Duke Energy — Nov 7, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001326160-24-000179
Showing in the filing
Storm restoration costs, including capital expenditures, for hurricanes Helene, Debby and Milton
“$2.4 billion to $2.9 billion”
Period
No period stated
Measure
Company-defined measure
Source
Prose
All guidance in this release · 6
Adjusted EPS for FY2024
“$5.85 to $6.10”
Adjusted EPS for FY2024
“$5.85”
Adjusted EPS trend within range for FY2024
“trending to the lower half of the range”
Adjusted EPS midpoint for FY2024
“$5.98”
Total storm restoration costs, including cap… for Q4 FY2024
“$2.4 billion to $2.9 billion”
Storm restoration costs, including capital e…
“$2.4 billion to $2.9 billion”
Exhibit 99.1 · full document
News Release Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 November 7, 2024 Duke Energy reports third-quarter 2024 financial results ▪ Third-quarter 2024 reported EPS of $1.60 and adjusted EPS of $1.62 ▪ Company restores 5.5 million outages from historic storm season ▪ Robust economic development and population migration continue to support long-term growth CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2024 reported EPS of $1.60, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.62. This is compared to reported EPS of $1.59 and adjusted EPS of $1.94 for the third quarter of 2023. Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between third-quarter 2024 reported and adjusted EPS includes costs related to the redemption of preferred securities and certain system post-implementation costs as well as results of discontinued operations. Lower third-quarter 2024 adjusted results were driven by a higher effective tax rate, storm costs, interest expense and depreciation on a growing asset base. These items were partially offset by growth from rate increases and riders. The company is reaffirming its 2024 adjusted EPS guidance range of $5.85 to $6.10 and trending to the lower half of the range. The company is reaffirming its long-term adjusted EPS growth rate of 5% to 7% through 2028 off the 2024 midpoint of $5.98. Management does not forecast reported GAAP EPS and related long-term growth rates. “I am proud of the remarkable response from our employees and utility partners to a historic storm season, including three consecutive hurricanes," said Lynn Good, Duke Energy chair and chief executive officer. "Our team’s commitment to our customers was unwavering as they worked around the clock to restore 5.5 million outages as quickly and safely as possible and rebuilt large portions of our system in a matter of days.” “We’ve continued to build on our track record of constructive regulatory outcomes and are well positioned for a strong finish to the year. Our simplified, fully regulated portfolio of Midwest and Southeast utilities operating in growing jurisdictions will continue to create long-term value for our customers, communities and shareholders.” Duke Energy News Release 2 Business segment results In addition to the following summary of third-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release. The discussion below of third-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results. Electric Utilities and Infrastructure On a reported basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,451 million, compared to reported segment income of $1,447 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,464 million, compared to adjusted segment income of $1,531 million in the third quarter of 2023. This represents a decrease of $0.09 per share. Lower quarterly results were primarily due to higher O&M expenses, including storm costs, depreciation on a growing asset base, interest expense and milder weather, partially offset by growth from rate increases and riders as well as higher sales volumes. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $25 million, compared to reported segment income of $15 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $22 million, compared to adjusted segment income of $15 million in the third quarter of 2023. This represents a decrease of $0.04 per share. Lower quarterly results were primarily due to higher depreciation and interest. Other Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company. On a reported basis, Other recognized a third-quarter 2024 segment loss of $222 million, compared to reported segment loss of $59 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include charges related to preferred redemption costs, which was treated as a special item and excluded from adjusted earnings. Duke Energy News Release 3 On an adjusted basis, Other recognized a third-quarter 2024 segment loss of $206 million, compared to adjusted segment loss of $59 million in the third quarter of 2023. This represents a decrease of $0.19 per share. Lower quarterly results were primarily due to a higher effective tax rate. Effective tax rate Duke Energy's consolidated reported effective tax rate for the third quarter of 2024 was 11.2% compared to 2.8% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease in the amortization of excess deferred taxes. Duke Energy's consolidated adjusted effective tax rate was 11.6% for the third quarter of 2024 compared to 3.9% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease 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 adjusted effective tax rate. Storm restoration costs Total storm restoration costs, including capital expenditures, for hurricanes Helene, Debby and Milton are estimated to be in the range of $2.4 billion to $2.9 billion and are expected to primarily impact Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. Total storm restorations costs will be recognized in the third and fourth quarter 2024. These estimates will change as restoration work is completed and additional information is received on actual costs incurred. The majority of the costs will be deferred for future recovery in regulatory assets on the Condensed Consolidated Balance Sheets or relate to capital projects. Recovery mechanisms are in place for each subsidiary registrant and each are considering and executing on all available avenues as quickly as possible to recover storm-related costs, including insurance recovery and the securitization for certain costs, where applicable. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida have entered into term loan facilities intended to meet incremental financing needs for a total of $1.75 billion, with an ability to increase the facilities an additional $0.85 billion. Earnings conference call for analysts An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss third-quarter 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer. The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 367401. 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 on November 8. Duke Energy News Release 4 Special Items and Non-GAAP Reconciliation The following table presents a reconciliation of GAAP reported earnings (loss) per share to adjusted earnings per share for third-quarter 2024 and 2023 financial results: (In millions, except per share amounts) After-Tax Amount 3Q 2024 EPS 3Q 2023 EPS Earnings Per Share, as reported $ 1.60 $ 1.59 Adjustments to reported EPS: Third Quarter 2024 System Post-Implementation Costs $ 16 $ 0.02 Preferred Redemption Costs 16 0.02 Discontinued Operations (a) (22) (0.03) Third Quarter 2023 Regulatory Matters $ 84 $ 0.11 Discontinued Operations (a) 190 0.24 Total adjustments (b) $ 0.02 $ 0.35 EPS, adjusted $ 1.62 $ 1.94 (a) Represents the operating results and net impairment reversal recognized related to the sale of the Commercial Renewables business disposal group. (b) Total EPS adjustments may not foot due to rounding. Non-GAAP financial measures Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of 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 the adjusted effective tax rate 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. Duke Energy News Release 5 Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs: • System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. • Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock. • Regulatory matters primarily represents impairment charges related to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments). Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as a measure of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss is a non-GAAP financial measure, as it is based upon segment income and other net loss adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss. Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above. Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner. Duke Energy News Release 6 Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear. More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. Forward-Looking Information This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: ◦ The ability to implement our business strategy, including our carbon emission reduction goals; ◦ State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; ◦ The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; ◦ The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; ◦ The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; ◦ The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; ◦ Costs and effects of legal and administrative proceedings, settlements, investigations and claims; ◦ Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; Duke Energy News Release 7 ◦ 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, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; ◦ Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto; ◦ The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources; ◦ Operational interruptions to our natural gas distribution and transmission activities; ◦ The availability of adequate interstate pipeline transportation capacity and natural gas supply; ◦ The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; ◦ The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; ◦ The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; ◦ The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions; ◦ Credit ratings of the Duke Energy Registrants may be different from what is expected; ◦ Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; ◦ Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; ◦ Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; ◦ The ability to control operation and maintenance costs; ◦ The level of creditworthiness of counterparties to transactions; ◦ The ability to obtain adequate insurance at acceptable costs and recover on claims made; ◦ 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 businesses and the success of efforts to invest in and develop new opportunities; ◦ The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; ◦ The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; ◦ The impacts from potential impairments of goodwill or equity method investment carrying values; Duke Energy News Release 8 ◦ Asset or business acquisitions and dispositions may not yield the anticipated benefits; and ◦ The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made, and the Duke Energy Registrants expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 1,451 $ 13 A $ — $ — $ 13 $ 1,464 Gas Utilities and Infrastructure (25) 3 B — — 3 (22) Total Reportable Segment Income 1,426 16 — — 16 1,442 Other (222) — 16 C — 16 (206) Discontinued Operations 22 — — (22) D (22) — Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226 $ 16 $ 16 $ (22) $ 10 $ 1,236 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.60 $ 0.02 $ 0.02 $ (0.03) $ 0.02 $ 1.62 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. B – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. D – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 3,562 $ 25 A $ 13 B $ — $ — $ 38 $ 3,600 Gas Utilities and Infrastructure 265 — 3 C — — 3 268 Total Reportable Segment Income 3,827 25 16 — — 41 3,868 Other (625) — 16 D — 16 (609) Discontinued Operations 9 — — — (9) E (9) — Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211 $ 25 $ 16 $ 16 $ (9) $ 48 $ 3,259 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 4.17 $ 0.03 $ 0.02 $ 0.02 $ (0.01) $ 0.07 $ 4.24 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress. • $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the South Carolina rate case order. • $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the South Carolina rate case order. B – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. D – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 10 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2023 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 1,447 $ 84 A $ — $ 84 $ 1,531 Gas Utilities and Infrastructure 15 — — — 15 Total Reportable Segment Income 1,462 84 — 84 1,546 Other (59) — — — (59) Discontinued Operations (190) — 190 B 190 — Net Income Available to Duke Energy Corporation Common Stockholders $ 1,213 $ 84 $ 190 $ 274 $ 1,487 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.59 $ 0.11 $ 0.24 $ 0.35 $ 1.94 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case settlement. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case order. B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 11 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2023 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 3,088 $ 84 A $ — $ 84 $ 3,172 Gas Utilities and Infrastructure 327 — — — 327 Total Reportable Segment Income 3,415 84 — 84 3,499 Other (388) — — — (388) Discontinued Operations (1,283) — 1,283 B 1,283 — Net Income Available to Duke Energy Corporation Common Stockholders $ 1,744 $ 84 $ 1,283 $ 1,367 $ 3,111 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 2.27 $ 0.11 $ 1.67 $ 1.78 $ 4.05 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case settlement. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case order. B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 12 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION September 2024 (Dollars in millions) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,453 $ 3,856 Regulatory Matters — 33 System Post-Implementation Costs 21 21 Preferred Redemption Costs 16 16 Noncontrolling Interests (37) (79) Preferred Dividends and Redemption Costs (55) (108) Adjusted Pretax Income $ 1,398 $ 3,739 Reported Income Tax Expense From Continuing Operations $ 163 11.2 % $ 481 12.5 % Regulatory Matters — 8 System Post-Implementation Costs 5 5 Noncontrolling Interest Portion of Income Taxes (a) (6) (14) Adjusted Tax Expense $ 162 11.6 % $ 480 12.8 % Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,515 $ 3,510 Regulatory Matters 111 111 Noncontrolling Interests (39) (92) Preferred Dividends (39) (92) Adjusted Pretax Income $ 1,548 $ 3,437 Reported Income Tax Expense From Continuing Operations $ 42 2.8 % $ 316 9.0 % Regulatory Matters 27 27 Noncontrolling Interest Portion of Income Taxes (a) (8) (17) Adjusted Tax Expense $ 61 3.9 % $ 326 9.5 % (a) Income tax related to non-pass-through entities for tax purposes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 2024 QTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 QTD Reported Earnings Per Share $ 1.88 $ 0.01 $ (0.06) $ (0.24) $ 1.59 Regulatory Matters 0.11 — — — 0.11 Discontinued Operations — — — 0.24 0.24 2023 QTD Adjusted Earnings Per Share $ 1.99 $ 0.01 $ (0.06) $ — $ 1.94 Weather (0.03) — — — (0.03) Volume 0.03 — — — 0.03 Riders and Other Retail Margin (a) 0.05 — — — 0.05 Rate case impacts, net (b) 0.07 — — — 0.07 Operations and maintenance, net of recoverables (c) (0.09) (0.01) — — (0.10) Interest Expense (d) (0.04) (0.01) (0.04) — (0.09) AFUDC Equity 0.01 — — — 0.01 Depreciation and amortization (d) (0.06) (0.01) — — (0.07) Other (e) (0.03) (0.01) (0.15) — (0.19) Total variance $ (0.09) $ (0.04) $ (0.19) $ — $ (0.32) 2024 QTD Adjusted Earnings Per Share $ 1.90 $ (0.03) $ (0.25) $ — $ 1.62 System Post-Implementation Costs (0.02) — — — (0.02) Preferred Redemption Costs — — (0.02) — (0.02) Discontinued Operations — — — 0.03 0.03 2024 QTD Reported Earnings Per Share $ 1.88 $ (0.03) $ (0.27) $ 0.03 $ 1.60 Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding. (a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.04). (b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.05), DEF multiyear rate plan revenue increases (+$0.01) and DEK rates, effective October 2023 (+$0.01). (c) Electric Utilities and Infrastructure includes $0.08 of storm costs in the current year. (d) Electric Utilities and Infrastructure excludes rate case impacts. (e) Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16). 14 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 2024 YTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 YTD Reported Earnings Per Share $ 4.01 $ 0.42 $ (0.49) $ (1.67) $ 2.27 Regulatory Matters 0.11 — — — 0.11 Discontinued Operations — — — 1.67 1.67 2023 YTD Adjusted Earnings Per Share $ 4.12 $ 0.42 $ (0.49) $ — $ 4.05 Weather 0.26 — — — 0.26 Volume 0.20 — — — 0.20 Riders and Other Retail Margin (a) 0.14 0.04 — — 0.18 Rate case impacts, net (b) 0.25 0.02 — — 0.27 Wholesale (c) 0.02 — — — 0.02 Operations and maintenance, net of recoverables (d) (0.07) (0.03) — — (0.10) Interest Expense (e) (0.12) (0.03) (0.11) — (0.26) AFUDC Equity 0.04 — — — 0.04 Depreciation and amortization (e) (0.17) (0.03) — — (0.20) Other (f) (0.01) (0.04) (0.17) — (0.22) Total variance $ 0.54 $ (0.07) $ (0.28) $ — $ 0.19 2024 YTD Adjusted Earnings Per Share $ 4.66 $ 0.35 $ (0.77) $ — $ 4.24 Regulatory Matters (0.03) — — — (0.03) System Post-Implementation Costs (0.02) — — — (0.02) Preferred Redemption Costs — — (0.02) — (0.02) Discontinued Operations — — — 0.01 0.01 2024 YTD Reported Earnings Per Share $ 4.61 $ 0.35 $ (0.79) $ 0.01 $ 4.17 Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding. (a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.12). Gas Utilities and Infrastructure includes higher revenues from Tennessee ARM (+$0.02), riders and customer growth. (b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024 (+$0.18), DEP South Carolina rates, effective April 2023 and DEP North Carolina rates, effective October 2023 (+$0.05) and DEK rates, effective October 2023 (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.01). Gas Utilities and Infrastructure includes impacts from DEO rates, effective November 2023. (c) Primarily due to higher capacity rates. (d) Electric Utilities and Infrastructure includes $0.11 of storm costs in the current year. (e) Electric Utilities and Infrastructure excludes rate case impacts. (f) Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16). 15 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating Revenues Regulated electric $ 7,775 $ 7,640 $ 21,253 $ 20,140 Regulated natural gas 298 284 1,511 1,497 Nonregulated electric and other 81 70 233 211 Total operating revenues 8,154 7,994 22,997 21,848 Operating Expenses Fuel used in electric generation and purchased power 2,644 2,571 7,207 6,987 Cost of natural gas 70 57 380 434 Operation, maintenance and other 1,409 1,428 4,108 4,113 Depreciation and amortization 1,516 1,353 4,312 3,913 Property and other taxes 383 394 1,162 1,136 Impairment of assets and other charges (5) 88 39 96 Total operating expenses 6,017 5,891 17,208 16,679 Gains on Sales of Other Assets and Other, net 7 8 25 46 Operating Income 2,144 2,111 5,814 5,215 Other Income and Expenses Equity in earnings of unconsolidated affiliates 15 45 53 85 Other income and expenses, net 166 133 502 431 Total other income and expenses 181 178 555 516 Interest Expense 872 774 2,513 2,221 Income From Continuing Operations Before Income Taxes 1,453 1,515 3,856 3,510 Income Tax Expense From Continuing Operations 163 42 481 316 Income From Continuing Operations 1,290 1,473 3,375 3,194 Income (Loss) From Discontinued Operations, net of tax 25 (152) 12 (1,316) Net Income 1,315 1,321 3,387 1,878 Less: Net Income Attributable to Noncontrolling Interests 34 69 68 42 Net Income Attributable to Duke Energy Corporation 1,281 1,252 3,319 1,836 Less: Preferred Dividends 39 39 92 92 Less: Preferred Redemption Costs 16 — 16 — Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226 $ 1,213 $ 3,211 $ 1,744 Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.57 $ 1.83 $ 4.16 $ 3.94 Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ 0.03 $ (0.24) $ 0.01 $ (1.67) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.60 $ 1.59 $ 4.17 $ 2.27 Weighted average shares outstanding Basic 772 771 772 771 Diluted 773 771 772 771 16 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) September 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 376 $ 253 Receivables (net of allowance for doubtful accounts of $127 at 2024 and $55 at 2023) 2,161 1,112 Receivables of VIEs (net of allowance for doubtful accounts of $91 at 2024 and $150 at 2023) 1,971 3,019 Receivable from sales of Commercial Renewables Disposal Groups 545 — Inventory (includes $477 at 2024 and $462 at 2023 related to VIEs) 4,338 4,292 Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs) 2,300 3,648 Assets held for sale 4 14 Other (includes $76 at 2024 and $90 at 2023 related to VIEs) 447 431 Total current assets 12,142 12,769 Property, Plant and Equipment Cost 179,542 171,353 Accumulated depreciation and amortization (58,146) (56,038) Net property, plant and equipment 121,396 115,315 Other Noncurrent Assets Goodwill 19,303 19,303 Regulatory assets (includes $1,716 at 2024 and $1,642 at 2023 related to VIEs) 13,778 13,618 Nuclear decommissioning trust funds 11,511 10,143 Operating lease right-of-use assets, net 1,146 1,092 Investments in equity method unconsolidated affiliates 477 492 Assets held for sale 81 $ 197 Other 3,732 3,964 Total other noncurrent assets 50,028 48,809 Total Assets $ 183,566 $ 176,893 LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $212 at 2024 and $188 at 2023 related to VIEs) $ 3,953 $ 4,228 Notes payable and commercial paper 3,947 4,288 Taxes accrued 1,016 816 Interest accrued 809 745 Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs) 3,597 2,800 Asset retirement obligations 639 596 Regulatory liabilities 1,267 1,369 Liabilities associated with assets held for sale 77 122 Other 2,122 2,319 Total current liabilities 17,427 17,283 Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs) 76,524 72,452 Other Noncurrent Liabilities Deferred income taxes 10,859 10,556 Asset retirement obligations 9,511 8,560 Regulatory liabilities 14,926 14,039 Operating lease liabilities 956 917 Accrued pension and other post-retirement benefit costs 432 485 Investment tax credits 866 864 Liabilities associated with assets held for sale 85 $ 157 Other (includes $33 at 2024 and $35 at 2023 related to VIEs) 1,731 1,393 Total other noncurrent liabilities 39,366 36,971 Commitments and Contingencies Equity Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023 973 973 Preferred stock, Series B, $0.001 par value, 1 million shares authorized; 0 and 1 million shares outstanding at 2024 and 2023 — 989 Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023 1 1 Additional paid-in capital 45,060 44,920 Retained earnings 3,052 2,235 Accumulated other comprehensive income (loss) 47 (6) Total Duke Energy Corporation stockholders' equity 49,133 49,112 Noncontrolling interests 1,116 1,075 Total equity 50,249 50,187 Total Liabilities and Equity $ 183,566 $ 176,893 17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 3,387 $ 1,878 Adjustments to reconcile net income to net cash provided by operating activities 5,564 5,431 Net cash provided by operating activities 8,951 7,309 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (9,851) (9,751) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 990 2,413 Net increase (decrease) in cash, cash equivalents and restricted cash 90 (29) Cash, cash equivalents and restricted cash at beginning of period 357 603 Cash, cash equivalents and restricted cash at end of period $ 447 $ 574 18 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,792 $ — $ — $ (17) $ 7,775 Regulated natural gas — 321 — (23) 298 Nonregulated electric and other 60 11 42 (32) 81 Total operating revenues 7,852 332 42 (72) 8,154 Operating Expenses Fuel used in electric generation and purchased power 2,664 — — (20) 2,644 Cost of natural gas — 70 — — 70 Operation, maintenance and other 1,387 113 (44) (47) 1,409 Depreciation and amortization 1,352 100 72 (8) 1,516 Property and other taxes 345 36 3 (1) 383 Impairment of assets and other charges (5) — — — (5) Total operating expenses 5,743 319 31 (76) 6,017 Gains on Sales of Other Assets and Other, net 2 — 5 — 7 Operating Income 2,111 13 16 4 2,144 Other Income and Expenses Equity in earnings of unconsolidated affiliates 2 3 10 — 15 Other income and expenses, net 127 12 62 (35) 166 Total Other Income and Expenses 129 15 72 (35) 181 Interest Expense 514 67 321 (30) 872 Income (Loss) from Continuing Operations before Income Taxes 1,726 (39) (233) (1) 1,453 Income Tax Expense (Benefit) from Continuing Operations 244 (14) (66) (1) 163 Income (Loss) from Continuing Operations 1,482 (25) (167) — 1,290 Less: Net Income Attributable to Noncontrolling Interest 31 — — — 31 Net Income (Loss) Attributable to Duke Energy Corporation 1,451 (25) (167) — 1,259 Less: Preferred Dividends — — 39 — 39 Less: Preferred Redemption Costs — — 16 — 16 Segment Income (Loss)/Other Net Loss $ 1,451 $ (25) $ (222) $ — $ 1,204 Discontinued Operations 22 Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226 Segment Income (Loss)/Other Net Loss $ 1,451 $ (25) $ (222) $ — $ 1,204 Special Items 13 3 16 — 32 Adjusted Earnings (a) $ 1,464 $ (22) $ (206) $ — $ 1,236 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 19 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 21,305 $ — $ — $ (52) $ 21,253 Regulated natural gas — 1,579 — (68) 1,511 Nonregulated electric and other 170 36 120 (93) 233 Total operating revenues 21,475 1,615 120 (213) 22,997 Operating Expenses Fuel used in electric generation and purchased power 7,266 — — (59) 7,207 Cost of natural gas — 380 — — 380 Operation, maintenance and other 3,965 359 (70) (146) 4,108 Depreciation and amortization 3,823 294 216 (21) 4,312 Property and other taxes 1,033 120 10 (1) 1,162 Impairment of assets and other charges 38 — 1 — 39 Total operating expenses 16,125 1,153 157 (227) 17,208 Gains on Sales of Other Assets and Other, net 9 — 16 — 25 Operating Income (Loss) 5,359 462 (21) 14 5,814 Other Income and Expenses Equity in earnings of unconsolidated affiliates 4 3 46 — 53 Other income and expenses, net 397 46 172 (113) 502 Total Other Income and Expenses 401 49 218 (113) 555 Interest Expense 1,501 189 921 (98) 2,513 Income (Loss) from Continuing Operations before Income Taxes 4,259 322 (724) (1) 3,856 Income Tax Expense (Benefit) from Continuing Operations 631 57 (207) — 481 Income (Loss) from Continuing Operations 3,628 265 (517) (1) 3,375 Less: Net Income Attributable to Noncontrolling Interest 66 — — (1) 65 Net Income (Loss) Attributable to Duke Energy Corporation 3,562 265 (517) — 3,310 Less: Preferred Dividends — — 92 — 92 Less: Preferred Redemption Costs — — 16 — 16 Segment Income/Other Net Loss $ 3,562 $ 265 $ (625) $ — $ 3,202 Discontinued Operations 9 Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211 Segment Income/Other Net Loss $ 3,562 $ 265 $ (625) $ — $ 3,202 Special Items 38 3 16 — 57 Adjusted Earnings (a) $ 3,600 $ 268 $ (609) $ — $ 3,259 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,658 $ — $ — $ (18) $ 7,640 Regulated natural gas — 307 — (23) 284 Nonregulated electric and other 57 6 33 (26) 70 Total operating revenues 7,715 313 33 (67) 7,994 Operating Expenses Fuel used in electric generation and purchased power 2,591 — — (20) 2,571 Cost of natural gas — 57 — — 57 Operation, maintenance and other 1,398 103 (29) (44) 1,428 Depreciation and amortization 1,209 88 63 (7) 1,353 Property and other taxes 392 32 (30) — 394 Impairment of assets and other charges 88 — — — 88 Total operating expenses 5,678 280 4 (71) 5,891 Gains on Sales of Other Assets and Other, net 2 — 5 1 8 Operating Income 2,039 33 34 5 2,111 Other Income and Expenses Equity in earnings of unconsolidated affiliates 2 21 22 — 45 Other income and expenses, net 129 18 25 (39) 133 Total Other Income and Expenses 131 39 47 (39) 178 Interest Expense 468 56 283 (33) 774 Income (Loss) from Continuing Operations before Income Taxes 1,702 16 (202) (1) 1,515 Income Tax Expense (Benefit) from Continuing Operations 224 1 (182) (1) 42 Income (Loss) from Continuing Operations 1,478 15 (20) — 1,473 Less: Net Income Attributable to Noncontrolling Interest 31 — — — 31 Net Income (Loss) Attributable to Duke Energy Corporation 1,447 15 (20) — 1,442 Less: Preferred Dividends — — 39 — 39 Segment Income/Other Net Loss $ 1,447 $ 15 $ (59) $ — $ 1,403 Discontinued Operations (190) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,213 Segment Income/Other Net Loss $ 1,447 $ 15 $ (59) $ — $ 1,403 Other Adjustments 84 — — — 84 Adjusted Earnings (a) $ 1,531 $ 15 $ (59) $ — $ 1,487 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 20,190 $ — $ — $ (50) $ 20,140 Regulated natural gas — 1,565 — (68) 1,497 Nonregulated electric and other 173 18 98 (78) 211 Total operating revenues 20,363 1,583 98 (196) 21,848 Operating Expenses Fuel used in electric generation and purchased power 7,045 — — (58) 6,987 Cost of natural gas — 434 — — 434 Operation, maintenance and other 4,008 332 (97) (130) 4,113 Depreciation and amortization 3,493 257 184 (21) 3,913 Property and other taxes 1,077 93 (34) — 1,136 Impairment of assets and other charges 100 (4) — — 96 Total operating expenses 15,723 1,112 53 (209) 16,679 Gains (Losses) on Sales of Other Assets and Other, net 30 (1) 16 1 46 Operating Income 4,670 470 61 14 5,215 Other Income and Expenses Equity in earnings of unconsolidated affiliates 5 33 47 — 85 Other income and expenses, net 383 53 121 (126) 431 Total Other Income and Expenses 388 86 168 (126) 516 Interest Expense 1,364 158 810 (111) 2,221 Income (Loss) From Continuing Operations Before Income Taxes 3,694 398 (581) (1) 3,510 Income Tax Expense (Benefit) from Continuing Operations 531 71 (285) (1) 316 Income (Loss) from Continuing Operations 3,163 327 (296) — 3,194 Less: Net Income Attributable to Noncontrolling Interest 75 — — — 75 Net Income (Loss) Attributable to Duke Energy Corporation 3,088 327 (296) — 3,119 Less: Preferred Dividends — — 92 — 92 Segment Income/Other Net Loss $ 3,088 $ 327 $ (388) $ — $ 3,027 Discontinued Operations (1,283) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,744 Segment Income/Other Net Loss $ 3,088 $ 327 $ (388) $ — $ 3,027 Special Items 84 — — — 84 Adjusted Earnings (a) $ 3,172 $ 327 $ (388) $ — $ 3,111 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 22 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 90 $ 40 $ 246 $ — $ 376 Receivables, net 1,960 183 18 — 2,161 Receivables of variable interest entities, net 1,971 — — — 1,971 Receivables from affiliated companies 73 78 708 (859) — Receivable from sales of Commercial Renewables Disposal Groups — — 545 — 545 Notes receivable from affiliated companies 111 9 1,376 (1,496) — Inventory 4,225 75 38 — 4,338 Regulatory assets 2,018 192 90 — 2,300 Assets held for sale — — 4 — 4 Other 229 105 141 (28) 447 Total current assets 10,677 682 3,166 (2,383) 12,142 Property, Plant and Equipment Cost 159,022 17,512 3,089 (81) 179,542 Accumulated depreciation and amortization (52,745) (3,573) (1,827) (1) (58,146) Net property, plant and equipment 106,277 13,939 1,262 (82) 121,396 Other Noncurrent Assets Goodwill 17,379 1,924 — — 19,303 Regulatory assets 12,478 820 480 — 13,778 Nuclear decommissioning trust funds 11,511 — — — 11,511 Operating lease right-of-use assets, net 778 4 363 1 1,146 Investments in equity method unconsolidated affiliates 98 243 136 — 477 Investment in consolidated subsidiaries 468 6 73,870 (74,344) — Assets held for sale — — 81 — 81 Other 2,567 328 1,464 (627) 3,732 Total other noncurrent assets 45,279 3,325 76,394 (74,970) 50,028 Total Assets 162,233 17,946 80,822 (77,435) 183,566 Segment reclassifications, intercompany balances and other (762) (94) (76,579) 77,435 — Segment Assets $ 161,471 $ 17,852 $ 4,243 $ — $ 183,566 (a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 23 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,194 $ 242 $ 517 $ — $ 3,953 Accounts payable to affiliated companies 614 48 176 (838) — Notes payable to affiliated companies 855 582 59 (1,496) — Notes payable and commercial paper — — 3,947 — 3,947 Taxes accrued 1,093 38 (115) — 1,016 Interest accrued 490 60 259 — 809 Current maturities of long-term debt 2,027 208 1,368 (6) 3,597 Asset retirement obligations 639 — — — 639 Regulatory liabilities 1,148 119 — — 1,267 Liabilities associated with assets held for sale — — 77 — 77 Other 1,623 83 465 (49) 2,122 Total current liabilities 11,683 1,380 6,753 (2,389) 17,427 Long-Term Debt 45,516 4,758 26,326 (76) 76,524 Long-Term Debt Payable to Affiliated Companies 618 7 — (625) — Other Noncurrent Liabilities Deferred income taxes 11,988 1,511 (2,641) 1 10,859 Asset retirement obligations 9,423 88 — — 9,511 Regulatory liabilities 13,684 1,212 30 — 14,926 Operating lease liabilities 691 8 257 — 956 Accrued pension and other post-retirement benefit costs 196 29 207 — 432 Investment tax credits 865 1 — — 866 Liabilities associated with assets held for sale — — 85 — 85 Other 1,145 216 559 (189) 1,731 Total other noncurrent liabilities 37,992 3,065 (1,503) (188) 39,366 Equity Total Duke Energy Corporation stockholders' equity 65,334 8,728 49,227 (74,156) 49,133 Noncontrolling interests 1,090 8 19 (1) 1,116 Total equity 66,424 8,736 49,246 (74,157) 50,249 Total Liabilities and Equity 162,233 17,946 80,822 (77,435) 183,566 Segment reclassifications, intercompany balances and other (762) (94) (76,579) 77,435 — Segment Liabilities and Equity $ 161,471 $ 17,852 $ 4,243 $ — $ 183,566 (a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 2,707 $ 1,914 $ 1,940 $ 497 $ 836 $ (42) $ 7,852 Operating Expenses Fuel used in electric generation and purchased power 922 679 705 146 267 (55) 2,664 Operation, maintenance and other 461 374 272 106 169 5 1,387 Depreciation and amortization 472 354 286 70 166 4 1,352 Property and other taxes 88 43 127 79 7 1 345 Impairment of assets and other charges (2) (3) — — — — (5) Total operating expenses 1,941 1,447 1,390 401 609 (45) 5,743 Gains on Sales of Other Assets and Other, net — 1 1 — — — 2 Operating Income 766 468 551 96 227 3 2,111 Other Income and Expenses, net (b) 59 31 20 3 15 1 129 Interest Expense 189 127 114 32 58 (6) 514 Income Before Income Taxes 636 372 457 67 184 10 1,726 Income Tax Expense 50 48 94 10 29 13 244 Less: Net Income Attributable to Noncontrolling Interest (c) — — — — — 31 31 Segment Income $ 586 $ 324 $ 363 $ 57 $ 155 $ (34) $ 1,451 (a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b) Includes an equity component of allowance for funds used during construction of $27 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida and $6 million for Duke Energy Indiana. (c) Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Nine Months Ended September 30, 2024 (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 $ 7,411 $ 5,338 $ 5,092 $ 1,431 $ 2,342 $ (139) $ 21,475 Operating Expenses Fuel used in electric generation and purchased power 2,531 1,896 1,833 416 761 (171) 7,266 Operation, maintenance and other 1,335 1,063 770 287 508 2 3,965 Depreciation and amortization 1,306 999 796 201 507 14 3,823 Property and other taxes 271 144 350 230 37 1 1,033 Impairment of assets and other charges 32 6 — — — — 38 Total operating expenses 5,475 4,108 3,749 1,134 1,813 (154) 16,125 Gains on Sales of Other Assets and Other, net 1 2 2 — — 4 9 Operating Income 1,937 1,232 1,345 297 529 19 5,359 Other Income and Expenses, net (b) 183 102 64 10 44 (2) 401 Interest Expense 537 370 339 93 173 (11) 1,501 Income Before Income Taxes 1,583 964 1,070 214 400 28 4,259 Income Tax Expense 159 137 214 33 65 23 631 Less: Net Income Attributable to Noncontrolling Interest (c) — — — — — 66 66 Segment Income $ 1,424 $ 827 $ 856 $ 181 $ 335 $ (61) $ 3,562 (a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b) Includes an equity component of allowance for funds used during construction of $85 million for Duke Energy Carolinas, $44 million for Duke Energy Progress, $11 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $13 million for Duke Energy Indiana. (c) Includes a noncontrolling interest in Duke Energy Indiana. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (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 $ 13 $ 46 $ 16 $ 5 $ 8 $ 2 $ 90 Receivables, net 250 178 760 346 416 10 1,960 Receivables of variable interest entities, net 1,149 822 — — — — 1,971 Receivables from affiliated companies 202 14 2 23 5 (173) 73 Notes receivable from affiliated companies 177 — — 23 — (89) 111 Inventory 1,482 1,320 686 156 580 1 4,225 Regulatory assets 927 691 261 36 105 (2) 2,018 Other 48 62 40 10 77 (8) 229 Total current assets 4,248 3,133 1,765 599 1,191 (259) 10,677 Property, Plant and Equipment Cost 58,465 41,720 29,924 8,963 19,896 54 159,022 Accumulated depreciation and amortization (20,026) (15,947) (7,496) (2,472) (6,836) 32 (52,745) Net property, plant and equipment 38,439 25,773 22,428 6,491 13,060 86 106,277 Other Noncurrent Assets Goodwill — — — 596 — 16,783 17,379 Regulatory assets 3,867 4,489 2,071 380 1,013 658 12,478 Nuclear decommissioning trust funds 6,505 4,657 349 — — — 11,511 Operating lease right-of-use assets, net 85 353 290 7 42 1 778 Investments in equity method unconsolidated affiliates — — 1 — — 97 98 Investment in consolidated subsidiaries 54 9 2 402 1 — 468 Other 1,165 719 496 70 383 (266) 2,567 Total other noncurrent assets 11,676 10,227 3,209 1,455 1,439 17,273 45,279 Total Assets 54,363 39,133 27,402 8,545 15,690 17,100 162,233 Segment reclassifications, intercompany balances and other (444) (111) (12) (449) (8) 262 (762) Reportable Segment Assets $ 53,919 $ 39,022 $ 27,390 $ 8,096 $ 15,682 $ 17,362 $ 161,471 (a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. 27 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Liabilities Accounts payable $ 1,302 $ 502 $ 882 $ 245 $ 261 $ 2 $ 3,194 Accounts payable to affiliated companies 230 322 127 19 61 (145) 614 Notes payable to affiliated companies — 610 195 127 11 (88) 855 Taxes accrued 386 194 238 211 61 3 1,093 Interest accrued 158 86 127 44 74 1 490 Current maturities of long-term debt 520 983 436 93 4 (9) 2,027 Asset retirement obligations 253 225 2 7 152 — 639 Regulatory liabilities 576 295 82 30 165 — 1,148 Other 589 442 331 64 198 (1) 1,623 Total current liabilities 4,014 3,659 2,420 840 987 (237) 11,683 Long-Term Debt 16,212 11,190 9,812 3,205 4,647 450 45,516 Long-Term Debt Payable to Affiliated Companies 300 150 — 18 150 — 618 Other Noncurrent Liabilities Deferred income taxes 4,137 2,560 2,767 870 1,571 83 11,988 Asset retirement obligations 3,727 4,293 203 69 1,126 5 9,423 Regulatory liabilities 6,586 4,778 700 233 1,411 (24) 13,684 Operating lease liabilities 75 337 234 7 38 — 691 Accrued pension and other post-retirement benefit costs 45 138 92 70 94 (243) 196 Investment tax credits 302 130 242 5 186 — 865 Other 653 271 160 59 15 (13) 1,145 Total other noncurrent liabilities 15,525 12,507 4,398 1,313 4,441 (192) 37,992 Equity Total Duke Energy Corporation stockholders equity 18,312 11,627 10,772 3,169 5,465 15,989 65,334 Noncontrolling interests (c) — — — — — 1,090 1,090 Total equity 18,312 11,627 10,772 3,169 5,465 17,079 66,424 Total Liabilities and Equity 54,363 39,133 27,402 8,545 15,690 17,100 162,233 Segment reclassifications, intercompany balances and other (444) (111) (12) (449) (8) 262 (762) Reportable Segment Liabilities and Equity $ 53,919 $ 39,022 $ 27,390 $ 8,096 $ 15,682 $ 17,362 $ 161,471 (a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. (c) Includes a noncontrolling interest in Duke Energy Indiana. 28 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 108 $ 219 $ 4 $ 1 $ 332 Operating Expenses Cost of natural gas 18 52 — — 70 Operation, maintenance and other 25 86 2 — 113 Depreciation and amortization 32 65 2 1 100 Property and other taxes 20 16 — — 36 Total operating expenses 95 219 4 1 319 Losses on Sales of Other Assets and Other, net — — (1) 1 — Operating Income (Loss) 13 — (1) 1 13 Other Income and Expenses Equity in earnings of unconsolidated affiliates — — 3 — 3 Other income and expenses, net (1) 12 — 1 12 Total other income and expenses (1) 12 3 1 15 Interest Expense 18 47 1 1 67 Income (Loss) Before Income Taxes (6) (35) 1 1 (39) Income Tax Expense (Benefit) (2) (10) (3) 1 (14) Segment Income (Loss) $ (4) $ (25) $ 4 $ — $ (25) (a) Includes results of the wholly owned subsidiary Duke Energy Kentucky. (b) Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 29 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Nine Months Ended September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 460 $ 1,139 $ 15 $ 1 $ 1,615 Operating Expenses Cost of natural gas 100 280 — — 380 Operation, maintenance and other 87 264 8 — 359 Depreciation and amortization 96 191 6 1 294 Property and other taxes 73 47 — — 120 Total operating expenses 356 782 14 1 1,153 Operating Income 104 357 1 — 462 Other Income and Expenses, net Equity in earnings of unconsolidated affiliates — — 3 — 3 Other income and expenses, net 3 42 — 1 46 Other Income and Expenses, net 3 42 3 1 49 Interest Expense 50 135 3 1 189 Income Before Income Taxes 57 264 1 — 322 Income Tax Expense (Benefit) 11 48 (2) — 57 Segment Income $ 46 $ 216 $ 3 $ — $ 265 (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. 30 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (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 $ 3 $ 4 $ 33 $ — $ 40 Receivables, net 55 126 3 (1) 183 Receivables from affiliated companies — 79 77 (78) 78 Notes receivable from affiliated companies 12 — — (3) 9 Inventory 16 58 — 1 75 Regulatory assets 38 154 — — 192 Other 21 80 6 (2) 105 Total current assets 145 501 119 (83) 682 Property, Plant and Equipment Cost 4,821 12,618 73 — 17,512 Accumulated depreciation and amortization (1,168) (2,397) (8) — (3,573) Net property, plant and equipment 3,653 10,221 65 — 13,939 Other Noncurrent Assets Goodwill 324 49 — 1,551 1,924 Regulatory assets 322 427 — 71 820 Operating lease right-of-use assets, net 1 4 — (1) 4 Investments in equity method unconsolidated affiliates — — 238 5 243 Investment in consolidated subsidiaries — — — 6 6 Other 23 284 18 3 328 Total other noncurrent assets 670 764 256 1,635 3,325 Total Assets 4,468 11,486 440 1,552 17,946 Segment reclassifications, intercompany balances and other (12) (80) (77) 75 (94) Reportable Segment Assets $ 4,456 $ 11,406 $ 363 $ 1,627 $ 17,852 (a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b) Includes the elimination of intercompany balances and purchase accounting adjustments. 31 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (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 $ 33 $ 196 $ 13 $ — $ 242 Accounts payable to affiliated companies 4 99 24 (79) 48 Notes payable to affiliated companies 72 513 — (3) 582 Taxes accrued 26 50 (38) — 38 Interest accrued 11 50 — (1) 60 Current maturities of long-term debt 58 150 — — 208 Regulatory liabilities 28 91 — — 119 Other 3 74 5 1 83 Total current liabilities 235 1,223 4 (82) 1,380 Long-Term Debt 784 3,853 63 58 4,758 Long-Term Debt Payable to Affiliated Companies 7 — — — 7 Other Noncurrent Liabilities Deferred income taxes 455 995 60 1 1,511 Asset retirement obligations 61 27 — — 88 Regulatory liabilities 242 958 — 12 1,212 Operating lease liabilities — 8 — — 8 Accrued pension and other post-retirement benefit costs 23 6 — — 29 Investment tax credits — 1 — — 1 Other 38 175 — 3 216 Total other noncurrent liabilities 819 2,170 60 16 3,065 Equity Total Duke Energy Corporation stockholders' equity 2,623 4,240 305 1,560 8,728 Noncontrolling interests — — 8 — 8 Total equity 2,623 4,240 313 1,560 8,736 Total Liabilities and Equity 4,468 11,486 440 1,552 17,946 Segment reclassifications, intercompany balances and other (12) (80) (77) 75 (94) Reportable Segment Liabilities and Equity $ 4,456 $ 11,406 $ 363 $ 1,627 $ 17,852 (a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b) Includes the elimination of intercompany balances and purchase accounting adjustments. 32 Electric Utilities and Infrastructure Quarterly Highlights September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 26,756 26,154 2.3 % 0.7 % 69,024 66,505 3.8 % 1.5 % General Service 22,952 22,564 1.7 % 2.6 % 60,544 58,707 3.1 % 3.0 % Industrial 12,573 12,672 (0.8 %) (0.7 %) 35,847 36,435 (1.6 %) (1.6 %) Other Energy Sales 130 141 (7.8 %) n/a 395 431 (8.4 %) n/a Unbilled Sales (1,960) (1,421) (37.9 %) n/a (1,020) (2,519) 59.5 % n/a Total Retail Sales 60,451 60,110 0.6 % 1.1 % 164,790 159,559 3.3 % 1.3 % Wholesale and Other 12,281 12,951 (5.2 %) 33,528 31,864 5.2 % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 72,732 73,061 (0.5 %) 198,318 191,423 3.6 % Average Number of Customers (Electric) Residential 7,430,021 7,267,668 2.2 % 7,392,374 7,232,568 2.2 % General Service 1,045,408 1,038,192 0.7 % 1,043,696 1,036,602 0.7 % Industrial 15,604 16,064 (2.9 %) 15,705 16,167 (2.9 %) Other Energy Sales 23,607 24,070 (1.9 %) 23,722 24,158 (1.8 %) Total Retail Customers 8,514,640 8,345,994 2.0 % 8,475,497 8,309,495 2.0 % Wholesale and Other 52 49 6.1 % 51 48 6.3 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,514,692 8,346,043 2.0 % 8,475,548 8,309,543 2.0 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 11,410 12,723 (10.3 %) 30,784 25,375 21.3 % Nuclear 19,150 19,304 (0.8 %) 56,182 56,170 — % Hydro 276 274 0.7 % 1,704 1,656 2.9 % Natural Gas and Oil 28,704 26,596 7.9 % 71,506 68,443 4.5 % Renewable Energy 942 831 13.4 % 2,648 2,204 20.1 % Total Generation (d) 60,482 59,728 1.3 % 162,824 153,848 5.8 % Purchased Power and Net Interchange (e) 16,480 17,376 (5.2 %) 45,963 47,780 (3.8 %) Total Sources of Energy 76,962 77,104 (0.2 %) 208,787 201,628 3.6 % Less: Line Loss and Other 4,230 4,043 4.6 % 10,469 10,206 2.6 % Total GWh Sources 72,732 73,061 (0.5 %) 198,318 191,422 3.6 % Owned Megawatt (MW) Capacity (c) Summer 50,241 50,236 Winter 54,782 53,105 Nuclear Capacity Factor (%) (f) 96 96 (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. 33 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 8,843 8,544 3.5 % 23,340 22,058 5.8 % General Service 8,725 8,600 1.5 % 23,389 22,489 4.0 % Industrial 5,364 5,357 0.1 % 15,035 15,061 (0.2 %) Other Energy Sales 65 69 (5.8 %) 201 209 (3.8 %) Unbilled Sales (1,046) (376) (178.2 %) (571) (877) 34.9 % Total Retail Sales 21,951 22,194 (1.1 %) 0.1 % 61,394 58,940 4.2 % 1.8 % Wholesale and Other 2,897 2,616 10.7 % 8,326 7,427 12.1 % Total Consolidated Electric Sales – Duke Energy Carolinas 24,848 24,810 0.2 % 69,720 66,367 5.1 % Average Number of Customers Residential 2,496,286 2,434,728 2.5 % 2,480,807 2,420,897 2.5 % General Service 402,809 400,286 0.6 % 402,306 399,932 0.6 % Industrial 5,941 6,044 (1.7 %) 5,956 6,071 (1.9 %) Other Energy Sales 11,009 11,200 (1.7 %) 11,064 11,218 (1.4 %) Total Retail Customers 2,916,045 2,852,258 2.2 % 2,900,133 2,838,118 2.2 % Wholesale and Other 26 25 4.0 % 25 26 (3.8 %) Total Average Number of Customers – Duke Energy Carolinas 2,916,071 2,852,283 2.2 % 2,900,158 2,838,144 2.2 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,940 3,589 (18.1 %) 8,551 6,522 31.1 % Nuclear 11,157 11,361 (1.8 %) 33,886 33,292 1.8 % Hydro 112 79 41.8 % 973 842 15.6 % Natural Gas and Oil 8,719 7,618 14.5 % 20,779 20,039 3.7 % Renewable Energy 94 102 (7.8 %) 266 266 — % Total Generation (d) 23,022 22,749 1.2 % 64,455 60,961 5.7 % Purchased Power and Net Interchange (e) 3,535 3,384 4.5 % 9,015 8,641 4.3 % Total Sources of Energy 26,557 26,133 1.6 % 73,470 69,602 5.6 % Less: Line Loss and Other 1,709 1,323 29.2 % 3,750 3,235 15.9 % Total GWh Sources 24,848 24,810 0.2 % 69,720 66,367 5.1 % Owned MW Capacity (c) Summer 19,429 19,617 Winter 20,476 20,442 Nuclear Capacity Factor (%) (f) 96 95 Heating and Cooling Degree Days Actual Heating Degree Days — 1 (100.0 %) 1,599 1,459 9.6 % Cooling Degree Days 1,029 1,048 (1.8 %) 1,656 1,395 18.7 % Variance from Normal Heating Degree Days (100.0 %) (95.7 %) (18.1 %) (20.0 %) Cooling Degree Days 1.6 % 4.1 % 8.3 % (13.2 %) (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. 34 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 5,415 5,389 0.5 % 14,459 13,852 4.4 % General Service 4,511 4,456 1.2 % 11,762 11,354 3.6 % Industrial 2,605 2,559 1.8 % 7,146 7,407 (3.5 %) Other Energy Sales 21 21 — % 64 64 — % Unbilled Sales (613) (293) (109.2 %) (430) (784) 45.2 % Total Retail Sales 11,939 12,132 (1.6 %) (0.3 %) 33,001 31,893 3.5 % 1.1 % Wholesale and Other 7,168 7,572 (5.3 %) 19,438 18,610 4.4 % Total Consolidated Electric Sales – Duke Energy Progress 19,107 19,704 (3.0 %) 52,439 50,503 3.8 % Average Number of Customers Residential 1,504,584 1,469,046 2.4 % 1,495,604 1,460,480 2.4 % General Service 248,517 247,729 0.3 % 248,167 247,356 0.3 % Industrial 3,187 3,285 (3.0 %) 3,213 3,299 (2.6 %) Other Energy Sales 2,436 2,484 (1.9 %) 2,443 2,499 (2.2 %) Total Retail Customers 1,758,724 1,722,544 2.1 % 1,749,427 1,713,634 2.1 % Wholesale and Other 8 9 (11.1 %) 8 8 — % Total Average Number of Customers – Duke Energy Progress 1,758,732 1,722,553 2.1 % 1,749,435 1,713,642 2.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,095 2,933 (28.6 %) 6,013 4,390 37.0 % Nuclear 7,993 7,943 0.6 % 22,296 22,878 (2.5 %) Hydro 94 90 4.4 % 523 523 — % Natural Gas and Oil 6,919 6,679 3.6 % 17,692 17,068 3.7 % Renewable Energy 60 74 (18.9 %) 175 203 (13.8 %) Total Generation (d) 17,161 17,719 (3.1 %) 46,699 45,062 3.6 % Purchased Power and Net Interchange (e) 2,769 2,827 (2.1 %) 7,614 7,381 3.2 % Total Sources of Energy 19,930 20,546 (3.0 %) 54,313 52,443 3.6 % Less: Line Loss and Other 823 842 (2.3 %) 1,874 1,940 (3.4 %) Total GWh Sources 19,107 19,704 (3.0 %) 52,439 50,503 3.8 % Owned MW Capacity (c) Summer 12,570 12,540 Winter 13,775 13,618 Nuclear Capacity Factor (%) (f) 94 97 Heating and Cooling Degree Days Actual Heating Degree Days — 3 (100.0 %) 1,369 1,197 14.4 % Cooling Degree Days 1,151 1,201 (4.2 %) 1,889 1,700 11.1 % Variance from Normal Heating Degree Days (100.0 %) (80.6 %) (23.1 %) (25.9 %) Cooling Degree Days 5.8 % 3.7 % 13.6 % (8.8 %) (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. 35 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 7,184 7,238 (0.7 %) 17,094 17,096 — % General Service 4,677 4,640 0.8 % 12,021 11,942 0.7 % Industrial 853 870 (2.0 %) 2,533 2,560 (1.1 %) Other Energy Sales 7 7 — % 22 23 (4.3 %) Unbilled Sales (138) (203) — % 409 257 59.1 % Total Retail Sales 12,583 12,552 0.2 % 1.6 % 32,079 31,878 0.6 % 0.6 % Wholesale and Other 840 1,113 (24.5 %) 2,045 2,177 (6.1 %) Total Electric Sales – Duke Energy Florida 13,423 13,665 (1.8 %) 34,124 34,055 0.2 % Average Number of Customers Residential 1,797,878 1,756,933 2.3 % 1,789,614 1,748,362 2.4 % General Service 211,547 209,355 1.0 % 210,988 209,011 0.9 % Industrial 1,652 1,755 (5.9 %) 1,683 1,784 (5.7 %) Other Energy Sales 3,598 3,666 (1.9 %) 3,615 3,685 (1.9 %) Total Retail Customers 2,014,675 1,971,709 2.2 % 2,005,900 1,962,842 2.2 % Wholesale and Other 13 10 30.0 % 13 9 44.4 % Total Average Number of Customers – Duke Energy Florida 2,014,688 1,971,719 2.2 % 2,005,913 1,962,851 2.2 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,361 1,473 (7.6 %) 2,983 2,984 — % Natural Gas and Oil 11,348 10,942 3.7 % 28,740 27,825 3.3 % Renewable Energy 780 646 20.7 % 2,184 1,712 27.6 % Total Generation (d) 13,489 13,061 3.3 % 33,907 32,521 4.3 % Purchased Power and Net Interchange (e) 454 1,308 (65.3 %) 1,352 2,894 (53.3 %) Total Sources of Energy 13,943 14,369 (3.0 %) 35,259 35,415 (0.4 %) Less: Line Loss and Other 520 704 (26.1 %) 1,135 1,360 (16.5 %) Total GWh Sources 13,423 13,665 (1.8 %) 34,124 34,055 0.2 % Owned MW Capacity (c) Summer 10,858 10,697 Winter 12,575 11,132 Heating and Cooling Degree Days Actual Heating Degree Days — — — % 294 178 65.2 % Cooling Degree Days 1,656 1,673 (1.0 %) 3,092 3,204 (3.5 %) Variance from Normal Heating Degree Days — % — % (22.4 %) (41.0 %) Cooling Degree Days 11.2 % 11.4 % 12.2 % 7.4 % (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. 36 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,745 2,562 7.1 % 7,064 6,738 4.8 % General Service 2,670 2,555 4.5 % 7,128 6,809 4.7 % Industrial 1,335 1,490 (10.4 %) 3,926 4,174 (5.9 %) Other Energy Sales 24 28 (14.3 %) 65 86 (24.4 %) Unbilled Sales (105) (384) 72.7 % (81) (373) 78.3 % Total Retail Sales 6,669 6,251 6.7 % 3.3 % 18,102 17,434 3.8 % 0.4 % Wholesale and Other 135 105 28.6 % 392 260 50.8 % Total Electric Sales – Duke Energy Ohio 6,804 6,356 7.0 % 18,494 17,694 4.5 % Average Number of Customers Residential 833,621 823,818 1.2 % 831,841 822,765 1.1 % General Service 76,150 75,058 1.5 % 75,964 74,789 1.6 % Industrial 2,196 2,333 (5.9 %) 2,221 2,364 (6.0 %) Other Energy Sales 2,786 2,828 (1.5 %) 2,792 2,837 (1.6 %) Total Retail Customers 914,753 904,037 1.2 % 912,818 902,755 1.1 % Wholesale and Other 1 1 — % 1 1 — % Total Average Number of Customers – Duke Energy Ohio 914,754 904,038 1.2 % 912,819 902,756 1.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 649 751 (13.6 %) 1,896 1,743 8.8 % Natural Gas and Oil 120 49 144.9 % 265 131 102.3 % Total Generation (d) 769 800 (3.9 %) 2,161 1,874 15.3 % Purchased Power and Net Interchange (e) 6,590 5,826 13.1 % 18,075 17,471 3.5 % Total Sources of Energy 7,359 6,626 11.1 % 20,236 19,345 4.6 % Less: Line Loss and Other 555 270 105.6 % 1,742 1,651 5.5 % Total GWh Sources 6,804 6,356 7.0 % 18,494 17,694 4.5 % Owned MW Capacity (c) Summer 1,080 1,076 Winter 1,173 1,164 Heating and Cooling Degree Days Actual Heating Degree Days 13 4 225.0 % 2,526 2,534 (0.3 %) Cooling Degree Days 894 746 19.8 % 1,347 990 36.1 % Variance from Normal Heating Degree Days (73.2 %) (93.5 %) (18.1 %) (16.0 %) Cooling Degree Days 14.4 % (9.3 %) 19.9 % (19.7 %) (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. 37 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,569 2,420 6.2 % 7,067 6,760 4.5 % General Service 2,369 2,313 2.4 % 6,244 6,113 2.1 % Industrial 2,416 2,396 0.8 % 7,207 7,233 (0.4 %) Other Energy Sales 13 16 (18.8 %) 43 49 (12.2 %) Unbilled Sales (58) (165) 64.8 % (347) (742) 53.2 % Total Retail Sales 7,309 6,980 4.7 % 3.4 % 20,214 19,413 4.1 % 2.3 % Wholesale and Other 1,241 1,546 (19.7 %) 3,327 3,390 (1.9 %) Total Electric Sales – Duke Energy Indiana 8,550 8,526 0.3 % 23,541 22,803 3.2 % Average Number of Customers Residential 797,652 783,143 1.9 % 794,508 780,064 1.9 % General Service 106,385 105,764 0.6 % 106,271 105,514 0.7 % Industrial 2,628 2,647 (0.7 %) 2,632 2,649 (0.6 %) Other Energy Sales 3,778 3,892 (2.9 %) 3,808 3,919 (2.8 %) Total Retail Customers 910,443 895,446 1.7 % 907,219 892,146 1.7 % Wholesale and Other 4 4 — % 4 4 — % Total Average Number of Customers – Duke Energy Indiana 910,447 895,450 1.7 % 907,223 892,150 1.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 4,365 3,977 9.8 % 11,341 9,736 16.5 % Hydro 70 105 (33.3 %) 208 291 (28.5 %) Natural Gas and Oil 1,598 1,308 22.2 % 4,030 3,380 19.2 % Renewable Energy 8 9 (11.1 %) 23 23 — % Total Generation (d) 6,041 5,399 11.9 % 15,602 13,430 16.2 % Purchased Power and Net Interchange (e) 3,132 4,031 (22.3 %) 9,907 11,393 (13.0 %) Total Sources of Energy 9,173 9,430 (2.7 %) 25,509 24,823 2.8 % Less: Line Loss and Other 623 904 (31.1 %) 1,968 2,020 (2.6 %) Total GWh Sources 8,550 8,526 0.3 % 23,541 22,803 3.2 % Owned MW Capacity (c) Summer 6,304 6,306 Winter 6,783 6,749 Heating and Cooling Degree Days Actual Heating Degree Days 18 9 100.0 % 2,695 2,779 (3.0 %) Cooling Degree Days 801 742 8.0 % 1,238 1,039 19.2 % Variance from Normal Heating Degree Days (68.8 %) (86.8 %) (19.1 %) (17.4 %) Cooling Degree Days 5.1 % (11.9 %) 12.6 % (17.5 %) (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. 38 Gas Utilities and Infrastructure Quarterly Highlights September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) 2024 2023 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 162,163,516 143,224,608 13.2 % 453,695,306 426,926,457 6.3 % Duke Energy Midwest LDC throughput (Mcf) (a) 9,607,415 9,745,709 (1.4 %) 55,774,760 55,298,840 0.9 % Average Number of Customers – Piedmont Natural Gas Residential 1,070,213 1,051,853 1.7 % 1,071,704 1,054,372 1.6 % Commercial 107,481 106,689 0.7 % 108,047 107,111 0.9 % Industrial 939 953 (1.5 %) 942 954 (1.3 %) Power Generation 19 19 — % 19 19 — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,178,652 1,159,514 1.7 % 1,180,712 1,162,456 1.6 % Average Number of Customers – Duke Energy Midwest Residential 520,087 516,099 0.8 % 522,087 517,656 0.9 % General Service 33,221 33,193 0.1 % 34,234 34,222 — % Industrial 2,189 1,784 22.7 % 2,210 1,744 26.7 % Other 118 116 1.7 % 117 116 0.9 % Total Average Number of Gas Customers – Duke Energy Midwest 555,615 551,192 0.8 % 558,648 553,738 0.9 % (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. 39
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.