benefit costs			48			218			161			80			168			(398)			277
Investment tax credits			286			128			236			3			177			(1)			829
Other			544			96			70			55			75			(38)			802
Total other noncurrent liabilities			16,995			13,410			4,402			1,314			4,121			(377)			39,865
Equity
Total Duke Energy Corporation stockholders equity			14,182			9,517			8,465			2,716			4,824			15,779			55,483
Noncontrolling interests(c)			—			—			—			—			—			419			419
Total equity			14,182			9,517			8,465			2,716			4,824			16,198			55,902
Total Liabilities and Equity			48,088			35,951			23,060			7,252			14,220			17,631			146,202
Segment reclassifications, intercompany balances and other			(697)			(470)			(36)			(151)			209			(267)			(1,412)
Reportable Segment Liabilities and Equity			$	47,391		$	35,481		$	23,024		$	7,101		$	14,429		$	17,364		$	144,790

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

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

21

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GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2022
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage(b)			Eliminations/ Adjustments			Gas Utilities and Infrastructure
Operating Revenues			$	226		$	805		$	—		$	1		$	1,032
Operating Expenses
Cost of natural gas			107			374			—			—			481
Operation, maintenance and other			87			93			1			1			182
Depreciation and amortization			25			54			—			—			79
Property and other taxes			25			16			—			—			41
Total operating expenses			244			537			1			1			783
Operating (Loss) Income			(18)			268			(1)			—			249
Other Income and Expenses, net			2			10			4			1			17
Interest Expense			8			32			—			—			40
(Loss) Income Before Income Taxes			(24)			246			3			1			226
Income Tax (Benefit) Expense			(62)			33			1			—			(28)
Segment Income			$	38		$	213		$	2		$	1		$	254

(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.

22

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GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2022
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage			Eliminations/ Adjustments(b)			Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents			$	4		$	—		$	1		$	—		$	5
Receivables, net			9			303			—			—			312
Receivables from affiliated companies			—			79			187			(72)			194
Inventory			10			51			—			—			61
Regulatory assets			21			133			—			—			154
Other			11			15			2			1			29
Total current assets			55			581			190			(71)			755
Property, Plant and Equipment
Cost			4,031			10,109			54			1			14,195
Accumulated depreciation and amortization			(963)			(1,952)			—			(1)			(2,916)
Facilities to be retired, net			—			10			—			—			10
Net property, plant and equipment			3,068			8,167			54			—			11,289
Other Noncurrent Assets
Goodwill			324			49			—			1,551			1,924
Regulatory assets			275			349			—			110			734
Operating lease right-of-use assets, net			—			15			—			—			15
Investments in equity method unconsolidated affiliates			—			—			242			5			247
Investment in consolidated subsidiaries			—			—			—			3			3
Other			21			306			33			2			362
Total other noncurrent assets			620			719			275			1,671			3,285
Total Assets			3,743			9,467			519			1,600			15,329
Segment reclassifications, intercompany balances and other			41			(80)			(187)			67			(159)
Reportable Segment Assets			$	3,784		$	9,387		$	332		$	1,667		$	15,170

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

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

23

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GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2022
(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			$	156		$	170		$	5		$	—		$	331
Accounts payable to affiliated companies			8			48			63			(77)			42
Notes payable to affiliated companies			43			360			—			(1)			402
Taxes accrued			20			77			4			—			101
Interest accrued			8			35			—			—			43
Regulatory liabilities			28			98			—			—			126
Other			3			74			50			—			127
Total current liabilities			266			862			122			(78)			1,172
Long-Term Debt			619			2,969			44			96			3,728
Long-Term Debt Payable to Affiliated Companies			7			—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes			317			815			(11)			1			1,122
Asset retirement obligations			53			22			—			1			76
Regulatory liabilities			272			1,041			—			14			1,327
Operating lease liabilities			—			13			—			—			13
Accrued pension and other post-retirement benefit costs			29			7			—			—			36
Investment tax credits			1			1			—			—			2
Other			42			185			53			1			281
Total other noncurrent liabilities			714			2,084			42			17			2,857
Equity
Total Duke Energy Corporation stockholders' equity			2,137			3,552			308			1,565			7,562
Noncontrolling interests			—			—			3			—			3
Total equity			2,137			3,552			311			1,565			7,565
Total Liabilities and Equity			3,743			9,467			519			1,600			15,329
Segment reclassifications, intercompany balances and other			41			(80)			(187)			67			(159)
Reportable Segment Liabilities and Equity			$	3,784		$	9,387		$	332		$	1,667		$	15,170

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

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

24

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Electric Utilities and Infrastructure
Quarterly Highlights
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
			Residential																											23,029						23,769						(3.1		%)				5.2		%
			General Service																											18,053						17,308						4.3		%				7.7		%
			Industrial																											12,501						11,769						6.2		%				4.1		%
			Other Energy Sales																											137						139						(1.4		%)				n/a
			Unbilled Sales																											(107)						(2,082)						94.9		%				n/a
			Total Retail Sales																											53,613						50,903						5.3		%				5.7		%
			Wholesale and Other																											10,754						9,880						8.8		%
			Total Consolidated Electric Sales – Electric Utilities and Infrastructure																											64,367						60,783						5.9		%
Average Number of Customers (Electric)
			Residential																											7,053,270						6,926,828						1.8		%
			General Service																											1,048,816						1,032,499						1.6		%
			Industrial																											16,452						16,542						(0.5		%)
			Other Energy Sales																											23,232						22,999						1.0		%
			Total Retail Customers																											8,141,770						7,998,868						1.8		%
			Wholesale and Other																											39						39						—		%
			Total Average Number of Customers – Electric Utilities and Infrastructure																											8,141,809						7,998,907						1.8		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											9,983						13,071						(23.6		%)
			Nuclear																											22,278						18,972						17.4		%
			Hydro																											590						963						(38.7		%)
			Natural Gas and Oil																											22,202						17,584						26.3		%
			Renewable Energy																											428						301						42.2		%
			Total Generation(d)																											55,481						50,891						9.0		%
			Purchased Power and Net Interchange(e)																											14,847						13,690						8.5		%
			Total Sources of Energy																											70,328						64,581						8.9		%
			Less: Line Loss and Other																											5,961						3,798						57.0		%
			Total GWh Sources																											64,367						60,783						5.9		%
Owned Megawatt (MW) Capacity(c)
			Summer																											49,671						50,374
			Winter																											53,001						53,795
Nuclear Capacity Factor (%)(f)																														96						99

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

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

25

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Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											8,057						8,354						(3.6		%)
			General Service																											6,846						6,570						4.2		%
			Industrial																											4,983						4,758						4.7		%
			Other Energy Sales																											77						75						2.7		%
			Unbilled Sales																											235						(355)						166.2		%
			Total Retail Sales																											20,198						19,402						4.1		%				4.8		%
			Wholesale and Other																											2,351						2,560						(8.2		%)
			Total Consolidated Electric Sales – Duke Energy Carolinas																											22,549						21,962						2.7		%
Average Number of Customers
			Residential																											2,361,578						2,312,795						2.1		%
			General Service																											400,202						395,069						1.3		%
			Industrial																											6,056						6,072						(0.3		%)
			Other Energy Sales																											11,247						11,303						(0.5		%)
			Total Retail Customers																											2,779,083						2,725,239						2.0		%
			Wholesale and Other																											17						19						(10.5		%)
			Total Average Number of Customers – Duke Energy Carolinas																											2,779,100						2,725,258						2.0		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											2,388						4,118						(42.0		%)
			Nuclear																											15,258						11,651						31.0		%
			Hydro																											338						619						(45.4		%)
			Natural Gas and Oil																											6,239						4,496						38.8		%
			Renewable Energy																											94						67						40.3		%
			Total Generation(d)																											24,317						20,951						16.1		%
			Purchased Power and Net Interchange(e)																											3,006						2,159						39.2		%
			Total Sources of Energy																											27,323						23,110						18.2		%
			Less: Line Loss and Other																											4,774						1,148						315.9		%
			Total GWh Sources																											22,549						21,962						2.7		%
Owned MW Capacity(c)
			Summer																											19,489						20,001
			Winter																											20,347						20,877
Nuclear Capacity Factor (%)(f)																														98						101
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,613						1,683						(4.2		%)
			Cooling Degree Days																											10						5						100.0		%
			Variance from Normal
			Heating Degree Days																											(6.1		%)				(2.0		%)
			Cooling Degree Days																											42.5		%				(33.2		%)

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

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

26

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Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											5,233						5,481						(4.5		%)
			General Service																											3,796						3,441						10.3		%
			Industrial																											3,134						2,452						27.8		%
			Other Energy Sales																											12						19						(36.8		%)
			Unbilled Sales																											(614)						(591)						(3.9		%)
			Total Retail Sales																											11,561						10,802						7.0		%				8.6		%
			Wholesale and Other																											6,408						5,735						11.7		%
			Total Consolidated Electric Sales – Duke Energy Progress																											17,969						16,537						8.7		%
Average Number of Customers
			Residential																											1,425,173						1,398,644						1.9		%
			General Service																											247,520						241,013						2.7		%
			Industrial																											3,337						3,346						(0.3		%)
			Other Energy Sales																											2,572						2,598						(1.0		%)
			Total Retail Customers																											1,678,602						1,645,601						2.0		%
			Wholesale and Other																											8						8						—		%
			Total Average Number of Customers – Duke Energy Progress																											1,678,610						1,645,609						2.0		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											1,772						2,207						(19.7		%)
			Nuclear																											7,020						7,321						(4.1		%)
			Hydro																											225						280						(19.6		%)
			Natural Gas and Oil																											6,748						5,432						24.2		%
			Renewable Energy																											52						49						6.1		%
			Total Generation(d)																											15,817						15,289						3.5		%
			Purchased Power and Net Interchange(e)																											2,090						1,811						15.4		%
			Total Sources of Energy																											17,907						17,100						4.7		%
			Less: Line Loss and Other																											(62)						563						(111.0		%)
			Total GWh Sources																											17,969						16,537						8.7		%
Owned MW Capacity(c)
			Summer																											12,464						12,468
			Winter																											13,605						13,612
Nuclear Capacity Factor (%)(f)																														91						94
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,453						1,548						(6.1		%)
			Cooling Degree Days																											28						14						100.0		%
			Variance from Normal
			Heating Degree Days																											(8.3		%)				(2.3		%)
			Cooling Degree Days																											143.9		%				32.1		%

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

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

27

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Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											4,527						4,488						0.9		%
			General Service																											3,345						3,216						4.0		%
			Industrial																											805						812						(0.9		%)
			Other Energy Sales																											9						6						50.0		%
			Unbilled Sales																											446						(402)						210.9		%
			Total Retail Sales																											9,132						8,120						12.5		%				11.4		%
			Wholesale and Other																											770						434						77.4		%
			Total Electric Sales – Duke Energy Florida																											9,902						8,554						15.8		%
Average Number of Customers
			Residential																											1,711,428						1,677,756						2.0		%
			General Service																											207,134						204,033						1.5		%
			Industrial																											1,906						1,955						(2.5		%)
			Other Energy Sales																											3,762						3,786						(0.6		%)
			Total Retail Customers																											1,924,230						1,887,530						1.9		%
			Wholesale and Other																											10						7						42.9		%
			Total Average Number of Customers – Duke Energy Florida																											1,924,240						1,887,537						1.9		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											823						1,036						(20.6		%)
			Natural Gas and Oil																											7,964						7,176						11.0		%
			Renewable Energy																											279						184						51.6		%
			Total Generation(d)																											9,066						8,396						8.0		%
			Purchased Power and Net Interchange(e)																											605						837						(27.7		%)
			Total Sources of Energy																											9,671						9,233						4.7		%
			Less: Line Loss and Other																											(231)						679						(134.0		%)
			Total GWh Sources																											9,902						8,554						15.8		%
Owned MW Capacity(c)
			Summer																											10,296						10,206
			Winter																											11,104						11,081
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											297						295						0.7		%
			Cooling Degree Days																											293						268						9.3		%
			Variance from Normal
			Heating Degree Days																											(18.6		%)				(20.2		%)
			Cooling Degree Days																											46.0		%				40.4		%

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

28

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Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,461						2,587						(4.9		%)
			General Service																											2,151						2,172						(1.0		%)
			Industrial																											1,296						1,335						(2.9		%)
			Other Energy Sales																											26						26						—		%
			Unbilled Sales																											(103)						(321)						67.9		%
			Total Retail Sales																											5,831						5,799						0.6		%				0.3		%
			Wholesale and Other																											166						205						(19.0		%)
			Total Electric Sales – Duke Energy Ohio																											5,997						6,004						(0.1		%)
Average Number of Customers
			Residential																											793,488						785,987						1.0		%
			General Service																											90,403						89,654						0.8		%
			Industrial																											2,460						2,479						(0.8		%)
			Other Energy Sales																											3,761						3,456						8.8		%
			Total Retail Customers																											890,112						881,576						1.0		%
			Wholesale and Other																											1						1						—		%
			Total Average Number of Customers – Duke Energy Ohio																											890,113						881,577						1.0		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											898						966						(7.0		%)
			Natural Gas and Oil																											5						2						150.0		%
			Total Generation(d)																											903						968						(6.7		%)
			Purchased Power and Net Interchange(e)																											5,829						5,781						0.8		%
			Total Sources of Energy																											6,732						6,749						(0.3		%)
			Less: Line Loss and Other																											735						745						(1.3		%)
			Total GWh Sources																											5,997						6,004						(0.1		%)
Owned MW Capacity(c)
			Summer																											1,076						1,076
			Winter																											1,164						1,164
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,519						2,500						0.8		%
			Cooling Degree Days																											—						—						—		%
			Variance from Normal
			Heating Degree Days																											(1.7		%)				(2.3		%)
			Cooling Degree Days																											(100.0		%)				(100.0		%)

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

29

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Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2022
												Three Months Ended March 31,
																														2022						2021						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,751						2,859						(3.8		%)
			General Service																											1,915						1,909						0.3		%
			Industrial																											2,283						2,412						(5.3		%)
			Other Energy Sales																											13						13						—		%
			Unbilled Sales																											(71)						(413)						82.8		%
			Total Retail Sales																											6,891						6,780						1.6		%				1.1		%
			Wholesale and Other																											1,059						946						11.9		%
			Total Electric Sales – Duke Energy Indiana																											7,950						7,726						2.9		%
Average Number of Customers
			Residential																											761,603						751,646						1.3		%
			General Service																											103,557						102,730						0.8		%
			Industrial																											2,693						2,690						0.1		%
			Other Energy Sales																											1,890						1,856						1.8		%
			Total Retail Customers																											869,743						858,922						1.3		%
			Wholesale and Other																											3						4						(25.0		%)
			Total Average Number of Customers – Duke Energy Indiana																											869,746						858,926						1.3		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											4,102						4,744						(13.5		%)
			Hydro																											27						64						(57.8		%)
			Natural Gas and Oil																											1,246						478						160.7		%
			Renewable Energy																											3						1						200.0		%
			Total Generation(d)																											5,378						5,287						1.7		%
			Purchased Power and Net Interchange(e)																											3,317						3,102						6.9		%
			Total Sources of Energy																											8,695						8,389						3.6		%
			Less: Line Loss and Other																											745						663						12.4		%
			Total GWh Sources																											7,950						7,726						2.9		%
Owned MW Capacity(c)
			Summer																											6,346						6,623
			Winter																											6,781						7,061
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,798						2,705						3.4		%
			Cooling Degree Days																											—						—						—		%
			Variance from Normal
			Heating Degree Days																											1.8		%				(1.6		%)
			Cooling Degree Days																											(100.0		%)				(100.0		%)

(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

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

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e)    Purchased power includes renewable energy purchases.

30

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Gas Utilities and Infrastructure
Quarterly Highlights
March 2022
												Three Months Ended March 31,
																								2022						2021						% Inc. (Dec.)
Total Sales
			Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)																					180,187,101						149,626,582						20.4		%
			Duke Energy Midwest LDC throughput (Mcf)																					37,246,072						37,109,003						0.4		%
Average Number of Customers – Piedmont Natural Gas
			Residential																					1,039,353						1,021,856						1.7		%
			Commercial																					106,865						106,055						0.8		%
			Industrial																					958						965						(0.7		%)
			Power Generation																					19						19						—		%
			Total Average Number of Gas Customers – Piedmont Natural Gas																					1,147,195						1,128,895						1.6		%
Average Number of Customers – Duke Energy Midwest
			Residential																					505,446						501,260						0.8		%
			General Service																					44,906						44,628						0.6		%
			Industrial																					1,601						1,610						(0.6		%)
			Other																					133						131						1.5		%
			Total Average Number of Gas Customers – Duke Energy Midwest																					552,086						547,629						0.8		%

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

Commercial Renewables
Quarterly Highlights
March 2022
												Three Months Ended March 31,
																								2022						2021						% Inc. (Dec.)
			Renewable Plant Production, GWh																					2,988						2,588						15.5		%
			Net Proportional MW Capacity in Operation(a)																					4,753						4,294						10.7		%

(a)    Includes 100% tax equity project capacity.

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