Duke Energy — Feb 13, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001326160-25-000040
Showing in the filing
Adjusted EPS
“$6.17 to $6.42”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 5
Five-year capital plan for the long term
“$83 billion”
Adjusted EPS for FY2025
“$6.17”
Adjusted EPS for FY2025
“$6.17 to $6.42”
Adjusted EPS midpoint for FY2025
“$6.30”
Midpoint (basis for long-term growth rate) for the long term
“$6.30”
Exhibit 99.1 · full document
News Release Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 February 13, 2025 Duke Energy reports fourth-quarter and full-year 2024 financial results ▪ 2024 reported EPS of $5.71 and adjusted EPS of $5.90, closing the year within guidance range ▪ Constructive regulatory outcomes in 2024 support execution of strategic priorities ▪ Five-year capital plan increasing to $83 billion to fund new generation and serve growing energy demand CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2024 full-year reported EPS of $5.71, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.90. This is compared to reported and adjusted EPS of $3.54 and $5.56, respectively, for the full-year 2023. Adjusted EPS excludes the impact of certain items that are included in reported EPS. In 2024, these included amounts related to noncore asset sales and net impairments, regulatory matters, captive storm deductible and other matters as described on pages 4 and 5. Higher full-year 2024 adjusted results were primarily driven by growth from rate increases and riders, improved weather and higher sales volumes. These items were partially offset by higher interest expense, depreciation on a growing asset base and storm costs, along with a higher effective tax rate. The company is introducing 2025 adjusted EPS guidance of $6.17 to $6.42 and extending its long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates. “Today we announced strong fourth-quarter results, closing out a year of great accomplishment,” said Lynn Good, Duke Energy chair and chief executive officer. “Duke Energy enters 2025 in a position of strength, and I’m excited about the future with Harry Sideris as its next CEO. Under his leadership, Duke Energy is well positioned to execute the next phase of our business strategy.” “I assume this new position at a pivotal point for our company and industry,” said Duke Energy President and incoming CEO Harry Sideris. “At Duke Energy, we are committed to investing in the critical infrastructure needed to support our country’s aspirations for technology leadership and economic growth. We will deliver on these goals while maintaining energy reliability, affordability and security for our customers and growing EPS 5% to 7% through 2029.” Duke Energy News Release 2 Quarterly results Duke Energy's fourth-quarter 2024 reported EPS was $1.54, compared to $1.27 for the fourth quarter of 2023. Duke Energy's fourth-quarter 2024 adjusted EPS was $1.66, compared to $1.51 for the fourth quarter of 2023. Higher adjusted results for the quarter compared to last year were primarily driven by growth from rate increases and riders. These items were partially offset by higher interest expense and depreciation on a growing asset base. In addition to the following summary of fourth-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2024 compared to prior year are provided at the end of this news release. The discussion below of fourth-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 re cognized fourth-quarter 2024 segment income of $1,208 million, compared to segment income of $1,135 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to regulatory matters, noncore asset sales and net impairments to certain joint venture electric transmission projects, which were treated as special items and excluded from adjusted earnings. On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $1,238 million, compared to segment income of $1,115 million, in the fourth quarter of 2023. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher depreciation on a growing asset base. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $189 million, compared to segment income of $192 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to impairments for certain renewable natural gas investments, which were treated as a special item and excluded from adjusted earnings. On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $231 million, compared to segment income of $192 million, in the fourth quarter of 2023. This represents an increase of $0.05 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher interest expense and depreciation on a growing asset base. 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 basis, Other recognized a fourth-quarter 2024 segment loss of $204 million, compared to a segment loss of $228 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to an insurance deductible for Hurricane Helene property losses, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Other recognized a fourth-quarter 2024 segment loss of $186 million, compared to a segment loss of $133 million in the fourth quarter of 2023. This represents a decrease of $0.06 per share. Lower quarterly results were primarily driven by higher interest expense. Effective tax rate Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2024 was 8.1% compared to 9.7% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs. Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2024 was 9.3% compared to 10.5% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs. The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate. Earnings conference call for analysts An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth-quarter and year-end 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 United States or 929.526.1599 outside the United States. The confirmation code is 089851. Please call in 10 to 15 minutes prior to the scheduled start time. A replay of the conference call will be available on the investors' section of the company's website on February 14. Duke Energy News Release 4 Special Items and Non-GAAP Reconciliation The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2024 and 2023 financial results: (In millions, except per share amounts) After-Tax Amount 4Q 2024 EPS 4Q 2023 EPS EPS, as reported $ 1.54 $ 1.27 Adjustments to reported EPS: Fourth Quarter 2024 Regulatory matters $ 18 $ 0.02 Noncore asset sales and net impairments 54 0.07 Captive storm deductible 18 0.02 Discontinued operations (a) 2 — Fourth Quarter 2023 Regulatory matters $ (20) $ (0.03) Organizational optimization 95 0.13 Discontinued operations (a) 108 0.14 Total adjustments (b) $ 0.12 $ 0.24 EPS, adjusted $ 1.66 $ 1.51 (a) Represents the operating results and impairments recognized related to the sale of the Commercial Renewables business disposal group. (b) Total EPS adjustments may not foot due to rounding. (In millions, except per share amounts) After-Tax Amount Full-Year 2024 EPS Full-Year 2023 EPS EPS, as reported $ 5.71 $ 3.54 Adjustments to reported EPS: Full-Year 2024 Regulatory matters $ 43 $ 0.06 System post-implementation costs 16 0.02 Preferred Redemption Costs 16 0.02 Noncore asset sales and net impairments 54 0.07 Captive storm deductible 18 0.02 Discontinued operations (a) (7) (0.01) Full-Year 2023 Regulatory matters $ 64 $ 0.08 Organizational optimization 95 0.13 Discontinued operations (a) 1,391 1.81 Total adjustments (b) $ 0.19 $ 2.02 EPS, adjusted $ 5.90 $ 5.56 (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. Duke Energy News Release 5 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 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, 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. Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs: • Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' North Carolina and South Carolina rate case orders, Duke Energy Carolinas' North Carolina rate case settlement and charges related to Duke Energy Indiana post-retirement benefits. • 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. • Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments. • Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses. • Organizational optimization represents costs associated with strategic repositioning to a fully regulated utility. Duke Energy News Release 6 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 (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) 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 (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 (loss) 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. 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 energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 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. Duke Energy News Release 7 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 meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability; ◦ State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, 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 a global pandemic or military conflict, 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 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, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, 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, including artificial intelligence; ◦ 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 or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters 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; Duke Energy News Release 8 ◦ 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, including any impact from increased tariffs and interest rates, and the ability to timely 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 investment carrying values; ◦ Asset or business acquisitions and dispositions may not yield the anticipated benefits; and ◦ The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an 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 December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,208 $ 18 A $ 12 B $ — $ — $ 30 $ 1,238 Gas Utilities and Infrastructure 189 — 42 C — — 42 231 Total Reportable Segment Income 1,397 18 54 — — 72 1,469 Other (204) — — 18 D — 18 (186) Discontinued Operations $ (2) — — — 2 E 2 — Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191 $ 18 $ 54 $ 18 $ 2 $ 92 $ 1,283 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.54 $ 0.02 $ 0.07 $ 0.02 $ — $ 0.12 $ 1.66 Note: Total EPS adjustments do not cross-foot due to rounding. A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. B – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. C – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. D – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income (Loss) Attributable t o Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 773 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,770 $ 43 A $ 13 B $ — $ 12 E $ — $ — $ 68 $ 4,838 Gas Utilities and Infrastructure 454 — 3 C — 42 F — — 45 499 Total Reportable Segment Income 5,224 43 16 — 54 — — 113 5,337 Other (829) — — 16 D — 18 G — 34 (795) Discontinued Operations 7 — — — — — (7) H (7) — Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402 $ 43 $ 16 $ 16 $ 54 $ 18 $ (7) $ 140 $ 4,542 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 5.71 $ 0.06 $ 0.02 $ 0.02 $ 0.07 $ 0.02 $ (0.01) $ 0.19 $ 5.90 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 $15 million tax benefits. • $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 Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Carolinas. • $9 million recorded within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Progress. • $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the 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 as a charge within Other Income and expenses on the 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 Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. F – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. H – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income (Loss) Attributable t o Noncontrolling Interests on the 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 December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Organizational Optimization Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,135 $ (20) A $ — $ — $ (20) $ 1,115 Gas Utilities and Infrastructure 192 — — — — 192 Total Reportable Segment Income 1,327 (20) — — (20) 1,307 Other (228) — 95 B — 95 (133) Discontinued Operations (108) — — 108 C 108 — Net Income Available to Duke Energy Corporation Common Stockholders $ 991 $ (20) $ 95 $ 108 $ 183 $ 1,174 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.27 $ (0.03) $ 0.13 $ 0.14 $ 0.24 $ 1.51 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02). A – Net of $7 million tax expense. • $27 million reversal recorded within Impairment of assets and other charges on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order. B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility. C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 11 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Organizational Optimization Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,223 $ 64 A $ — $ — $ 64 $ 4,287 Gas Utilities and Infrastructure 519 — — — — 519 Total Reportable Segment Income 4,742 64 — — 64 4,806 Other (616) — 95 B — 95 (521) Discontinued Operations (1,391) — — 1,391 C 1,391 — Net Income Available to Duke Energy Corporation Common Stockholders $ 2,735 $ 64 $ 95 $ 1,391 $ 1,550 $ 4,285 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 3.54 $ 0.08 $ 0.13 $ 1.81 $ 2.02 $ 5.56 A – Net of $10 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $35 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the North Carolina rate case order. B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility. C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 12 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2024 (Dollars in millions) Three Months Ended December 31, 2024 Year Ended December 31, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,338 $ 5,194 Regulatory Matters 29 62 System Post-Implementation Costs — 21 Preferred Redemption Costs — 16 Noncore Asset Sales and Net Impairments 65 65 Captive Storm Deductible 23 23 Noncontrolling Interests (27) (106) Preferred Dividends and Redemption Premium (14) (122) Adjusted Pretax Income $ 1,414 $ 5,153 Reported Income Tax Expense From Continuing Operations $ 109 8.1 % $ 590 11.4 % Regulatory Matters 7 15 System Post-Implementation Costs — 5 Noncore Asset Sales and Net Impairments 11 11 Captive Storm Deductible 5 5 Noncontrolling interest portion of income taxes (a) (1) (15) Adjusted Tax Expense $ 131 9.3 % $ 611 11.9 % Three Months Ended December 31, 2023 Year Ended December 31, 2023 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,257 $ 4,767 Regulatory Matters (27) 84 Organizational Optimization 124 124 Noncontrolling Interests (29) (121) Preferred Dividends (14) (106) Adjusted Pretax Income $ 1,311 $ 4,748 Reported Income Tax Expense From Continuing Operations $ 122 9.7 % $ 438 9.2 % Regulatory Matters (7) 20 Organizational Optimization 29 29 Noncontrolling interest portion of income taxes (a) (7) (24) Adjusted Tax Expense $ 137 10.5 % $ 463 9.8 % (a) Income tax related to non-pass-through entities for tax purposes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 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 $ 1.48 $ 0.25 $ (0.32) $ (0.14) $ 1.27 Organizational Optimization — — 0.13 — 0.13 Regulatory Matters (0.03) — — — (0.03) Discontinued Operations — — — 0.14 0.14 2023 QTD Adjusted Earnings Per Share $ 1.45 $ 0.25 $ (0.19) $ — $ 1.51 Weather 0.03 — — — 0.03 Volume — — — — — Riders and Other Retail Margin (a) 0.10 0.02 — — 0.12 Rate case impacts, net (b) 0.09 0.04 — — 0.13 Wholesale (0.02) — — — (0.02) Operations and maintenance, net of recoverables 0.02 0.01 — — 0.03 Interest Expense (c) (0.01) (0.01) (0.04) — (0.06) AFUDC Equity 0.02 — — — 0.02 Depreciation and amortization (c) (0.04) (0.01) — — (0.05) Other (0.03) — (0.02) — (0.05) Total variance $ 0.16 $ 0.05 $ (0.06) $ — $ 0.15 2024 QTD Adjusted Earnings Per Share $ 1.61 $ 0.30 $ (0.25) $ — $ 1.66 Noncore Asset Sales and Net Impairments (0.02) (0.05) — — (0.07) Captive Insurance Deductible — — (0.02) — (0.02) Regulatory Matters (0.02) — — — (0.02) 2024 QTD Reported Earnings Per Share $ 1.57 $ 0.25 $ (0.27) $ — $ 1.54 Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares to 773 million. Totals may not foot or cross-foot due to rounding. (a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.05). (b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.09), DEP North Carolina Year 2 rates, effective October 2024, (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.02). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024. (c) Electric Utilities and Infrastructure excludes rate case impacts. 14 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 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 $ 5.48 $ 0.68 $ (0.81) $ (1.81) $ 3.54 Regulatory Matters 0.08 — — — 0.08 Workplace and Workforce Realignment — — 0.13 — 0.13 Discontinued Operations — — — 1.81 1.81 2023 YTD Adjusted Earnings Per Share $ 5.56 $ 0.68 $ (0.68) $ — $ 5.56 Weather 0.29 — — — 0.29 Volume 0.20 — — — 0.20 Riders and Other Retail Margin (a) 0.24 0.06 — — 0.30 Rate case impacts, net (b) 0.34 0.06 — — 0.40 Operations and maintenance, net of recoverables (c) (0.05) (0.02) — — (0.07) Interest Expense (d) (0.13) (0.04) (0.15) — (0.32) AFUDC Equity 0.05 — — — 0.05 Depreciation and amortization (d) (0.21) (0.04) — — (0.25) Other (e) (0.02) (0.05) (0.19) — (0.26) Total variance $ 0.71 $ (0.03) $ (0.34) $ — $ 0.34 2024 YTD Adjusted Earnings Per Share $ 6.27 $ 0.65 $ (1.02) $ — $ 5.90 Regulatory Matters (0.06) — — — (0.06) System Post-Implementation Costs (0.02) — — (0.02) Preferred Redemption Costs — — (0.02) — (0.02) Noncore Asset Sales and Net Impairments (0.02) (0.05) — — (0.07) Captive Storm Deductible — — (0.02) — (0.02) Discontinued Operations — — — (0.01) (0.01) 2024 YTD Reported Earnings Per Share $ 6.17 $ 0.60 $ (1.06) $ (0.01) $ 5.71 Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares 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 (+$0.17). Gas Utilities and Infrastructure includes higher revenues from the Tennessee Annual Revenue Mechanism and the rate stabilization adjustment in South Carolina (+$0.04), 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 (+$0.28), DEP South Carolina rates, effective April 2023, and DEP North Carolina Year 1 rates, effective October 2023 and Year 2 rates, effective October 2024, (+$0.07) 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 (-$0.03). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024 (+$0.04) and DEO rates, effective November 2023 (+$0.02). (c) Electric Utilities and Infrastructure includes $0.12 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). 15 DUKE ENERGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Years Ended December 31, 2024 2023 2022 Operating Revenues Regulated electric $ 27,787 $ 26,617 $ 25,759 Regulated natural gas 2,252 2,152 2,724 Nonregulated electric and other 318 291 285 Total operating revenues 30,357 29,060 28,768 Operating Expenses Fuel used in electric generation and purchased power 9,206 9,086 8,782 Cost of natural gas 565 593 1,276 Operation, maintenance and other 5,389 5,625 5,734 Depreciation and amortization 5,793 5,253 5,086 Property and other taxes 1,466 1,400 1,466 Impairment of assets and other charges 38 85 434 Total operating expenses 22,457 22,042 22,778 Gains on Sales of Other Assets and Other, net 26 52 22 Operating Income 7,926 7,070 6,012 Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (9) 113 113 Other income and expenses, net 661 598 392 Total other income and expenses 652 711 505 Interest Expense 3,384 3,014 2,439 Income From Continuing Operations Before Income Taxes 5,194 4,767 4,078 Income Tax Expense From Continuing Operations 590 438 300 Income From Continuing Operations 4,604 4,329 3,778 Income (Loss) From Discontinued Operations, net of tax 10 (1,455) (1,323) Net Income 4,614 2,874 2,455 Less: Net Income (Loss) Attributable to Noncontrolling Interests 90 33 (95) Net Income Attributable to Duke Energy Corporation 4,524 2,841 $ 2,550 Less: Preferred Dividends 106 106 106 Less: Preferred Redemption Costs 16 — — Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402 $ 2,735 $ 2,444 Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 5.70 $ 5.35 $ 4.74 Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ 0.01 $ (1.81) $ (1.57) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 5.71 $ 3.54 $ 3.17 Weighted average shares outstanding Basic and Diluted 772 771 770 16 DUKE ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) December 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 314 $ 253 Receivables (net of allowance for doubtful accounts of $124 at 2024 and $55 at 2023) 2,232 1,112 Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024 and $150 at 2023) 1,889 3,019 Receivable from sales of Commercial Renewables Disposal Groups 551 — Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs) 4,509 4,292 Regulatory assets (includes $120 at 2024 and $110 at 2023 related to VIEs) 2,756 3,648 Assets held for sale 4 14 Other (includes $90 at 2024 and 2023 related to VIEs) 695 431 Total current assets 12,950 12,769 Property, Plant and Equipment Cost 180,806 171,353 Accumulated depreciation and amortization (57,503) (56,038) Net property, plant and equipment 123,303 115,315 Other Noncurrent Assets Goodwill 19,303 19,303 Regulatory assets (includes $1,705 at 2024 and $1,642 at 2023 related to VIEs) 14,254 13,618 Nuclear decommissioning trust funds 11,434 10,143 Operating lease right-of-use assets, net 1,148 1,092 Investments in equity method unconsolidated affiliates 353 492 Assets held for sale 89 197 Other 3,509 3,964 Total other noncurrent assets 50,090 48,809 Total Assets $ 186,343 $ 176,893 LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $214 at 2024 and $188 at 2023 related to VIEs) $ 5,479 $ 4,228 Notes payable and commercial paper 3,584 4,288 Taxes accrued 851 816 Interest accrued 855 745 Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs) 4,349 2,800 Asset retirement obligations 650 596 Regulatory liabilities 1,425 1,369 Liabilities associated with assets held for sale 80 122 Other 2,084 2,319 Total current liabilities 19,357 17,283 Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs) 76,340 72,452 Other Noncurrent Liabilities Deferred income taxes 11,424 10,556 Asset retirement obligations 9,342 8,560 Regulatory liabilities 14,694 14,039 Operating lease liabilities 957 917 Accrued pension and other post-retirement benefit costs 434 485 Investment tax credits 894 864 Liabilities associated with assets held for sale 89 157 Other (includes $27 at 2024 and $35 at 2023 related to VIEs) 1,556 1,393 Total other noncurrent liabilities 39,390 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; 776 million and 771 million shares outstanding at 2024 and 2023 1 1 Additional paid-in capital 45,494 44,920 Retained earnings 3,431 2,235 Accumulated other comprehensive income (loss) 228 (6) Total Duke Energy Corporation stockholders' equity 50,127 49,112 Noncontrolling interests 1,129 1,075 Total equity 51,256 50,187 Total Liabilities and Equity $ 186,343 $ 176,893 17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Years Ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 4,614 $ 2,874 $ 2,455 Adjustments to reconcile net income to net cash provided by operating activities 7,670 7,004 3,472 Net cash provided by operating activities 12,284 9,878 5,927 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (13,079) (12,475) (11,973) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 859 2,351 6,129 Net increase (decrease) in cash, cash equivalents and restricted cash 64 (246) 83 Cash, cash equivalents and restricted cash at beginning of period 357 603 520 Cash, cash equivalents and restricted cash at end of period $ 421 $ 357 $ 603 18 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,551 $ — $ — $ (17) $ 6,534 Regulated natural gas — 763 — (22) 741 Nonregulated electric and other 67 12 37 (31) 85 Total operating revenues 6,618 775 37 (70) 7,360 Operating Expenses Fuel used in electric generation and purchased power 2,019 — — (20) 1,999 Cost of natural gas — 185 — — 185 Operation, maintenance and other 1,220 119 (9) (49) 1,281 Depreciation and amortization 1,305 106 77 (7) 1,481 Property and other taxes 272 29 2 1 304 Impairment of assets and other charges (1) — — — (1) Total operating expenses 4,815 439 70 (75) 5,249 (Losses) Gains on Sales of Other Assets and Other, net (6) — 6 1 1 Operating Income (Loss) 1,797 336 (27) 6 2,112 Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (15) (51) 4 — (62) Other income and expenses, net 142 12 35 (30) 159 Total Other Income and Expenses 127 (39) 39 (30) 97 Interest Expense 505 67 324 (25) 871 Income (Loss) from Continuing Operations Before Income Taxes 1,419 230 (312) 1 1,338 Income Tax Expense (Benefit) from Continuing Operations 189 42 (122) — 109 Income (Loss) from Continuing Operations 1,230 188 (190) 1 1,229 Less: Net Income (Loss) Attributable to Noncontrolling Interest 22 (1) — 1 22 Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,208 189 (190) — 1,207 Less: Preferred Dividends — — 14 — 14 Segment Income/Other Net Loss $ 1,208 $ 189 $ (204) $ — $ 1,193 Discontinued Operations (2) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191 Segment Income/Other Net Loss $ 1,208 $ 189 $ (204) $ — $ 1,193 Special Items 30 42 18 — 90 Adjusted Earnings (a) $ 1,238 $ 231 $ (186) $ — $ 1,283 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 19 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 27,856 $ — $ — $ (69) $ 27,787 Regulated natural gas — 2,342 — (90) 2,252 Nonregulated electric and other 237 48 157 (124) 318 Total operating revenues 28,093 2,390 157 (283) 30,357 Operating Expenses Fuel used in electric generation and purchased power 9,285 — — (79) 9,206 Cost of natural gas — 565 — — 565 Operation, maintenance and other 5,185 478 (79) (195) 5,389 Depreciation and amortization 5,128 400 293 (28) 5,793 Property and other taxes 1,305 149 12 — 1,466 Impairment of assets and other charges 37 — 1 — 38 Total operating expenses 20,940 1,592 227 (302) 22,457 Gains on Sales of Other Assets and Other, net 3 — 22 1 26 Operating Income (Loss) 7,156 798 (48) 20 7,926 Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (11) (48) 50 — (9) Other income and expenses, net 539 58 207 (143) 661 Total Other Income and Expenses 528 10 257 (143) 652 Interest Expense 2,006 256 1,245 (123) 3,384 Income (Loss) from Continuing Operations Before Income Taxes 5,678 552 (1,036) — 5,194 Income Tax Expense (Benefit) from Continuing Operations 820 99 (329) — 590 Income (Loss) from Continuing Operations 4,858 453 (707) — 4,604 Less: Net Income (Loss) Attributable to Noncontrolling Interest 88 (1) — — 87 Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 4,770 454 (707) — 4,517 Less: Preferred Dividends — — 106 — 106 Less: Preferred Redemption Costs — — 16 — 16 Segment Income/Other Net Loss $ 4,770 $ 454 $ (829) $ — $ 4,395 Discontinued Operations 7 Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402 Segment Income/Other Net Loss $ 4,770 $ 454 $ (829) $ — $ 4,395 Special Items 68 45 34 — 147 Adjusted Earnings (a) $ 4,838 $ 499 $ (795) $ — $ 4,542 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,495 $ — $ — $ (18) $ 6,477 Regulated natural gas — 677 — (22) 655 Nonregulated electric and other 63 6 36 (25) 80 Total operating revenues 6,558 683 36 (65) 7,212 Operating Expenses Fuel used in electric generation and purchased power 2,119 — — (20) 2,099 Cost of natural gas — 159 — — 159 Operation, maintenance and other 1,301 123 133 (45) 1,512 Depreciation and amortization 1,191 92 64 (7) 1,340 Property and other taxes 243 36 (15) — 264 Impairment of assets and other charges (25) — 14 — (11) Total operating expenses 4,829 410 196 (72) 5,363 (Losses) Gains on Sales of Other Assets and Other, net (2) 1 8 (1) 6 Operating Income (Loss) 1,727 274 (152) 6 1,855 Other Income and Expenses Equity in earnings of unconsolidated affiliates 2 7 19 — 28 Other income and expenses, net 127 13 71 (44) 167 Total Other Income and Expenses 129 20 90 (44) 195 Interest Expense 486 59 287 (39) 793 Income (Loss) from Continuing Operations Before Income Taxes 1,370 235 (349) 1 1,257 Income Tax Expense (Benefit) from Continuing Operations 211 45 (135) 1 122 Income (Loss) from Continuing Operations 1,159 190 (214) — 1,135 Less: Net Income (Loss) Attributable to Noncontrolling Interest 24 (2) — — 22 Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,135 192 (214) — 1,113 Less: Preferred Dividends — — 14 — 14 Segment Income/Other Net Loss $ 1,135 $ 192 $ (228) $ — $ 1,099 Discontinued Operations (108) Net Income Available to Duke Energy Corporation Common Stockholders $ 991 Segment Income/Other Net Loss $ 1,135 $ 192 $ (228) $ — $ 1,099 Special Items (20) — 95 — 75 Adjusted Earnings (a) $ 1,115 $ 192 $ (133) $ — $ 1,174 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 26,685 $ — $ — $ (68) $ 26,617 Regulated natural gas — 2,242 — (90) 2,152 Nonregulated electric and other 236 24 134 (103) 291 Total operating revenues 26,921 2,266 134 (261) 29,060 Operating Expenses Fuel used in electric generation and purchased power 9,164 — — (78) 9,086 Cost of natural gas — 593 — — 593 Operation, maintenance and other 5,309 455 36 (175) 5,625 Depreciation and amortization 4,684 349 248 (28) 5,253 Property and other taxes 1,320 129 (49) — 1,400 Impairment of assets and other charges 75 (4) 14 — 85 Total operating expenses 20,552 1,522 249 (281) 22,042 Gains on Sales of Other Assets and Other, net 28 — 24 — 52 Operating Income (Loss) 6,397 744 (91) 20 7,070 Other Income and Expenses Equity in earnings of unconsolidated affiliates 7 40 66 — 113 Other income and expenses, net 510 66 192 (170) 598 Total Other Income and Expenses 517 106 258 (170) 711 Interest Expense 1,850 217 1,097 (150) 3,014 Income (Loss) from Continuing Operations Before Income Taxes 5,064 633 (930) — 4,767 Income Tax Expense (Benefit) from Continuing Operations 742 116 (420) — 438 Income (Loss) from Continuing Operations 4,322 517 (510) — 4,329 Less: Net Income (Loss) Attributable to Noncontrolling Interest 99 (2) — — 97 Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 4,223 519 (510) — 4,232 Less: Preferred Dividends — — 106 — 106 Segment Income/Other Net Loss $ 4,223 $ 519 $ (616) $ — $ 4,126 Discontinued Operations (1,391) Net Income Available to Duke Energy Corporation Common Stockholders $ 2,735 Segment Income/Other Net Loss $ 4,223 $ 519 $ (616) $ — $ 4,126 Special Items 64 — 95 — 159 Adjusted Earnings (a) $ 4,287 $ 519 $ (521) $ — $ 4,285 (a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 22 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 92 $ 34 $ 188 $ — $ 314 Receivables, net 1,759 457 16 — 2,232 Receivables of variable interest entities, net 1,889 — — — 1,889 Receivables from affiliated companies 83 143 675 (901) — Receivable from sales of Commercial Renewables Disposal Groups — — 551 — 551 Notes receivable from affiliated companies 41 7 1,910 (1,958) — Inventory 4,375 95 39 — 4,509 Regulatory assets 2,497 171 88 — 2,756 Assets held for sale — — 4 — 4 Other 462 35 197 1 695 Total current assets 11,198 942 3,668 (2,858) 12,950 Property, Plant and Equipment Cost 159,990 17,730 3,165 (79) 180,806 Accumulated depreciation and amortization (51,977) (3,626) (1,898) (2) (57,503) Facilities to be retired, net — — — — — Net property, plant and equipment 108,013 14,104 1,267 (81) 123,303 Other Noncurrent Assets Goodwill 17,379 1,924 — — 19,303 Regulatory assets 12,923 812 519 — 14,254 Nuclear decommissioning trust funds 11,434 — — — 11,434 Operating lease right-of-use assets, net 766 4 377 1 1,148 Investments in equity method unconsolidated affiliates 28 186 139 — 353 Investment in consolidated subsidiaries 471 6 74,117 (74,594) — Assets held for sale — — 89 — 89 Other 2,473 308 1,354 (626) 3,509 Total other noncurrent assets 45,474 3,240 76,595 (75,219) 50,090 Total Assets 164,685 18,286 81,530 (78,158) 186,343 Segment reclassifications, intercompany balances and other (675) (155) (77,328) 78,158 — Segment Assets $ 164,010 $ 18,131 $ 4,202 $ — $ 186,343 (a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 23 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 4,465 $ 323 $ 691 $ — $ 5,479 Accounts payable to affiliated companies 528 25 310 (863) — Notes payable to affiliated companies 1,149 795 14 (1,958) — Notes payable and commercial paper — — 3,584 — 3,584 Taxes accrued 1,574 148 (870) (1) 851 Interest accrued 509 53 293 — 855 Current maturities of long-term debt 2,189 298 1,869 (7) 4,349 Asset retirement obligations 650 — — — 650 Regulatory liabilities 1,351 74 — — 1,425 Liabilities associated with assets held for sale — — 80 — 80 Other 1,585 81 454 (36) 2,084 Total current liabilities 14,000 1,797 6,425 (2,865) 19,357 Long-Term Debt 46,077 4,670 25,667 (74) 76,340 Long-Term Debt Payable to Affiliated Companies 618 7 — (625) — Other Noncurrent Liabilities Deferred income taxes 11,889 1,513 (1,978) — 11,424 Asset retirement obligations 9,251 91 — — 9,342 Regulatory liabilities 13,460 1,202 31 1 14,694 Operating lease liabilities 683 7 267 — 957 Accrued pension and other post-retirement benefit costs 198 30 206 — 434 Investment tax credits 893 1 — — 894 Liabilities associated with assets held for sale — — 89 — 89 Other 982 179 583 (188) 1,556 Total other noncurrent liabilities 37,356 3,023 (802) (187) 39,390 Equity Total Duke Energy Corporation stockholders' equity 65,532 8,781 50,221 (74,407) 50,127 Noncontrolling interests 1,102 8 19 — 1,129 Total equity 66,634 8,789 50,240 (74,407) 51,256 Total Liabilities and Equity 164,685 18,286 81,530 (78,158) 186,343 Segment reclassifications, intercompany balances and other (675) (155) (77,328) 78,158 — Segment Liabilities and Equity $ 164,010 $ 18,131 $ 4,202 $ — $ 186,343 (a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 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 $ 2,307 $ 1,679 $ 1,503 $ 474 $ 698 $ (43) $ 6,618 Operating Expenses Fuel used in electric generation and purchased power 720 513 513 122 203 (52) 2,019 Operation, maintenance and other 375 307 273 79 158 28 1,220 Depreciation and amortization 462 337 261 72 169 4 1,305 Property and other taxes 75 33 90 76 13 (15) 272 Impairment of assets and other charges (1) — — — — — (1) Total operating expenses 1,631 1,190 1,137 349 543 (35) 4,815 Gains (Losses) on Sales of Other Assets and Other, net 1 — 1 — — (8) (6) Operating Income 677 489 367 125 155 (16) 1,797 Other Income and Expenses, net (b) 67 34 19 5 18 (16) 127 Interest Expense 185 122 118 33 55 (8) 505 Income Before Income Taxes 559 401 268 97 118 (24) 1,419 Income Tax Expense 74 57 57 14 7 (20) 189 Less: Net Income Attributable to Noncontrolling Interest (c) — — — — — 22 22 Segment Income $ 485 $ 344 $ 211 $ 83 $ 111 $ (26) $ 1,208 (a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b) Includes an equity component of allowance for funds used during construction of $28 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $6 million for Duke Energy Indiana. (c) Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 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 $ 9,718 $ 7,017 $ 6,595 $ 1,905 $ 3,040 $ (182) $ 28,093 Operating Expenses Fuel used in electric generation and purchased power 3,251 2,409 2,346 538 964 (223) 9,285 Operation, maintenance and other 1,710 1,370 1,043 366 666 30 5,185 Depreciation and amortization 1,768 1,336 1,057 273 676 18 5,128 Property and other taxes 346 177 440 306 50 (14) 1,305 Impairment of assets and other charges 31 6 — — — — 37 Total operating expenses 7,106 5,298 4,886 1,483 2,356 (189) 20,940 Gains on Sales of Other Assets and Other, net 2 2 3 — — (4) 3 Operating Income 2,614 1,721 1,712 422 684 3 7,156 Other Income and Expenses, net (b) 250 136 83 15 62 (18) 528 Interest Expense 722 492 457 126 228 (19) 2,006 Income Before Income Taxes 2,142 1,365 1,338 311 518 4 5,678 Income Tax Expense 233 194 271 47 72 3 820 Less: Net Income Attributable to Noncontrolling Interest (c) — — — — — 88 $ 88 Segment Income $ 1,909 $ 1,171 $ 1,067 $ 264 $ 446 $ (87) $ 4,770 (a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b) Includes an equity component of allowance for funds used during construction of $113 million for Duke Energy Carolinas, $61 million for Duke Energy Progress, $13 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $19 million for Duke Energy Indiana. (c) Includes a noncontrolling interest in Duke Energy Indiana. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 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 $ 6 $ 24 $ 33 $ 16 $ 13 $ — $ 92 Receivables, net 266 160 544 358 423 8 1,759 Receivables of variable interest entities, net 1,054 835 — — — — 1,889 Receivables from affiliated companies 157 10 21 28 1 (134) 83 Notes receivable from affiliated companies 65 — — 19 — (43) 41 Inventory 1,536 1,341 745 167 586 — 4,375 Regulatory assets 685 626 1,022 53 113 (2) 2,497 Other 52 104 227 (1) 69 11 462 Total current assets 3,821 3,100 2,592 640 1,205 (160) 11,198 Property, Plant and Equipment Cost 58,382 42,060 30,490 9,041 19,970 47 159,990 Accumulated depreciation and amortization (19,090) (15,930) (7,650) (2,489) (6,848) 30 (51,977) Net property, plant and equipment 39,292 26,130 22,840 6,552 13,122 77 108,013 Other Noncurrent Assets Goodwill — — — 596 — 16,783 17,379 Regulatory assets 4,199 4,555 2,064 405 1,040 660 12,923 Nuclear decommissioning trust funds 6,468 4,636 331 — — (1) 11,434 Operating lease right-of-use assets, net 98 348 277 6 37 — 766 Investments in equity method unconsolidated affiliates — — 1 — — 27 28 Investment in consolidated subsidiaries 55 10 3 402 1 — 471 Other 1,126 724 465 59 323 (224) 2,473 Total other noncurrent assets 11,946 10,273 3,141 1,468 1,401 17,245 45,474 Total Assets 55,059 39,503 28,573 8,660 15,728 17,162 164,685 Segment reclassifications, intercompany balances and other (277) (101) (24) (449) (2) 178 (675) Reportable Segment Assets $ 54,782 $ 39,402 $ 28,549 $ 8,211 $ 15,726 $ 17,340 $ 164,010 (a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. 27 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 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 $ 1,809 $ 749 $ 1,418 $ 229 $ 257 $ 3 $ 4,465 Accounts payable to affiliated companies 241 306 67 17 57 (160) 528 Notes payable to affiliated companies — 611 466 104 10 (42) 1,149 Taxes accrued 628 395 62 279 169 41 1,574 Interest accrued 201 122 86 41 59 — 509 Current maturities of long-term debt 521 983 534 155 4 (8) 2,189 Asset retirement obligations 247 230 1 8 164 — 650 Regulatory liabilities 618 348 174 29 183 (1) 1,351 Other 542 427 341 63 183 29 1,585 Total current liabilities 4,807 4,171 3,149 925 1,086 (138) 14,000 Long-Term Debt 16,669 11,371 9,814 3,138 4,644 441 46,077 Long-Term Debt Payable to Affiliated Companies 300 150 — 18 150 — 618 Other Noncurrent Liabilities Deferred income taxes 4,105 2,352 3,026 869 1,494 43 11,889 Asset retirement obligations 3,743 4,104 213 69 1,104 18 9,251 Regulatory liabilities 6,592 4,570 688 231 1,404 (25) 13,460 Operating lease liabilities 87 332 225 6 33 — 683 Accrued pension and other post-retirement benefit costs 24 141 92 66 82 (207) 198 Investment tax credits 317 144 241 5 186 — 893 Other 575 198 144 60 19 (14) 982 Total other noncurrent liabilities 15,443 11,841 4,629 1,306 4,322 (185) 37,356 Equity Total Duke Energy Corporation stockholders' equity 17,840 11,970 10,981 3,273 5,526 15,942 65,532 Noncontrolling interests (c) — — — — — 1,102 1,102 Equity 17,840 11,970 10,981 3,273 5,526 17,044 66,634 Total Liabilities and Equity 55,059 39,503 28,573 8,660 15,728 17,162 164,685 Segment reclassifications, intercompany balances and other (277) (101) (24) (449) (2) 178 (675) Reportable Segment Liabilities and Equity $ 54,782 $ 39,402 $ 28,549 $ 8,211 $ 15,726 $ 17,340 $ 164,010 (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 CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 180 $ 590 $ 6 $ (1) $ 775 Operating Expenses Cost of natural gas 42 143 — — 185 Operation, maintenance and other 22 91 5 1 119 Depreciation and amortization 35 70 2 (1) 106 Property and other taxes 21 8 — — 29 Total operating expenses 120 312 7 — 439 Operating Income (Loss) 60 278 (1) (1) 336 Other Income and Expenses Equity in losses of unconsolidated affiliates — — (51) — (51) Other income and expenses, net 2 12 — (2) 12 Total other income and expenses 2 12 (51) (2) (39) Interest Expense 18 50 1 (2) 67 Income (Loss) Before Income Taxes 44 240 (53) (1) 230 Income Tax Expense (Benefit) 7 46 (11) — 42 Less: Net Income (Loss) Attributable to Noncontrolling Interest — — (1) — (1) Segment Income (Loss) $ 37 $ 194 $ (41) $ (1) $ 189 (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. 29 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 640 $ 1,729 $ 21 $ — $ 2,390 Operating Expenses Cost of natural gas 142 423 — — 565 Operation, maintenance and other 109 355 13 1 478 Depreciation and amortization 131 261 8 — 400 Property and other taxes 94 55 — — 149 Total operating expenses 476 1,094 21 1 1,592 Operating Income 164 635 — (1) 798 Other Income and Expenses Equity in losses of unconsolidated affiliates — — (48) — (48) Other income and expenses, net 5 54 — (1) 58 Total other income and expenses 5 54 (48) (1) 10 Interest Expense 68 185 4 (1) 256 Income (Loss) Before Income Taxes 101 504 (52) (1) 552 Income Tax Expense (Benefit) 18 94 (13) — 99 Less: Net Income (Loss) Attributable to Noncontrolling Interest — — (1) — (1) Segment Income (Loss) $ 83 $ 410 $ (38) $ (1) $ 454 (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 and losses from the cancellation of the ACP pipeline. 30 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 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 $ 7 $ 2 $ 26 $ (1) $ 34 Receivables, net 89 368 — — 457 Receivables from affiliated companies — 92 121 (70) 143 Notes receivable from affiliated companies 10 — — (3) 7 Inventory 16 78 — 1 95 Regulatory assets 13 158 — — 171 Other 20 12 4 (1) 35 Total current assets 155 710 151 (74) 942 Property, Plant and Equipment Cost 4,877 12,780 73 — 17,730 Accumulated depreciation and amortization (1,185) (2,432) (9) — (3,626) Net property, plant and equipment 3,692 10,348 64 — 14,104 Other Noncurrent Assets Goodwill 324 49 — 1,551 1,924 Regulatory assets 323 421 — 68 812 Operating lease right-of-use assets, net 1 4 — (1) 4 Investments in equity method unconsolidated affiliates — — 181 5 186 Investment in consolidated subsidiaries — — — 6 6 Other 21 268 17 2 308 Total other noncurrent assets 669 742 198 1,631 3,240 Total Assets 4,516 11,800 413 1,557 18,286 Segment reclassifications, intercompany balances and other (10) (93) (120) 68 (155) Reportable Segment Assets $ 4,506 $ 11,707 $ 293 $ 1,625 $ 18,131 (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 CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 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 $ 79 $ 237 $ 6 $ 1 $ 323 Accounts payable to affiliated companies 4 70 22 (71) 25 Notes payable to affiliated companies 59 739 — (3) 795 Taxes accrued 73 84 (10) 1 148 Interest accrued 9 45 — (1) 53 Current maturities of long-term debt 90 205 — 3 298 Regulatory liabilities 5 68 — 1 74 Other 4 76 2 (1) 81 Total current liabilities 323 1,524 20 (70) 1,797 Long-Term Debt 757 3,798 61 54 4,670 Long-Term Debt Payable to Affiliated Companies 7 — — — 7 Other Noncurrent Liabilities Deferred income taxes 446 1,007 58 2 1,513 Asset retirement obligations 62 29 — — 91 Regulatory liabilities 234 956 — 12 1,202 Operating lease liabilities — 7 — — 7 Accrued pension and other post-retirement benefit costs 23 7 — — 30 Investment tax credits — 1 — — 1 Other 31 148 1 (1) 179 Total other noncurrent liabilities 796 2,155 59 13 3,023 Equity Total Duke Energy Corporation stockholders' equity 2,633 4,323 265 1,560 8,781 Noncontrolling interests — — 8 — 8 Equity 2,633 4,323 273 1,560 8,789 Total Liabilities and Equity 4,516 11,800 413 1,557 18,286 Segment reclassifications, intercompany balances and other (10) (93) (120) 68 (155) Reportable Segment Liabilities and Equity $ 4,506 $ 11,707 $ 293 $ 1,625 $ 18,131 (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 Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 19,142 18,602 2.9 % 0.1 % 88,166 85,107 3.6 % 1.2 % Commercial 18,409 18,254 0.8 % (1.0 %) 78,953 76,961 2.6 % 2.0 % Industrial 11,264 11,238 0.2 % 4.2 % 47,111 47,673 (1.2 %) (0.2 %) Other Energy Sales 128 139 (7.9 %) n/a 523 570 (8.2 %) n/a Unbilled Sales 852 1,258 (32.3 %) n/a (168) (1,261) 86.7 % n/a Total Retail Sales 49,795 49,491 0.6 % 0.6 % 214,585 209,050 2.6 % 1.2 % Wholesale and Other 10,513 10,348 1.6 % 44,041 42,212 4.3 % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 60,308 59,839 0.8 % 258,626 251,262 2.9 % Average Number of Customers (Electric) Residential 7,462,570 7,312,926 2.0 % 7,409,924 7,252,831 2.2 % Commercial 1,043,964 1,040,029 0.4 % 1,043,764 1,037,303 0.6 % Industrial 15,500 15,895 (2.5 %) 15,653 16,098 (2.8 %) Other Energy Sales 23,427 23,968 (2.3 %) 23,650 24,111 (1.9 %) Total Retail Customers 8,545,461 8,392,818 1.8 % 8,492,991 8,330,343 2.0 % Wholesale and Other 52 50 4.0 % 52 49 6.1 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,545,513 8,392,868 1.8 % 8,493,043 8,330,392 2.0 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 7,457 8,560 (12.9 %) 38,241 33,935 12.7 % Nuclear 18,605 18,796 (1.0 %) 74,787 74,966 (0.2 %) Hydro 304 260 16.9 % 2,008 1,916 4.8 % Natural Gas and Oil 22,856 19,657 16.3 % 94,362 88,100 7.1 % Renewable Energy 713 591 20.6 % 3,361 2,795 20.3 % Total Generation (d) 49,935 47,864 4.3 % 212,759 201,712 5.5 % Purchased Power and Net Interchange (e) 13,296 14,724 (9.7 %) 59,259 62,504 (5.2 %) Total Sources of Energy 63,231 62,588 1.0 % 272,018 264,216 3.0 % Less: Line Loss and Other 2,923 2,749 6.3 % 13,392 12,954 3.4 % Total GWh Sources 60,308 59,839 0.8 % 258,626 251,262 2.9 % Owned Megawatt (MW) Capacity (c) Summer 50,562 50,321 Winter 55,139 54,762 Nuclear Capacity Factor (%) (f) 95 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 Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 6,319 6,290 0.5 % 29,659 28,348 4.6 % Commercial 7,057 7,327 (3.7 %) 30,446 29,816 2.1 % Industrial 4,792 4,675 2.5 % 19,827 19,736 0.5 % Other Energy Sales 67 70 (4.3 %) 268 279 (3.9 %) Unbilled Sales 582 546 6.6 % 11 (331) 103.3 % Total Retail Sales 18,817 18,908 (0.5 %) (0.5 %) 80,211 77,848 3.0 % 1.3 % Wholesale and Other 2,559 2,360 8.4 % 10,885 9,787 11.2 % Total Consolidated Electric Sales – Duke Energy Carolinas 21,376 21,268 0.5 % 91,096 87,635 3.9 % Average Number of Customers Residential 2,509,415 2,450,456 2.4 % 2,487,959 2,428,460 2.5 % Commercial 401,623 401,216 0.1 % 402,136 400,097 0.5 % Industrial 5,917 5,976 (1.0 %) 5,946 6,047 (1.7 %) Other Energy Sales 10,910 11,164 (2.3 %) 11,026 11,204 (1.6 %) Total Retail Customers 2,927,865 2,868,812 2.1 % 2,907,067 2,845,808 2.2 % Wholesale and Other 26 25 4.0 % 26 26 — % Total Average Number of Customers – Duke Energy Carolinas 2,927,891 2,868,837 2.1 % 2,907,093 2,845,834 2.2 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,652 2,557 (35.4 %) 10,203 9,079 12.4 % Nuclear 11,400 10,712 6.4 % 45,286 44,004 2.9 % Hydro 167 76 119.7 % 1,140 918 24.2 % Natural Gas and Oil 6,523 5,284 23.4 % 27,302 25,323 7.8 % Renewable Energy 48 75 (36.0 %) 314 341 (7.9 %) Total Generation (d) 19,790 18,704 5.8 % 84,245 79,665 5.7 % Purchased Power and Net Interchange (e) 2,603 3,478 (25.2 %) 11,618 12,119 (4.1 %) Total Sources of Energy 22,393 22,182 1.0 % 95,863 91,784 4.4 % Less: Line Loss and Other 1,017 914 11.3 % 4,767 4,149 14.9 % Total GWh Sources 21,376 21,268 0.5 % 91,096 87,635 3.9 % Owned MW Capacity (c) Summer 19,698 19,691 Winter 20,773 20,735 Nuclear Capacity Factor (%) (f) 95 95 Heating and Cooling Degree Days Actual Heating Degree Days 1,092 1,117 (2.2 %) 2,691 2,576 4.5 % Cooling Degree Days 68 45 51.1 % 1,724 1,440 19.7 % Variance from Normal Heating Degree Days (11.0 %) (9.3 %) (15.4 %) (19.0 %) Cooling Degree Days 53.6 % 3.3 % 9.6 % (7.6 %) (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 Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 3,972 3,890 2.1 % 18,431 17,742 3.9 % Commercial 3,470 3,363 3.2 % 15,232 14,717 3.5 % Industrial 2,226 2,285 (2.6 %) 9,372 9,692 (3.3 %) Other Energy Sales 21 22 (4.5 %) 85 86 (1.2 %) Unbilled Sales 582 438 32.9 % 152 (346) 144 % Total Retail Sales 10,271 9,998 2.7 % 3.1 % 43,272 41,891 3.3 % 1.6 % Wholesale and Other 6,307 6,216 1.5 % 25,745 24,826 3.7 % Total Consolidated Electric Sales – Duke Energy Progress 16,578 16,214 2.2 % 69,017 66,717 3.4 % Average Number of Customers Residential 1,512,356 1,478,243 2.3 % 1,499,792 1,464,921 2.4 % Commercial 248,094 247,632 0.2 % 248,149 247,425 0.3 % Industrial 3,151 3,264 (3.5 %) 3,197 3,290 (2.8 %) Other Energy Sales 2,418 2,469 (2.1 %) 2,437 2,492 (2.2 %) Total Retail Customers 1,766,019 1,731,608 2.0 % 1,753,575 1,718,128 2.1 % Wholesale and Other 8 8 — % 8 8 — % Total Average Number of Customers – Duke Energy Progress 1,766,027 1,731,616 2.0 % 1,753,583 1,718,136 2.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,631 836 95.1 % 7,644 5,226 46.3 % Nuclear 7,205 8,084 (10.9 %) 29,501 30,962 (4.7 %) Hydro 57 80 (28.8 %) 580 603 (3.8 %) Natural Gas and Oil 6,232 5,818 7.1 % 23,924 22,886 4.5 % Renewable Energy 54 57 (5.3 %) 229 260 (11.9 %) Total Generation (d) 15,179 14,875 2.0 % 61,878 59,937 3.2 % Purchased Power and Net Interchange (e) 1,732 1,910 (9.3 %) 9,346 9,291 0.6 % Total Sources of Energy 16,911 16,785 0.8 % 71,224 69,228 2.9 % Less: Line Loss and Other 333 571 (41.7 %) 2,207 2,511 (12.1 %) Total GWh Sources 16,578 16,214 2.2 % 69,017 66,717 3.4 % Owned MW Capacity (c) Summer 12,585 12,538 Winter 13,845 13,770 Nuclear Capacity Factor (%) (f) 93 98 Heating and Cooling Degree Days Actual Heating Degree Days 919 962 (4.5 %) 2,288 2,159 6.0 % Cooling Degree Days 89 55 61.8 % 1,978 1,755 12.7 % Variance from Normal Heating Degree Days (16.4 %) (12.8 %) (20.5 %) (25.1 %) Cooling Degree Days 36.8 % (13.3 %) 14.5 % 2.8 % (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 Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 4,949 4,654 6.3 % 22,043 21,750 1.3 % Commercial 3,752 3,713 1.1 % 15,773 15,655 0.8 % Industrial 754 836 (9.8 %) 3,287 3,396 (3.2 %) Other Energy Sales 7 8 (12.5 %) 29 31 (6.5 %) Unbilled Sales (398) (306) (30.1 %) 11 (49) 122.4 % Total Retail Sales 9,064 8,905 1.8 % (0.8 %) 41,143 40,783 0.9 % 0.7 % Wholesale and Other 658 424 55.2 % 2,703 2,601 3.9 % Total Electric Sales – Duke Energy Florida 9,722 9,329 4.2 % 43,846 43,384 1.1 % Average Number of Customers Residential 1,803,424 1,769,252 1.9 % 1,793,067 1,753,585 2.3 % Commercial 211,510 209,682 0.9 % 211,118 209,179 0.9 % Industrial 1,635 1,742 (6.1 %) 1,671 1,773 (5.8 %) Other Energy Sales 3,583 3,648 (1.8 %) 3,607 3,676 (1.9 %) Total Retail Customers 2,020,152 1,984,324 1.8 % 2,009,463 1,968,213 2.1 % Wholesale and Other 13 12 8.3 % 13 10 30.0 % Total Average Number of Customers – Duke Energy Florida 2,020,165 1,984,336 1.8 % 2,009,476 1,968,223 2.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 279 845 (67.0 %) 3,262 3,829 (14.8 %) Natural Gas and Oil 8,784 7,729 13.6 % 37,524 35,554 5.5 % Renewable Energy 605 453 33.6 % 2,789 2,165 28.8 % Total Generation (d) 9,668 9,027 7.1 % 43,575 41,548 4.9 % Purchased Power and Net Interchange (e) 369 610 (39.5 %) 1,721 3,504 (50.9 %) Total Sources of Energy 10,037 9,637 4.2 % 45,296 45,052 0.5 % Less: Line Loss and Other 315 308 2.3 % 1,450 1,668 (13.1 %) Total GWh Sources 9,722 9,329 4.2 % 43,846 43,384 1.1 % Owned MW Capacity (c) Summer 10,895 10,697 Winter 12,542 12,303 Heating and Cooling Degree Days Actual Heating Degree Days 158 138 14.5 % 452 316 43.0 % Cooling Degree Days 613 476 28.8 % 3,705 3,680 0.7 % Variance from Normal Heating Degree Days (15.1 %) (27.7 %) (20.0 %) (44.8 %) Cooling Degree Days 23.2 % (2.3 %) 13.8 % 14.1 % (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. 36 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,921 1,860 3.3 % 8,985 8,598 4.5 % Commercial 2,181 2,134 2.2 % 9,309 8,943 4.1 % Industrial 1,292 1,251 3.3 % 5,218 5,425 (3.8 %) Other Energy Sales 20 23 (13.0 %) 85 109 (22.0 %) Unbilled Sales 2 207 (99.0 %) (79) (166) 52.4 % Total Retail Sales 5,416 5,475 (1.1 %) (0.7 %) 23,518 22,909 2.7 % 0.2 % Wholesale and Other 72 138 (47.8 %) 464 398 16.6 % Total Electric Sales – Duke Energy Ohio 5,488 5,613 (2.2 %) 23,982 23,307 2.9 % Average Number of Customers Residential 835,840 827,321 1.0 % 832,841 823,904 1.1 % Commercial 76,260 75,459 1.1 % 76,038 74,957 1.4 % Industrial 2,171 2,270 (4.4 %) 2,209 2,340 (5.6 %) Other Energy Sales 2,769 2,823 (1.9 %) 2,787 2,834 (1.7 %) Total Retail Customers 917,040 907,873 1.0 % 913,875 904,035 1.1 % Wholesale and Other 1 1 — % 1 1 — % Total Average Number of Customers – Duke Energy Ohio 917,041 907,874 1.0 % 913,876 904,036 1.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 368 468 (21.4 %) 2,264 2,211 2.4 % Natural Gas and Oil 106 61 73.8 % 371 192 93.2 % Total Generation (d) 474 529 (10.4 %) 2,635 2,403 9.7 % Purchased Power and Net Interchange (e) 5,606 5,539 1.2 % 23,681 23,010 2.9 % Total Sources of Energy 6,080 6,068 0.2 % 26,316 25,413 3.6 % Less: Line Loss and Other 592 455 30.1 % 2,334 2,106 10.8 % Total GWh Sources 5,488 5,613 (2.2 %) 23,982 23,307 2.9 % Owned MW Capacity (c) Summer 1,080 1,076 Winter 1,173 1,164 Heating and Cooling Degree Days Actual Heating Degree Days 1,494 1,569 (4.8 %) 4,020 4,103 (2.0 %) Cooling Degree Days 31 31 — % 1,378 1,021 35.0 % Variance from Normal Heating Degree Days (17.2 %) (13.2 %) (17.8 %) (15.9 %) Cooling Degree Days 28.6 % 34.3 % 20.1 % (9.4 %) (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. 37 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,981 1,909 3.8 % 9,048 8,669 4.4 % Commercial 1,949 1,716 13.6 % 8,193 7,829 4.6 % Industrial 2,200 2,192 0.4 % 9,407 9,425 (0.2 %) Other Energy Sales 13 16 (18.8 %) 56 65 (13.8 %) Unbilled Sales 84 373 (77.5 %) (263) (369) (28.7 %) Total Retail Sales 6,227 6,206 0.3 % 0.2 % 26,441 25,619 3.2 % 1.8 % Wholesale and Other 917 1,209 (24.2 %) 4,244 4,600 (7.7 %) Total Electric Sales – Duke Energy Indiana 7,144 7,415 (3.7 %) 30,685 30,219 1.5 % Average Number of Customers Residential 801,535 787,654 1.8 % 796,265 781,961 1.8 % Commercial 106,477 106,040 0.4 % 106,323 105,645 0.6 % Industrial 2,626 2,643 (0.6 %) 2,630 2,648 (0.7 %) Other Energy Sales 3,747 3,863 (3.0 %) 3,793 3,905 (2.9 %) Total Retail Customers 914,385 900,200 1.6 % 909,011 894,159 1.7 % Wholesale and Other 4 4 — % 4 4 — % Total Average Number of Customers – Duke Energy Indiana 914,389 900,204 1.6 % 909,015 894,163 1.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 3,527 3,854 (8.5 %) 14,868 13,590 9.4 % Hydro 80 104 (23.1 %) 288 395 (27.1 %) Natural Gas and Oil 1,211 765 58.3 % 5,241 4,145 26.4 % Renewable Energy 6 6 — % 29 29 — % Total Generation (d) 4,824 4,729 2.0 % 20,426 18,159 12.5 % Purchased Power and Net Interchange (e) 2,986 3,187 (6.3 %) 12,893 14,580 (11.6 %) Total Sources of Energy 7,810 7,916 (1.3 %) 33,319 32,739 1.8 % Less: Line Loss and Other 666 501 32.9 % 2,634 2,520 4.5 % Total GWh Sources 7,144 7,415 (3.7 %) 30,685 30,219 1.5 % Owned MW Capacity (c) Summer 6,304 6,319 Winter 6,806 6,790 Heating and Cooling Degree Days Actual Heating Degree Days 1,595 1,650 (3.3 %) 4,290 4,429 (3.1 %) Cooling Degree Days 29 39 (25.6 %) 1,267 1,078 17.5 % Variance from Normal Heating Degree Days (17.8 %) (15.4 %) (18.6 %) (15.7 %) Cooling Degree Days 35.4 % 84.4 % 20.1 % (4.2 %) (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. 38 Gas Utilities and Infrastructure Quarterly Highlights Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc. (Dec.) 2024 2023 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 163,029,361 142,826,255 14.1 % 616,724,667 569,752,712 8.2 % Duke Energy Midwest LDC throughput (Mcf) 22,148,273 24,249,780 (8.7 %) 77,923,033 79,548,620 (2.0 %) Average Number of Customers – Piedmont Natural Gas Residential 1,076,163 1,058,794 1.6 % 1,072,819 1,055,478 1.6 % Commercial 107,668 107,116 0.5 % 107,952 107,112 0.8 % Industrial 942 947 (0.5 %) 942 953 (1.2 %) Power Generation 19 19 — % 19 19 — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,184,792 1,166,876 1.5 % 1,181,732 1,163,562 1.6 % Average Number of Customers – Duke Energy Midwest Residential 524,834 521,862 0.6 % 522,774 518,707 0.8 % Commercial 34,764 34,856 (0.3 %) 34,367 34,381 — % Industrial 2,397 2,094 14.5 % 2,257 1,832 23.2 % Other 117 116 0.9 % 117 116 0.9 % Total Average Number of Gas Customers – Duke Energy Midwest 562,112 558,928 0.6 % 559,515 555,036 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. 39
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other guidance in this release
Text is the filed exhibit, verbatim.