Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-32853 | |
Entity Registrant Name | DUKE ENERGY CORPORATION | |
Entity Tax Identification Number | 20-2777218 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 526 South Church Street | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28202-1803 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 770,711,728 | |
Entity Central Index Key | 0001326160 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Duke Energy Carolinas | ||
Entity Information [Line Items] | ||
Entity File Number | 1-4928 | |
Entity Registrant Name | DUKE ENERGY CAROLINAS, LLC | |
Entity Tax Identification Number | 56-0205520 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 526 South Church Street | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28202-1803 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000030371 | |
Current Fiscal Year End Date | --12-31 | |
Progress Energy | ||
Entity Information [Line Items] | ||
Entity File Number | 1-15929 | |
Entity Registrant Name | PROGRESS ENERGY, INC. | |
Entity Tax Identification Number | 56-2155481 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 410 South Wilmington Street | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27601-1748 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0001094093 | |
Current Fiscal Year End Date | --12-31 | |
Duke Energy Progress | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3382 | |
Entity Registrant Name | DUKE ENERGY PROGRESS, LLC | |
Entity Tax Identification Number | 56-0165465 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 410 South Wilmington Street | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27601-1748 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000017797 | |
Current Fiscal Year End Date | --12-31 | |
Duke Energy Florida | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3274 | |
Entity Registrant Name | DUKE ENERGY FLORIDA, LLC | |
Entity Tax Identification Number | 59-0247770 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 299 First Avenue North | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33701 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000037637 | |
Current Fiscal Year End Date | --12-31 | |
Duke Energy Ohio | ||
Entity Information [Line Items] | ||
Entity File Number | 1-1232 | |
Entity Registrant Name | DUKE ENERGY OHIO, INC. | |
Entity Tax Identification Number | 31-0240030 | |
Entity Incorporation, State or Country Code | OH | |
Entity Address, Address Line One | 139 East Fourth Street | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 89,663,086 | |
Entity Central Index Key | 0000020290 | |
Current Fiscal Year End Date | --12-31 | |
Duke Energy Indiana | ||
Entity Information [Line Items] | ||
Entity File Number | 1-3543 | |
Entity Registrant Name | DUKE ENERGY INDIANA, LLC | |
Entity Tax Identification Number | 35-0594457 | |
Entity Incorporation, State or Country Code | IN | |
Entity Address, Address Line One | 1000 East Main Street | |
Entity Address, City or Town | Plainfield | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46168 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000081020 | |
Current Fiscal Year End Date | --12-31 | |
Piedmont | ||
Entity Information [Line Items] | ||
Entity File Number | 1-6196 | |
Entity Registrant Name | PIEDMONT NATURAL GAS COMPANY, INC. | |
Entity Tax Identification Number | 56-0556998 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 4720 Piedmont Row Drive | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28210 | |
City Area Code | 704 | |
Local Phone Number | 364-3120 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0000078460 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | DUK | |
Security Exchange Name | NYSE | |
Junior Subordinated Debentures 5.625% Coupon Due September 2078 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.625% Junior Subordinated Debentures | |
Trading Symbol | DUKB | |
Security Exchange Name | NYSE | |
Depositary Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares | |
Trading Symbol | DUK PR A | |
Security Exchange Name | NYSE | |
Senior Notes 3.10% Due 2028 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.10% Senior Notes | |
Trading Symbol | DUK 28A | |
Security Exchange Name | NYSE | |
Senior Notes 3.85% Due 2034 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.85% Senior Notes | |
Trading Symbol | DUK 34 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | ||||
Regulated electric | $ 7,640 | $ 7,373 | $ 20,140 | $ 19,381 |
Regulated natural gas | 284 | 397 | 1,497 | 1,824 |
Nonregulated electric and other | 70 | 72 | 211 | 212 |
Total operating revenues | 7,994 | 7,842 | 21,848 | 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Impairment of assets and other charges | 88 | (4) | 96 | 202 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses | ||||
Equity in earnings of unconsolidated affiliates | 45 | 28 | 85 | 92 |
Other income and expenses, net | 133 | 87 | 431 | 290 |
Total other income and expenses | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 |
Income From Continuing Operations | 1,473 | 1,410 | 3,194 | 3,143 |
(Loss) Income From Discontinued Operations, net of tax | (152) | 3 | (1,316) | (30) |
Net Income | 1,321 | 1,413 | 1,878 | 3,113 |
Add: Net (Income) Loss Attributable to Noncontrolling Interests | (69) | 9 | (42) | 73 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Less: Preferred Dividends | 39 | 39 | 92 | 92 |
Net Income Available to Duke Energy Corporation Common Stockholders | $ 1,213 | $ 1,383 | $ 1,744 | $ 3,094 |
Income from continuing operations available to Duke Energy Corporation common stockholders | ||||
Basic (in usd per share) | $ 1.83 | $ 1.78 | $ 3.94 | $ 3.95 |
Diluted (in usd per share) | 1.83 | 1.78 | 3.94 | 3.95 |
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders | ||||
Basic (in usd per share) | 0.03 | 0.08 | ||
Diluted (in usd per share) | 0.03 | 0.08 | ||
Net income available to Duke Energy Corporation common stockholders | ||||
Basic (in usd per share) | 1.59 | 1.81 | 2.27 | 4.03 |
Diluted (in usd per share) | $ 1.59 | $ 1.81 | $ 2.27 | $ 4.03 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 771 | 770 | 771 | 770 |
Diluted (in shares) | 771 | 770 | 771 | 770 |
Fuel used in electric generation and purchased power | ||||
Operating Expenses | ||||
Cost of sales | $ 2,571 | $ 2,632 | $ 6,987 | $ 6,421 |
Cost of natural gas | ||||
Operating Expenses | ||||
Cost of sales | $ 57 | $ 189 | $ 434 | $ 859 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Net income | $ 1,321 | $ 1,413 | $ 1,878 | $ 3,113 | ||||
Other Comprehensive Income (Loss), net of tax | ||||||||
Pension and OPEB adjustments | [1] | (1) | (7) | (1) | (3) | |||
Net unrealized gains on cash flow hedges | [1] | 200 | 14 | 206 | 276 | |||
Reclassification into earnings from cash flow hedges | [1] | 24 | 28 | 9 | ||||
Net unrealized gains (losses) on fair value hedges | [1] | 15 | (8) | 30 | (20) | |||
Unrealized (losses) gains on available-for-sale securities | [1] | (6) | 1 | (2) | (20) | |||
Other Comprehensive Income, net of tax | 232 | [1] | 0 | 261 | [1] | 242 | [1] | |
Comprehensive Income | 1,553 | 1,413 | 2,139 | 3,355 | ||||
Add: Comprehensive (Income) Loss Attributable to Noncontrolling Interests | (69) | 4 | (42) | 56 | ||||
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 | ||||
Less: Preferred Dividends | 39 | 39 | 92 | 92 | ||||
Comprehensive Income Available to Duke Energy Corporation Common Stockholders | $ 1,445 | $ 1,378 | $ 2,005 | $ 3,319 | ||||
[1]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income, tax expense | $ 69 | $ 78 | $ 72 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables (net of allowance for doubtful accounts) | 831 | 1,309 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Assets held for sale | 440 | 356 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Facilities to be retired, net | 0 | 9 |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets | 13,745 | 14,645 |
Nuclear decommissioning trust funds | 9,245 | 8,637 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Investments in equity method unconsolidated affiliates | 505 | 455 |
Assets held for sale | 4,596 | 5,634 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Notes payable and commercial paper | 3,154 | 3,952 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Liabilities associated with assets held for sale | 589 | 535 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Liabilities associated with assets held for sale | 1,634 | 1,927 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 44,886 | 44,862 |
Retained earnings | 2,036 | 2,637 |
Accumulated other comprehensive loss | 121 | (140) |
Total Duke Energy Corporation stockholders' equity | 49,006 | 49,322 |
Noncontrolling interests | 2,820 | 2,531 |
Total equity | 51,826 | 51,853 |
Total Liabilities and Equity | 181,160 | 178,086 |
Preferred stock, Series A | ||
Equity | ||
Preferred stock | 973 | 973 |
Preferred stock, Series B | ||
Equity | ||
Preferred stock | $ 989 | $ 989 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Regulatory assets | 3,489 | 3,485 |
Current Assets: Other | 602 | 973 |
Regulatory assets | 13,745 | 14,645 |
Other | 3,698 | 3,400 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | $ 71,353 | $ 65,873 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 771,000,000 | 770,000,000 |
Preferred stock, Series A | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, depositary shares authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, depositary shares outstanding (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, Series B | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, depositary shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, depositary shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | $ 154 | $ 176 |
Regulatory assets | 109 | 106 |
Current Assets: Other | 56 | 116 |
Regulatory assets | 1,668 | 1,715 |
Other | 43 | 52 |
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt | $ 3,025 | $ 3,108 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,878 | $ 3,113 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Gains on sales of other assets | (46) | (16) |
Impairment of assets and other charges | 1,699 | 202 |
Deferred income taxes | (29) | 209 |
Equity in earnings of unconsolidated affiliates | (70) | (87) |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 29 | 33 |
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
Net Income Attributable to Duke Energy Corporation | 1,836 | 3,186 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Contributions to equity method investments | (30) | (37) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Net proceeds from the sales of other assets | 130 | 0 |
Other | 578 | 517 |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Proceeds from the issuance of short-term debt with original maturities greater than 90 days | 575 | 80 |
Payments for the redemption of short-term debt with original maturities greater than 90 days | (110) | (287) |
Notes payable and commercial paper | (1,404) | 476 |
Contributions from noncontrolling interests | 278 | 132 |
Dividends paid | (2,438) | (2,389) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 1,528 | $ 1,387 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Net Gains (Losses) on Hedges | [1] | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Pension and OPEB Adjustments | Noncontrolling Interests | Common Stock | Common Stock Total Equity | Common Stock Additional Paid-in Capital | ||
Beginning Balance (Attributable to Parent) at Dec. 31, 2021 | $ 1,962 | $ 49,296 | $ 1 | $ 44,371 | $ 3,265 | $ (232) | $ (2) | $ (69) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2021 | 769 | |||||||||||||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2021 | $ 1,840 | |||||||||||||||
Beginning Balance (Parent) at Dec. 31, 2021 | $ 51,136 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 3,021 | 3,094 | 3,094 | (73) | ||||||||||||
Other comprehensive income (loss) | 242 | [2] | 225 | 248 | (20) | (3) | 17 | |||||||||
Common stock issuances, including dividend reinvestment and employee benefits (in shares) | 1 | |||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ 41 | $ 41 | $ 41 | |||||||||||||
Common stock dividends | (2,297) | (2,297) | (2,297) | |||||||||||||
Sale of noncontrolling interest | 21 | (17) | (17) | 38 | ||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [3] | 94 | 94 | |||||||||||||
Distributions to noncontrolling interest in subsidiaries | (92) | (92) | ||||||||||||||
Other | 3 | 3 | 2 | 1 | ||||||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1,962 | 50,345 | $ 1 | 44,397 | 4,063 | 16 | (22) | (72) | ||||||||
Beginning Balance (in shares) at Sep. 30, 2022 | 770 | |||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | |||||||||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | |||||||||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2022 | 1,962 | 49,720 | $ 1 | 44,373 | 3,457 | 15 | (23) | (65) | ||||||||
Beginning Balance (in shares) at Jun. 30, 2022 | 770 | |||||||||||||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2022 | 1,864 | |||||||||||||||
Beginning Balance (Parent) at Jun. 30, 2022 | 51,584 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 1,374 | 1,383 | 1,383 | (9) | ||||||||||||
Other comprehensive income (loss) | 0 | (5) | 1 | 1 | (7) | 5 | ||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | 21 | 21 | 21 | |||||||||||||
Common stock dividends | (776) | (776) | (776) | |||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [3] | 6 | 6 | |||||||||||||
Distributions to noncontrolling interest in subsidiaries | (42) | (42) | ||||||||||||||
Other | 2 | 2 | 3 | (1) | ||||||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1,962 | 50,345 | $ 1 | 44,397 | 4,063 | 16 | (22) | (72) | ||||||||
Beginning Balance (in shares) at Sep. 30, 2022 | 770 | |||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | |||||||||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | |||||||||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2022 | $ 49,322 | 1,962 | 49,322 | $ 1 | 44,862 | 2,637 | (29) | (23) | (88) | |||||||
Beginning Balance (in shares) at Dec. 31, 2022 | 770 | 770 | ||||||||||||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022 | $ 2,531 | 2,531 | ||||||||||||||
Beginning Balance (Parent) at Dec. 31, 2022 | 51,853 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 1,786 | 1,744 | 1,744 | 42 | ||||||||||||
Other comprehensive income (loss) | 261 | [2] | 261 | 264 | (2) | (1) | ||||||||||
Common stock issuances, including dividend reinvestment and employee benefits (in shares) | 1 | |||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | 43 | 43 | 43 | |||||||||||||
Common stock dividends | (2,346) | (2,346) | (2,346) | |||||||||||||
Sale of noncontrolling interest | (3) | (13) | (13) | 10 | ||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [3] | 278 | 278 | |||||||||||||
Distributions to noncontrolling interest in subsidiaries | (45) | (45) | ||||||||||||||
Other | (1) | (5) | (6) | 1 | 4 | |||||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | $ 49,006 | 1,962 | 49,006 | $ 1 | 44,886 | 2,036 | 235 | (25) | (89) | |||||||
Beginning Balance (in shares) at Sep. 30, 2023 | 771 | 771 | ||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | $ 2,820 | 2,820 | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2023 | 51,826 | |||||||||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2023 | 1,962 | 48,333 | $ 1 | 44,866 | 1,615 | (4) | (19) | (88) | ||||||||
Beginning Balance (in shares) at Jun. 30, 2023 | 771 | |||||||||||||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023 | 2,738 | |||||||||||||||
Beginning Balance (Parent) at Jun. 30, 2023 | 51,071 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 1,282 | 1,213 | 1,213 | 69 | ||||||||||||
Other comprehensive income (loss) | 232 | [2] | 232 | 239 | (6) | (1) | ||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ 22 | $ 22 | $ 22 | |||||||||||||
Common stock dividends | (793) | (793) | (793) | |||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [3] | 30 | 30 | |||||||||||||
Distributions to noncontrolling interest in subsidiaries | (20) | (20) | ||||||||||||||
Other | 2 | (1) | (2) | 1 | 3 | |||||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | $ 49,006 | $ 1,962 | $ 49,006 | $ 1 | $ 44,886 | $ 2,036 | $ 235 | $ (25) | $ (89) | |||||||
Beginning Balance (in shares) at Sep. 30, 2023 | 771 | 771 | ||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | $ 2,820 | $ 2,820 | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2023 | $ 51,826 | |||||||||||||||
[1]See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.[2]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts.[3]Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Carolinas - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Impairment of assets and other charges | 88 | (4) | 96 | 202 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses, net | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 |
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Duke Energy Carolinas | ||||
Operating Revenues | 2,393 | 2,175 | 6,155 | 5,844 |
Operating Expenses | ||||
Cost of sales | 690 | 544 | 1,823 | 1,423 |
Operation, maintenance and other | 424 | 436 | 1,285 | 1,410 |
Depreciation and amortization | 407 | 375 | 1,186 | 1,138 |
Property and other taxes | 90 | 88 | 276 | 258 |
Impairment of assets and other charges | 64 | 6 | 70 | (3) |
Total operating expenses | 1,675 | 1,449 | 4,640 | 4,226 |
Gains on Sales of Other Assets and Other, net | 4 | 26 | 4 | |
Operating Income | 718 | 730 | 1,541 | 1,622 |
Other Income and Expenses, net | 63 | 59 | 181 | 172 |
Interest Expense | 172 | 131 | 504 | 415 |
Income From Continuing Operations Before Income Taxes | 609 | 658 | 1,218 | 1,379 |
Income Tax Expense From Continuing Operations | 30 | 34 | 97 | 87 |
Comprehensive Income Attributable to Duke Energy | 579 | 624 | 1,121 | 1,292 |
Net Income Attributable to Duke Energy Corporation | $ 579 | $ 624 | $ 1,121 | $ 1,292 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets - Duke Energy Carolinas - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Receivables (net of allowance for doubtful accounts) | 831 | 1,309 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Regulatory assets | 13,745 | 14,645 |
Nuclear decommissioning trust funds | 9,245 | 8,637 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Accumulated other comprehensive loss | 121 | (140) |
Total Liabilities and Equity | 181,160 | 178,086 |
Variable Interest Entity | ||
Current Assets | ||
Regulatory assets | 109 | 106 |
Other (includes amounts related to VIEs) | 56 | 116 |
Other Noncurrent Assets | ||
Regulatory assets | 1,668 | 1,715 |
Other | 43 | 52 |
Current Liabilities | ||
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt (includes amounts related to VIEs) | 3,025 | 3,108 |
Other Noncurrent Liabilities | ||
Other (includes $54 at 2023 related to VIEs) | 54 | |
Duke Energy Carolinas | ||
Current Assets | ||
Cash and cash equivalents | 19 | 44 |
Receivables of VIEs (net of allowance for doubtful accounts) | 279 | 338 |
Receivables (net of allowance for doubtful accounts) | 1,028 | 928 |
Inventory | 1,422 | 1,164 |
Regulatory assets | 1,447 | 1,095 |
Other (includes amounts related to VIEs) | 86 | 216 |
Total current assets | 4,446 | 4,175 |
Property, Plant and Equipment | ||
Cost | 56,888 | 54,650 |
Accumulated depreciation and amortization | (19,668) | (18,669) |
Net property, plant and equipment | 37,220 | 35,981 |
Other Noncurrent Assets | ||
Regulatory assets | 4,020 | 4,293 |
Nuclear decommissioning trust funds | 5,156 | 4,783 |
Operating lease right-of-use assets, net | 75 | 78 |
Other | 1,087 | 1,036 |
Total other noncurrent assets | 10,338 | 10,190 |
Total Assets | 52,004 | 50,346 |
Current Liabilities | ||
Accounts payable | 1,015 | 1,472 |
Taxes accrued | 350 | 228 |
Interest accrued | 150 | 120 |
Current maturities of long-term debt | 19 | 1,018 |
Asset retirement obligations | 238 | 261 |
Regulatory liabilities | 532 | 530 |
Other | 597 | 580 |
Total current liabilities | 3,453 | 5,651 |
Long-Term Debt (includes amounts related to VIEs) | 15,676 | 12,948 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 4,369 | 4,153 |
Asset retirement obligations | 5,030 | 5,121 |
Regulatory liabilities | 5,614 | 5,783 |
Operating lease liabilities | 75 | 83 |
Accrued pension and other post-retirement benefit costs | 60 | 38 |
Investment tax credits | 302 | 300 |
Other (includes $54 at 2023 related to VIEs) | 565 | 527 |
Total other noncurrent liabilities | 16,015 | 16,005 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 16,566 | 15,448 |
Accumulated other comprehensive loss | (6) | (6) |
Total member's equity | 16,560 | 15,442 |
Total Liabilities and Equity | 52,004 | 50,346 |
Duke Energy Carolinas | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets | 12 | 12 |
Other (includes amounts related to VIEs) | 5 | 8 |
Other Noncurrent Assets | ||
Regulatory assets | 199 | 208 |
Current Liabilities | ||
Current maturities of long-term debt | 11 | 10 |
Long-Term Debt (includes amounts related to VIEs) | 708 | 689 |
Duke Energy Carolinas | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 165 | 390 |
Current Liabilities | ||
Accounts payable | 221 | 209 |
Notes payable to affiliated companies | 331 | 1,233 |
Long-Term Debt (includes amounts related to VIEs) | $ 300 | $ 300 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets - Duke Energy Carolinas (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Regulatory assets | 3,489 | 3,485 |
Current Assets: Other | 602 | 973 |
Regulatory assets | 13,745 | 14,645 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | 71,353 | 65,873 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 154 | 176 |
Regulatory assets | 109 | 106 |
Current Assets: Other | 56 | 116 |
Regulatory assets | 1,668 | 1,715 |
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt | 3,025 | 3,108 |
Duke Energy Carolinas | ||
Allowance for doubtful accounts - receivables | 9 | 3 |
Allowance for doubtful accounts - receivables of VIEs | 47 | 65 |
Regulatory assets | 1,447 | 1,095 |
Current Assets: Other | 86 | 216 |
Regulatory assets | 4,020 | 4,293 |
Current maturities of long-term debt | 19 | 1,018 |
Long-Term Debt | 15,676 | 12,948 |
Duke Energy Carolinas | Variable Interest Entity | ||
Regulatory assets | 12 | 12 |
Current Assets: Other | 5 | 8 |
Regulatory assets | 199 | 208 |
Current maturities of long-term debt | 11 | 10 |
Long-Term Debt | $ 708 | $ 689 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - Duke Energy Carolinas - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Gains on sales of other assets | (46) | (16) |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Net proceeds from the sales of other assets | 130 | 0 |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Duke Energy Carolinas | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 1,121 | 1,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,380 | 1,335 |
Equity component of AFUDC | (69) | (75) |
Gains on sales of other assets | (26) | |
Impairment of assets and other charges | 70 | (3) |
Deferred income taxes | (7) | 230 |
Contributions to qualified pension plans | (26) | (15) |
Payments for asset retirement obligations | (145) | (137) |
Provision for rate refunds | (35) | (55) |
(Increase) decrease in | ||
Receivables | (4) | (17) |
Receivables from affiliated companies | 225 | (107) |
Inventory | (257) | (86) |
Other current assets | (439) | (1,139) |
Increase (decrease) in | ||
Accounts payable | (523) | 104 |
Accounts payable to affiliated companies | 12 | (88) |
Taxes accrued | 121 | (9) |
Other current liabilities | (48) | 279 |
Other assets | 526 | 22 |
Other liabilities | 105 | (269) |
Net cash provided by operating activities | 1,981 | 1,262 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (2,646) | (2,313) |
Purchases of debt and equity securities | (1,594) | (2,083) |
Proceeds from sales and maturities of debt and equity securities | 1,594 | 2,083 |
Net proceeds from the sales of other assets | 30 | |
Other | (215) | (185) |
Net cash used in investing activities | (2,831) | (2,498) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 2,764 | 1,352 |
Payments for the redemption of long-term debt | (1,040) | (389) |
Notes payable to affiliated companies | (902) | 358 |
Distributions to parent | (50) | |
Other | (1) | (1) |
Net cash provided by financing activities | 821 | 1,270 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 34 |
Cash, cash equivalents and restricted cash at beginning of period | 53 | 8 |
Cash, cash equivalents and restricted cash at end of period | 24 | 42 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 534 | $ 460 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Changes in Equity - Duke Energy Carolinas - USD ($) $ in Millions | Total | Duke Energy Carolinas | Duke Energy Carolinas Member's Equity | Duke Energy Carolinas Net Losses on Cash Flow Hedges |
Beginning balance at Dec. 31, 2021 | $ 13,891 | $ 13,897 | $ (6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | $ 3,186 | 1,292 | 1,292 | |
Distributions to parent | (2,297) | (50) | (50) | |
Other | 3 | |||
Ending balance at Sep. 30, 2022 | 15,133 | 15,139 | (6) | |
Beginning balance at Jun. 30, 2022 | 14,509 | 14,515 | (6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,422 | 624 | 624 | |
Distributions to parent | (776) | |||
Other | 2 | |||
Ending balance at Sep. 30, 2022 | 15,133 | 15,139 | (6) | |
Beginning balance at Dec. 31, 2022 | 15,442 | 15,448 | (6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,836 | 1,121 | 1,121 | |
Distributions to parent | (2,346) | |||
Other | (1) | (3) | (3) | |
Ending balance at Sep. 30, 2023 | 16,560 | 16,566 | (6) | |
Beginning balance at Jun. 30, 2023 | 15,984 | 15,990 | (6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,252 | 579 | 579 | |
Distributions to parent | (793) | |||
Other | $ 2 | (3) | (3) | |
Ending balance at Sep. 30, 2023 | $ 16,560 | $ 16,566 | $ (6) |
Condensed Consolidated Statem_9
Condensed Consolidated Statements of Operations and Comprehensive Income - Progress Energy - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 | ||||
Operating Expenses | ||||||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 | ||||
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 | ||||
Property and other taxes | 394 | 368 | 1,136 | 1,118 | ||||
Impairment of assets and other charges | 88 | (4) | 96 | 202 | ||||
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 | ||||
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 | ||||
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 | ||||
Other Income and Expenses, net | 178 | 115 | 516 | 382 | ||||
Interest Expense | 774 | 603 | 2,221 | 1,760 | ||||
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 | ||||
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 | ||||
Net Income | 1,321 | 1,413 | 1,878 | 3,113 | ||||
Add: Net (Income) Loss Attributable to Noncontrolling Interests | 69 | (9) | 42 | (73) | ||||
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 | ||||
Net unrealized gains on cash flow hedges | [1] | 200 | 14 | 206 | 276 | |||
Unrealized (losses) gains on available-for-sale securities | [1] | (6) | 1 | (2) | (20) | |||
Other comprehensive income (loss) | 232 | [1] | 0 | 261 | [1] | 242 | [1] | |
Comprehensive Income | 1,553 | 1,413 | 2,139 | 3,355 | ||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 69 | (4) | 42 | (56) | ||||
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 | ||||
Progress Energy | ||||||||
Operating Revenues | 4,055 | 3,881 | 10,315 | 10,087 | ||||
Operating Expenses | ||||||||
Cost of sales | 1,535 | 1,605 | 3,902 | 3,927 | ||||
Operation, maintenance and other | 711 | 581 | 1,963 | 1,829 | ||||
Depreciation and amortization | 563 | 562 | 1,609 | 1,607 | ||||
Property and other taxes | 205 | 169 | 546 | 472 | ||||
Impairment of assets and other charges | 24 | 29 | 4 | |||||
Total operating expenses | 3,038 | 2,917 | 8,049 | 7,839 | ||||
Gains on Sales of Other Assets and Other, net | 8 | 3 | 20 | 6 | ||||
Operating Income | 1,025 | 967 | 2,286 | 2,254 | ||||
Other Income and Expenses, net | 49 | 45 | 146 | 150 | ||||
Interest Expense | 241 | 197 | 706 | 616 | ||||
Income From Continuing Operations Before Income Taxes | 833 | 815 | 1,726 | 1,788 | ||||
Income Tax Expense From Continuing Operations | 131 | 129 | 280 | 289 | ||||
Net Income | 702 | 686 | 1,446 | 1,499 | ||||
Add: Net (Income) Loss Attributable to Noncontrolling Interests | 0 | 0 | 1 | |||||
Net Income Attributable to Duke Energy Corporation | 702 | 686 | 1,446 | 1,498 | ||||
Net unrealized gains on cash flow hedges | 1 | |||||||
Unrealized (losses) gains on available-for-sale securities | (1) | 2 | (4) | |||||
Other comprehensive income (loss) | (1) | 2 | (3) | |||||
Comprehensive Income | 702 | 685 | 1,448 | 1,496 | ||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 1 | |||||||
Comprehensive Income Attributable to Duke Energy | $ 702 | $ 685 | $ 1,448 | $ 1,495 | ||||
[1]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts. |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheets - Progress Energy - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Receivables (net of allowance for doubtful accounts) | 831 | 1,309 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets | 13,745 | 14,645 |
Nuclear decommissioning trust funds | 9,245 | 8,637 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 44,886 | 44,862 |
Retained earnings | 2,036 | 2,637 |
Accumulated other comprehensive loss | 121 | (140) |
Total equity | 51,826 | 51,853 |
Total Liabilities and Equity | 181,160 | 178,086 |
Progress Energy | ||
Current Assets | ||
Cash and cash equivalents | 87 | 108 |
Receivables of VIEs (net of allowance for doubtful accounts) | 212 | 318 |
Receivables (net of allowance for doubtful accounts) | 1,597 | 1,289 |
Inventory | 1,803 | 1,579 |
Regulatory assets | 1,696 | 1,833 |
Other (includes amounts related to VIEs) | 164 | 342 |
Total current assets | 5,579 | 5,491 |
Property, Plant and Equipment | ||
Cost | 67,872 | 64,822 |
Accumulated depreciation and amortization | (21,772) | (20,584) |
Net property, plant and equipment | 46,100 | 44,238 |
Other Noncurrent Assets | ||
Goodwill | 3,655 | 3,655 |
Regulatory assets | 6,448 | 7,146 |
Nuclear decommissioning trust funds | 4,089 | 3,855 |
Operating lease right-of-use assets, net | 631 | 628 |
Other | 1,203 | 1,066 |
Total other noncurrent assets | 16,026 | 16,350 |
Total Assets | 67,705 | 66,079 |
Current Liabilities | ||
Accounts payable | 1,201 | 1,481 |
Taxes accrued | 492 | 135 |
Interest accrued | 217 | 206 |
Current maturities of long-term debt | 1,265 | 697 |
Asset retirement obligations | 261 | 289 |
Regulatory liabilities | 515 | 576 |
Other | 838 | 782 |
Total current liabilities | 6,278 | 5,721 |
Long-Term Debt (includes amounts related to VIEs) | 21,866 | 21,592 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 5,228 | 5,147 |
Asset retirement obligations | 5,669 | 5,892 |
Regulatory liabilities | 4,784 | 4,753 |
Operating lease liabilities | 548 | 546 |
Accrued pension and other post-retirement benefit costs | 270 | 292 |
Investment tax credits | 363 | 358 |
Other (includes $54 at 2023 related to VIEs) | 198 | 222 |
Total other noncurrent liabilities | 17,060 | 17,210 |
Commitments and Contingencies | ||
Equity | ||
Additional paid-in capital | 11,830 | 11,832 |
Retained earnings | 10,530 | 9,585 |
Accumulated other comprehensive loss | (9) | (11) |
Total equity | 22,351 | 21,406 |
Total Liabilities and Equity | 67,705 | 66,079 |
Progress Energy | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 20 | 22 |
Current Liabilities | ||
Accounts payable | 506 | 712 |
Notes payable to affiliated companies | 983 | 843 |
Long-Term Debt (includes amounts related to VIEs) | $ 150 | $ 150 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheets - Progress Energy (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Regulatory assets | 3,489 | 3,485 |
Current Assets: Other | 602 | 973 |
Regulatory assets | 13,745 | 14,645 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | $ 71,353 | $ 65,873 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 771,000,000 | 770,000,000 |
Other (includes $54 at 2023 related to VIEs) | $ 1,325 | $ 1,502 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 154 | 176 |
Regulatory assets | 109 | 106 |
Current Assets: Other | 56 | 116 |
Regulatory assets | 1,668 | 1,715 |
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt | 3,025 | 3,108 |
Other (includes $54 at 2023 related to VIEs) | 54 | |
Progress Energy | ||
Allowance for doubtful accounts - receivables | 16 | 13 |
Regulatory assets | 1,696 | 1,833 |
Current Assets: Other | 164 | 342 |
Regulatory assets | 6,448 | 7,146 |
Current maturities of long-term debt | 1,265 | 697 |
Long-Term Debt | $ 21,866 | $ 21,592 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Other (includes $54 at 2023 related to VIEs) | $ 198 | $ 222 |
Progress Energy | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 61 | 68 |
Regulatory assets | 97 | 94 |
Current Assets: Other | 42 | 88 |
Regulatory assets | 1,469 | 1,507 |
Current maturities of long-term debt | 417 | 340 |
Long-Term Debt | 1,911 | $ 2,003 |
Other (includes $54 at 2023 related to VIEs) | $ 30 |
Condensed Consolidated State_10
Condensed Consolidated Statements of Cash Flows - Progress Energy - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,878 | $ 3,113 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Progress Energy | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 1,446 | 1,499 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 2,021 | 1,826 |
Equity component of AFUDC | (49) | (50) |
Impairment of assets and other charges | 29 | 4 |
Deferred income taxes | (38) | 284 |
Contributions to qualified pension plans | (22) | (13) |
Payments for asset retirement obligations | (212) | (207) |
Provision for rate refunds | (24) | (44) |
(Increase) decrease in | ||
Receivables | (198) | (314) |
Receivables from affiliated companies | 2 | 110 |
Inventory | (224) | (154) |
Other current assets | 399 | (1,133) |
Increase (decrease) in | ||
Accounts payable | (177) | 360 |
Accounts payable to affiliated companies | (206) | (31) |
Taxes accrued | 357 | 173 |
Other current liabilities | 4 | 216 |
Other assets | 183 | (262) |
Other liabilities | (10) | 615 |
Net cash provided by operating activities | 3,281 | 2,879 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (3,607) | (3,130) |
Purchases of debt and equity securities | (1,108) | (1,301) |
Proceeds from sales and maturities of debt and equity securities | 1,151 | 1,357 |
Notes receivable from affiliated companies | (232) | |
Other | (239) | (88) |
Net cash used in investing activities | (3,803) | (3,394) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 1,272 | 1,452 |
Payments for the redemption of long-term debt | (440) | (1,136) |
Notes payable to affiliated companies | 140 | 509 |
Dividends to parent | (500) | (250) |
Other | (1) | (36) |
Net cash provided by financing activities | 471 | 539 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (51) | 24 |
Cash, cash equivalents and restricted cash at beginning of period | 184 | 113 |
Cash, cash equivalents and restricted cash at end of period | 133 | 137 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 558 | $ 472 |
Condensed Consolidated State_11
Condensed Consolidated Statements of Changes in Equity - Progress Energy - USD ($) $ in Millions | Total | Total Equity | Additional Paid-in Capital | Retained Earnings | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Pension and OPEB Adjustments | Noncontrolling Interests | Progress Energy | Progress Energy Total Equity | Progress Energy Additional Paid-in Capital | Progress Energy Retained Earnings | Progress Energy Net Gains (Losses) on Cash Flow Hedges | Progress Energy Net Unrealized Gains (Losses) on Available-for-Sale Securities | Progress Energy Pension and OPEB Adjustments | Progress Energy Noncontrolling Interests | |
Beginning Balance (Attributable to Parent) at Dec. 31, 2021 | $ 49,296 | $ 44,371 | $ 3,265 | $ (2) | $ (69) | $ 17,145 | $ 9,149 | $ 8,007 | $ (2) | $ (2) | $ (7) | |||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2021 | $ 1,840 | $ 3 | ||||||||||||||
Beginning Balance (Parent) at Dec. 31, 2021 | $ 51,136 | $ 17,148 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 3,113 | 1,499 | 1,498 | 1,498 | 1 | |||||||||||
Other comprehensive income (loss) | 242 | [1] | 225 | (20) | (3) | 17 | (3) | (3) | 1 | (4) | ||||||
Distributions to noncontrolling interests | (92) | (92) | (34) | (34) | ||||||||||||
Common stock dividends | (2,297) | (2,297) | (2,297) | (250) | (250) | (250) | ||||||||||
Equitization of certain notes payable to affiliates | 2,906 | 2,906 | 475 | 2,431 | ||||||||||||
Other | 3 | 3 | 2 | 1 | 3 | 3 | 2 | 1 | ||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 50,345 | 44,397 | 4,063 | (22) | (72) | 21,299 | 9,626 | 11,687 | (1) | (6) | (7) | |||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | (30) | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | 21,269 | ||||||||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2022 | 49,720 | 44,373 | 3,457 | (23) | (65) | 20,137 | 9,149 | 11,001 | (1) | (5) | (7) | |||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2022 | 1,864 | 3 | ||||||||||||||
Beginning Balance (Parent) at Jun. 30, 2022 | 51,584 | 20,140 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 1,413 | 686 | 686 | 686 | ||||||||||||
Other comprehensive income (loss) | 0 | (5) | 1 | (7) | 5 | (1) | (1) | (1) | ||||||||
Distributions to noncontrolling interests | (42) | (42) | (33) | (33) | ||||||||||||
Common stock dividends | (776) | (776) | (776) | |||||||||||||
Equitization of certain notes payable to affiliates | 475 | 475 | 475 | |||||||||||||
Other | 2 | 2 | 3 | (1) | 2 | 2 | 2 | |||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 50,345 | 44,397 | 4,063 | (22) | (72) | 21,299 | 9,626 | 11,687 | (1) | (6) | (7) | |||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | $ (30) | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | 21,269 | ||||||||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2022 | 49,322 | 49,322 | 44,862 | 2,637 | (23) | (88) | 21,406 | 11,832 | 9,585 | (1) | (8) | (2) | ||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022 | 2,531 | 2,531 | ||||||||||||||
Beginning Balance (Parent) at Dec. 31, 2022 | 51,853 | 21,406 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 1,878 | 1,446 | 1,446 | 1,446 | ||||||||||||
Other comprehensive income (loss) | 261 | [1] | 261 | (2) | (1) | 2 | 2 | 2 | ||||||||
Distributions to noncontrolling interests | (45) | (45) | ||||||||||||||
Common stock dividends | (2,346) | (2,346) | (2,346) | (500) | (500) | (500) | ||||||||||
Other | (1) | (5) | (6) | 1 | 4 | (3) | (3) | (2) | (1) | |||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | 49,006 | 49,006 | 44,886 | 2,036 | (25) | (89) | 22,351 | 11,830 | 10,530 | (1) | (6) | (2) | ||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | 2,820 | 2,820 | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2023 | 51,826 | 22,351 | ||||||||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2023 | 48,333 | 44,866 | 1,615 | (19) | (88) | 22,150 | 11,830 | 10,329 | (1) | (6) | (2) | |||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023 | 2,738 | |||||||||||||||
Beginning Balance (Parent) at Jun. 30, 2023 | 51,071 | 22,150 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 1,321 | 702 | 702 | 702 | ||||||||||||
Other comprehensive income (loss) | 232 | [1] | 232 | (6) | (1) | |||||||||||
Distributions to noncontrolling interests | (20) | (20) | ||||||||||||||
Common stock dividends | (793) | (793) | (793) | (500) | (500) | (500) | ||||||||||
Other | 2 | (1) | (2) | 1 | 3 | (1) | (1) | (1) | ||||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | 49,006 | $ 49,006 | $ 44,886 | $ 2,036 | $ (25) | $ (89) | $ 22,351 | $ 11,830 | $ 10,530 | $ (1) | $ (6) | $ (2) | ||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | 2,820 | $ 2,820 | ||||||||||||||
Ending Balance (Parent) at Sep. 30, 2023 | $ 51,826 | $ 22,351 | ||||||||||||||
[1]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts. |
Condensed Consolidated State_12
Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Progress - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Impairment of assets and other charges | 88 | (4) | 96 | 202 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses, net | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense | 42 | 158 | 316 | 297 |
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Duke Energy Progress | ||||
Operating Revenues | 1,886 | 1,969 | 4,844 | 5,182 |
Operating Expenses | ||||
Cost of sales | 651 | 749 | 1,685 | 1,916 |
Operation, maintenance and other | 345 | 350 | 1,051 | 1,101 |
Depreciation and amortization | 324 | 313 | 935 | 890 |
Property and other taxes | 48 | 46 | 143 | 136 |
Impairment of assets and other charges | 24 | 31 | 4 | |
Total operating expenses | 1,392 | 1,458 | 3,845 | 4,047 |
Gains on Sales of Other Assets and Other, net | 1 | 1 | 2 | 2 |
Operating Income | 495 | 512 | 1,001 | 1,137 |
Other Income and Expenses, net | 31 | 29 | 92 | 83 |
Interest Expense | 109 | 85 | 315 | 260 |
Income From Continuing Operations Before Income Taxes | 417 | 456 | 778 | 960 |
Income Tax Expense | 49 | 59 | 101 | 129 |
Comprehensive Income Attributable to Duke Energy | 368 | 397 | 677 | 831 |
Net Income Attributable to Duke Energy Corporation | $ 368 | $ 397 | $ 677 | $ 831 |
Condensed Consolidated Balanc_7
Condensed Consolidated Balance Sheets - Duke Energy Progress - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Receivables (net of allowance for doubtful accounts) | 831 | 1,309 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Regulatory assets | 13,745 | 14,645 |
Nuclear decommissioning trust funds | 9,245 | 8,637 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Total Liabilities and Equity | 181,160 | 178,086 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 27 | 49 |
Receivables of VIEs (net of allowance for doubtful accounts) | 129 | 167 |
Receivables (net of allowance for doubtful accounts) | 831 | 793 |
Inventory | 1,141 | 1,006 |
Regulatory assets | 946 | 690 |
Other (includes amounts related to VIEs) | 49 | 174 |
Total current assets | 3,155 | 2,904 |
Property, Plant and Equipment | ||
Cost | 40,283 | 38,875 |
Accumulated depreciation and amortization | (14,869) | (14,201) |
Net property, plant and equipment | 25,414 | 24,674 |
Other Noncurrent Assets | ||
Regulatory assets | 4,406 | 4,724 |
Nuclear decommissioning trust funds | 3,697 | 3,430 |
Operating lease right-of-use assets, net | 329 | 370 |
Other | 693 | 650 |
Total other noncurrent assets | 9,125 | 9,174 |
Total Assets | 37,694 | 36,752 |
Current Liabilities | ||
Accounts payable | 502 | 601 |
Taxes accrued | 255 | 77 |
Interest accrued | 86 | 101 |
Current maturities of long-term debt | 71 | 369 |
Asset retirement obligations | 260 | 288 |
Regulatory liabilities | 290 | 332 |
Other | 452 | 384 |
Total current liabilities | 2,859 | 2,898 |
Long-Term Debt (includes amounts related to VIEs) | 11,497 | 10,568 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,558 | 2,477 |
Asset retirement obligations | 5,362 | 5,535 |
Regulatory liabilities | 4,120 | 4,120 |
Operating lease liabilities | 298 | 335 |
Accrued pension and other post-retirement benefit costs | 150 | 160 |
Investment tax credits | 130 | 124 |
Other (includes $54 at 2023 related to VIEs) | 84 | 76 |
Total other noncurrent liabilities | 12,702 | 12,827 |
Commitments and Contingencies | ||
Equity | ||
Total member's equity | 10,486 | 10,309 |
Total Liabilities and Equity | 37,694 | 36,752 |
Duke Energy Progress | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 32 | 25 |
Current Liabilities | ||
Accounts payable | 252 | 508 |
Notes payable to affiliated companies | 691 | 238 |
Long-Term Debt (includes amounts related to VIEs) | $ 150 | $ 150 |
Condensed Consolidated Balanc_8
Condensed Consolidated Balance Sheets - Duke Energy Progress (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Regulatory assets | 3,489 | 3,485 |
Current Assets: Other | 602 | 973 |
Regulatory assets | 13,745 | 14,645 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | 71,353 | 65,873 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 154 | 176 |
Regulatory assets | 109 | 106 |
Current Assets: Other | 56 | 116 |
Regulatory assets | 1,668 | 1,715 |
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt | 3,025 | 3,108 |
Duke Energy Progress | ||
Allowance for doubtful accounts - receivables | 7 | 4 |
Regulatory assets | 946 | 690 |
Current Assets: Other | 49 | 174 |
Regulatory assets | 4,406 | 4,724 |
Current maturities of long-term debt | 71 | 369 |
Long-Term Debt | 11,497 | 10,568 |
Duke Energy Progress | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 37 | 40 |
Regulatory assets | 39 | 39 |
Current Assets: Other | 18 | 42 |
Regulatory assets | 653 | 681 |
Current maturities of long-term debt | 34 | 34 |
Long-Term Debt | $ 1,079 | $ 1,114 |
Condensed Consolidated State_13
Condensed Consolidated Statements of Cash Flows - Duke Energy Progress - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Duke Energy Progress | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 677 | 831 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,077 | 1,034 |
Equity component of AFUDC | (38) | (37) |
Impairment of assets and other charges | 31 | 4 |
Deferred income taxes | (12) | 66 |
Contributions to qualified pension plans | (13) | (8) |
Payments for asset retirement obligations | (166) | (133) |
Provision for rate refunds | (24) | (44) |
(Increase) decrease in | ||
Receivables | 5 | (95) |
Receivables from affiliated companies | (7) | 64 |
Inventory | (135) | (58) |
Other current assets | (189) | (266) |
Increase (decrease) in | ||
Accounts payable | (38) | 7 |
Accounts payable to affiliated companies | (256) | 58 |
Taxes accrued | 178 | (1) |
Other current liabilities | (25) | 122 |
Other assets | 175 | (105) |
Other liabilities | 23 | 39 |
Net cash provided by operating activities | 1,263 | 1,478 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (1,756) | (1,506) |
Purchases of debt and equity securities | (973) | (1,148) |
Proceeds from sales and maturities of debt and equity securities | 969 | 1,141 |
Notes receivable from affiliated companies | 0 | (329) |
Other | (114) | (11) |
Net cash used in investing activities | (1,874) | (1,853) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 991 | 1,448 |
Payments for the redemption of long-term debt | (364) | (612) |
Notes payable to affiliated companies | 452 | (172) |
Distributions to parent | (500) | (250) |
Other | (1) | (1) |
Net cash provided by financing activities | 578 | 413 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (33) | 38 |
Cash, cash equivalents and restricted cash at beginning of period | 79 | 39 |
Cash, cash equivalents and restricted cash at end of period | 46 | 77 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 206 | $ 184 |
Condensed Consolidated State_14
Condensed Consolidated Statements of Changes in Equity - Duke Energy Progress - USD ($) $ in Millions | Total | Duke Energy Progress | Duke Energy Progress Member's Equity |
Beginning balance at Dec. 31, 2021 | $ 9,551 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | $ 3,186 | $ 831 | 831 |
Common stock dividends | (2,297) | (250) | |
Ending balance at Sep. 30, 2022 | 10,132 | ||
Beginning balance at Jun. 30, 2022 | 9,735 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 1,422 | 397 | 397 |
Common stock dividends | (776) | ||
Ending balance at Sep. 30, 2022 | 10,132 | ||
Beginning balance at Dec. 31, 2022 | 10,309 | 10,309 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 1,836 | 677 | 677 |
Common stock dividends | (2,346) | (500) | |
Ending balance at Sep. 30, 2023 | 10,486 | 10,486 | |
Beginning balance at Jun. 30, 2023 | 10,618 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 1,252 | 368 | 368 |
Common stock dividends | $ (793) | (500) | |
Ending balance at Sep. 30, 2023 | $ 10,486 | $ 10,486 |
Condensed Consolidated State_15
Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Florida - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 | ||||
Operating Expenses | ||||||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 | ||||
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 | ||||
Property and other taxes | 394 | 368 | 1,136 | 1,118 | ||||
Impairment of assets and other charges | 88 | (4) | 96 | 202 | ||||
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 | ||||
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 | ||||
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 | ||||
Other Income and Expenses, net | 178 | 115 | 516 | 382 | ||||
Interest Expense | 774 | 603 | 2,221 | 1,760 | ||||
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 | ||||
Income Tax Expense | 42 | 158 | 316 | 297 | ||||
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 | ||||
Unrealized (losses) gains on available-for-sale securities | [1] | (6) | 1 | (2) | (20) | |||
Other Comprehensive Income, net of tax | 232 | [1] | 0 | 261 | [1] | 242 | [1] | |
Duke Energy Florida | ||||||||
Operating Revenues | 2,164 | 1,907 | 5,456 | 4,890 | ||||
Operating Expenses | ||||||||
Cost of sales | 885 | 856 | 2,218 | 2,011 | ||||
Operation, maintenance and other | 361 | 226 | 898 | 716 | ||||
Depreciation and amortization | 239 | 249 | 674 | 717 | ||||
Property and other taxes | 157 | 123 | 403 | 335 | ||||
Impairment of assets and other charges | (1) | |||||||
Total operating expenses | 1,642 | 1,454 | 4,192 | 3,779 | ||||
Gains on Sales of Other Assets and Other, net | 3 | 1 | 5 | |||||
Operating Income | 522 | 456 | 1,265 | 1,116 | ||||
Other Income and Expenses, net | 19 | 19 | 56 | 74 | ||||
Interest Expense | 103 | 84 | 305 | 258 | ||||
Income From Continuing Operations Before Income Taxes | 438 | 391 | 1,016 | 932 | ||||
Income Tax Expense | 91 | 72 | 206 | 181 | ||||
Net Income Attributable to Duke Energy Corporation | 347 | 319 | 810 | 751 | ||||
Unrealized (losses) gains on available-for-sale securities | (1) | 2 | (3) | |||||
Other Comprehensive Income, net of tax | $ 347 | $ 318 | $ 812 | $ 748 | ||||
[1]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts. |
Condensed Consolidated Balanc_9
Condensed Consolidated Balance Sheets - Duke Energy Florida - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Receivables (net of allowance for doubtful accounts) | 831 | 1,309 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Regulatory assets | 13,745 | 14,645 |
Nuclear decommissioning trust funds | 9,245 | 8,637 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Accumulated other comprehensive loss | 121 | (140) |
Total Liabilities and Equity | 181,160 | 178,086 |
Variable Interest Entity | ||
Current Assets | ||
Regulatory assets | 109 | 106 |
Other (includes amounts related to VIEs) | 56 | 116 |
Other Noncurrent Assets | ||
Regulatory assets | 1,668 | 1,715 |
Other | 43 | 52 |
Current Liabilities | ||
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt (includes amounts related to VIEs) | 3,025 | 3,108 |
Other Noncurrent Liabilities | ||
Other (includes $54 at 2023 related to VIEs) | 54 | |
Duke Energy Florida | ||
Current Assets | ||
Cash and cash equivalents | 41 | 45 |
Receivables of VIEs (net of allowance for doubtful accounts) | 80 | 148 |
Receivables (net of allowance for doubtful accounts) | 766 | 496 |
Inventory | 662 | 573 |
Regulatory assets | 749 | 1,143 |
Other (includes amounts related to VIEs) | 129 | 108 |
Total current assets | 2,430 | 2,515 |
Property, Plant and Equipment | ||
Cost | 27,581 | 25,940 |
Accumulated depreciation and amortization | (6,896) | (6,377) |
Net property, plant and equipment | 20,685 | 19,563 |
Other Noncurrent Assets | ||
Regulatory assets | 2,042 | 2,422 |
Nuclear decommissioning trust funds | 393 | 424 |
Operating lease right-of-use assets, net | 302 | 258 |
Other | 463 | 372 |
Total other noncurrent assets | 3,200 | 3,476 |
Total Assets | 26,315 | 25,554 |
Current Liabilities | ||
Accounts payable | 698 | 880 |
Taxes accrued | 342 | 53 |
Interest accrued | 104 | 80 |
Current maturities of long-term debt | 1,194 | 328 |
Asset retirement obligations | 1 | 1 |
Regulatory liabilities | 224 | 244 |
Other | 349 | 363 |
Total current liabilities | 3,358 | 2,731 |
Long-Term Debt (includes amounts related to VIEs) | 8,726 | 9,381 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,771 | 2,789 |
Asset retirement obligations | 307 | 357 |
Regulatory liabilities | 664 | 633 |
Operating lease liabilities | 250 | 211 |
Accrued pension and other post-retirement benefit costs | 100 | 111 |
Investment tax credits | 233 | 234 |
Other (includes $54 at 2023 related to VIEs) | 70 | 84 |
Total other noncurrent liabilities | 4,395 | 4,419 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 9,842 | 9,031 |
Accumulated other comprehensive loss | (6) | (8) |
Total member's equity | 9,836 | 9,023 |
Total Liabilities and Equity | 26,315 | 25,554 |
Duke Energy Florida | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets | 58 | 55 |
Other (includes amounts related to VIEs) | 24 | 46 |
Other Noncurrent Assets | ||
Regulatory assets | 816 | 826 |
Current Liabilities | ||
Current maturities of long-term debt | 383 | 306 |
Long-Term Debt (includes amounts related to VIEs) | 832 | 890 |
Other Noncurrent Liabilities | ||
Other (includes $54 at 2023 related to VIEs) | 11 | |
Duke Energy Florida | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 3 | 2 |
Current Liabilities | ||
Accounts payable | 154 | 177 |
Notes payable to affiliated companies | 292 | 605 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 27 | 49 |
Receivables of VIEs (net of allowance for doubtful accounts) | 129 | 167 |
Receivables (net of allowance for doubtful accounts) | 831 | 793 |
Inventory | 1,141 | 1,006 |
Regulatory assets | 946 | 690 |
Other (includes amounts related to VIEs) | 49 | 174 |
Total current assets | 3,155 | 2,904 |
Property, Plant and Equipment | ||
Cost | 40,283 | 38,875 |
Accumulated depreciation and amortization | (14,869) | (14,201) |
Net property, plant and equipment | 25,414 | 24,674 |
Other Noncurrent Assets | ||
Regulatory assets | 4,406 | 4,724 |
Nuclear decommissioning trust funds | 3,697 | 3,430 |
Operating lease right-of-use assets, net | 329 | 370 |
Other | 693 | 650 |
Total other noncurrent assets | 9,125 | 9,174 |
Total Assets | 37,694 | 36,752 |
Current Liabilities | ||
Accounts payable | 502 | 601 |
Taxes accrued | 255 | 77 |
Interest accrued | 86 | 101 |
Current maturities of long-term debt | 71 | 369 |
Asset retirement obligations | 260 | 288 |
Regulatory liabilities | 290 | 332 |
Other | 452 | 384 |
Total current liabilities | 2,859 | 2,898 |
Long-Term Debt (includes amounts related to VIEs) | 11,497 | 10,568 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,558 | 2,477 |
Asset retirement obligations | 5,362 | 5,535 |
Regulatory liabilities | 4,120 | 4,120 |
Operating lease liabilities | 298 | 335 |
Accrued pension and other post-retirement benefit costs | 150 | 160 |
Investment tax credits | 130 | 124 |
Other (includes $54 at 2023 related to VIEs) | 84 | 76 |
Total other noncurrent liabilities | 12,702 | 12,827 |
Commitments and Contingencies | ||
Equity | ||
Total member's equity | 10,486 | 10,309 |
Total Liabilities and Equity | 37,694 | 36,752 |
Duke Energy Progress | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets | 39 | 39 |
Other (includes amounts related to VIEs) | 18 | 42 |
Other Noncurrent Assets | ||
Regulatory assets | 653 | 681 |
Current Liabilities | ||
Current maturities of long-term debt | 34 | 34 |
Long-Term Debt (includes amounts related to VIEs) | 1,079 | 1,114 |
Other Noncurrent Liabilities | ||
Other (includes $54 at 2023 related to VIEs) | 19 | |
Duke Energy Progress | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 32 | 25 |
Current Liabilities | ||
Accounts payable | 252 | 508 |
Notes payable to affiliated companies | 691 | 238 |
Long-Term Debt (includes amounts related to VIEs) | $ 150 | $ 150 |
Condensed Consolidated Balan_10
Condensed Consolidated Balance Sheets - Duke Energy Florida (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Current Assets: Other | 602 | 973 |
Regulatory assets | 13,745 | 14,645 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | 71,353 | 65,873 |
Regulatory assets | 3,489 | 3,485 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 154 | 176 |
Current Assets: Other | 56 | 116 |
Regulatory assets | 1,668 | 1,715 |
Current maturities of long-term debt | 428 | 350 |
Long-Term Debt | 3,025 | 3,108 |
Regulatory assets | 109 | 106 |
Duke Energy Florida | ||
Allowance for doubtful accounts - receivables | 10 | 8 |
Current Assets: Other | 129 | 108 |
Regulatory assets | 2,042 | 2,422 |
Current maturities of long-term debt | 1,194 | 328 |
Long-Term Debt | 8,726 | 9,381 |
Regulatory assets | 749 | 1,143 |
Duke Energy Florida | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 24 | 28 |
Current Assets: Other | 24 | 46 |
Regulatory assets | 816 | 826 |
Current maturities of long-term debt | 383 | 306 |
Long-Term Debt | 832 | 890 |
Regulatory assets | $ 58 | $ 55 |
Condensed Consolidated State_16
Condensed Consolidated Statements of Cash Flows - Duke Energy Florida - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Losses on sales of other assets | 46 | 16 |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Equity in earnings of unconsolidated affiliates | (70) | (87) |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Duke Energy Florida | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 810 | 751 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 943 | 790 |
Equity component of AFUDC | (10) | (13) |
Impairment of assets and other charges | (1) | |
Deferred income taxes | (42) | 237 |
Equity in earnings of unconsolidated affiliates | 1 | |
Contributions to qualified pension plans | (9) | (5) |
Payments for asset retirement obligations | (46) | (73) |
(Increase) decrease in | ||
Receivables | (203) | (218) |
Receivables from affiliated companies | (1) | 10 |
Inventory | (89) | (95) |
Other current assets | 516 | (814) |
Increase (decrease) in | ||
Accounts payable | (140) | 354 |
Accounts payable to affiliated companies | (23) | (90) |
Taxes accrued | 289 | 123 |
Other current liabilities | 23 | 72 |
Other assets | 12 | (162) |
Other liabilities | (14) | 37 |
Net cash provided by operating activities | 2,016 | 904 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (1,851) | (1,624) |
Purchases of debt and equity securities | (135) | (153) |
Proceeds from sales and maturities of debt and equity securities | 182 | 216 |
Other | (125) | (76) |
Net cash used in investing activities | (1,929) | (1,637) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 281 | 4 |
Payments for the redemption of long-term debt | (76) | (74) |
Notes payable to affiliated companies | (313) | 784 |
Other | (1) | (1) |
Net cash provided by financing activities | (109) | 713 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (22) | (20) |
Cash, cash equivalents and restricted cash at beginning of period | 86 | 62 |
Cash, cash equivalents and restricted cash at end of period | 64 | 42 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 352 | $ 288 |
Condensed Consolidated State_17
Condensed Consolidated Statements of Changes in Equity - Duke Energy Florida - USD ($) $ in Millions | Total | Duke Energy Florida | Duke Energy Florida Member's Equity | Duke Energy Florida Net Unrealized Gains (Losses) on Available-for-Sale Securities | ||
Beginning balance at Dec. 31, 2021 | $ 8,295 | $ 8,298 | $ (3) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ 3,186 | 751 | 751 | |||
Other comprehensive income (loss) | (20) | [1] | (3) | (3) | ||
Other | 3 | |||||
Ending balance at Sep. 30, 2022 | 9,043 | 9,049 | (6) | |||
Beginning balance at Jun. 30, 2022 | 8,725 | 8,730 | (5) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,422 | 319 | 319 | |||
Other comprehensive income (loss) | 1 | [1] | (1) | (1) | ||
Other | 2 | |||||
Ending balance at Sep. 30, 2022 | 9,043 | 9,049 | (6) | |||
Beginning balance at Dec. 31, 2022 | 9,023 | 9,031 | (8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,836 | 810 | 810 | |||
Other comprehensive income (loss) | (2) | [1] | 2 | 2 | ||
Other | (1) | 1 | 1 | |||
Ending balance at Sep. 30, 2023 | 9,836 | 9,842 | (6) | |||
Beginning balance at Jun. 30, 2023 | 9,488 | 9,494 | (6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,252 | 347 | 347 | |||
Other comprehensive income (loss) | [1] | (6) | ||||
Other | $ 2 | 1 | 1 | |||
Ending balance at Sep. 30, 2023 | $ 9,836 | $ 9,842 | $ (6) | |||
[1]Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts. |
Condensed Consolidated State_18
Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Ohio - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Regulated electric | $ 7,640 | $ 7,373 | $ 20,140 | $ 19,381 |
Regulated natural gas | 284 | 397 | 1,497 | 1,824 |
Total operating revenues | 7,994 | 7,842 | 21,848 | 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses, net | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 |
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Fuel used in electric generation and purchased power | ||||
Operating Expenses | ||||
Cost of sales | 2,571 | 2,632 | 6,987 | 6,421 |
Cost of natural gas | ||||
Operating Expenses | ||||
Cost of sales | 57 | 189 | 434 | 859 |
Duke Energy Ohio | ||||
Regulated electric | 472 | 507 | 1,411 | 1,320 |
Regulated natural gas | 105 | 121 | 464 | 491 |
Total operating revenues | 577 | 628 | 1,875 | 1,811 |
Operating Expenses | ||||
Operation, maintenance and other | 114 | 121 | 358 | 408 |
Depreciation and amortization | 90 | 84 | 266 | 247 |
Property and other taxes | 94 | 79 | 258 | 272 |
Total operating expenses | 449 | 479 | 1,485 | 1,529 |
Gains on Sales of Other Assets and Other, net | (1) | |||
Operating Income | 128 | 148 | 390 | 282 |
Other Income and Expenses, net | 12 | 4 | 33 | 16 |
Interest Expense | 46 | 32 | 125 | 92 |
Income From Continuing Operations Before Income Taxes | 94 | 120 | 298 | 206 |
Income Tax Expense From Continuing Operations | 14 | 17 | 47 | (30) |
Comprehensive Income Attributable to Duke Energy | 80 | 103 | 251 | 236 |
Net Income Attributable to Duke Energy Corporation | 80 | 103 | 251 | 236 |
Duke Energy Ohio | Fuel used in electric generation and purchased power | ||||
Operating Expenses | ||||
Cost of sales | 145 | 185 | 485 | 439 |
Duke Energy Ohio | Cost of natural gas | ||||
Operating Expenses | ||||
Cost of sales | $ 6 | $ 21 | $ 118 | $ 174 |
Condensed Consolidated Balan_11
Condensed Consolidated Balance Sheets - Duke Energy Ohio - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets | 13,745 | 14,645 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 44,886 | 44,862 |
Retained earnings | 2,036 | 2,637 |
Total equity | 51,826 | 51,853 |
Total Liabilities and Equity | 181,160 | 178,086 |
Duke Energy Ohio | ||
Current Assets | ||
Cash and cash equivalents | 20 | 16 |
Receivables of VIEs (net of allowance for doubtful accounts) | 97 | 73 |
Inventory | 168 | 144 |
Regulatory assets | 48 | 103 |
Other (includes amounts related to VIEs) | 47 | 86 |
Total current assets | 535 | 669 |
Property, Plant and Equipment | ||
Cost | 12,976 | 12,497 |
Accumulated depreciation and amortization | (3,385) | (3,250) |
Net property, plant and equipment | 9,591 | 9,247 |
Other Noncurrent Assets | ||
Goodwill | 920 | 920 |
Regulatory assets | 655 | 581 |
Operating lease right-of-use assets, net | 17 | 18 |
Other | 76 | 71 |
Total other noncurrent assets | 1,668 | 1,590 |
Total Assets | 11,794 | 11,506 |
Current Liabilities | ||
Accounts payable | 322 | 380 |
Taxes accrued | 247 | 317 |
Interest accrued | 51 | 29 |
Current maturities of long-term debt | 175 | 475 |
Asset retirement obligations | 8 | 17 |
Regulatory liabilities | 46 | 99 |
Other | 72 | 74 |
Total current liabilities | 1,265 | 1,960 |
Long-Term Debt (includes amounts related to VIEs) | 3,492 | 2,745 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,169 | 1,136 |
Asset retirement obligations | 130 | 137 |
Regulatory liabilities | 498 | 534 |
Operating lease liabilities | 17 | 17 |
Accrued pension and other post-retirement benefit costs | 91 | 90 |
Other (includes $54 at 2023 related to VIEs) | 90 | 96 |
Total other noncurrent liabilities | 1,995 | 2,010 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 762 | 762 |
Additional paid-in capital | 3,100 | 3,100 |
Retained earnings | 1,155 | 904 |
Total equity | 5,017 | 4,766 |
Total Liabilities and Equity | 11,794 | 11,506 |
Duke Energy Ohio | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 155 | 247 |
Current Liabilities | ||
Accounts payable | 71 | 72 |
Notes payable to affiliated companies | 273 | 497 |
Long-Term Debt (includes amounts related to VIEs) | $ 25 | $ 25 |
Condensed Consolidated Balan_12
Condensed Consolidated Balance Sheets - Duke Energy Ohio (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 771,000,000 | 770,000,000 |
Duke Energy Ohio | ||
Allowance for doubtful accounts - receivables | $ 8 | $ 6 |
Common stock, par value (in usd per share) | $ 8.50 | $ 8.50 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares outstanding (in shares) | 90,000,000 | 90,000,000 |
Condensed Consolidated State_19
Condensed Consolidated Statements of Cash Flows - Duke Energy Ohio - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Deferred income taxes | (29) | 209 |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | (423) | (418) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Duke Energy Ohio | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 251 | 236 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 269 | 251 |
Equity component of AFUDC | (7) | (7) |
Deferred income taxes | 7 | (13) |
Contributions to qualified pension plans | (5) | (3) |
Payments for asset retirement obligations | (9) | (7) |
Provision for rate refunds | 5 | |
(Increase) decrease in | ||
Receivables | (23) | 8 |
Receivables from affiliated companies | 103 | 11 |
Inventory | (24) | (2) |
Other current assets | 103 | (60) |
Increase (decrease) in | ||
Accounts payable | (69) | (6) |
Accounts payable to affiliated companies | (1) | (4) |
Taxes accrued | (70) | (44) |
Other current liabilities | (29) | (76) |
Other assets | (39) | (54) |
Other liabilities | (8) | 80 |
Net cash provided by operating activities | 449 | 304 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (676) | (623) |
Losses on sales of other assets | 75 | |
Notes receivable from affiliated companies | (11) | (85) |
Other | (53) | (47) |
Net cash used in investing activities | (665) | (755) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 749 | 50 |
Payments for the redemption of long-term debt | (300) | |
Notes payable to affiliated companies | (224) | 399 |
Other | (5) | (2) |
Net cash provided by financing activities | 220 | 447 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 4 | (4) |
Cash, cash equivalents and restricted cash at beginning of period | 16 | 13 |
Cash, cash equivalents and restricted cash at end of period | 20 | 9 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 134 | $ 119 |
Condensed Consolidated State_20
Condensed Consolidated Statements of Changes in Equity - Duke Energy Ohio - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Duke Energy Ohio | Duke Energy Ohio Common Stock | Duke Energy Ohio Additional Paid-in Capital | Duke Energy Ohio Retained Earnings |
Beginning Balance (Attributable to Parent) at Dec. 31, 2021 | $ 1 | $ 44,371 | $ 3,265 | $ 4,464 | $ 762 | $ 3,100 | $ 602 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 3,186 | 236 | 236 | |||||
Other | 3 | 2 | 1 | 1 | 1 | |||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1 | 44,397 | 4,063 | 4,701 | 762 | 3,100 | 839 | |
Beginning Balance (Attributable to Parent) at Jun. 30, 2022 | 1 | 44,373 | 3,457 | 4,597 | 762 | 3,100 | 735 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,422 | 103 | 103 | |||||
Other | 2 | 3 | (1) | 1 | 1 | |||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1 | 44,397 | 4,063 | 4,701 | 762 | 3,100 | 839 | |
Beginning Balance (Attributable to Parent) at Dec. 31, 2022 | 49,322 | 1 | 44,862 | 2,637 | 4,766 | 762 | 3,100 | 904 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,836 | 251 | 251 | |||||
Other | (1) | (6) | 1 | |||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | 49,006 | 1 | 44,886 | 2,036 | 5,017 | 762 | 3,100 | 1,155 |
Beginning Balance (Attributable to Parent) at Jun. 30, 2023 | 1 | 44,866 | 1,615 | 4,937 | 762 | 3,100 | 1,075 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,252 | 80 | 80 | |||||
Other | 2 | (2) | 1 | |||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | $ 49,006 | $ 1 | $ 44,886 | $ 2,036 | $ 5,017 | $ 762 | $ 3,100 | $ 1,155 |
Condensed Consolidated State_21
Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Indiana - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Impairment of assets and other charges | 88 | (4) | 96 | 202 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses, net | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 |
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Duke Energy Indiana | ||||
Operating Revenues | 851 | 1,095 | 2,606 | 2,835 |
Operating Expenses | ||||
Cost of sales | 283 | 556 | 980 | 1,234 |
Operation, maintenance and other | 160 | 177 | 524 | 551 |
Depreciation and amortization | 173 | 167 | 500 | 478 |
Property and other taxes | 17 | 13 | 42 | 60 |
Impairment of assets and other charges | 211 | |||
Total operating expenses | 633 | 913 | 2,046 | 2,534 |
Operating Income | 218 | 182 | 560 | 301 |
Other Income and Expenses, net | 30 | 9 | 58 | 27 |
Interest Expense | 53 | 48 | 157 | 138 |
Income From Continuing Operations Before Income Taxes | 195 | 143 | 461 | 190 |
Income Tax Expense From Continuing Operations | 36 | 24 | 82 | 1 |
Comprehensive Income Attributable to Duke Energy | 159 | 119 | 379 | 189 |
Net Income Attributable to Duke Energy Corporation | $ 159 | $ 119 | $ 379 | $ 189 |
Condensed Consolidated Balan_13
Condensed Consolidated Balance Sheets - Duke Energy Indiana - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 324 | $ 409 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,244 | 3,106 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Regulatory assets | 13,745 | 14,645 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Asset retirement obligations | 620 | 773 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Investment tax credits | 856 | 849 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Accumulated other comprehensive loss | 121 | (140) |
Total Liabilities and Equity | 181,160 | 178,086 |
Duke Energy Indiana | ||
Current Assets | ||
Cash and cash equivalents | 14 | 31 |
Receivables of VIEs (net of allowance for doubtful accounts) | 117 | 112 |
Inventory | 600 | 489 |
Regulatory assets | 93 | 249 |
Other | 59 | 197 |
Total current assets | 1,037 | 1,376 |
Property, Plant and Equipment | ||
Cost | 18,638 | 18,121 |
Accumulated depreciation and amortization | (6,359) | (6,021) |
Net property, plant and equipment | 12,279 | 12,100 |
Other Noncurrent Assets | ||
Regulatory assets | 899 | 875 |
Operating lease right-of-use assets, net | 47 | 49 |
Other | 323 | 254 |
Total other noncurrent assets | 1,269 | 1,178 |
Total Assets | 14,585 | 14,654 |
Current Liabilities | ||
Accounts payable | 277 | 391 |
Taxes accrued | 88 | 92 |
Interest accrued | 74 | 48 |
Current maturities of long-term debt | 3 | 303 |
Asset retirement obligations | 114 | 207 |
Regulatory liabilities | 205 | 187 |
Other | 157 | 161 |
Total current liabilities | 1,229 | 2,030 |
Long-Term Debt (includes amounts related to VIEs) | 4,351 | 3,854 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,352 | 1,299 |
Asset retirement obligations | 728 | 744 |
Regulatory liabilities | 1,478 | 1,454 |
Operating lease liabilities | 45 | 47 |
Accrued pension and other post-retirement benefit costs | 116 | 122 |
Investment tax credits | 186 | 186 |
Other (includes $54 at 2023 related to VIEs) | 14 | 65 |
Total other noncurrent liabilities | 3,919 | 3,917 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 4,935 | 4,702 |
Accumulated other comprehensive loss | 1 | 1 |
Total member's equity | 4,936 | 4,703 |
Total Liabilities and Equity | 14,585 | 14,654 |
Duke Energy Indiana | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 154 | 298 |
Current Liabilities | ||
Accounts payable | 111 | 206 |
Notes payable to affiliated companies | 200 | 435 |
Long-Term Debt (includes amounts related to VIEs) | $ 150 | $ 150 |
Condensed Consolidated Balan_14
Condensed Consolidated Balance Sheets - Duke Energy Indiana (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Duke Energy Indiana | ||
Allowance for doubtful accounts - receivables | $ 5 | $ 4 |
Condensed Consolidated State_22
Condensed Consolidated Statements of Cash Flows - Duke Energy Indiana - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Contributions to qualified pension plans | (100) | (58) |
Payments for asset retirement obligations | 423 | 418 |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Purchases of debt and equity securities | (2,811) | (3,619) |
Proceeds from sales and maturities of debt and equity securities | 2,848 | 3,691 |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Payments for the redemption of long-term debt | (3,097) | (3,803) |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Duke Energy Indiana | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 379 | 189 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 503 | 481 |
Equity component of AFUDC | (7) | (12) |
Impairment of assets and other charges | 211 | |
Deferred income taxes | 15 | (26) |
Contributions to qualified pension plans | (8) | (5) |
Payments for asset retirement obligations | 57 | 67 |
(Increase) decrease in | ||
Receivables | (23) | (1) |
Receivables from affiliated companies | (12) | 17 |
Inventory | (112) | (34) |
Other current assets | 209 | (181) |
Increase (decrease) in | ||
Accounts payable | (86) | 44 |
Accounts payable to affiliated companies | (32) | (24) |
Taxes accrued | (4) | 5 |
Other current liabilities | 107 | 18 |
Other assets | (62) | 8 |
Other liabilities | 26 | 9 |
Net cash provided by operating activities | 836 | 632 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (699) | (643) |
Purchases of debt and equity securities | (53) | (43) |
Proceeds from sales and maturities of debt and equity securities | 42 | 32 |
Notes receivable from affiliated companies | 156 | (32) |
Other | (50) | (38) |
Net cash used in investing activities | (604) | (724) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 495 | 67 |
Payments for the redemption of long-term debt | (300) | (81) |
Notes payable to affiliated companies | (234) | 483 |
Distributions to parent | (209) | (350) |
Other | (1) | (1) |
Net cash provided by financing activities | (249) | 118 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (17) | 26 |
Cash, cash equivalents and restricted cash at beginning of period | 31 | 6 |
Cash, cash equivalents and restricted cash at end of period | 14 | 32 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 94 | $ 102 |
Condensed Consolidated State_23
Condensed Consolidated Statements of Changes in Equity - Duke Energy Indiana - USD ($) $ in Millions | Total | Duke Energy Indiana | Duke Energy Indiana Member's Equity | Duke Energy Indiana Pension and OPEB Adjustments |
Beginning balance at Dec. 31, 2021 | $ 5,015 | $ 5,015 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | $ 3,186 | 189 | 189 | |
Other | 3 | |||
Distributions to parent | (2,297) | (225) | (225) | |
Ending balance at Sep. 30, 2022 | 4,979 | 4,979 | ||
Beginning balance at Jun. 30, 2022 | 4,861 | 4,861 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,422 | 119 | 119 | |
Other | 2 | (1) | (1) | |
Distributions to parent | (776) | |||
Ending balance at Sep. 30, 2022 | 4,979 | 4,979 | ||
Beginning balance at Dec. 31, 2022 | 4,703 | 4,702 | $ 1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,836 | 379 | 379 | |
Other | (1) | |||
Distributions to parent | (2,346) | (146) | (146) | |
Ending balance at Sep. 30, 2023 | 4,936 | 4,935 | 1 | |
Beginning balance at Jun. 30, 2023 | 4,827 | 4,826 | 1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 1,252 | 159 | 159 | |
Other | 2 | |||
Distributions to parent | $ (793) | (50) | (50) | |
Ending balance at Sep. 30, 2023 | $ 4,936 | $ 4,935 | $ 1 |
Condensed Consolidated State_24
Condensed Consolidated Statements of Operations and Comprehensive Income - Piedmont - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 |
Operating Expenses | ||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 |
Depreciation and amortization | 1,353 | 1,299 | 3,913 | 3,793 |
Property and other taxes | 394 | 368 | 1,136 | 1,118 |
Impairment of assets and other charges | 88 | (4) | 96 | 202 |
Total operating expenses | 5,891 | 5,792 | 16,679 | 16,616 |
Gains on Sales of Other Assets and Other, net | 8 | 6 | 46 | 17 |
Operating Income | 2,111 | 2,056 | 5,215 | 4,818 |
Other Income and Expenses, net | 178 | 115 | 516 | 382 |
Interest Expense | 774 | 603 | 2,221 | 1,760 |
Income From Continuing Operations Before Income Taxes | 1,515 | 1,568 | 3,510 | 3,440 |
Income Tax Expense From Continuing Operations | 42 | 158 | 316 | 297 |
Net Income Attributable to Duke Energy Corporation | 1,252 | 1,422 | 1,836 | 3,186 |
Comprehensive Income Attributable to Duke Energy | 1,484 | 1,417 | 2,097 | 3,411 |
Piedmont | ||||
Operating Revenues | 208 | 306 | 1,119 | 1,421 |
Operating Expenses | ||||
Cost of natural gas | 51 | 168 | 316 | 685 |
Operation, maintenance and other | 77 | 87 | 248 | 270 |
Depreciation and amortization | 59 | 56 | 175 | 166 |
Property and other taxes | 16 | 13 | 46 | 44 |
Impairment of assets and other charges | 1 | (4) | 1 | |
Total operating expenses | 203 | 325 | 781 | 1,166 |
Gains on Sales of Other Assets and Other, net | 0 | 0 | 4 | |
Operating Income | 5 | (19) | 338 | 259 |
Other Income and Expenses, net | 17 | 13 | 49 | 41 |
Interest Expense | 41 | 36 | 120 | 102 |
Income From Continuing Operations Before Income Taxes | (19) | (42) | 267 | 198 |
Income Tax Expense From Continuing Operations | (5) | (9) | 46 | 18 |
Net Income Attributable to Duke Energy Corporation | (14) | (33) | 221 | 180 |
Comprehensive Income Attributable to Duke Energy | $ (14) | $ (33) | $ 221 | $ 180 |
Condensed Consolidated Balan_15
Condensed Consolidated Balance Sheets - Piedmont - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | $ 3,244 | $ 3,106 |
Inventory | 4,118 | 3,584 |
Regulatory assets | 3,489 | 3,485 |
Other (includes amounts related to VIEs) | 602 | 973 |
Total current assets | 13,048 | 13,222 |
Property, Plant and Equipment | ||
Cost | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Facilities to be retired, net | 0 | 9 |
Net property, plant and equipment | 115,947 | 111,748 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets | 13,745 | 14,645 |
Operating lease right-of-use assets, net | 1,073 | 1,042 |
Investments in equity method unconsolidated affiliates | 505 | 455 |
Other | 3,698 | 3,400 |
Total other noncurrent assets | 52,165 | 53,116 |
Total Assets | 181,160 | 178,086 |
Current Liabilities | ||
Accounts payable | 3,539 | 4,754 |
Taxes accrued | 991 | 722 |
Interest accrued | 750 | 626 |
Current maturities of long-term debt | 4,034 | 3,878 |
Regulatory liabilities | 1,396 | 1,466 |
Other | 2,087 | 2,167 |
Total current liabilities | 17,160 | 18,873 |
Long-Term Debt (includes amounts related to VIEs) | 71,353 | 65,873 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 10,438 | 9,964 |
Asset retirement obligations | 11,613 | 11,955 |
Regulatory liabilities | 13,396 | 13,582 |
Operating lease liabilities | 897 | 876 |
Accrued pension and other post-retirement benefit costs | 662 | 832 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Total other noncurrent liabilities | 40,821 | 41,487 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Retained earnings | 2,036 | 2,637 |
Total Duke Energy Corporation stockholders' equity | 49,006 | 49,322 |
Noncontrolling interests | 2,820 | 2,531 |
Total equity | 51,826 | 51,853 |
Total Liabilities and Equity | 181,160 | 178,086 |
Piedmont | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 99 | 436 |
Inventory | 88 | 172 |
Regulatory assets | 120 | 119 |
Other (includes amounts related to VIEs) | 63 | 4 |
Total current assets | 382 | 742 |
Property, Plant and Equipment | ||
Cost | 11,595 | 10,869 |
Accumulated depreciation and amortization | (2,230) | (2,081) |
Facilities to be retired, net | 0 | 9 |
Net property, plant and equipment | 9,365 | 8,797 |
Other Noncurrent Assets | ||
Goodwill | 49 | 49 |
Regulatory assets | 415 | 392 |
Operating lease right-of-use assets, net | 3 | 4 |
Investments in equity method unconsolidated affiliates | 78 | 79 |
Other | 288 | 272 |
Total other noncurrent assets | 833 | 796 |
Total Assets | 10,580 | 10,335 |
Current Liabilities | ||
Accounts payable | 209 | 345 |
Taxes accrued | 44 | 74 |
Interest accrued | 49 | 40 |
Current maturities of long-term debt | 85 | 45 |
Regulatory liabilities | 98 | 74 |
Other | 66 | 81 |
Total current liabilities | 896 | 1,224 |
Long-Term Debt (includes amounts related to VIEs) | 3,628 | 3,318 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 948 | 870 |
Asset retirement obligations | 28 | 26 |
Regulatory liabilities | 993 | 1,024 |
Operating lease liabilities | 10 | 13 |
Accrued pension and other post-retirement benefit costs | 7 | 7 |
Other (includes $54 at 2023 related to VIEs) | 176 | 180 |
Total other noncurrent liabilities | 2,162 | 2,120 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1,635 | 1,635 |
Retained earnings | 2,258 | 2,037 |
Total Duke Energy Corporation stockholders' equity | 3,893 | 3,672 |
Noncontrolling interests | 1 | 1 |
Total equity | 3,894 | 3,673 |
Total Liabilities and Equity | 10,580 | 10,335 |
Piedmont | Affiliated Entity | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 12 | 11 |
Current Liabilities | ||
Accounts payable | 48 | 51 |
Notes payable to affiliated companies | $ 297 | $ 514 |
Condensed Consolidated Balan_16
Condensed Consolidated Balance Sheets - Piedmont (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts - receivables | $ 49 | $ 40 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 771,000,000 | 770,000,000 |
Piedmont | ||
Allowance for doubtful accounts - receivables | $ 10 | $ 14 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Condensed Consolidated State_25
Condensed Consolidated Statements of Cash Flows - Duke Energy Piedmont - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,836 | $ 3,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,538 | 4,414 |
Equity component of AFUDC | (146) | (151) |
Impairment of assets and other charges | 96 | 202 |
Deferred income taxes | (29) | 209 |
Equity in earnings of unconsolidated affiliates | (70) | (87) |
Contributions to qualified pension plans | (100) | (58) |
Provision for rate refunds | (59) | (97) |
(Increase) decrease in | ||
Receivables | 481 | (356) |
Inventory | (531) | (290) |
Other current assets | 40 | (2,403) |
Increase (decrease) in | ||
Accounts payable | (972) | 504 |
Taxes accrued | 277 | 206 |
Other current liabilities | (116) | 263 |
Other assets | 491 | (68) |
Other liabilities | 368 | 188 |
Net cash provided by operating activities | 7,309 | 5,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (9,310) | (8,148) |
Contributions to equity method investments | (30) | (37) |
Other | (578) | (517) |
Net cash used in investing activities | (9,751) | (8,630) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 8,704 | 9,466 |
Other | (95) | (124) |
Net cash provided by financing activities | 2,413 | 3,551 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (29) | 109 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 520 |
Cash, cash equivalents and restricted cash at end of period | 574 | 629 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,528 | 1,387 |
Piedmont | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | 221 | 180 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 177 | 168 |
Equity component of AFUDC | (15) | (7) |
Impairment of assets and other charges | (4) | 1 |
Deferred income taxes | 52 | 13 |
Equity in earnings of unconsolidated affiliates | (6) | (5) |
Contributions to qualified pension plans | (3) | (2) |
Provision for rate refunds | 0 | (3) |
(Increase) decrease in | ||
Receivables | 335 | 198 |
Receivables from affiliated companies | (1) | 1 |
Inventory | 83 | (26) |
Other current assets | (63) | (91) |
Increase (decrease) in | ||
Accounts payable | (78) | 24 |
Accounts payable to affiliated companies | (3) | (5) |
Taxes accrued | (30) | (18) |
Other current liabilities | 25 | 23 |
Other assets | (23) | (8) |
Other liabilities | 7 | (3) |
Net cash provided by operating activities | 674 | 440 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (774) | (598) |
Contributions to equity method investments | (8) | |
Other | (32) | (17) |
Net cash used in investing activities | (806) | (623) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 348 | 394 |
Notes payable to affiliated companies | (216) | (210) |
Other | 0 | (1) |
Net cash provided by financing activities | 132 | 183 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 149 | $ 163 |
Condensed Consolidated State_26
Condensed Consolidated Statements of Changes in Equity - Piedmont - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Total Equity | Noncontrolling Interests | Piedmont | Piedmont Common Stock | Piedmont Retained Earnings | Piedmont Total Equity | Piedmont Noncontrolling Interests |
Beginning Balance (Attributable to Parent) at Dec. 31, 2021 | $ 1 | $ 3,265 | $ 49,296 | $ 1,635 | $ 1,714 | $ 3,349 | ||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2021 | $ 1,840 | $ 0 | ||||||||
Beginning Balance (Parent) at Dec. 31, 2021 | $ 51,136 | $ 3,349 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 3,113 | 180 | 180 | 180 | ||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1 | 4,063 | 50,345 | 1,635 | 1,894 | 3,529 | ||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | 0 | ||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | 3,529 | ||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2022 | 1 | 3,457 | 49,720 | 1,635 | 1,927 | 3,562 | ||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2022 | 1,864 | 0 | ||||||||
Beginning Balance (Parent) at Jun. 30, 2022 | 51,584 | 3,562 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,413 | (33) | (33) | (33) | ||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2022 | 1 | 4,063 | 50,345 | 1,635 | 1,894 | 3,529 | ||||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2022 | 1,824 | 0 | ||||||||
Ending Balance (Parent) at Sep. 30, 2022 | 52,169 | 3,529 | ||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2022 | 49,322 | 1 | 2,637 | 49,322 | 3,672 | 1,635 | 2,037 | 3,672 | ||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022 | 2,531 | 2,531 | 1 | 1 | ||||||
Beginning Balance (Parent) at Dec. 31, 2022 | 51,853 | 3,673 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,878 | 221 | 221 | 221 | ||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | 49,006 | 1 | 2,036 | 49,006 | 3,893 | 1,635 | 2,258 | 3,893 | ||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | 2,820 | 2,820 | 1 | 1 | ||||||
Ending Balance (Parent) at Sep. 30, 2023 | 51,826 | 3,894 | ||||||||
Beginning Balance (Attributable to Parent) at Jun. 30, 2023 | 1 | 1,615 | 48,333 | 1,635 | 2,272 | 3,907 | ||||
Beginning Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023 | 2,738 | 1 | ||||||||
Beginning Balance (Parent) at Jun. 30, 2023 | 51,071 | 3,908 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,321 | (14) | (14) | (14) | ||||||
Ending Balance (Attributable to Parent) at Sep. 30, 2023 | 49,006 | $ 1 | $ 2,036 | $ 49,006 | 3,893 | $ 1,635 | $ 2,258 | $ 3,893 | ||
Ending Balance (Attributable to Noncontrolling Interest) at Sep. 30, 2023 | 2,820 | $ 2,820 | 1 | $ 1 | ||||||
Ending Balance (Parent) at Sep. 30, 2023 | $ 51,826 | $ 3,894 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION BASIS OF PRESENTATION These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself. These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. BASIS OF CONSOLIDATION These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. Discontinued Operations Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the nine months ended September 30, 2023, and 2022, the Loss (Income) From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups. NONCONTROLLING INTEREST Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 Duke Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Energy (a) Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 324 $ 19 $ 87 $ 27 $ 41 $ 409 $ 44 $ 108 $ 49 $ 45 Other 49 4 44 17 23 82 8 74 28 41 Other Noncurrent Assets Other 9 1 2 2 — 11 1 2 2 — Total cash, cash equivalents and restricted cash $ 382 $ 24 $ 133 $ 46 $ 64 $ 502 $ 53 $ 184 $ 79 $ 86 (a) Certain prior year balances have been adjusted for held for sale presentation. See Note 2 for additional information. INVENTORY Provisions for inventory write-offs were not material at September 30, 2023, and December 31, 2022. The components of inventory are presented in the tables below. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 3,018 $ 1,045 $ 1,408 $ 920 $ 488 $ 132 $ 381 $ 15 Coal 758 330 187 110 77 24 217 — Natural gas, oil and other fuel 342 47 208 111 97 12 2 73 Total inventory $ 4,118 $ 1,422 $ 1,803 $ 1,141 $ 662 $ 168 $ 600 $ 88 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,604 $ 876 $ 1,232 $ 819 $ 413 $ 105 $ 342 $ 12 Coal 620 253 190 99 91 34 144 — Natural gas, oil and other fuel 360 35 157 88 69 5 3 160 Total inventory $ 3,584 $ 1,164 $ 1,579 $ 1,006 $ 573 $ 144 $ 489 $ 172 OTHER NONCURRENT ASSETS Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. See Notes 2 and 3 for further information. ACCOUNTS PAYABLE Duke Energy maintains a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Duke Energy confirms invoices sold by suppliers under the program to the financial institution and pays the financial institution based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program. The following table represents the changes in confirmed obligations outstanding for the three and nine months ended September 30, 2023, and 2022. Three months ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Confirmed obligations outstanding at the June 30, 2022 $ 46 $ 9 $ 11 $ 3 $ 8 $ 9 $ — $ 17 Invoices confirmed during the period 86 6 21 7 14 12 — 47 Confirmed invoices paid during the period (58) (12) (15) (5) (10) (9) — (22) Confirmed obligations outstanding at September 30, 2022 $ 74 $ 3 $ 17 $ 5 $ 12 $ 12 $ — $ 42 Confirmed obligations outstanding at the June 30, 2023 $ 40 $ 5 $ 14 $ 12 $ 2 $ 2 $ — $ 19 Invoices confirmed during the period 47 2 11 2 9 4 — 30 Confirmed invoices paid during the period (18) (4) (8) (3) (5) — — (6) Confirmed obligations outstanding at September 30, 2023 $ 69 $ 3 $ 17 $ 11 $ 6 $ 6 $ — $ 43 Nine months ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Confirmed obligations outstanding at the December 31, 2021 $ 19 $ — $ 9 $ — $ 9 $ 6 $ — $ 4 Invoices confirmed during the period 181 20 52 17 35 27 1 81 Confirmed invoices paid during the period (126) (17) (44) (12) (32) (21) (1) (43) Confirmed obligations outstanding at September 30, 2022 $ 74 $ 3 $ 17 $ 5 $ 12 $ 12 $ — $ 42 Confirmed obligations outstanding at the December 31, 2022 $ 87 $ 6 $ 19 $ 8 $ 11 $ 5 $ — $ 57 Invoices confirmed during the period 161 22 53 25 28 7 — 79 Confirmed invoices paid during the period (179) (25) (55) (22) (33) (6) — (93) Confirmed obligations outstanding at September 30, 2023 $ 69 $ 3 $ 17 $ 11 $ 6 $ 6 $ — $ 43 NEW ACCOUNTING STANDARDS No new accounting standards were adopted by the Duke Energy Registrants in 2023. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS Sale of Commercial Renewables Segment In August 2022, Duke Energy announced a strategic review of its commercial renewables business. Since 2007, Duke Energy has built a portfolio of commercial wind, solar and battery projects across the U.S., and established a development pipeline. Duke Energy has developed a strategy to focus on renewables, grid and other investment opportunities within its regulated operations. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the EU&I segment. In June 2023, Duke Energy announced that it had entered into a purchase and sale agreement with affiliates of Brookfield for the sale of the utility-scale solar and wind grou p. Duke Energy closed on this transaction on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and th e remainder due 18 months after closing. In July 2023, Duke Energy announced that it had entered into a purchase and sale agreement with affiliates of ArcLight for the distributed generation group. Duke Energy closed on this transaction on October 4, 2023, and received proceeds of $243 million. In March 2023, assets for certain projects were removed from the utility-scale solar and wind group and placed in a separate disposal group. The disposal process for the remaining assets is expected to be completed by early 2024, with net proceeds from the dispositions not anticipated to be material. Assets Held For Sale and Discontinued Operations The utility-scale solar and wind group, the distributed generation group and the remaining assets (collectively, Commercial Renewables Disposal Groups) were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Originally debt and the related restricted cash and interest rate swaps were not expected to transfer to a buyer but during the marketing process it was determined they would be included with the sale and were classified as held for sale in March 2023. As a result, adjustments were made to the December 31, 2022, Consolidated Balance Sheet to present debt and the related restricted cash and interest rate swaps as held for sale. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. No interest from corporate level debt was allocated to discontinued operations. The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Current Assets Held for Sale Cash and cash equivalents $ 70 $ 10 Receivables, net 107 107 Inventory 84 88 Other 179 151 Total current assets held for sale 440 356 Noncurrent Assets Held for Sale Property, Plant and Equipment Cost 5,387 6,444 Accumulated depreciation and amortization (1,651) (1,651) Net property, plant and equipment 3,736 4,793 Operating lease right-of-use assets, net 144 140 Investments in equity method unconsolidated affiliates 504 522 Other 212 179 Total other noncurrent assets held for sale 860 841 Total Assets Held for Sale $ 5,036 $ 5,990 Current Liabilities Associated with Assets Held for Sale Accounts payable $ 124 $ 122 Taxes accrued 22 17 Current maturities of long-term debt 268 276 Other 175 120 Total current liabilities associated with assets held for sale 589 535 Noncurrent Liabilities Associated with Assets Held for Sale Long-Term debt 1,047 1,188 Operating lease liabilities 154 150 Asset retirement obligations 201 190 Other 232 399 Total other noncurrent liabilities associated with assets held for sale 1,634 1,927 Total Liabilities Associated with Assets Held for Sale $ 2,223 $ 2,462 As of September 30, 2023, and December 31, 2022, the noncontrolling interest balance is $1.8 billion and $1.6 billion, respectively. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in (Loss) Income from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Operating revenues $ 103 $ 129 $ 293 $ 372 Operation, maintenance and other 93 85 270 248 Depreciation and amortization (a) — 65 — 193 Property and other taxes 8 10 27 31 Other income and expenses, net (2) (1) (9) (4) Interest expense 10 18 53 55 Loss on disposal 169 — 1,603 — Loss before income taxes (179) (50) (1,669) (159) Income tax benefit (27) (30) (353) (106) Loss from discontinued operations $ (152) $ (20) $ (1,316) $ (53) Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations (38) 20 33 92 Net (loss) income from discontinued operations attributable to Duke Energy Corporation $ (190) $ — $ (1,283) $ 39 (a) Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased. The Commercial Renewables Disposal Groups' held for sale assets reflected pretax impairments of approximately $1.7 billion as of December 31, 2022, and an incremental pretax impairment of $220 million as of March 31, 2023. The final purchase and sale agreements were signed with Brookfield in June 2023 for the utility-scale solar and wind group and with ArcLight in July 2023 for the distributed generation group, and accordingly, in the second quarter of 2023, pretax impairments of approximately $1.2 billion were recorded to write-down the carrying amount of property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated costs to sell. Pretax impairments of $169 million were recorded in the third quarter of 2023 reflecting closing-related adjustments for the transactions that closed and ongoing assessment of the estimated fair values of the remaining assets held for sale. The impairments were included in (Loss) Income from Discontinued Operations, net of tax, in Duke Energy's Condensed Consolidated Statements of Operations and Comprehensive Income for the periods presented. The fair value was primarily determined from purchase and sale agreements for the utility scale and distributed generation groups and discounted cash flow analysis for the remainder of the assets. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 12. The impairments for the utility-scale and distributed generation assets were updated based on customary adjustments at closing, and will be updated, if necessary, for any post-closing adjustments. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts. Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups. Nine Months Ended September 30, (in millions) 2023 2022 Cash flows provided by (used in): Operating activities $ 545 $ 485 Investing activities (597) (223) Other Sale-Related Matters Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. The plaintiffs have begun to dismiss Duke Energy (parent) from these lawsuits and have represented to the court that they will dismiss Duke Energy (Parent) from all such cases. See Note 5 for more information. As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Duke Energy Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups. The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information. The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments. The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company. Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. Three Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 7,695 $ 291 $ 7,986 $ 8 $ — $ 7,994 Intersegment revenues 20 22 42 25 (67) — Total revenues $ 7,715 $ 313 $ 8,028 $ 33 $ (67) $ 7,994 Segment income (loss) (a) $ 1,447 $ 15 $ 1,462 $ (59) $ — $ 1,403 Less: Noncontrolling interests (69) Add: Preferred stock dividend 39 Discontinued operations (190) Net Income $ 1,321 Segment assets (b) $ 155,588 $ 16,724 $ 172,312 $ 8,848 $ — $ 181,160 Three Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 7,431 $ 404 $ 7,835 $ 7 $ — $ 7,842 Intersegment revenues 8 23 31 23 (54) — Total revenues $ 7,439 $ 427 $ 7,866 $ 30 $ (54) $ 7,842 Segment income (loss) $ 1,540 $ 4 $ 1,544 $ (183) $ (1) $ 1,360 Less: Noncontrolling interests 9 Add: Preferred stock dividend 39 Discontinued operations 23 Net Income $ 1,413 (a) EU&I includes $95 million recorded within Impairment of assets and other charges and $16 million within Operations, maintenance and other on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations related primarily to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. See Note 4 for additional information. (b) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Nine Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 20,308 $ 1,516 $ 21,824 $ 24 $ — $ 21,848 Intersegment revenues 55 67 122 74 (196) — Total revenues $ 20,363 $ 1,583 $ 21,946 $ 98 $ (196) $ 21,848 Segment income (loss) (a) $ 3,088 $ 327 $ 3,415 $ (388) $ — $ 3,027 Less: Noncontrolling interests (42) Add: Preferred stock dividend 92 Discontinued operations (1,283) Net Income $ 1,878 Nine Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 19,552 $ 1,843 $ 21,395 $ 22 $ — $ 21,417 Intersegment revenues 24 69 93 69 (162) — Total revenues $ 19,576 $ 1,912 $ 21,488 $ 91 $ (162) $ 21,417 Segment income (loss) (b) $ 3,237 $ 277 $ 3,514 $ (480) $ (2) $ 3,032 Less: Noncontrolling interests 73 Add: Preferred stock dividend 92 Discontinued operations 62 Net Income $ 3,113 Duke Energy Ohio Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other. Three Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 472 $ 105 $ 577 $ — $ — $ 577 Segment income (loss)/Net income $ 65 $ 17 $ 82 $ (2) $ — $ 80 Segment assets $ 7,745 $ 4,218 $ 11,963 $ 10 $ (179) $ 11,794 Three Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 507 $ 121 $ 628 $ — $ 628 Segment income (loss)/Net income $ 74 $ 30 $ 104 $ (1) $ 103 Nine Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 1,411 $ 464 $ 1,875 $ — $ 1,875 Segment income (loss)/Net income $ 168 $ 87 $ 255 $ (4) $ 251 Nine Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 1,320 $ 491 $ 1,811 $ — $ 1,811 Segment income (loss)/Net income $ 152 $ 87 $ 239 $ (3) $ 236 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY MATTERS RATE-RELATED INFORMATION The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. Duke Energy Carolinas and Duke Energy Progress Nuclear Statio n Subsequent License Renewal On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, on February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the proceeding. On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. Although Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On September 14, 2023, the NRC posted on its website that the issuance of the GEIS will now be issued in August 2024 instead of May 2024 due to the volume and technical complexity of the comments received. On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. The NRC has notified Duke Energy Carolinas that the draft EIS will now be issued in January 2024. On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved. Although the NRC’s GEIS applicability decision will delay completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process. Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. New depreciation rates were implemented for all of the nuclear facilities during the second quarter of 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of these additional relicensing proceedings. Duke Energy Carolinas 2023 North Carolina Rate Case On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR Application included an MYRP to recover projected capital investments during the three 951. The application as originally filed requested an overall retail revenue increase of $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million, or 15.7%, by early 2026. T he rate increase is driven primarily by major transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carolinas Carbon Plan (Carbon Plan). The Public Staff – North Carolina Utilities Commission ( Public Staff) and intervenor testimony was filed on July 19, 2023, and Duke Energy Carolinas' rebuttal testimony was filed on August 4, 2023. On August 22, 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the Public Staff in connection with its PBR application. The partial settlement includes, among other things, a greement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three PIMs, Tracking Metrics and the Residential Decoupling Mechanism under t he PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the Public Staff resolving additional issues, including the future treatment of nuclear production tax credits related to the Inflation Reduction Act, through a stand-alone rider that will provide the benefits to customers beginning January 1, 2025. As a result of the partial settlements, Duke Energy Carolinas recognized pretax charges of $59 million within Impairment of assets and other charges, which primarily related to certain COVID-19 deferred costs, and $8 million within Operations, maintenance and other, for the three and nine months ended September 30, 2023, on the Condensed Consolidated Statements of Operations. These partial settlements are subject to the review and approval of the NCU C. Remaining items litigated at the evidentiary hearing, which occurred August 28 to September 5, 2023, include ROE, capital structure, and recovery of the remaining COVID-19 deferred costs. Duke Energy Carolinas implemented interim rates, subject to refund, on September 1, 2023, and has requested permanent rates be effective by January 1, 2024. On October 13, 2023, the Public Staff filed supplemental testimony, and on October 23, 2023, the NCUC ordered the hearing to reconvene on October 30, 2023. Duke Energy Carolinas expects a decision on its application in this case in the fourth quarter of this year. Duke Energy Carolinas cannot predict the outcome of this matter. Duke Energy Progress 2022 North Carolina Rate Case On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three The overall retail revenue increase as originally filed would have been $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million, by late 2025. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and as projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan. On April 26, 2023, Duke Energy Progress filed with the NCUC a partial settlement with Public Staff, which included agreement on many aspects of Duke Energy Progress' three he PBR application. On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR Application, as modified by the partial settlements and the order, approving of an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three ID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR Application and revised by the partial settlements. As a result of the order, Duke Energy Progress recognized pretax charges of $28 million within Impairment of assets and other charges, which primarily related to certain COVID-19 deferred costs, and $8 million within Operations, maintenance and other, for the three and nine months ended September 30, 2023, on the Condensed Consolidated Statements of Operations. Duke Energy Progress implemented interim rates, subject to refund, on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023. On October 17, 2023, CIGFUR and Haywood Electric Membership Corporation each filed a Notice of Appeal and Exceptions to the Supreme Court of North Carolina. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they are appealing the class subsidy reduction percentage, and CIGFUR is also appealing the Customer Assistance Program and the fuel cost allocation methodology. CIGFUR also filed with the NCUC a Motion for Reconsideration and Motion for Stay with respect to those issues during the pendency of the appeal. Duke Energy Progress cannot predict the outcome of this matter. 2023 South Carolina Storm Securitization On May 31, 2023, Duke Energy Progress filed a petition with the PSCSC requesting authorization for the financing of Duke Energy Progress' storm recovery costs in the amount of approximately $171 million, through securitization, due to storm recovery activities required as a result of the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. On September 8, 2023, Duke Energy Progress filed a comprehensive settlement agreement with all parties on all cost recovery issues raised in the storm securitization proceeding. The evidentiary hearing occurred in early September 2023. On September 20, 2023, the PSCSC approved the comprehensive settlement agreement and on October 13, 2023, the PSCSC issued its financing order. Duke Energy Progress will proceed with structuring, marketing and pricing the storm recovery bonds and then seek PSCSC authorization to issue the bonds in the first half of 2024. Duke Energy Progress cannot predict the outcome of this matter. 2022 South Carolina Rate Case On September 1, 2022, Duke Ener gy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. On J anuary 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include: • A $52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT. After extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $36 million. • ROE of 9.6% based on a capital structure of 52.43% equity and 47.57% debt. • Continuation of deferral treatment of coal ash basin closure costs. Supports an amortization period for remaining coal ash closure costs in this rate case of seven years. Duke Energy Progress agreed not to seek recovery of approximately $50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation). • Acceptance of the 2021 Depreciation Study as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed. • Establishment of a storm reserve to help offset the costs of major storms. Duke Energy Florida 2021 Settlement Agreement On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”). Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain $173 million of the expected Department of Energy (DOE) award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. Duke Energy Florida is permitted to recognize the $173 million into earnings through the approved settlement period. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause. As of September 30, 2023, Duke Energy Florida has recognized $94 million into earnings. The remaining $79 million is expected to be recognized over the remainder of 2023 and 2024, while also remaining within the approved return on equity band. The 2021 Settlement also contained a provision to recover or flow back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for Production Tax Credits (PTCs) associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition. In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian. The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024. Clean Energy Connection On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment will be included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021. On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the Court has yet to rule on that request. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter. Storm Protection Plan On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approxim ately $7 billion of capital inv estment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve ove rall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. On December 9, 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court. The OPC's initial brief was filed on April 18, 2023. Duke Energy Florida filed its brief on July 17, 2023. The OPC's reply brief was filed on October 16, 2023. The OPC has filed a request for oral argument, but the Florida Supreme Court has yet to rule on that request. Duke Energy Florida cannot predict the outcome of this matter. Hurricanes Ian and Idalia On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. Duke Energy Florida's September 30, 2023, Condensed Consolidated Balance Sheets includes an estimate of approximately $357 million in regulatory assets related to deferred Hurricane Ian storm costs consistent with the FPSC's storm rule. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the FPSC approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida filed documentation evidencing its total actual storm costs of $431 million on September 29, 2023. Duke Energy Ohio Duke Energy Ohio Electric Base Rate Case Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million and an ROE of 10.3%. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The OCC filed an application for rehearing on January 13, 2023, arguing the Stipulation was unreasonable, discriminatory, and denied OCC due process. On February 8, 2023, the PUCO granted the OCC's application for rehearing for further consideration. Duke Energy Ohio cannot predict the outcome of this matter. Energy Efficiency Cost Recovery In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. Duke Energy Ohio took the following actions: • On March 27, 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued an order replacing the cost cap previously imposed upon Duke Energy Ohio with a cap on shared savings recovery. On December 18, 2020, Duke Energy Ohio filed an additional application for rehearing challenging, among other things, the imposition of the cap on shared savings. On January 13, 2021, the application for rehearing was granted for further consideration. • On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposed a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. • On November 18, 2020, the PUCO issued an order directing all utilities to set their energy efficiency riders to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs. • On June 14, 2021, the PUCO requested each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021. • On February 23, 2022, the PUCO issued its Fifth Entry on Rehearing that 1) affirmed its reduction in Duke Energy Ohio's shared savings cap; 2) denied rehearing/clarification regarding lost distribution revenues and shared savings recovery for periods after December 31, 2020; and 3) directed Duke Energy Ohio to submit an updated application with exhibits. On March 25, 2022, Duke Energy Ohio filed its Amended Application consistent with the PUCO's order. • On March 17, 2023, the Staff of the PUCO submitted its Staff Review and Recommendation. This Staff Report, like prior such reports, recommends certain disallowances related to incentives. • On March 27, 2023, the PUCO established a procedural sche dule. Intervention/comments were filed on April 26, 2023, an d Duke Energy Ohio filed reply comments on May 11, 2023. On August 9, 2023, the PUCO issued its decision approving the Company’s request for recovery and final true up of energy efficiency program costs, lost distribution revenues and performance incentives from calendar years 2018 through 2020, resulting in $14 million of Regulated electric revenue on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023, and resolving all outstanding issues in these proceedings. Rates were revised effective September 1, 2023. Duke Energy Ohio Natural Gas Base Rate Case Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million and an ROE of 10.3%. This is an approximate 5.6% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio is also seeking to adjust the caps on its CEP rider. The report of the Staff of the PUCO was issued on December 21, 2022, recommending an increase in natural gas base rates of $24 million to $36 million, with an equity ratio of 52.32% and an ROE range of 9.03% to 10.04%. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded on May 24, 2023. Initial briefs were filed June 16, 2023, and reply briefs were filed on July 14, 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed. New rates went into effect November 1, 2023. Duke Energy Ohio cannot predict the outcome of this matter. Duke Energy Kentucky Electric Base Rate Case On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.35%. This is an overall increase in rates of approximately 17.8%. The request for rate increase is driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky is also requesting approval for new programs for the benefit of customers and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. Intervenor testimony was filed March 10, 2023, and rebuttal testimony was filed April 14, 2023. The Kentucky Attorney General recommended an increase of $31 million and an ROE of 9.55%. An evidentiary hearing concluded on May 11, 2023, with simultaneous briefs filed June 9, 2023, and replies filed on June 19, 2023. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. The Company's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC did approve the request to align the depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and the two electric vehicle charging programs. On November 1, 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC. Duke Energy Kentucky cannot predict the outcome of this matter. Duke Energy Indiana 2019 Indiana Rate Case On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6%, or $396 million, average retail rate increase, including the impacts of the utility receipts tax. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% was due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates estimated to be the remaining 25% of the total rate increase were approved on July 28, 2021, and implemented in August 2021. Several groups appealed the IURC order to the Indiana Court of Appeals. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. However, upon appeal by the Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group on March 10, 2022, the Indiana Supreme Court found that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order has been remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $211 million to Impairment of assets and other charges and $46 million to Operating revenues in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 . D uke Energy Indiana filed a request for rehearing with the Supreme Court on April 11, 2022, which the court denied on May 26, 2022. Duke Energy Indiana filed its testimony in the remand proceeding on August 18, 2022 . On February 3, 2023, Duke Energy |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES ENVIRONMENTAL The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants. Remediation Activities In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable. The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Reserves for Environmental Remediation Duke Energy $ 90 $ 84 Duke Energy Carolinas 24 22 Progress Energy 20 19 Duke Energy Progress 10 8 Duke Energy Florida 10 11 Duke Energy Ohio 36 33 Duke Energy Indiana 2 3 Piedmont 7 7 Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material. LITIGATION D uke Energy Texas Storm Uri Tort Litigation Duke Energy (Parent), several Duke Energy renewables project companies , and others in the ERCOT market were named in multiple lawsuits arising out of Texas Storm Uri, which occurred in February 2021. These lawsuits seek recovery for property damages, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators, transmission and distribution operators (TDUs), retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed. On January 28, 2023, the Court denied certain motions including those by the generator defendants and TDUs and granted others. The generators and TDUs filed petitions for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials. The TDUs' petition, filed first, was accepted and oral argument was held on October 23, 2023. The parties await a ruling from the court. T he generators’ petition has not yet been set for argument. After the rulings on the motions to dismiss, plaintiffs filed new lawsuits against Duke Energy (Parent), Duke Energy Renewables, LLC, and several Duke Energy renewable entities, which are included in the M DL proceeding and are currently stayed. The plaintiffs have begun to dismiss Duke Energy (Parent) from these lawsuits and have represented to the court that they will dismiss Duke Energy (Parent) from all such cases. Duk e Energy cannot predict the outcome of this matter. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups. Duke Energy Carolinas Ruben Villano, et al. v. Duke Energy Carolinas, LLC On June 16, 2021, a group of nine individuals went over a low-head dam adjacent to the Dan River Steam Station in Eden, North Carolina, while water tubing. Emergency personnel rescued four people and five others were confirmed deceased. On August 11, 2021, Duke Energy Carolinas was served with the complaint filed in Durham County Superior Court on behalf of four survivors, which was later amended to include all the decedents along with the survivors. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes, did not adequately warn about the dam, and created a dangerous and hidden hazard on the Dan River by building and maintaining the low-head dam. Duke Energy Carolinas reached an agreement that resolved this matter. The resolution, which did not have a material financial impact, was approved by the Durham County Superior Court. The case was dismissed on June 6, 2023. NTE Carolinas II, LLC Litigation In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court. On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended. Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal was completed on June 30, 2023. The oral argument has been scheduled for t December 7, 2023. Duke Energy Carolinas cannot predict the outcome of this matter. Asbestos-related Injuries and Damages Claims Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985. Duke Energy Caroli nas has recognized asbestos-related reserves of $436 million at September 30, 2023, and $457 million at December 31, 2022. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2043 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2043 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves. Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $572 million at September 30, 2023, a nd $595 million at December 31, 2022. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating. The reserve for credit losses for insurance receivables is $9 million and $12 million for Duke Energy and Duke Energy Carolinas as of September 30, 2023, and December 31, 2022, respectively. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies. Duke Energy Indiana Coal Ash Insurance Coverage Litigation In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set. On June 30, 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material, and as a result, AEGIS was dismissed from the litiga tio n on July 13, 2023. The lawsuit remains pending as to the other insurers, but is stayed until Decem ber 31, 2023, to allow for further settlement negotiations. Duke Energy Indiana cannot predict the outcome of this matter. Other Litigation and Legal Proceedings The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. OTHER COMMITMENTS AND CONTINGENCIES General As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position. In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments. |
Debt and Credit Facilities
Debt and Credit Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIESDebt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. SUMMARY OF SIGNIFICANT DEBT ISSUANCES The following table summarizes significant debt issuances (in millions). Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Unsecured Debt April 2023 (a) April 2026 4.125 % $ 1,725 $ 1,725 $ — $ — $ — $ — $ — $ — June 2023 (b) June 2033 5.400 % 350 — — — — — — 350 September 2023 (c) September 2033 5.750 % 600 600 — — — — — — September 2023 (c) September 2053 6.100 % 750 750 — — — — — — First Mortgage Bonds January 2023 (d) January 2033 4.950 % 900 — 900 — — — — — January 2023 (d) January 2053 5.350 % 900 — 900 — — — — — March 2023 (e) March 2033 5.250 % 500 — — 500 — — — — March 2023 (e) March 2053 5.350 % 500 — — 500 — — — — March 2023 (f) April 2033 5.250 % 375 — — — — 375 — — March 2023 (f) April 2053 5.650 % 375 — — — — 375 — — March 2023 (g) April 2053 5.400 % 500 — — — — — 500 — June 2023 (h) January 2033 4.950 % 350 — 350 — — — — — June 2023 (h) January 2054 5.400 % 500 — 500 — — — — — September 2023 (i) October 2073 4.960 % 200 — — — 200 — — — Total issuances $ 8,525 $ 3,075 $ 2,650 $ 1,000 $ 200 $ 750 $ 500 $ 350 (a) See "Duke Energy (Parent) Convertible Senior Notes" below for additional information. (b) Proceeds will be used to repay $45 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes. (c) Proceeds were primarily used to repay $400 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes. (d) Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes. (e) Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes. (f) Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes. (g) Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes. (h) Proceeds were used to pay down a portion of short-term debt and for general company purposes. (i) Proceeds were used to pay down a portion of short-term debt and for general company purposes. Duke Energy (Parent) Convertible Senior Notes In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds were used to repay a portion of outstanding commercial paper and for general corporate purposes. Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders when the following conditions are met: • during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, (and only during such calendar quarter) if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five consecutive business day period after any 10 consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or • upon the occurrence of specified corporate events described in the indenture agreement. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. The conversion rate for the convertible notes is initially 8.4131 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date. Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE. CURRENT MATURITIES OF LONG-TERM DEBT The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings. (in millions) Maturity Date Interest Rate September 30, 2023 Unsecured Debt Duke Energy Ohio (a) October 2023 5.813 % $ 150 Duke Energy (Parent) October 2023 3.950 % 400 Duke Energy (Parent) Term Loan Facility (a) March 2024 6.048 % 1,000 Duke Energy (Parent) April 2024 3.750 % 1,000 Duke Energy Florida (a) April 2024 6.196 % 800 Other (b) 684 Current maturities of long-term debt $ 4,034 (a) Debt has a floating interest rate. In October 2023, Duke Energy Kentucky's $50 million two (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. AVAILABLE CREDIT FACILITIES Master Credit Facility In March 2023, Duke Energy amended its existing Master Credit Facility of $9 billion to extend the termination date to March 2028. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default. The table below includes the current borrowing sublimits and available capacity under these credit facilities. September 30, 2023 Duke Duke Duke Duke Duke Duke Duke Energy Energy Energy Energy Energy Energy (in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Facility size (a) $ 9,000 $ 2,275 $ 1,575 $ 1,400 $ 1,250 $ 750 $ 950 $ 800 Reduction to backstop issuances Commercial paper (b) (2,815) (106) (631) (841) (292) (298) (350) (297) Outstanding letters of credit (39) (27) (4) (1) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 6,065 $ 2,142 $ 940 $ 558 $ 951 $ 452 $ 519 $ 503 (a) Represents the sublimit of each borrower. (b) Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets. Other Credit Facilities Duke Energy (Parent) Term Loan Facility In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The balance is classified as Current maturities of long-term debt on Duke Energy's Condensed Consolidated Balance Sheets. In March 2023, Duke Energy amended its existing Credit Agreement in conjunction with the issuance of the Convertible Senior Notes due April 2026 to clarify that payments due as a result of a conversion of a convertible note would not constitute an event of default. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs. The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Decommissioning of nuclear power facilities (a) $ 7,459 $ 3,136 $ 4,295 $ 4,069 $ 226 $ — $ — $ — Closure of ash impoundments 4,474 2,065 1,530 1,509 21 77 801 — Other 300 67 105 44 61 61 41 28 Total ARO $ 12,233 $ 5,268 $ 5,930 $ 5,622 $ 308 $ 138 $ 842 $ 28 Less: Current portion 620 238 261 260 1 8 114 — Total noncurrent ARO $ 11,613 $ 5,030 $ 5,669 $ 5,362 $ 307 $ 130 $ 728 $ 28 (a) Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy. ARO Liability Rollforward The following table presents the change in liability associated with AROs for the Duke Energy Registrants. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2022 (a) $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 Accretion expense (b) 391 189 178 169 9 5 24 2 Liabilities settled (c) (494) (171) (247) (196) (51) (11) (66) — Revisions in estimates of cash flows (d) (392) (132) (182) (174) (8) (10) (67) — Balance at September 30, 2023 $ 12,233 $ 5,268 $ 5,930 $ 5,622 $ 308 $ 138 $ 842 $ 28 (a) Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets. (b) For the nine months ended September 30, 2023, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment. (c) Primarily relates to ash impoundment closures and nuclear decommissioning. (d) The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases primarily relate to lower unit costs associated with basin closure, routine maintenance and beneficiation activities, as well as a reduction in monitoring wells needed. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Duke Energy Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2023, and December 31, 2022. There are no accumulated impairment charges. Duke Energy Ohio Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2023, and December 31, 2022. Progress Energy Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges. Piedmont Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges. Impairment Testing Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2023. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 198 $ 193 $ 586 $ 590 Indemnification coverages (b) 9 7 26 21 Joint Dispatch Agreement (JDA) revenue (c) 5 16 26 54 JDA expense (c) 58 210 121 477 Intercompany natural gas purchases (d) 5 5 14 14 Progress Energy Corporate governance and shared service expenses (a) $ 172 $ 188 $ 522 $ 568 Indemnification coverages (b) 11 10 35 32 JDA revenue (c) 58 210 121 477 JDA expense (c) 5 16 26 54 Intercompany natural gas purchases (d) 19 19 56 57 Duke Energy Progress Corporate governance and shared service expenses (a) $ 103 $ 111 $ 314 $ 338 Indemnification coverages (b) 5 5 15 15 JDA revenue (c) 58 210 121 477 JDA expense (c) 5 16 26 54 Intercompany natural gas purchases (d) 19 19 56 57 Duke Energy Florida Corporate governance and shared service expenses (a) $ 69 $ 77 $ 208 $ 230 Indemnification coverages (b) 6 5 20 17 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 73 $ 87 $ 222 $ 251 Indemnification coverages (b) 1 2 4 4 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 92 $ 115 $ 275 $ 330 Indemnification coverages (b) 2 2 6 6 Piedmont Corporate governance and shared service expenses (a) $ 32 $ 37 $ 107 $ 109 Indemnification coverages (b) 1 1 3 2 Intercompany natural gas sales (d) 24 24 70 71 Natural gas storage and transportation costs (e) 6 6 18 17 (a) The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income. (b) The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income. (c) Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income. (d) Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income. (e) Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income. In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation. As discussed in Note 13, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price. Intercompany Income Taxes Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants. Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont September 30, 2023 Intercompany income tax receivable $ — $ — $ — $ — $ — $ — $ 24 Intercompany income tax payable 72 138 114 110 18 20 — December 31, 2022 Intercompany income tax receivable $ — $ 95 $ 36 $ 17 $ — $ — $ — Intercompany income tax payable 37 — — — 17 18 38 |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | DERIVATIVES AND HEDGING The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information. All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities o n the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments ex ecuted under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction. INTEREST RATE RISK The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt. Cash Flow Hedges For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023, and 2022, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income. The following tables show notional amounts of outstanding derivatives related to interest rate risk. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 1,875 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,477 650 1,500 500 1,000 300 27 Total notional amount $ 4,352 $ 650 $ 1,500 $ 500 $ 1,000 $ 300 $ 27 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 500 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,377 1,250 800 500 300 300 27 Total notional amount $ 2,877 $ 1,250 $ 800 $ 500 $ 300 $ 300 $ 27 COMMODITY PRICE RISK The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers. Volumes The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown. September 30, 2023 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 20,961 — — — 2,550 18,411 — Natural gas (millions of dekatherms) 841 276 272 272 — 21 272 December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 14,086 — — — 1,820 12,266 — Natural gas (millions of dekatherms) 909 307 292 292 — 11 299 FOREIGN CURRENCY RISK Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Fair Value Hedges Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss. The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at September 30, 2023. Fair Value Loss (a) (in millions) Pay Notional Receive Notional Receive Hedge Three Months Ended September 30, Nine Months Ended September 30, (in millions) Pay Rate (in millions) Rate Maturity Date 2023 2022 2023 2022 Fair value hedges $ 645 4.75 % 600 euros 3.10 % June 2028 $ (20) $ (41) $ (10) $ (57) 537 5.31 % 500 euros 3.85 % June 2034 (17) (34) (9) (47) Total notional amount $ 1,182 1,100 euros $ (37) $ (75) $ (19) $ (104) (a) Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded. LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONDENSED CONSOLIDATED BALANCE SHEETS The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown. Derivative Assets September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 57 $ 11 $ 14 $ 9 $ 5 $ 2 $ 28 $ 1 Noncurrent 86 40 46 46 — — — — Total Derivative Assets – Commodity Contracts $ 143 $ 51 $ 60 $ 55 $ 5 $ 2 $ 28 $ 1 Interest Rate Contracts Designated as Hedging Instruments Noncurrent 177 — — — — — — — Not Designated as Hedging Instruments Current 104 26 78 — 78 — — — Noncurrent 101 16 58 24 34 — 27 — Total Derivative Assets – Interest Rate Contracts $ 382 $ 42 $ 136 $ 24 $ 112 $ — $ 27 $ — Total Derivative Assets $ 525 $ 93 $ 196 $ 79 $ 117 $ 2 $ 55 $ 1 Derivative Liabilities September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 275 $ 156 $ 97 $ 97 $ — $ — $ 4 $ 18 Noncurrent 215 48 40 40 — — — 127 Total Derivative Liabilities – Commodity Contracts $ 490 $ 204 $ 137 $ 137 $ — $ — $ 4 $ 145 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent 1 — — — — 1 — — Total Derivative Liabilities – Interest Rate Contracts $ 1 $ — $ — $ — $ — $ 1 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 11 — — — — — — — Total Derivative Liabilities – Foreign Currency Contracts $ 29 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 520 $ 204 $ 137 $ 137 $ — $ 1 $ 4 $ 145 Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 265 $ 132 $ 99 $ 99 $ — $ 5 $ 29 $ — Noncurrent 213 104 108 108 — — — — Total Derivative Assets – Commodity Contracts $ 478 $ 236 $ 207 $ 207 $ — $ 5 $ 29 $ — Interest Rate Contracts Designated as Hedging Instruments Current $ 101 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 216 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets – Interest Rate Contracts $ 317 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets $ 795 $ 330 $ 248 $ 230 $ 17 $ 5 $ 110 $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 175 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Noncurrent 202 31 30 30 — — — 141 Total Derivative Liabilities – Commodity Contracts $ 377 $ 127 $ 66 $ 48 $ 19 $ — $ 16 $ 168 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent $ 2 $ — $ — $ — $ — $ 2 $ — $ — Total Derivative Liabilities – Interest Rate Contracts $ 2 $ — $ — $ — $ — $ 2 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 40 — — — — — — — Total Derivative Liabilities – Equity Securities Contracts $ 58 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 437 $ 127 $ 66 $ 48 $ 19 $ 2 $ 16 $ 168 OFFSETTING ASSETS AND LIABILITIES The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below. Derivative Assets September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 161 $ 37 $ 92 $ 9 $ 83 $ 2 $ 28 $ 1 Offset (17) (9) (8) (8) — — — — Net amounts presented in Current Assets: Other $ 144 $ 28 $ 84 $ 1 $ 83 $ 2 $ 28 $ 1 Noncurrent Gross amounts recognized $ 364 $ 56 $ 104 $ 70 $ 34 $ — $ 27 $ — Offset (60) (32) (28) (28) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 304 $ 24 $ 76 $ 42 $ 34 $ — $ 27 $ — Derivative Liabilities September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 293 $ 156 $ 97 $ 97 $ — $ — $ 4 $ 18 Offset (17) (9) (8) (8) — — — — Cash collateral posted (16) (12) (1) (1) — — (4) — Net amounts presented in Current Liabilities: Other $ 260 $ 135 $ 88 $ 88 $ — $ — $ — $ 18 Noncurrent Gross amounts recognized $ 227 $ 48 $ 40 $ 40 $ — $ 1 $ — $ 127 Offset (60) (33) (28) (28) — — — — Cash collateral posted $ (8) $ (7) $ (1) $ (1) $ — $ — $ — $ — Net amounts presented in Other Noncurrent Liabilities: Other $ 159 $ 8 $ 11 $ 11 $ — $ 1 $ — $ 127 Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 582 $ 226 $ 140 $ 122 $ 17 $ 5 $ 110 $ — Offset (33) (15) (18) (18) — — — — Cash collateral received (31) (18) (12) (12) — — — — Net amounts presented in Current Assets: Other $ 518 $ 193 $ 110 $ 92 $ 17 $ 5 $ 110 $ — Noncurrent Gross amounts recognized $ 213 $ 104 $ 108 $ 108 $ — $ — $ — $ — Offset (59) (29) (30) (30) — — — — Cash collateral received (38) (11) (27) (27) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 116 $ 64 $ 51 $ 51 $ — $ — $ — $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 193 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Offset (33) (15) (18) (18) — — — — Cash collateral posted (16) — — — — — (16) — Net amounts presented in Current Liabilities: Other $ 144 $ 81 $ 18 $ — $ 19 $ — $ — $ 27 Noncurrent Gross amounts recognized $ 244 $ 31 $ 30 $ 30 $ — $ 2 $ — $ 141 Offset (59) (29) (30) (30) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 185 $ 2 $ — $ — $ — $ 2 $ — $ 141 OBJECTIVE CREDIT CONTINGENT FEATURES Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions. September 30, 2023 Duke Duke Duke Energy Progress Energy (in millions) Energy Carolinas Energy Progress Aggregate fair value of derivatives in a net liability position $ 312 $ 175 $ 138 $ 138 Fair value of collateral already posted 21 19 2 2 Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 291 $ 156 $ 136 $ 136 December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 141 $ 86 $ 55 $ 48 $ 7 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 141 $ 86 $ 55 $ 48 $ 7 The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement. |
Investments in Debt and Equity
Investments in Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Debt and Equity Securities | INVESTMENTS IN DEBT AND EQUITY SECURITIES Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI). For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability. Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted. Investment Trusts The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate. Other AFS Securities Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2023, and December 31, 2022. Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. DUKE ENERGY The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 160 $ — $ — $ 215 Equity securities 4,218 44 6,530 3,658 105 5,871 Corporate debt securities — 80 612 1 85 641 Municipal bonds — 41 318 — 39 330 U.S. government bonds — 136 1,470 2 112 1,423 Other debt securities — 18 169 — 18 156 Total NDTF Investments $ 4,218 $ 319 $ 9,259 $ 3,661 $ 359 $ 8,636 Other Investments Cash and cash equivalents $ — $ — $ 36 $ — $ — $ 22 Equity securities 26 9 141 21 16 128 Corporate debt securities — 10 83 — 12 84 Municipal bonds — 3 74 — 3 78 U.S. government bonds — 5 46 — 2 62 Other debt securities — 5 52 — 3 41 Total Other Investments $ 26 $ 32 $ 432 $ 21 $ 36 $ 415 Total Investments $ 4,244 $ 351 $ 9,691 $ 3,682 $ 395 $ 9,051 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 61 $ 25 $ 107 $ 170 Realized losses 35 61 117 247 AFS: Realized gains 16 7 37 22 Realized losses 45 40 104 105 DUKE ENERGY CAROLINAS The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 59 $ — $ — $ 117 Equity securities 2,468 25 3,767 2,147 51 3,367 Corporate debt securities — 60 376 1 62 401 Municipal bonds — 9 45 — 10 64 U.S. government bonds — 73 745 1 51 685 Other debt securities — 18 163 — 18 148 Total NDTF Investments $ 2,468 $ 185 $ 5,155 $ 2,149 $ 192 $ 4,782 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 43 $ 16 $ 70 $ 109 Realized losses 17 39 64 143 AFS: Realized gains 12 7 21 19 Realized losses 26 20 54 57 PROGRESS ENERGY The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 101 $ — $ — $ 98 Equity securities 1,750 19 2,763 1,511 54 2,504 Corporate debt securities — 20 236 — 23 240 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 63 725 1 61 738 Other debt securities — — 6 — — 8 Total NDTF Investments $ 1,750 $ 134 $ 4,104 $ 1,512 $ 167 $ 3,854 Other Investments Cash and cash equivalents $ — $ — $ 8 $ — $ — $ 11 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 31 $ — $ — $ 36 Total Investments $ 1,750 $ 134 $ 4,135 $ 1,512 $ 167 $ 3,890 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 18 $ 9 $ 37 $ 61 Realized losses 18 22 53 104 AFS: Realized gains 4 — 16 3 Realized losses 19 9 50 32 DUKE ENERGY PROGRESS The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 62 $ — $ — $ 56 Equity securities 1,661 19 2,663 1,431 54 2,411 Corporate debt securities — 19 224 — 22 230 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 43 469 1 37 460 Other debt securities — — 5 — — 7 Total NDTF Investments $ 1,661 $ 113 $ 3,696 $ 1,432 $ 142 $ 3,430 Other Investments Cash and cash equivalents $ — $ — $ 4 $ — $ — $ 9 Total Other Investments $ — $ — $ 4 $ — $ — $ 9 Total Investments $ 1,661 $ 113 $ 3,700 $ 1,432 $ 142 $ 3,439 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 15 $ 9 $ 34 $ 60 Realized losses 18 21 52 101 AFS: Realized gains 4 — 15 3 Realized losses 18 9 47 29 DUKE ENERGY FLORIDA The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 39 $ — $ — $ 42 Equity securities 89 — 100 80 — 93 Corporate debt securities — 1 12 — 1 10 U.S. government bonds — 20 256 — 24 278 Other debt securities — — 1 — — 1 Total NDTF Investments (a) $ 89 $ 21 $ 408 $ 80 $ 25 $ 424 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 24 $ — $ — $ 26 Total Investments $ 89 $ 21 $ 432 $ 80 $ 25 $ 450 (a) During the nine months ended September 30, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were immaterial. DUKE ENERGY INDIANA The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 3 $ — $ — $ 1 Equity securities 3 9 88 2 16 79 Corporate debt securities — — 9 — 1 8 Municipal bonds — 3 44 — 3 45 U.S. government bonds — — 6 — — 7 Total Investments $ 3 $ 12 $ 150 $ 2 $ 20 $ 140 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were immaterial. DEBT SECURITY MATURITIES The table below summarizes the maturity date for debt securities. September 30, 2023 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 137 $ 7 $ 109 $ 21 $ 88 $ 7 Due after one through five years 671 209 388 235 153 19 Due after five through 10 years 545 311 197 184 13 10 Due after 10 years 1,471 802 569 531 38 23 Total $ 2,824 $ 1,329 $ 1,263 $ 971 $ 292 $ 59 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value. Valuation methods of the primary fair value measurements disclosed below are as follows. Investments in equity securities The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the NYSE and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements. Investments in debt securities Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. Commodity derivatives Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves. Interest rate derivatives Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information. Foreign currency derivatives Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties. Other fair value considerations See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, for a discussion of the valuation of goodwill and intangible assets. Also, see Note 8 for further information on the annual impairment test as of August 31, 2023. DUKE ENERGY The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants. September 30, 2023 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 160 $ 160 $ — $ — $ — NDTF equity securities 6,530 6,491 — — 39 NDTF debt securities 2,569 755 1,814 — — Other equity securities 141 141 — — — Other debt securities 255 40 215 — — Other cash and cash equivalents 36 36 — — — Derivative assets 525 2 493 30 — Total assets 10,216 7,625 2,522 30 39 Derivative liabilities (520) (4) (516) — — Net assets $ 9,696 $ 7,621 $ 2,006 $ 30 $ 39 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 215 $ 215 $ — $ — $ — NDTF equity securities 5,871 5,829 — — 42 NDTF debt securities 2,550 780 1,770 — — Other equity securities 128 128 — — — Other debt securities 265 55 210 — — Other cash and cash equivalents 22 22 — — — Derivative assets 795 1 760 34 — Total assets 9,846 7,030 2,740 34 42 Derivative liabilities (437) (16) (421) — — Net assets $ 9,409 $ 7,014 $ 2,319 $ 34 $ 42 The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 41 $ 89 $ 34 $ 24 Purchases, sales, issuances and settlements: Purchases 3 — 50 77 Settlements (18) (21) (76) (13) Total gains (losses) included on the Condensed Consolidated Balance Sheet 4 (8) 22 (28) Balance at end of period $ 30 $ 60 $ 30 $ 60 DUKE ENERGY CAROLINAS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 59 $ 59 $ — $ — NDTF equity securities 3,767 3,728 — 39 NDTF debt securities 1,329 320 1,009 — Derivative assets 93 — 93 — Total assets 5,248 4,107 1,102 39 Derivative liabilities (204) — (204) — Net assets $ 5,044 $ 4,107 $ 898 $ 39 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 117 $ 117 $ — $ — NDTF equity securities 3,367 3,325 — 42 NDTF debt securities 1,298 323 975 — Derivative assets 330 — 330 — Total assets 5,112 3,765 1,305 42 Derivative liabilities (127) — (127) — Net assets $ 4,985 $ 3,765 $ 1,178 $ 42 PROGRESS ENERGY The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 101 $ 101 $ — $ 98 $ 98 $ — NDTF equity securities 2,763 2,763 — 2,504 2,504 — NDTF debt securities 1,240 435 805 1,252 457 795 Other debt securities 23 — 23 25 — 25 Other cash and cash equivalents 8 8 — 11 11 — Derivative assets 196 — 196 248 — 248 Total assets 4,331 3,307 1,024 4,138 3,070 1,068 Derivative liabilities (137) — (137) (66) — (66) Net assets $ 4,194 $ 3,307 $ 887 $ 4,072 $ 3,070 $ 1,002 DUKE ENERGY PROGRESS The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 62 $ 62 $ — $ 56 $ 56 $ — NDTF equity securities 2,663 2,663 — 2,411 2,411 — NDTF debt securities 971 226 745 963 225 738 Other cash and cash equivalents 4 4 — 9 9 — Derivative assets 79 — 79 230 — 230 Total assets 3,779 2,955 824 3,669 2,701 968 Derivative liabilities (137) — (137) (48) — (48) Net assets $ 3,642 $ 2,955 $ 687 $ 3,621 $ 2,701 $ 920 DUKE ENERGY FLORIDA The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 39 $ 39 $ — $ 42 $ 42 $ — NDTF equity securities 100 100 — 93 93 — NDTF debt securities 269 209 60 289 232 57 Other debt securities 23 — 23 25 — 25 Other cash and cash equivalents 1 1 — 1 1 — Derivative assets 117 — 117 17 — 17 Total assets 549 349 200 467 368 99 Derivative liabilities — — — (19) — (19) Net assets $ 549 $ 349 $ 200 $ 448 $ 368 $ 80 DUKE ENERGY OHIO The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2023, and December 31, 2022. DUKE ENERGY INDIANA The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 88 $ 88 $ — $ — $ 79 $ 79 $ — $ — Other debt securities 59 — 59 — 60 — 60 — Other cash and cash equivalents 3 3 — — 1 1 — — Derivative assets 55 1 27 27 110 — 81 29 Total assets 205 92 86 27 250 80 141 29 Derivative liabilities (4) (4) — — (16) (16) — — Net assets $ 201 $ 88 $ 86 $ 27 $ 234 $ 64 $ 141 $ 29 The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 37 $ 84 $ 29 $ 22 Purchases, sales, issuances and settlements: Purchases — — 42 74 Settlements (14) (20) (70) (10) Total gains (losses) included on the Condensed Consolidated Balance Sheet 4 (8) 26 (30) Balance at end of period $ 27 $ 56 $ 27 $ 56 PIEDMONT The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 1 $ 1 $ — $ — $ — $ — Derivative liabilities (145) — (145) (168) — (168) Net (liabilities) assets $ (144) $ 1 $ (145) $ (168) $ — $ (168) QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. September 30, 2023 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 3 RTO auction pricing FTR price – per MWh $ 0.43 - $ 2.07 $ 0.77 Duke Energy Indiana FTRs 27 RTO auction pricing FTR price – per MWh (1.64) - 12.51 1.90 Duke Energy Total Level 3 derivatives $ 30 December 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 5 RTO auction pricing FTR price – per MWh $ 0.89 - $ 6.25 $ 3.35 Duke Energy Indiana FTRs 29 RTO auction pricing FTR price – per MWh 0.09 - 21.79 2.74 Duke Energy Total Level 3 derivatives $ 34 OTHER FAIR VALUE DISCLOSURES The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. September 30, 2023 December 31, 2022 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 75,387 $ 65,070 $ 69,751 $ 61,986 Duke Energy Carolinas 15,995 13,973 14,266 12,943 Progress Energy 23,281 20,417 22,439 20,467 Duke Energy Progress 11,718 9,808 11,087 9,689 Duke Energy Florida 9,920 8,892 9,709 8,991 Duke Energy Ohio 3,692 3,264 3,245 2,927 Duke Energy Indiana 4,504 3,874 4,307 3,913 Piedmont 3,713 3,123 3,363 2,940 (a) Book value of long-term debt inc ludes $1.1 billion and $1.2 billion at September 30, 2023, and December 31, 2022, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. At both September 30, 2023, and December 31, 2022, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES CONSOLIDATED VIEs The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs. No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2023, and the year ended December 31, 2022, or is expected to be provided in the future that was not previously contractually required. Receivables Financing – DERF/DEPR/DEFR DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies. DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the DERF and DEPR credit facilities are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt. Amounts borrowed under the DEFR credit facility are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt. The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions. Receivables Financing – CRC CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt. The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million. CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC. Receivables Financing – Credit Facilities The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above. Duke Energy Duke Energy Duke Energy Duke Energy Carolinas Progress Florida (in millions) CRC DERF DEPR DEFR Expiration date February 2025 January 2025 April 2025 April 2024 Credit facility amount $ 350 $ 500 $ 400 $ 325 Amounts borrowed at September 30, 2023 336 500 400 325 Amounts borrowed at December 31, 2022 350 471 400 250 Restricted Receivables at September 30, 2023 619 1,028 831 758 Restricted Receivables at December 31, 2022 917 928 793 490 Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3. In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida. DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF. The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Receivables of VIEs $ 8 $ 6 Regulatory Assets: Current 58 55 Current Assets: Other 24 41 Other Noncurrent Assets: Regulatory assets 816 826 Current Liabilities: Other 2 9 Current maturities of long-term debt 58 56 Long-Term Debt 832 890 Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs. In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively. The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets. September 30, 2023 December 31, 2022 Duke Energy Duke Energy Duke Energy Duke Energy (in millions) Carolinas Progress Carolinas Progress Regulatory Assets: Current $ 12 $ 39 $ 12 $ 39 Current Assets: Other 5 16 8 29 Other Noncurrent Assets: Regulatory assets 199 653 208 681 Other Noncurrent Assets: Other 1 2 1 2 Current Liabilities: Other 1 4 3 8 Current maturities of long-term debt 11 34 10 34 Long-Term Debt 208 680 219 714 NON-CONSOLIDATED VIEs The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets. September 30, 2023 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 122 $ 161 Investments in equity method unconsolidated affiliates 61 — — Other noncurrent assets 43 — — Total assets $ 104 $ 122 $ 161 Other current liabilities 18 — — Other noncurrent liabilities 12 — — Total liabilities $ 30 $ — $ — Net assets $ 74 $ 122 $ 161 December 31, 2022 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 198 $ 317 Investments in equity method unconsolidated affiliates 43 — — Other noncurrent assets 45 — — Total assets $ 88 $ 198 $ 317 Other current liabilities 59 — — Other noncurrent liabilities 47 — — Total liabilities $ 106 $ — $ — Net (liabilities) assets $ (18) $ 198 $ 317 The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above. Natural Gas Investments Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities. CRC See discussion under Consolidated VIEs for additional information related to CRC. Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value. The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana (in millions) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Receivables sold $ 334 $ 423 $ 330 $ 508 Less: Retained interests 122 198 161 317 Net receivables sold $ 212 $ 225 $ 169 $ 191 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Nine Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Sales Receivables sold $ 1,973 $ 1,869 $ 2,453 $ 2,646 Loss recognized on sale 25 11 29 15 Cash flows Cash proceeds from receivables sold $ 2,024 $ 1,757 $ 2,580 $ 2,465 Collection fees received 1 1 1 1 Return received on retained interests 15 6 19 9 Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I. Electric Utilities and Infrastructure EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity. The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Progress Energy $ 15 $ 70 $ 7 $ 7 $ 7 $ 36 $ 142 Duke Energy Progress 2 8 — — — — 10 Duke Energy Florida 13 62 7 7 7 36 132 Duke Energy Indiana 4 16 17 15 7 5 64 Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Gas Utilities and Infrastructure GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery. Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Piedmont $ 17 $ 62 $ 61 $ 51 $ 49 $ 241 $ 481 Other The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers. Disaggregated Revenues Disaggregated revenues are presented as follows: Three Months Ended September 30, 2023 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 3,602 $ 988 $ 2,043 $ 756 $ 1,287 $ 268 $ 303 $ — General 2,229 779 1,089 467 622 135 224 — Industrial 912 395 298 203 95 28 190 — Wholesale 647 141 422 364 58 12 71 — Other revenues 285 75 175 100 75 24 56 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,675 $ 2,378 $ 4,027 $ 1,890 $ 2,137 $ 467 $ 844 $ — Gas Utilities and Infrastructure Residential $ 152 $ — $ — $ — $ — $ 73 $ — $ 80 Commercial 88 — — — — 24 — 65 Industrial 26 — — — — 4 — 23 Power Generation — — — — — — — 23 Other revenues 28 — — — — 4 — 8 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 294 $ — $ — $ — $ — $ 105 $ — $ 199 Other Revenue from contracts with customers $ 8 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,977 $ 2,378 $ 4,027 $ 1,890 $ 2,137 $ 572 $ 844 $ 199 Other revenue sources (a) $ 17 $ 15 $ 28 $ (4) $ 27 $ 5 $ 7 $ 9 Total revenues $ 7,994 $ 2,393 $ 4,055 $ 1,886 $ 2,164 $ 577 $ 851 $ 208 Three Months Ended September 30, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 3,250 $ 887 $ 1,719 $ 670 $ 1,049 $ 249 $ 396 $ — General 2,077 686 947 419 528 150 291 — Industrial 986 366 298 216 82 62 260 — Wholesale 874 140 588 403 185 32 115 — Other revenues 248 105 317 259 58 15 19 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,435 $ 2,184 $ 3,869 $ 1,967 $ 1,902 $ 508 $ 1,081 $ — Gas Utilities and Infrastructure Residential $ 167 $ — $ — $ — $ — $ 88 $ — $ 79 Commercial 108 — — — — 26 — 82 Industrial 34 — — — — 4 — 30 Power Generation — — — — — — — 24 Other revenues 103 — — — — 4 — 83 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 412 $ — $ — $ — $ — $ 122 $ — $ 298 Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,853 $ 2,184 $ 3,869 $ 1,967 $ 1,902 $ 630 $ 1,081 $ 298 Other revenue sources (a) $ (11) $ (9) $ 12 $ 2 $ 5 $ (2) $ 14 $ 8 Total revenues $ 7,842 $ 2,175 $ 3,881 $ 1,969 $ 1,907 $ 628 $ 1,095 $ 306 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 9,193 $ 2,527 $ 5,019 $ 1,902 $ 3,117 $ 710 $ 937 $ — General 5,936 1,974 2,844 1,194 1,650 411 706 — Industrial 2,630 1,011 844 560 284 155 618 — Wholesale 1,695 402 1,064 942 122 33 195 — Other revenues 618 202 440 238 202 73 103 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 20,072 $ 6,116 $ 10,211 $ 4,836 $ 5,375 $ 1,382 $ 2,559 $ — Gas Utilities and Infrastructure Residential $ 838 $ — $ — $ — $ — $ 317 $ — $ 522 Commercial 421 — — — — 113 — 309 Industrial 103 — — — — 19 — 84 Power Generation — — — — — — — 69 Other revenues 93 — — — — 15 — 32 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,455 $ — $ — $ — $ — $ 464 $ — $ 1,016 Other Revenue from contracts with customers $ 24 $ — $ — $ — $ — $ — $ — $ — Total Revenue from contracts with customers $ 21,551 $ 6,116 $ 10,211 $ 4,836 $ 5,375 $ 1,846 $ 2,559 $ 1,016 Other revenue sources (a) $ 297 $ 39 $ 104 $ 8 $ 81 $ 29 $ 47 $ 103 Total revenues $ 21,848 $ 6,155 $ 10,315 $ 4,844 $ 5,456 $ 1,875 $ 2,606 $ 1,119 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Nine Months Ended September 30, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 8,642 $ 2,454 $ 4,487 $ 1,824 $ 2,663 $ 656 $ 1,046 $ — General 5,498 1,796 2,562 1,114 1,448 377 760 — Industrial 2,582 938 842 594 248 130 672 — Wholesale 2,129 356 1,388 1,033 355 90 296 — Other revenues 652 308 775 608 167 56 6 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 19,503 $ 5,852 $ 10,054 $ 5,173 $ 4,881 $ 1,309 $ 2,780 $ — Gas Utilities and Infrastructure Residential $ 936 $ — $ — $ — $ — $ 331 $ — $ 605 Commercial 504 — — — — 128 — 376 Industrial 125 — — — — 17 — 108 Power Generation — — — — — — — 71 Other revenues 284 — — — — 16 — 220 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,849 $ — $ — $ — $ — $ 492 $ — $ 1,380 Other Revenue from contracts with customers $ 21 $ — $ — $ — $ — $ — $ — $ — Total Revenue from contracts with customers $ 21,373 $ 5,852 $ 10,054 $ 5,173 $ 4,881 $ 1,801 $ 2,780 $ 1,380 Other revenue sources (a) $ 44 $ (8) $ 33 $ 9 $ 9 $ 10 $ 55 $ 41 Total revenues $ 21,417 $ 5,844 $ 10,087 $ 5,182 $ 4,890 $ 1,811 $ 2,835 $ 1,421 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. The following table presents the reserve for credit losses for trade and other receivables. Three Months Ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at June 30, 2022 $ 135 $ 52 $ 52 $ 31 $ 21 $ 4 $ 3 $ 15 Write-Offs (49) (19) (26) (11) (15) — — (4) Credit Loss Expense 37 10 20 5 15 2 1 3 Other Adjustments 51 19 21 16 5 — — — Balance at September 30, 2022 $ 174 $ 62 $ 67 $ 41 $ 26 $ 6 $ 4 $ 14 Balance at June 30, 2023 $ 199 $ 57 $ 73 $ 43 $ 30 $ 8 $ 4 $ 13 Write-Offs (36) (14) (20) (11) (8) — — (5) Credit Loss Expense 23 5 15 2 13 — 1 2 Other Adjustments 17 8 9 10 (1) — — — Balance at September 30, 2023 $ 203 $ 56 $ 77 $ 44 $ 34 $ 8 $ 5 $ 10 Nine Months Ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2021 $ 121 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (103) (44) (45) (18) (28) — — (10) Credit Loss Expense 81 23 39 11 28 2 1 9 Other Adjustments 75 41 37 27 10 — — — Balance at September 30, 2022 $ 174 $ 62 $ 67 $ 41 $ 26 $ 6 $ 4 $ 14 Balance at December 31, 2022 $ 216 $ 68 $ 81 $ 44 $ 36 $ 6 $ 4 $ 14 Write-Offs (121) (54) (60) (30) (28) — — (11) Credit Loss Expense 62 18 33 7 26 2 1 7 Other Adjustments 46 24 23 23 — — — — Balance at September 30, 2023 $ 203 $ 56 $ 77 $ 44 $ 34 $ 8 $ 5 $ 10 Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables. The aging of trade receivables is presented in the table below. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 977 $ 356 $ 333 $ 206 $ 127 $ 2 $ 27 $ 8 Current 2,538 795 1,233 658 573 55 54 83 1-31 days past due 258 71 121 44 77 5 10 5 31-61 days past due 114 31 57 38 19 2 5 5 61-91 days past due 53 19 21 7 14 1 2 3 91+ days past due 234 60 71 24 47 37 24 5 Deferred Payment Arrangements (c) 104 31 50 27 23 3 — — Trade and Other Receivables $ 4,278 $ 1,363 $ 1,886 $ 1,004 $ 880 $ 105 $ 122 $ 109 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 1,457 $ 486 $ 355 $ 232 $ 123 $ 20 $ 28 $ 160 Current 2,347 577 1,059 637 417 15 52 265 1-31 days past due 261 96 60 15 45 5 17 15 31-61 days past due 123 23 61 49 12 6 2 3 61-91 days past due 74 25 18 9 9 3 11 2 91+ days past due 209 70 74 27 47 26 6 4 Deferred Payment Arrangements (c) 160 57 62 35 27 4 — 1 Trade and Other Receivables $ 4,631 $ 1,334 $ 1,689 $ 1,004 $ 680 $ 79 $ 116 $ 450 (a) Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets. (b) Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 13 for further information. These receivables for unbilled revenues are $95 million and $156 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022. (c) Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITYBasic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS. The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared. Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2023 2022 2023 2022 Net Income available to Duke Energy common stockholders $ 1,213 $ 1,383 $ 1,744 $ 3,094 Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders (190) 23 (1,283) 62 Accumulated preferred stock dividends adjustment 12 12 12 12 Less: Impact of participating securities 2 1 4 2 Income from continuing operations available to Duke Energy common stockholders $ 1,413 $ 1,371 $ 3,035 $ 3,042 (Loss) Income from discontinued operations, net of tax $ (152) $ 3 $ (1,316) $ (30) Add: (Income) Loss attributable to NCI (38) 20 33 92 (Loss) Income from discontinued operations attributable to Duke Energy common stockholders $ (190) $ 23 $ (1,283) $ 62 Weighted average common shares outstanding – basic and diluted 771 770 771 770 EPS from continuing operations available to Duke Energy common stockholders Basic and diluted (a) $ 1.83 $ 1.78 $ 3.94 $ 3.95 (Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders Basic and diluted (a) $ (0.24) $ 0.03 $ (1.67) $ 0.08 Potentially dilutive items excluded from the calculation (b) 2 2 2 2 Dividends declared per common share $ 1.025 $ 1.005 $ 3.035 $ 2.975 Dividends declared on Series A preferred stock per depositary share (c) $ 0.359 $ 0.359 $ 1.078 $ 1.078 Dividends declared on Series B preferred stock per share (d) $ 24.375 $ 24.375 $ 48.750 $ 48.750 (a) For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive. (b) Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. (c) 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share. (d) 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS DEFINED BENEFIT RETIREMENT PLANS Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans. Nine Months Ended September 30, 2023 and 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Contributions made: 2023 $ 100 $ 26 $ 22 $ 13 $ 9 $ 5 $ 8 $ 3 2022 $ 58 $ 15 $ 13 $ 8 $ 5 $ 3 $ 5 $ 2 QUALIFIED PENSION PLANS The following tables include the components of net periodic pension costs for qualified pension plans. Three Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 28 $ 9 $ 9 $ 5 $ 3 $ 1 $ 1 $ 1 Interest cost on projected benefit obligation 86 21 26 12 14 4 6 2 Expected return on plan assets (147) (40) (50) (24) (26) (6) (10) (5) Amortization of actuarial loss 2 — 1 — 1 — 1 — Amortization of prior service credit (3) — — — — — — (1) Amortization of settlement charges 5 3 1 1 — — — 1 Net periodic pension costs $ (29) $ (7) $ (13) $ (6) $ (8) $ (1) $ (2) $ (2) Three Months Ended September 30, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 39 $ 12 $ 11 $ 6 $ 4 $ 1 $ 3 $ 1 Interest cost on projected benefit obligation 58 14 19 9 10 3 4 2 Expected return on plan assets (140) (38) (46) (22) (24) (6) (9) (6) Amortization of actuarial loss 24 5 6 3 3 2 3 2 Amortization of prior service credit (5) (1) — — — — — (2) Amortization of settlement charges 14 3 5 4 1 2 1 2 Net periodic pension costs $ (10) $ (5) $ (5) $ — $ (6) $ 2 $ 2 $ (1) Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 87 $ 28 $ 25 $ 15 $ 10 $ 2 $ 4 $ 3 Interest cost on projected benefit obligation 258 63 80 37 43 13 20 7 Expected return on plan assets (441) (120) (149) (70) (78) (18) (30) (15) Amortization of actuarial loss 7 1 3 1 2 — 2 — Amortization of prior service credit (10) — — — — — (1) (5) Amortization of settlement charges 14 7 3 3 1 — 1 3 Net periodic pension costs $ (85) $ (21) $ (38) $ (14) $ (22) $ (3) $ (4) $ (7) Nine Months Ended September 30, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 120 $ 38 $ 34 $ 20 $ 14 $ 3 $ 7 $ 4 Interest cost on projected benefit obligation 175 41 55 25 30 9 14 6 Expected return on plan assets (421) (114) (139) (66) (72) (17) (28) (18) Amortization of actuarial loss 71 15 19 10 9 4 8 5 Amortization of prior service credit (14) (3) — — — — (1) (6) Amortization of settlement charges 18 6 6 5 1 2 1 2 Net periodic pension costs $ (51) $ (17) $ (25) $ (6) $ (18) $ 1 $ 1 $ (7) NON-QUALIFIED PENSION PLANS Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2023, and 2022. OTHER POST-RETIREMENT BENEFIT PLANS Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2023, and 2022. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES EFFECTIVE TAX RATES The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Duke Energy 2.8 % 10.1 % 9.0 % 8.6 % Duke Energy Carolinas 4.9 % 5.2 % 8.0 % 6.3 % Progress Energy 15.7 % 15.8 % 16.2 % 16.2 % Duke Energy Progress 11.8 % 12.9 % 13.0 % 13.4 % Duke Energy Florida 20.8 % 18.4 % 20.3 % 19.4 % Duke Energy Ohio 14.9 % 14.2 % 15.8 % (14.6) % Duke Energy Indiana 18.5 % 16.8 % 17.8 % 0.5 % Piedmont 26.3 % 21.4 % 17.2 % 9.1 % The decrease in the ETR for Duke Energy for the three months ended September 30, 2023, was primarily due to benefits associated with ongoing tax efficiency efforts, partially offset by a decrease in the amortization of excess deferred taxes. During the third quarter of 2023, the Company evaluated the deductibility of certain items spanning periods currently open under federal statute, including items related to interest on company-owned life insurance. As a result of this analysis, the Company recorded a favorable adjustment of approximately $120 million. The increase in the ETR for Duke Energy Carolinas for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Progress for the three months ending September 30, 2023, was primarily due to the amortization of excess deferred taxes in relation to lower pretax income. The increase in the ETR for Duke Energy Florida for the three months ending September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes, partially offset by an increase in production tax credits. The increase in the ETR for Duke Energy Ohio for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year. The increase in the ETR for Duke Energy Indiana for the three months ended September 30, 2023, was primarily d ue to the amortization of excess deferred taxes in relation to higher pretax income. The increase in the ETR for Duke Energy Indiana for the nine months ended September 30, 2023, was primarily due to the coal ash impairment based on the Indiana Supreme Court Opinion and the associated amortization of excess deferred taxes recorded in the prior year. The increase in the ETR for Piedmont for the three months ended September 30, 2023, was primarily due to the amortization of excess deferred taxes in relation to lower pretax losses. The increase in the ETR for Piedmont for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSFor information on subsequent events related to dispositions, regulatory matters, commitments and contingencies, and debt and credit facilities, see Notes 2, 4, 5 and 6, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income Attributable to Duke Energy Corporation | $ 1,252 | $ 1,422 | $ 1,836 | $ 3,186 |
Insider Trading Arrangements
Insider Trading Arrangements - Alex Glenn [Member] | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 25, 2023, Alex Glenn, Senior Vice President and Chief Executive Officer, Duke Energy Florida and Midwest, adopted a Rule 10b5-1 trading arrangement for the sale of up to 1,000 shares of the Company’s common stock between January 31, 2024, and March 28, 2024, or such earlier date if such plan is terminated sooner pursuant to the terms specified therein. Mr. Glenn's Rule 10b5-1 trading arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1 under the Exchange Act and the Company's policies regarding insider transactions. | |
Name | Alex Glenn | |
Title | Senior Vice President and Chief Executive Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 25, 2023 | |
Arrangement Duration | 57 days | |
Aggregate Available | 1,000 | 1,000 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself. These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Basis of Consolidation and Noncontrolling Interest | BASIS OF CONSOLIDATION These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. NONCONTROLLING INTEREST Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares. |
Discontinued Operations | Discontinued Operations Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the nine months ended September 30, 2023, and 2022, the Loss (Income) From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups. |
Cash, Cash Equivalents, and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASHDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. |
New Accounting Standards | NEW ACCOUNTING STANDARDS No new accounting standards were adopted by the Duke Energy Registrants in 2023. |
Environmental Costs | Liabilities are recorded when losses become probable and are reasonably estimable.Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable. |
Derivatives | Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers. |
Investments | As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. |
Revenue from Contract with Customer | Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I. |
Earnings Per Share | Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 Duke Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Energy (a) Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 324 $ 19 $ 87 $ 27 $ 41 $ 409 $ 44 $ 108 $ 49 $ 45 Other 49 4 44 17 23 82 8 74 28 41 Other Noncurrent Assets Other 9 1 2 2 — 11 1 2 2 — Total cash, cash equivalents and restricted cash $ 382 $ 24 $ 133 $ 46 $ 64 $ 502 $ 53 $ 184 $ 79 $ 86 |
Schedule of Utility Inventory | The components of inventory are presented in the tables below. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 3,018 $ 1,045 $ 1,408 $ 920 $ 488 $ 132 $ 381 $ 15 Coal 758 330 187 110 77 24 217 — Natural gas, oil and other fuel 342 47 208 111 97 12 2 73 Total inventory $ 4,118 $ 1,422 $ 1,803 $ 1,141 $ 662 $ 168 $ 600 $ 88 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,604 $ 876 $ 1,232 $ 819 $ 413 $ 105 $ 342 $ 12 Coal 620 253 190 99 91 34 144 — Natural gas, oil and other fuel 360 35 157 88 69 5 3 160 Total inventory $ 3,584 $ 1,164 $ 1,579 $ 1,006 $ 573 $ 144 $ 489 $ 172 |
Schedule of Accounts Payable Finance Programs | The following table represents the changes in confirmed obligations outstanding for the three and nine months ended September 30, 2023, and 2022. Three months ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Confirmed obligations outstanding at the June 30, 2022 $ 46 $ 9 $ 11 $ 3 $ 8 $ 9 $ — $ 17 Invoices confirmed during the period 86 6 21 7 14 12 — 47 Confirmed invoices paid during the period (58) (12) (15) (5) (10) (9) — (22) Confirmed obligations outstanding at September 30, 2022 $ 74 $ 3 $ 17 $ 5 $ 12 $ 12 $ — $ 42 Confirmed obligations outstanding at the June 30, 2023 $ 40 $ 5 $ 14 $ 12 $ 2 $ 2 $ — $ 19 Invoices confirmed during the period 47 2 11 2 9 4 — 30 Confirmed invoices paid during the period (18) (4) (8) (3) (5) — — (6) Confirmed obligations outstanding at September 30, 2023 $ 69 $ 3 $ 17 $ 11 $ 6 $ 6 $ — $ 43 Nine months ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Confirmed obligations outstanding at the December 31, 2021 $ 19 $ — $ 9 $ — $ 9 $ 6 $ — $ 4 Invoices confirmed during the period 181 20 52 17 35 27 1 81 Confirmed invoices paid during the period (126) (17) (44) (12) (32) (21) (1) (43) Confirmed obligations outstanding at September 30, 2022 $ 74 $ 3 $ 17 $ 5 $ 12 $ 12 $ — $ 42 Confirmed obligations outstanding at the December 31, 2022 $ 87 $ 6 $ 19 $ 8 $ 11 $ 5 $ — $ 57 Invoices confirmed during the period 161 22 53 25 28 7 — 79 Confirmed invoices paid during the period (179) (25) (55) (22) (33) (6) — (93) Confirmed obligations outstanding at September 30, 2023 $ 69 $ 3 $ 17 $ 11 $ 6 $ 6 $ — $ 43 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Current Assets Held for Sale Cash and cash equivalents $ 70 $ 10 Receivables, net 107 107 Inventory 84 88 Other 179 151 Total current assets held for sale 440 356 Noncurrent Assets Held for Sale Property, Plant and Equipment Cost 5,387 6,444 Accumulated depreciation and amortization (1,651) (1,651) Net property, plant and equipment 3,736 4,793 Operating lease right-of-use assets, net 144 140 Investments in equity method unconsolidated affiliates 504 522 Other 212 179 Total other noncurrent assets held for sale 860 841 Total Assets Held for Sale $ 5,036 $ 5,990 Current Liabilities Associated with Assets Held for Sale Accounts payable $ 124 $ 122 Taxes accrued 22 17 Current maturities of long-term debt 268 276 Other 175 120 Total current liabilities associated with assets held for sale 589 535 Noncurrent Liabilities Associated with Assets Held for Sale Long-Term debt 1,047 1,188 Operating lease liabilities 154 150 Asset retirement obligations 201 190 Other 232 399 Total other noncurrent liabilities associated with assets held for sale 1,634 1,927 Total Liabilities Associated with Assets Held for Sale $ 2,223 $ 2,462 As of September 30, 2023, and December 31, 2022, the noncontrolling interest balance is $1.8 billion and $1.6 billion, respectively. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in (Loss) Income from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Operating revenues $ 103 $ 129 $ 293 $ 372 Operation, maintenance and other 93 85 270 248 Depreciation and amortization (a) — 65 — 193 Property and other taxes 8 10 27 31 Other income and expenses, net (2) (1) (9) (4) Interest expense 10 18 53 55 Loss on disposal 169 — 1,603 — Loss before income taxes (179) (50) (1,669) (159) Income tax benefit (27) (30) (353) (106) Loss from discontinued operations $ (152) $ (20) $ (1,316) $ (53) Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations (38) 20 33 92 Net (loss) income from discontinued operations attributable to Duke Energy Corporation $ (190) $ — $ (1,283) $ 39 (a) Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased. Nine Months Ended September 30, (in millions) 2023 2022 Cash flows provided by (used in): Operating activities $ 545 $ 485 Investing activities (597) (223) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. Three Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 7,695 $ 291 $ 7,986 $ 8 $ — $ 7,994 Intersegment revenues 20 22 42 25 (67) — Total revenues $ 7,715 $ 313 $ 8,028 $ 33 $ (67) $ 7,994 Segment income (loss) (a) $ 1,447 $ 15 $ 1,462 $ (59) $ — $ 1,403 Less: Noncontrolling interests (69) Add: Preferred stock dividend 39 Discontinued operations (190) Net Income $ 1,321 Segment assets (b) $ 155,588 $ 16,724 $ 172,312 $ 8,848 $ — $ 181,160 Three Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 7,431 $ 404 $ 7,835 $ 7 $ — $ 7,842 Intersegment revenues 8 23 31 23 (54) — Total revenues $ 7,439 $ 427 $ 7,866 $ 30 $ (54) $ 7,842 Segment income (loss) $ 1,540 $ 4 $ 1,544 $ (183) $ (1) $ 1,360 Less: Noncontrolling interests 9 Add: Preferred stock dividend 39 Discontinued operations 23 Net Income $ 1,413 (a) EU&I includes $95 million recorded within Impairment of assets and other charges and $16 million within Operations, maintenance and other on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations related primarily to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. See Note 4 for additional information. (b) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Nine Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 20,308 $ 1,516 $ 21,824 $ 24 $ — $ 21,848 Intersegment revenues 55 67 122 74 (196) — Total revenues $ 20,363 $ 1,583 $ 21,946 $ 98 $ (196) $ 21,848 Segment income (loss) (a) $ 3,088 $ 327 $ 3,415 $ (388) $ — $ 3,027 Less: Noncontrolling interests (42) Add: Preferred stock dividend 92 Discontinued operations (1,283) Net Income $ 1,878 Nine Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated revenues $ 19,552 $ 1,843 $ 21,395 $ 22 $ — $ 21,417 Intersegment revenues 24 69 93 69 (162) — Total revenues $ 19,576 $ 1,912 $ 21,488 $ 91 $ (162) $ 21,417 Segment income (loss) (b) $ 3,237 $ 277 $ 3,514 $ (480) $ (2) $ 3,032 Less: Noncontrolling interests 73 Add: Preferred stock dividend 92 Discontinued operations 62 Net Income $ 3,113 (a) EU&I includes $95 million recorded within Impairment of assets and other charges and $16 million within Operations, maintenance and other on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations related primarily to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. See Note 4 for additional information. (b) EU&I includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $20 million within Noncontrolling Interests on the Condensed Consolidated Statements of Operations related to a Duke Energy Indiana Supreme Court ruling. See Note 4 for additional information. |
Duke Energy Ohio | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Three Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 472 $ 105 $ 577 $ — $ — $ 577 Segment income (loss)/Net income $ 65 $ 17 $ 82 $ (2) $ — $ 80 Segment assets $ 7,745 $ 4,218 $ 11,963 $ 10 $ (179) $ 11,794 Three Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 507 $ 121 $ 628 $ — $ 628 Segment income (loss)/Net income $ 74 $ 30 $ 104 $ (1) $ 103 Nine Months Ended September 30, 2023 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 1,411 $ 464 $ 1,875 $ — $ 1,875 Segment income (loss)/Net income $ 168 $ 87 $ 255 $ (4) $ 251 Nine Months Ended September 30, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 1,320 $ 491 $ 1,811 $ — $ 1,811 Segment income (loss)/Net income $ 152 $ 87 $ 239 $ (3) $ 236 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Reserves | The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Reserves for Environmental Remediation Duke Energy $ 90 $ 84 Duke Energy Carolinas 24 22 Progress Energy 20 19 Duke Energy Progress 10 8 Duke Energy Florida 10 11 Duke Energy Ohio 36 33 Duke Energy Indiana 2 3 Piedmont 7 7 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes significant debt issuances (in millions). Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Unsecured Debt April 2023 (a) April 2026 4.125 % $ 1,725 $ 1,725 $ — $ — $ — $ — $ — $ — June 2023 (b) June 2033 5.400 % 350 — — — — — — 350 September 2023 (c) September 2033 5.750 % 600 600 — — — — — — September 2023 (c) September 2053 6.100 % 750 750 — — — — — — First Mortgage Bonds January 2023 (d) January 2033 4.950 % 900 — 900 — — — — — January 2023 (d) January 2053 5.350 % 900 — 900 — — — — — March 2023 (e) March 2033 5.250 % 500 — — 500 — — — — March 2023 (e) March 2053 5.350 % 500 — — 500 — — — — March 2023 (f) April 2033 5.250 % 375 — — — — 375 — — March 2023 (f) April 2053 5.650 % 375 — — — — 375 — — March 2023 (g) April 2053 5.400 % 500 — — — — — 500 — June 2023 (h) January 2033 4.950 % 350 — 350 — — — — — June 2023 (h) January 2054 5.400 % 500 — 500 — — — — — September 2023 (i) October 2073 4.960 % 200 — — — 200 — — — Total issuances $ 8,525 $ 3,075 $ 2,650 $ 1,000 $ 200 $ 750 $ 500 $ 350 (a) See "Duke Energy (Parent) Convertible Senior Notes" below for additional information. (b) Proceeds will be used to repay $45 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes. (c) Proceeds were primarily used to repay $400 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes. (d) Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes. (e) Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes. (f) Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes. (g) Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes. (h) Proceeds were used to pay down a portion of short-term debt and for general company purposes. (i) Proceeds were used to pay down a portion of short-term debt and for general company purposes. The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings. (in millions) Maturity Date Interest Rate September 30, 2023 Unsecured Debt Duke Energy Ohio (a) October 2023 5.813 % $ 150 Duke Energy (Parent) October 2023 3.950 % 400 Duke Energy (Parent) Term Loan Facility (a) March 2024 6.048 % 1,000 Duke Energy (Parent) April 2024 3.750 % 1,000 Duke Energy Florida (a) April 2024 6.196 % 800 Other (b) 684 Current maturities of long-term debt $ 4,034 (a) Debt has a floating interest rate. In October 2023, Duke Energy Kentucky's $50 million two (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. |
Schedule of Line of Credit Facilities | The table below includes the current borrowing sublimits and available capacity under these credit facilities. September 30, 2023 Duke Duke Duke Duke Duke Duke Duke Energy Energy Energy Energy Energy Energy (in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Facility size (a) $ 9,000 $ 2,275 $ 1,575 $ 1,400 $ 1,250 $ 750 $ 950 $ 800 Reduction to backstop issuances Commercial paper (b) (2,815) (106) (631) (841) (292) (298) (350) (297) Outstanding letters of credit (39) (27) (4) (1) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 6,065 $ 2,142 $ 940 $ 558 $ 951 $ 452 $ 519 $ 503 (a) Represents the sublimit of each borrower. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Asset Retirement Obligations | The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Decommissioning of nuclear power facilities (a) $ 7,459 $ 3,136 $ 4,295 $ 4,069 $ 226 $ — $ — $ — Closure of ash impoundments 4,474 2,065 1,530 1,509 21 77 801 — Other 300 67 105 44 61 61 41 28 Total ARO $ 12,233 $ 5,268 $ 5,930 $ 5,622 $ 308 $ 138 $ 842 $ 28 Less: Current portion 620 238 261 260 1 8 114 — Total noncurrent ARO $ 11,613 $ 5,030 $ 5,669 $ 5,362 $ 307 $ 130 $ 728 $ 28 (a) Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy. |
Schedule of Change in Asset Retirement Obligation | The following table presents the change in liability associated with AROs for the Duke Energy Registrants. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2022 (a) $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 Accretion expense (b) 391 189 178 169 9 5 24 2 Liabilities settled (c) (494) (171) (247) (196) (51) (11) (66) — Revisions in estimates of cash flows (d) (392) (132) (182) (174) (8) (10) (67) — Balance at September 30, 2023 $ 12,233 $ 5,268 $ 5,930 $ 5,622 $ 308 $ 138 $ 842 $ 28 (a) Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets. (b) For the nine months ended September 30, 2023, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment. (c) Primarily relates to ash impoundment closures and nuclear decommissioning. (d) The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases primarily relate to lower unit costs associated with basin closure, routine maintenance and beneficiation activities, as well as a reduction in monitoring wells needed. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions, Other Revenue and Expense | Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 198 $ 193 $ 586 $ 590 Indemnification coverages (b) 9 7 26 21 Joint Dispatch Agreement (JDA) revenue (c) 5 16 26 54 JDA expense (c) 58 210 121 477 Intercompany natural gas purchases (d) 5 5 14 14 Progress Energy Corporate governance and shared service expenses (a) $ 172 $ 188 $ 522 $ 568 Indemnification coverages (b) 11 10 35 32 JDA revenue (c) 58 210 121 477 JDA expense (c) 5 16 26 54 Intercompany natural gas purchases (d) 19 19 56 57 Duke Energy Progress Corporate governance and shared service expenses (a) $ 103 $ 111 $ 314 $ 338 Indemnification coverages (b) 5 5 15 15 JDA revenue (c) 58 210 121 477 JDA expense (c) 5 16 26 54 Intercompany natural gas purchases (d) 19 19 56 57 Duke Energy Florida Corporate governance and shared service expenses (a) $ 69 $ 77 $ 208 $ 230 Indemnification coverages (b) 6 5 20 17 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 73 $ 87 $ 222 $ 251 Indemnification coverages (b) 1 2 4 4 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 92 $ 115 $ 275 $ 330 Indemnification coverages (b) 2 2 6 6 Piedmont Corporate governance and shared service expenses (a) $ 32 $ 37 $ 107 $ 109 Indemnification coverages (b) 1 1 3 2 Intercompany natural gas sales (d) 24 24 70 71 Natural gas storage and transportation costs (e) 6 6 18 17 (a) The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income. (b) The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income. (c) Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income. (d) Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income. Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont September 30, 2023 Intercompany income tax receivable $ — $ — $ — $ — $ — $ — $ 24 Intercompany income tax payable 72 138 114 110 18 20 — December 31, 2022 Intercompany income tax receivable $ — $ 95 $ 36 $ 17 $ — $ — $ — Intercompany income tax payable 37 — — — 17 18 38 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Outstanding Derivative Positions | The following tables show notional amounts of outstanding derivatives related to interest rate risk. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 1,875 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,477 650 1,500 500 1,000 300 27 Total notional amount $ 4,352 $ 650 $ 1,500 $ 500 $ 1,000 $ 300 $ 27 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 500 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,377 1,250 800 500 300 300 27 Total notional amount $ 2,877 $ 1,250 $ 800 $ 500 $ 300 $ 300 $ 27 The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown. September 30, 2023 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 20,961 — — — 2,550 18,411 — Natural gas (millions of dekatherms) 841 276 272 272 — 21 272 December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 14,086 — — — 1,820 12,266 — Natural gas (millions of dekatherms) 909 307 292 292 — 11 299 The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at September 30, 2023. Fair Value Loss (a) (in millions) Pay Notional Receive Notional Receive Hedge Three Months Ended September 30, Nine Months Ended September 30, (in millions) Pay Rate (in millions) Rate Maturity Date 2023 2022 2023 2022 Fair value hedges $ 645 4.75 % 600 euros 3.10 % June 2028 $ (20) $ (41) $ (10) $ (57) 537 5.31 % 500 euros 3.85 % June 2034 (17) (34) (9) (47) Total notional amount $ 1,182 1,100 euros $ (37) $ (75) $ (19) $ (104) |
Location and Fair Value of Derivatives Recognized in the Condensed Consolidated Balance Sheets | The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown. Derivative Assets September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 57 $ 11 $ 14 $ 9 $ 5 $ 2 $ 28 $ 1 Noncurrent 86 40 46 46 — — — — Total Derivative Assets – Commodity Contracts $ 143 $ 51 $ 60 $ 55 $ 5 $ 2 $ 28 $ 1 Interest Rate Contracts Designated as Hedging Instruments Noncurrent 177 — — — — — — — Not Designated as Hedging Instruments Current 104 26 78 — 78 — — — Noncurrent 101 16 58 24 34 — 27 — Total Derivative Assets – Interest Rate Contracts $ 382 $ 42 $ 136 $ 24 $ 112 $ — $ 27 $ — Total Derivative Assets $ 525 $ 93 $ 196 $ 79 $ 117 $ 2 $ 55 $ 1 Derivative Liabilities September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 275 $ 156 $ 97 $ 97 $ — $ — $ 4 $ 18 Noncurrent 215 48 40 40 — — — 127 Total Derivative Liabilities – Commodity Contracts $ 490 $ 204 $ 137 $ 137 $ — $ — $ 4 $ 145 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent 1 — — — — 1 — — Total Derivative Liabilities – Interest Rate Contracts $ 1 $ — $ — $ — $ — $ 1 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 11 — — — — — — — Total Derivative Liabilities – Foreign Currency Contracts $ 29 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 520 $ 204 $ 137 $ 137 $ — $ 1 $ 4 $ 145 Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 265 $ 132 $ 99 $ 99 $ — $ 5 $ 29 $ — Noncurrent 213 104 108 108 — — — — Total Derivative Assets – Commodity Contracts $ 478 $ 236 $ 207 $ 207 $ — $ 5 $ 29 $ — Interest Rate Contracts Designated as Hedging Instruments Current $ 101 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 216 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets – Interest Rate Contracts $ 317 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets $ 795 $ 330 $ 248 $ 230 $ 17 $ 5 $ 110 $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 175 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Noncurrent 202 31 30 30 — — — 141 Total Derivative Liabilities – Commodity Contracts $ 377 $ 127 $ 66 $ 48 $ 19 $ — $ 16 $ 168 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent $ 2 $ — $ — $ — $ — $ 2 $ — $ — Total Derivative Liabilities – Interest Rate Contracts $ 2 $ — $ — $ — $ — $ 2 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 40 — — — — — — — Total Derivative Liabilities – Equity Securities Contracts $ 58 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 437 $ 127 $ 66 $ 48 $ 19 $ 2 $ 16 $ 168 |
Offsetting Assets | The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below. Derivative Assets September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 161 $ 37 $ 92 $ 9 $ 83 $ 2 $ 28 $ 1 Offset (17) (9) (8) (8) — — — — Net amounts presented in Current Assets: Other $ 144 $ 28 $ 84 $ 1 $ 83 $ 2 $ 28 $ 1 Noncurrent Gross amounts recognized $ 364 $ 56 $ 104 $ 70 $ 34 $ — $ 27 $ — Offset (60) (32) (28) (28) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 304 $ 24 $ 76 $ 42 $ 34 $ — $ 27 $ — Derivative Liabilities September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 293 $ 156 $ 97 $ 97 $ — $ — $ 4 $ 18 Offset (17) (9) (8) (8) — — — — Cash collateral posted (16) (12) (1) (1) — — (4) — Net amounts presented in Current Liabilities: Other $ 260 $ 135 $ 88 $ 88 $ — $ — $ — $ 18 Noncurrent Gross amounts recognized $ 227 $ 48 $ 40 $ 40 $ — $ 1 $ — $ 127 Offset (60) (33) (28) (28) — — — — Cash collateral posted $ (8) $ (7) $ (1) $ (1) $ — $ — $ — $ — Net amounts presented in Other Noncurrent Liabilities: Other $ 159 $ 8 $ 11 $ 11 $ — $ 1 $ — $ 127 Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 582 $ 226 $ 140 $ 122 $ 17 $ 5 $ 110 $ — Offset (33) (15) (18) (18) — — — — Cash collateral received (31) (18) (12) (12) — — — — Net amounts presented in Current Assets: Other $ 518 $ 193 $ 110 $ 92 $ 17 $ 5 $ 110 $ — Noncurrent Gross amounts recognized $ 213 $ 104 $ 108 $ 108 $ — $ — $ — $ — Offset (59) (29) (30) (30) — — — — Cash collateral received (38) (11) (27) (27) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 116 $ 64 $ 51 $ 51 $ — $ — $ — $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 193 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Offset (33) (15) (18) (18) — — — — Cash collateral posted (16) — — — — — (16) — Net amounts presented in Current Liabilities: Other $ 144 $ 81 $ 18 $ — $ 19 $ — $ — $ 27 Noncurrent Gross amounts recognized $ 244 $ 31 $ 30 $ 30 $ — $ 2 $ — $ 141 Offset (59) (29) (30) (30) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 185 $ 2 $ — $ — $ — $ 2 $ — $ 141 |
Offsetting Liabilities | The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below. Derivative Assets September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 161 $ 37 $ 92 $ 9 $ 83 $ 2 $ 28 $ 1 Offset (17) (9) (8) (8) — — — — Net amounts presented in Current Assets: Other $ 144 $ 28 $ 84 $ 1 $ 83 $ 2 $ 28 $ 1 Noncurrent Gross amounts recognized $ 364 $ 56 $ 104 $ 70 $ 34 $ — $ 27 $ — Offset (60) (32) (28) (28) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 304 $ 24 $ 76 $ 42 $ 34 $ — $ 27 $ — Derivative Liabilities September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 293 $ 156 $ 97 $ 97 $ — $ — $ 4 $ 18 Offset (17) (9) (8) (8) — — — — Cash collateral posted (16) (12) (1) (1) — — (4) — Net amounts presented in Current Liabilities: Other $ 260 $ 135 $ 88 $ 88 $ — $ — $ — $ 18 Noncurrent Gross amounts recognized $ 227 $ 48 $ 40 $ 40 $ — $ 1 $ — $ 127 Offset (60) (33) (28) (28) — — — — Cash collateral posted $ (8) $ (7) $ (1) $ (1) $ — $ — $ — $ — Net amounts presented in Other Noncurrent Liabilities: Other $ 159 $ 8 $ 11 $ 11 $ — $ 1 $ — $ 127 Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 582 $ 226 $ 140 $ 122 $ 17 $ 5 $ 110 $ — Offset (33) (15) (18) (18) — — — — Cash collateral received (31) (18) (12) (12) — — — — Net amounts presented in Current Assets: Other $ 518 $ 193 $ 110 $ 92 $ 17 $ 5 $ 110 $ — Noncurrent Gross amounts recognized $ 213 $ 104 $ 108 $ 108 $ — $ — $ — $ — Offset (59) (29) (30) (30) — — — — Cash collateral received (38) (11) (27) (27) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 116 $ 64 $ 51 $ 51 $ — $ — $ — $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 193 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Offset (33) (15) (18) (18) — — — — Cash collateral posted (16) — — — — — (16) — Net amounts presented in Current Liabilities: Other $ 144 $ 81 $ 18 $ — $ 19 $ — $ — $ 27 Noncurrent Gross amounts recognized $ 244 $ 31 $ 30 $ 30 $ — $ 2 $ — $ 141 Offset (59) (29) (30) (30) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 185 $ 2 $ — $ — $ — $ 2 $ — $ 141 |
Derivative Contracts with Contingent Credit Features | The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions. September 30, 2023 Duke Duke Duke Energy Progress Energy (in millions) Energy Carolinas Energy Progress Aggregate fair value of derivatives in a net liability position $ 312 $ 175 $ 138 $ 138 Fair value of collateral already posted 21 19 2 2 Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 291 $ 156 $ 136 $ 136 December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 141 $ 86 $ 55 $ 48 $ 7 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 141 $ 86 $ 55 $ 48 $ 7 |
Investments in Debt and Equit_2
Investments in Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 160 $ — $ — $ 215 Equity securities 4,218 44 6,530 3,658 105 5,871 Corporate debt securities — 80 612 1 85 641 Municipal bonds — 41 318 — 39 330 U.S. government bonds — 136 1,470 2 112 1,423 Other debt securities — 18 169 — 18 156 Total NDTF Investments $ 4,218 $ 319 $ 9,259 $ 3,661 $ 359 $ 8,636 Other Investments Cash and cash equivalents $ — $ — $ 36 $ — $ — $ 22 Equity securities 26 9 141 21 16 128 Corporate debt securities — 10 83 — 12 84 Municipal bonds — 3 74 — 3 78 U.S. government bonds — 5 46 — 2 62 Other debt securities — 5 52 — 3 41 Total Other Investments $ 26 $ 32 $ 432 $ 21 $ 36 $ 415 Total Investments $ 4,244 $ 351 $ 9,691 $ 3,682 $ 395 $ 9,051 |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 160 $ — $ — $ 215 Equity securities 4,218 44 6,530 3,658 105 5,871 Corporate debt securities — 80 612 1 85 641 Municipal bonds — 41 318 — 39 330 U.S. government bonds — 136 1,470 2 112 1,423 Other debt securities — 18 169 — 18 156 Total NDTF Investments $ 4,218 $ 319 $ 9,259 $ 3,661 $ 359 $ 8,636 Other Investments Cash and cash equivalents $ — $ — $ 36 $ — $ — $ 22 Equity securities 26 9 141 21 16 128 Corporate debt securities — 10 83 — 12 84 Municipal bonds — 3 74 — 3 78 U.S. government bonds — 5 46 — 2 62 Other debt securities — 5 52 — 3 41 Total Other Investments $ 26 $ 32 $ 432 $ 21 $ 36 $ 415 Total Investments $ 4,244 $ 351 $ 9,691 $ 3,682 $ 395 $ 9,051 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 61 $ 25 $ 107 $ 170 Realized losses 35 61 117 247 AFS: Realized gains 16 7 37 22 Realized losses 45 40 104 105 |
Investments Classified by Contractual Maturity Date | The table below summarizes the maturity date for debt securities. September 30, 2023 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 137 $ 7 $ 109 $ 21 $ 88 $ 7 Due after one through five years 671 209 388 235 153 19 Due after five through 10 years 545 311 197 184 13 10 Due after 10 years 1,471 802 569 531 38 23 Total $ 2,824 $ 1,329 $ 1,263 $ 971 $ 292 $ 59 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 59 $ — $ — $ 117 Equity securities 2,468 25 3,767 2,147 51 3,367 Corporate debt securities — 60 376 1 62 401 Municipal bonds — 9 45 — 10 64 U.S. government bonds — 73 745 1 51 685 Other debt securities — 18 163 — 18 148 Total NDTF Investments $ 2,468 $ 185 $ 5,155 $ 2,149 $ 192 $ 4,782 |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 59 $ — $ — $ 117 Equity securities 2,468 25 3,767 2,147 51 3,367 Corporate debt securities — 60 376 1 62 401 Municipal bonds — 9 45 — 10 64 U.S. government bonds — 73 745 1 51 685 Other debt securities — 18 163 — 18 148 Total NDTF Investments $ 2,468 $ 185 $ 5,155 $ 2,149 $ 192 $ 4,782 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 43 $ 16 $ 70 $ 109 Realized losses 17 39 64 143 AFS: Realized gains 12 7 21 19 Realized losses 26 20 54 57 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 101 $ — $ — $ 98 Equity securities 1,750 19 2,763 1,511 54 2,504 Corporate debt securities — 20 236 — 23 240 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 63 725 1 61 738 Other debt securities — — 6 — — 8 Total NDTF Investments $ 1,750 $ 134 $ 4,104 $ 1,512 $ 167 $ 3,854 Other Investments Cash and cash equivalents $ — $ — $ 8 $ — $ — $ 11 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 31 $ — $ — $ 36 Total Investments $ 1,750 $ 134 $ 4,135 $ 1,512 $ 167 $ 3,890 |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 101 $ — $ — $ 98 Equity securities 1,750 19 2,763 1,511 54 2,504 Corporate debt securities — 20 236 — 23 240 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 63 725 1 61 738 Other debt securities — — 6 — — 8 Total NDTF Investments $ 1,750 $ 134 $ 4,104 $ 1,512 $ 167 $ 3,854 Other Investments Cash and cash equivalents $ — $ — $ 8 $ — $ — $ 11 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 31 $ — $ — $ 36 Total Investments $ 1,750 $ 134 $ 4,135 $ 1,512 $ 167 $ 3,890 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 18 $ 9 $ 37 $ 61 Realized losses 18 22 53 104 AFS: Realized gains 4 — 16 3 Realized losses 19 9 50 32 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 62 $ — $ — $ 56 Equity securities 1,661 19 2,663 1,431 54 2,411 Corporate debt securities — 19 224 — 22 230 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 43 469 1 37 460 Other debt securities — — 5 — — 7 Total NDTF Investments $ 1,661 $ 113 $ 3,696 $ 1,432 $ 142 $ 3,430 Other Investments Cash and cash equivalents $ — $ — $ 4 $ — $ — $ 9 Total Other Investments $ — $ — $ 4 $ — $ — $ 9 Total Investments $ 1,661 $ 113 $ 3,700 $ 1,432 $ 142 $ 3,439 |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 62 $ — $ — $ 56 Equity securities 1,661 19 2,663 1,431 54 2,411 Corporate debt securities — 19 224 — 22 230 Municipal bonds — 32 273 — 29 266 U.S. government bonds — 43 469 1 37 460 Other debt securities — — 5 — — 7 Total NDTF Investments $ 1,661 $ 113 $ 3,696 $ 1,432 $ 142 $ 3,430 Other Investments Cash and cash equivalents $ — $ — $ 4 $ — $ — $ 9 Total Other Investments $ — $ — $ 4 $ — $ — $ 9 Total Investments $ 1,661 $ 113 $ 3,700 $ 1,432 $ 142 $ 3,439 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 FV-NI: Realized gains $ 15 $ 9 $ 34 $ 60 Realized losses 18 21 52 101 AFS: Realized gains 4 — 15 3 Realized losses 18 9 47 29 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 39 $ — $ — $ 42 Equity securities 89 — 100 80 — 93 Corporate debt securities — 1 12 — 1 10 U.S. government bonds — 20 256 — 24 278 Other debt securities — — 1 — — 1 Total NDTF Investments (a) $ 89 $ 21 $ 408 $ 80 $ 25 $ 424 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 24 $ — $ — $ 26 Total Investments $ 89 $ 21 $ 432 $ 80 $ 25 $ 450 (a) During the nine months ended September 30, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 39 $ — $ — $ 42 Equity securities 89 — 100 80 — 93 Corporate debt securities — 1 12 — 1 10 U.S. government bonds — 20 256 — 24 278 Other debt securities — — 1 — — 1 Total NDTF Investments (a) $ 89 $ 21 $ 408 $ 80 $ 25 $ 424 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Municipal bonds — — 23 — — 25 Total Other Investments $ — $ — $ 24 $ — $ — $ 26 Total Investments $ 89 $ 21 $ 432 $ 80 $ 25 $ 450 (a) During the nine months ended September 30, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 3 $ — $ — $ 1 Equity securities 3 9 88 2 16 79 Corporate debt securities — — 9 — 1 8 Municipal bonds — 3 44 — 3 45 U.S. government bonds — — 6 — — 7 Total Investments $ 3 $ 12 $ 150 $ 2 $ 20 $ 140 |
Debt Securities, Available-for-sale | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS. September 30, 2023 December 31, 2022 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 3 $ — $ — $ 1 Equity securities 3 9 88 2 16 79 Corporate debt securities — — 9 — 1 8 Municipal bonds — 3 44 — 3 45 U.S. government bonds — — 6 — — 7 Total Investments $ 3 $ 12 $ 150 $ 2 $ 20 $ 140 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants. September 30, 2023 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 160 $ 160 $ — $ — $ — NDTF equity securities 6,530 6,491 — — 39 NDTF debt securities 2,569 755 1,814 — — Other equity securities 141 141 — — — Other debt securities 255 40 215 — — Other cash and cash equivalents 36 36 — — — Derivative assets 525 2 493 30 — Total assets 10,216 7,625 2,522 30 39 Derivative liabilities (520) (4) (516) — — Net assets $ 9,696 $ 7,621 $ 2,006 $ 30 $ 39 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 215 $ 215 $ — $ — $ — NDTF equity securities 5,871 5,829 — — 42 NDTF debt securities 2,550 780 1,770 — — Other equity securities 128 128 — — — Other debt securities 265 55 210 — — Other cash and cash equivalents 22 22 — — — Derivative assets 795 1 760 34 — Total assets 9,846 7,030 2,740 34 42 Derivative liabilities (437) (16) (421) — — Net assets $ 9,409 $ 7,014 $ 2,319 $ 34 $ 42 |
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs | The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 41 $ 89 $ 34 $ 24 Purchases, sales, issuances and settlements: Purchases 3 — 50 77 Settlements (18) (21) (76) (13) Total gains (losses) included on the Condensed Consolidated Balance Sheet 4 (8) 22 (28) Balance at end of period $ 30 $ 60 $ 30 $ 60 |
Quantitative Information Table - Level 3 | The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. September 30, 2023 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 3 RTO auction pricing FTR price – per MWh $ 0.43 - $ 2.07 $ 0.77 Duke Energy Indiana FTRs 27 RTO auction pricing FTR price – per MWh (1.64) - 12.51 1.90 Duke Energy Total Level 3 derivatives $ 30 December 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 5 RTO auction pricing FTR price – per MWh $ 0.89 - $ 6.25 $ 3.35 Duke Energy Indiana FTRs 29 RTO auction pricing FTR price – per MWh 0.09 - 21.79 2.74 Duke Energy Total Level 3 derivatives $ 34 |
Schedule of Long Term Debt Fair Value | The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. September 30, 2023 December 31, 2022 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 75,387 $ 65,070 $ 69,751 $ 61,986 Duke Energy Carolinas 15,995 13,973 14,266 12,943 Progress Energy 23,281 20,417 22,439 20,467 Duke Energy Progress 11,718 9,808 11,087 9,689 Duke Energy Florida 9,920 8,892 9,709 8,991 Duke Energy Ohio 3,692 3,264 3,245 2,927 Duke Energy Indiana 4,504 3,874 4,307 3,913 Piedmont 3,713 3,123 3,363 2,940 (a) Book value of long-term debt inc ludes $1.1 billion and $1.2 billion |
Duke Energy Carolinas | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 59 $ 59 $ — $ — NDTF equity securities 3,767 3,728 — 39 NDTF debt securities 1,329 320 1,009 — Derivative assets 93 — 93 — Total assets 5,248 4,107 1,102 39 Derivative liabilities (204) — (204) — Net assets $ 5,044 $ 4,107 $ 898 $ 39 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 117 $ 117 $ — $ — NDTF equity securities 3,367 3,325 — 42 NDTF debt securities 1,298 323 975 — Derivative assets 330 — 330 — Total assets 5,112 3,765 1,305 42 Derivative liabilities (127) — (127) — Net assets $ 4,985 $ 3,765 $ 1,178 $ 42 |
Progress Energy | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 101 $ 101 $ — $ 98 $ 98 $ — NDTF equity securities 2,763 2,763 — 2,504 2,504 — NDTF debt securities 1,240 435 805 1,252 457 795 Other debt securities 23 — 23 25 — 25 Other cash and cash equivalents 8 8 — 11 11 — Derivative assets 196 — 196 248 — 248 Total assets 4,331 3,307 1,024 4,138 3,070 1,068 Derivative liabilities (137) — (137) (66) — (66) Net assets $ 4,194 $ 3,307 $ 887 $ 4,072 $ 3,070 $ 1,002 |
Duke Energy Progress | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 62 $ 62 $ — $ 56 $ 56 $ — NDTF equity securities 2,663 2,663 — 2,411 2,411 — NDTF debt securities 971 226 745 963 225 738 Other cash and cash equivalents 4 4 — 9 9 — Derivative assets 79 — 79 230 — 230 Total assets 3,779 2,955 824 3,669 2,701 968 Derivative liabilities (137) — (137) (48) — (48) Net assets $ 3,642 $ 2,955 $ 687 $ 3,621 $ 2,701 $ 920 |
Duke Energy Florida | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 39 $ 39 $ — $ 42 $ 42 $ — NDTF equity securities 100 100 — 93 93 — NDTF debt securities 269 209 60 289 232 57 Other debt securities 23 — 23 25 — 25 Other cash and cash equivalents 1 1 — 1 1 — Derivative assets 117 — 117 17 — 17 Total assets 549 349 200 467 368 99 Derivative liabilities — — — (19) — (19) Net assets $ 549 $ 349 $ 200 $ 448 $ 368 $ 80 |
Duke Energy Indiana | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 88 $ 88 $ — $ — $ 79 $ 79 $ — $ — Other debt securities 59 — 59 — 60 — 60 — Other cash and cash equivalents 3 3 — — 1 1 — — Derivative assets 55 1 27 27 110 — 81 29 Total assets 205 92 86 27 250 80 141 29 Derivative liabilities (4) (4) — — (16) (16) — — Net assets $ 201 $ 88 $ 86 $ 27 $ 234 $ 64 $ 141 $ 29 |
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs | The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 37 $ 84 $ 29 $ 22 Purchases, sales, issuances and settlements: Purchases — — 42 74 Settlements (14) (20) (70) (10) Total gains (losses) included on the Condensed Consolidated Balance Sheet 4 (8) 26 (30) Balance at end of period $ 27 $ 56 $ 27 $ 56 |
Piedmont | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 1 $ 1 $ — $ — $ — $ — Derivative liabilities (145) — (145) (168) — (168) Net (liabilities) assets $ (144) $ 1 $ (145) $ (168) $ — $ (168) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
VIE primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above. Duke Energy Duke Energy Duke Energy Duke Energy Carolinas Progress Florida (in millions) CRC DERF DEPR DEFR Expiration date February 2025 January 2025 April 2025 April 2024 Credit facility amount $ 350 $ 500 $ 400 $ 325 Amounts borrowed at September 30, 2023 336 500 400 325 Amounts borrowed at December 31, 2022 350 471 400 250 Restricted Receivables at September 30, 2023 619 1,028 831 758 Restricted Receivables at December 31, 2022 917 928 793 490 |
VIE not primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule of Variable Interest Entities | The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets. September 30, 2023 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 122 $ 161 Investments in equity method unconsolidated affiliates 61 — — Other noncurrent assets 43 — — Total assets $ 104 $ 122 $ 161 Other current liabilities 18 — — Other noncurrent liabilities 12 — — Total liabilities $ 30 $ — $ — Net assets $ 74 $ 122 $ 161 December 31, 2022 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 198 $ 317 Investments in equity method unconsolidated affiliates 43 — — Other noncurrent assets 45 — — Total assets $ 88 $ 198 $ 317 Other current liabilities 59 — — Other noncurrent liabilities 47 — — Total liabilities $ 106 $ — $ — Net (liabilities) assets $ (18) $ 198 $ 317 |
DEFPF | VIE primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets. (in millions) September 30, 2023 December 31, 2022 Receivables of VIEs $ 8 $ 6 Regulatory Assets: Current 58 55 Current Assets: Other 24 41 Other Noncurrent Assets: Regulatory assets 816 826 Current Liabilities: Other 2 9 Current maturities of long-term debt 58 56 Long-Term Debt 832 890 |
DECNCSF and DEPNCSF | VIE primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets. September 30, 2023 December 31, 2022 Duke Energy Duke Energy Duke Energy Duke Energy (in millions) Carolinas Progress Carolinas Progress Regulatory Assets: Current $ 12 $ 39 $ 12 $ 39 Current Assets: Other 5 16 8 29 Other Noncurrent Assets: Regulatory assets 199 653 208 681 Other Noncurrent Assets: Other 1 2 1 2 Current Liabilities: Other 1 4 3 8 Current maturities of long-term debt 11 34 10 34 Long-Term Debt 208 680 219 714 |
CRC | VIE not primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule of Variable Interest Entities | The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana (in millions) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Receivables sold $ 334 $ 423 $ 330 $ 508 Less: Retained interests 122 198 161 317 Net receivables sold $ 212 $ 225 $ 169 $ 191 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Nine Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Sales Receivables sold $ 1,973 $ 1,869 $ 2,453 $ 2,646 Loss recognized on sale 25 11 29 15 Cash flows Cash proceeds from receivables sold $ 2,024 $ 1,757 $ 2,580 $ 2,465 Collection fees received 1 1 1 1 Return received on retained interests 15 6 19 9 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Progress Energy $ 15 $ 70 $ 7 $ 7 $ 7 $ 36 $ 142 Duke Energy Progress 2 8 — — — — 10 Duke Energy Florida 13 62 7 7 7 36 132 Duke Energy Indiana 4 16 17 15 7 5 64 Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Piedmont $ 17 $ 62 $ 61 $ 51 $ 49 $ 241 $ 481 |
Disaggregation of Revenue | Disaggregated revenues are presented as follows: Three Months Ended September 30, 2023 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 3,602 $ 988 $ 2,043 $ 756 $ 1,287 $ 268 $ 303 $ — General 2,229 779 1,089 467 622 135 224 — Industrial 912 395 298 203 95 28 190 — Wholesale 647 141 422 364 58 12 71 — Other revenues 285 75 175 100 75 24 56 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,675 $ 2,378 $ 4,027 $ 1,890 $ 2,137 $ 467 $ 844 $ — Gas Utilities and Infrastructure Residential $ 152 $ — $ — $ — $ — $ 73 $ — $ 80 Commercial 88 — — — — 24 — 65 Industrial 26 — — — — 4 — 23 Power Generation — — — — — — — 23 Other revenues 28 — — — — 4 — 8 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 294 $ — $ — $ — $ — $ 105 $ — $ 199 Other Revenue from contracts with customers $ 8 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,977 $ 2,378 $ 4,027 $ 1,890 $ 2,137 $ 572 $ 844 $ 199 Other revenue sources (a) $ 17 $ 15 $ 28 $ (4) $ 27 $ 5 $ 7 $ 9 Total revenues $ 7,994 $ 2,393 $ 4,055 $ 1,886 $ 2,164 $ 577 $ 851 $ 208 Three Months Ended September 30, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 3,250 $ 887 $ 1,719 $ 670 $ 1,049 $ 249 $ 396 $ — General 2,077 686 947 419 528 150 291 — Industrial 986 366 298 216 82 62 260 — Wholesale 874 140 588 403 185 32 115 — Other revenues 248 105 317 259 58 15 19 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,435 $ 2,184 $ 3,869 $ 1,967 $ 1,902 $ 508 $ 1,081 $ — Gas Utilities and Infrastructure Residential $ 167 $ — $ — $ — $ — $ 88 $ — $ 79 Commercial 108 — — — — 26 — 82 Industrial 34 — — — — 4 — 30 Power Generation — — — — — — — 24 Other revenues 103 — — — — 4 — 83 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 412 $ — $ — $ — $ — $ 122 $ — $ 298 Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,853 $ 2,184 $ 3,869 $ 1,967 $ 1,902 $ 630 $ 1,081 $ 298 Other revenue sources (a) $ (11) $ (9) $ 12 $ 2 $ 5 $ (2) $ 14 $ 8 Total revenues $ 7,842 $ 2,175 $ 3,881 $ 1,969 $ 1,907 $ 628 $ 1,095 $ 306 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 9,193 $ 2,527 $ 5,019 $ 1,902 $ 3,117 $ 710 $ 937 $ — General 5,936 1,974 2,844 1,194 1,650 411 706 — Industrial 2,630 1,011 844 560 284 155 618 — Wholesale 1,695 402 1,064 942 122 33 195 — Other revenues 618 202 440 238 202 73 103 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 20,072 $ 6,116 $ 10,211 $ 4,836 $ 5,375 $ 1,382 $ 2,559 $ — Gas Utilities and Infrastructure Residential $ 838 $ — $ — $ — $ — $ 317 $ — $ 522 Commercial 421 — — — — 113 — 309 Industrial 103 — — — — 19 — 84 Power Generation — — — — — — — 69 Other revenues 93 — — — — 15 — 32 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,455 $ — $ — $ — $ — $ 464 $ — $ 1,016 Other Revenue from contracts with customers $ 24 $ — $ — $ — $ — $ — $ — $ — Total Revenue from contracts with customers $ 21,551 $ 6,116 $ 10,211 $ 4,836 $ 5,375 $ 1,846 $ 2,559 $ 1,016 Other revenue sources (a) $ 297 $ 39 $ 104 $ 8 $ 81 $ 29 $ 47 $ 103 Total revenues $ 21,848 $ 6,155 $ 10,315 $ 4,844 $ 5,456 $ 1,875 $ 2,606 $ 1,119 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Nine Months Ended September 30, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 8,642 $ 2,454 $ 4,487 $ 1,824 $ 2,663 $ 656 $ 1,046 $ — General 5,498 1,796 2,562 1,114 1,448 377 760 — Industrial 2,582 938 842 594 248 130 672 — Wholesale 2,129 356 1,388 1,033 355 90 296 — Other revenues 652 308 775 608 167 56 6 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 19,503 $ 5,852 $ 10,054 $ 5,173 $ 4,881 $ 1,309 $ 2,780 $ — Gas Utilities and Infrastructure Residential $ 936 $ — $ — $ — $ — $ 331 $ — $ 605 Commercial 504 — — — — 128 — 376 Industrial 125 — — — — 17 — 108 Power Generation — — — — — — — 71 Other revenues 284 — — — — 16 — 220 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,849 $ — $ — $ — $ — $ 492 $ — $ 1,380 Other Revenue from contracts with customers $ 21 $ — $ — $ — $ — $ — $ — $ — Total Revenue from contracts with customers $ 21,373 $ 5,852 $ 10,054 $ 5,173 $ 4,881 $ 1,801 $ 2,780 $ 1,380 Other revenue sources (a) $ 44 $ (8) $ 33 $ 9 $ 9 $ 10 $ 55 $ 41 Total revenues $ 21,417 $ 5,844 $ 10,087 $ 5,182 $ 4,890 $ 1,811 $ 2,835 $ 1,421 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. |
Reserve for Credit Losses for Trade and Other Receivables | The following table presents the reserve for credit losses for trade and other receivables. Three Months Ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at June 30, 2022 $ 135 $ 52 $ 52 $ 31 $ 21 $ 4 $ 3 $ 15 Write-Offs (49) (19) (26) (11) (15) — — (4) Credit Loss Expense 37 10 20 5 15 2 1 3 Other Adjustments 51 19 21 16 5 — — — Balance at September 30, 2022 $ 174 $ 62 $ 67 $ 41 $ 26 $ 6 $ 4 $ 14 Balance at June 30, 2023 $ 199 $ 57 $ 73 $ 43 $ 30 $ 8 $ 4 $ 13 Write-Offs (36) (14) (20) (11) (8) — — (5) Credit Loss Expense 23 5 15 2 13 — 1 2 Other Adjustments 17 8 9 10 (1) — — — Balance at September 30, 2023 $ 203 $ 56 $ 77 $ 44 $ 34 $ 8 $ 5 $ 10 Nine Months Ended September 30, 2022 and 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2021 $ 121 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (103) (44) (45) (18) (28) — — (10) Credit Loss Expense 81 23 39 11 28 2 1 9 Other Adjustments 75 41 37 27 10 — — — Balance at September 30, 2022 $ 174 $ 62 $ 67 $ 41 $ 26 $ 6 $ 4 $ 14 Balance at December 31, 2022 $ 216 $ 68 $ 81 $ 44 $ 36 $ 6 $ 4 $ 14 Write-Offs (121) (54) (60) (30) (28) — — (11) Credit Loss Expense 62 18 33 7 26 2 1 7 Other Adjustments 46 24 23 23 — — — — Balance at September 30, 2023 $ 203 $ 56 $ 77 $ 44 $ 34 $ 8 $ 5 $ 10 |
Aging of Trade Receivables | The aging of trade receivables is presented in the table below. September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 977 $ 356 $ 333 $ 206 $ 127 $ 2 $ 27 $ 8 Current 2,538 795 1,233 658 573 55 54 83 1-31 days past due 258 71 121 44 77 5 10 5 31-61 days past due 114 31 57 38 19 2 5 5 61-91 days past due 53 19 21 7 14 1 2 3 91+ days past due 234 60 71 24 47 37 24 5 Deferred Payment Arrangements (c) 104 31 50 27 23 3 — — Trade and Other Receivables $ 4,278 $ 1,363 $ 1,886 $ 1,004 $ 880 $ 105 $ 122 $ 109 December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 1,457 $ 486 $ 355 $ 232 $ 123 $ 20 $ 28 $ 160 Current 2,347 577 1,059 637 417 15 52 265 1-31 days past due 261 96 60 15 45 5 17 15 31-61 days past due 123 23 61 49 12 6 2 3 61-91 days past due 74 25 18 9 9 3 11 2 91+ days past due 209 70 74 27 47 26 6 4 Deferred Payment Arrangements (c) 160 57 62 35 27 4 — 1 Trade and Other Receivables $ 4,631 $ 1,334 $ 1,689 $ 1,004 $ 680 $ 79 $ 116 $ 450 (a) Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets. (b) Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 13 for further information. These receivables for unbilled revenues are $95 million and $156 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022. (c) Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Earnings Per Share | The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared. Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2023 2022 2023 2022 Net Income available to Duke Energy common stockholders $ 1,213 $ 1,383 $ 1,744 $ 3,094 Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders (190) 23 (1,283) 62 Accumulated preferred stock dividends adjustment 12 12 12 12 Less: Impact of participating securities 2 1 4 2 Income from continuing operations available to Duke Energy common stockholders $ 1,413 $ 1,371 $ 3,035 $ 3,042 (Loss) Income from discontinued operations, net of tax $ (152) $ 3 $ (1,316) $ (30) Add: (Income) Loss attributable to NCI (38) 20 33 92 (Loss) Income from discontinued operations attributable to Duke Energy common stockholders $ (190) $ 23 $ (1,283) $ 62 Weighted average common shares outstanding – basic and diluted 771 770 771 770 EPS from continuing operations available to Duke Energy common stockholders Basic and diluted (a) $ 1.83 $ 1.78 $ 3.94 $ 3.95 (Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders Basic and diluted (a) $ (0.24) $ 0.03 $ (1.67) $ 0.08 Potentially dilutive items excluded from the calculation (b) 2 2 2 2 Dividends declared per common share $ 1.025 $ 1.005 $ 3.035 $ 2.975 Dividends declared on Series A preferred stock per depositary share (c) $ 0.359 $ 0.359 $ 1.078 $ 1.078 Dividends declared on Series B preferred stock per share (d) $ 24.375 $ 24.375 $ 48.750 $ 48.750 (a) For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive. (b) Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. (c) 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share. (d) 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||
Schedule of Defined Benefit Plans Disclosures | The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans. Nine Months Ended September 30, 2023 and 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Contributions made: 2023 $ 100 $ 26 $ 22 $ 13 $ 9 $ 5 $ 8 $ 3 2022 $ 58 $ 15 $ 13 $ 8 $ 5 $ 3 $ 5 $ 2 | |
Qualified Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of Net Periodic Pension Costs | The following tables include the components of net periodic pension costs for qualified pension plans. Three Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 28 $ 9 $ 9 $ 5 $ 3 $ 1 $ 1 $ 1 Interest cost on projected benefit obligation 86 21 26 12 14 4 6 2 Expected return on plan assets (147) (40) (50) (24) (26) (6) (10) (5) Amortization of actuarial loss 2 — 1 — 1 — 1 — Amortization of prior service credit (3) — — — — — — (1) Amortization of settlement charges 5 3 1 1 — — — 1 Net periodic pension costs $ (29) $ (7) $ (13) $ (6) $ (8) $ (1) $ (2) $ (2) Three Months Ended September 30, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 39 $ 12 $ 11 $ 6 $ 4 $ 1 $ 3 $ 1 Interest cost on projected benefit obligation 58 14 19 9 10 3 4 2 Expected return on plan assets (140) (38) (46) (22) (24) (6) (9) (6) Amortization of actuarial loss 24 5 6 3 3 2 3 2 Amortization of prior service credit (5) (1) — — — — — (2) Amortization of settlement charges 14 3 5 4 1 2 1 2 Net periodic pension costs $ (10) $ (5) $ (5) $ — $ (6) $ 2 $ 2 $ (1) Nine Months Ended September 30, 2023 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 87 $ 28 $ 25 $ 15 $ 10 $ 2 $ 4 $ 3 Interest cost on projected benefit obligation 258 63 80 37 43 13 20 7 Expected return on plan assets (441) (120) (149) (70) (78) (18) (30) (15) Amortization of actuarial loss 7 1 3 1 2 — 2 — Amortization of prior service credit (10) — — — — — (1) (5) Amortization of settlement charges 14 7 3 3 1 — 1 3 Net periodic pension costs $ (85) $ (21) $ (38) $ (14) $ (22) $ (3) $ (4) $ (7) Nine Months Ended September 30, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 120 $ 38 $ 34 $ 20 $ 14 $ 3 $ 7 $ 4 Interest cost on projected benefit obligation 175 41 55 25 30 9 14 6 Expected return on plan assets (421) (114) (139) (66) (72) (17) (28) (18) Amortization of actuarial loss 71 15 19 10 9 4 8 5 Amortization of prior service credit (14) (3) — — — — (1) (6) Amortization of settlement charges 18 6 6 5 1 2 1 2 Net periodic pension costs $ (51) $ (17) $ (25) $ (6) $ (18) $ 1 $ 1 $ (7) | |
2023000000 | $ 100 | $ 58 |
Qualified Pension Plans | Duke Energy Carolinas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 26 | 15 |
Qualified Pension Plans | Progress Energy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 22 | 13 |
Qualified Pension Plans | Duke Energy Progress | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 13 | 8 |
Qualified Pension Plans | Duke Energy Florida | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 9 | 5 |
Qualified Pension Plans | Duke Energy Ohio | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 5 | 3 |
Qualified Pension Plans | Duke Energy Indiana | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 8 | 5 |
Qualified Pension Plans | Piedmont | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | $ 3 | $ 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Effective Tax Rates | The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Duke Energy 2.8 % 10.1 % 9.0 % 8.6 % Duke Energy Carolinas 4.9 % 5.2 % 8.0 % 6.3 % Progress Energy 15.7 % 15.8 % 16.2 % 16.2 % Duke Energy Progress 11.8 % 12.9 % 13.0 % 13.4 % Duke Energy Florida 20.8 % 18.4 % 20.3 % 19.4 % Duke Energy Ohio 14.9 % 14.2 % 15.8 % (14.6) % Duke Energy Indiana 18.5 % 16.8 % 17.8 % 0.5 % Piedmont 26.3 % 21.4 % 17.2 % 9.1 % |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||||
Cash and cash equivalents | $ 324 | $ 409 | ||
Other Noncurrent Assets | ||||
Total cash, cash equivalents and restricted cash | 574 | 603 | $ 629 | $ 520 |
Duke Energy (Parent) | ||||
Current Assets | ||||
Cash and cash equivalents | 324 | 409 | ||
Other | 49 | 82 | ||
Other Noncurrent Assets | ||||
Other | 9 | 11 | ||
Total cash, cash equivalents and restricted cash | 382 | 502 | ||
Duke Energy Carolinas | ||||
Current Assets | ||||
Cash and cash equivalents | 19 | 44 | ||
Other | 4 | 8 | ||
Other Noncurrent Assets | ||||
Other | 1 | 1 | ||
Total cash, cash equivalents and restricted cash | 24 | 53 | 42 | 8 |
Progress Energy | ||||
Current Assets | ||||
Cash and cash equivalents | 87 | 108 | ||
Other | 44 | 74 | ||
Other Noncurrent Assets | ||||
Other | 2 | 2 | ||
Total cash, cash equivalents and restricted cash | 133 | 184 | 137 | 113 |
Duke Energy Progress | ||||
Current Assets | ||||
Cash and cash equivalents | 27 | 49 | ||
Other | 17 | 28 | ||
Other Noncurrent Assets | ||||
Other | 2 | 2 | ||
Total cash, cash equivalents and restricted cash | 46 | 79 | 77 | 39 |
Duke Energy Florida | ||||
Current Assets | ||||
Cash and cash equivalents | 41 | 45 | ||
Other | 23 | 41 | ||
Other Noncurrent Assets | ||||
Total cash, cash equivalents and restricted cash | $ 64 | $ 86 | $ 42 | $ 62 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Public Utilities, Inventory [Line Items] | ||
Inventory | $ 4,118 | $ 3,584 |
Duke Energy (Parent) | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 3,018 | 2,604 |
Coal | 758 | 620 |
Natural gas, oil and other fuel | 342 | 360 |
Inventory | 4,118 | 3,584 |
Duke Energy Carolinas | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 1,045 | 876 |
Coal | 330 | 253 |
Natural gas, oil and other fuel | 47 | 35 |
Inventory | 1,422 | 1,164 |
Progress Energy | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 1,408 | 1,232 |
Coal | 187 | 190 |
Natural gas, oil and other fuel | 208 | 157 |
Inventory | 1,803 | 1,579 |
Duke Energy Progress | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 920 | 819 |
Coal | 110 | 99 |
Natural gas, oil and other fuel | 111 | 88 |
Inventory | 1,141 | 1,006 |
Duke Energy Florida | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 488 | 413 |
Coal | 77 | 91 |
Natural gas, oil and other fuel | 97 | 69 |
Inventory | 662 | 573 |
Duke Energy Ohio | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 132 | 105 |
Coal | 24 | 34 |
Natural gas, oil and other fuel | 12 | 5 |
Inventory | 168 | 144 |
Duke Energy Indiana | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 381 | 342 |
Coal | 217 | 144 |
Natural gas, oil and other fuel | 2 | 3 |
Inventory | 600 | 489 |
Piedmont | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 15 | 12 |
Natural gas, oil and other fuel | 73 | 160 |
Inventory | $ 88 | $ 172 |
Organization and Basis of Pre_6
Organization and Basis of Presentation (Other Noncurrent Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | May 30, 2022 |
Regulatory Asset [Line Items] | |||
Other | $ 3,698 | $ 3,400 | |
Offshore Wind Arrangement | |||
Regulatory Asset [Line Items] | |||
Other | $ 150 |
Organization and Basis of Pre_7
Organization and Basis of Presentation (Confirmed Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Duke Energy (Parent) | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | $ 40 | $ 46 | $ 87 | $ 19 |
Invoices confirmed during the period | 47 | 86 | 161 | 181 |
Confirmed invoices paid during the period | (18) | (58) | (179) | (126) |
Confirmed obligations at end of period | 69 | 74 | 69 | 74 |
Duke Energy Carolinas | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 5 | 9 | 6 | |
Invoices confirmed during the period | 2 | 6 | 22 | 20 |
Confirmed invoices paid during the period | (4) | (12) | (25) | (17) |
Confirmed obligations at end of period | 3 | 3 | 3 | 3 |
Progress Energy | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 14 | 11 | 19 | 9 |
Invoices confirmed during the period | 11 | 21 | 53 | 52 |
Confirmed invoices paid during the period | (8) | (15) | (55) | (44) |
Confirmed obligations at end of period | 17 | 17 | 17 | 17 |
Duke Energy Progress | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 12 | 3 | 8 | |
Invoices confirmed during the period | 2 | 7 | 25 | 17 |
Confirmed invoices paid during the period | (3) | (5) | (22) | (12) |
Confirmed obligations at end of period | 11 | 5 | 11 | 5 |
Duke Energy Florida | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 2 | 8 | 11 | 9 |
Invoices confirmed during the period | 9 | 14 | 28 | 35 |
Confirmed invoices paid during the period | (5) | (10) | (33) | (32) |
Confirmed obligations at end of period | 6 | 12 | 6 | 12 |
Duke Energy Ohio | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 2 | 9 | 5 | 6 |
Invoices confirmed during the period | 4 | 12 | 7 | 27 |
Confirmed invoices paid during the period | (9) | (6) | (21) | |
Confirmed obligations at end of period | 6 | 12 | 6 | 12 |
Duke Energy Indiana | ||||
Contractual Obligations [Roll Forward] | ||||
Invoices confirmed during the period | 1 | |||
Confirmed invoices paid during the period | (1) | |||
Piedmont | ||||
Contractual Obligations [Roll Forward] | ||||
Confirmed obligations at beginning of period | 19 | 17 | 57 | 4 |
Invoices confirmed during the period | 30 | 47 | 79 | 81 |
Confirmed invoices paid during the period | (6) | (22) | (93) | (43) |
Confirmed obligations at end of period | $ 43 | $ 42 | $ 43 | $ 42 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 25, 2023 | Oct. 04, 2023 | |
Brookfield Renewable Partners | Subsequent event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration to be received | $ 1,100 | |||||
Arclight | Subsequent event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration to be received | $ 243 | |||||
Commercial Renewables | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pre-tax impairment | $ 169 | $ 1,200 | $ 220 | $ 1,700 | ||
Noncontrolling interest balance | $ 1,800 | $ 1,600 |
Dispositions (Balance Sheet) (D
Dispositions (Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets Held for Sale | ||
Total current assets held for sale | $ 440 | $ 356 |
Noncurrent Assets Held for Sale | ||
Total other noncurrent assets held for sale | 4,596 | 5,634 |
Current Liabilities Associated with Assets Held for Sale | ||
Total current liabilities associated with assets held for sale | 589 | 535 |
Noncurrent Liabilities Associated with Assets Held for Sale | ||
Total other noncurrent liabilities associated with assets held for sale | 1,634 | 1,927 |
Discontinued Operations, Held-for-sale | Commercial Renewables | ||
Current Assets Held for Sale | ||
Cash and cash equivalents | 70 | 10 |
Receivables, net | 107 | 107 |
Inventory | 84 | 88 |
Other | 179 | 151 |
Total current assets held for sale | 440 | 356 |
Noncurrent Assets Held for Sale | ||
Cost | 5,387 | 6,444 |
Accumulated depreciation and amortization | (1,651) | (1,651) |
Net property, plant and equipment | 3,736 | 4,793 |
Operating lease right-of-use assets, net | 144 | 140 |
Investments in equity method unconsolidated affiliates | 504 | 522 |
Other | 212 | 179 |
Total other noncurrent assets held for sale | 860 | 841 |
Total Assets Held for Sale | 5,036 | 5,990 |
Current Liabilities Associated with Assets Held for Sale | ||
Accounts payable | 124 | 122 |
Taxes accrued | 22 | 17 |
Current maturities of long-term debt | 268 | 276 |
Other | 175 | 120 |
Total current liabilities associated with assets held for sale | 589 | 535 |
Noncurrent Liabilities Associated with Assets Held for Sale | ||
Long-Term debt | 1,047 | 1,188 |
Operating lease liabilities | 154 | 150 |
Asset retirement obligations | 201 | 190 |
Other | 232 | 399 |
Total other noncurrent liabilities associated with assets held for sale | 1,634 | 1,927 |
Total Liabilities Associated with Assets Held for Sale | $ 2,223 | $ 2,462 |
Dispositions (Income Statement)
Dispositions (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations | $ (152) | $ 3 | $ (1,316) | $ (30) |
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations | (38) | 20 | 33 | 92 |
Net (loss) income from discontinued operations attributable to Duke Energy Corporation | (190) | 23 | (1,283) | 62 |
Discontinued Operations, Held-for-sale | Commercial Renewables | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenues | 103 | 129 | 293 | 372 |
Operation, maintenance and other | 93 | 85 | 270 | 248 |
Depreciation and amortization | 0 | 65 | 0 | 193 |
Property and other taxes | 8 | 10 | 27 | 31 |
Other income and expenses, net | (2) | (1) | (9) | (4) |
Interest expense | 10 | 18 | 53 | 55 |
Loss on disposal | 169 | 0 | 1,603 | 0 |
Loss before income taxes | (179) | (50) | (1,669) | (159) |
Income tax benefit | (27) | (30) | (353) | (106) |
Loss from discontinued operations | (152) | (20) | (1,316) | (53) |
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations | (38) | 20 | 33 | 92 |
Net (loss) income from discontinued operations attributable to Duke Energy Corporation | $ (190) | $ 0 | $ (1,283) | $ 39 |
Dispositions (Cash Flow Stateme
Dispositions (Cash Flow Statement) (Details) - Commercial Renewables - Discontinued Operations, Held-for-sale - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Operating activities | $ 545 | $ 485 |
Investing activities | $ (597) | $ (223) |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 Segment segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Duke Energy Ohio | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 2 |
Business Segments (Business Seg
Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 7,994 | $ 7,842 | $ 21,848 | $ 21,417 | |
Segment income (loss) | 1,403 | 1,360 | 3,027 | 3,032 | |
Less: Noncontrolling interests | (69) | 9 | (42) | 73 | |
Add: Preferred stock dividend | 39 | 39 | 92 | 92 | |
Discontinued operations | (190) | 23 | (1,283) | 62 | |
Net Income | 1,321 | 1,413 | 1,878 | 3,113 | |
Segment assets | 181,160 | 181,160 | $ 178,086 | ||
Impairment of assets and other charges | 88 | (4) | 96 | 202 | |
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 | |
Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 577 | 628 | 1,875 | 1,811 | |
Segment income (loss) | 80 | 103 | 251 | 236 | |
Segment assets | 11,794 | 11,794 | $ 11,506 | ||
Impairment of assets and other charges | (11) | (11) | |||
Operation, maintenance and other | 114 | 121 | 358 | 408 | |
Total Reportable Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 7,986 | 7,835 | 21,824 | 21,395 | |
Electric Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 7,695 | 7,431 | 20,308 | 19,552 | |
Gas Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 291 | 404 | 1,516 | 1,843 | |
Operating Segments | Total Reportable Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 8,028 | 7,866 | 21,946 | 21,488 | |
Segment income (loss) | 1,462 | 1,544 | 3,415 | 3,514 | |
Segment assets | 172,312 | 172,312 | |||
Operating Segments | Total Reportable Segments | Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 577 | 628 | 1,875 | 1,811 | |
Segment income (loss) | 82 | 104 | 255 | 239 | |
Segment assets | 11,963 | 11,963 | |||
Operating Segments | Electric Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 7,715 | 7,439 | 20,363 | 19,576 | |
Segment income (loss) | 1,447 | 1,540 | 3,088 | 3,237 | |
Segment assets | 155,588 | 155,588 | |||
Impairment of assets and other charges | 95 | 95 | 211 | ||
Operation, maintenance and other | 16 | 16 | 46 | ||
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Supreme Court Ruling | |||||
Segment Reporting Information [Line Items] | |||||
Less: Noncontrolling interests | (20) | ||||
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 472 | 507 | 1,411 | 1,320 | |
Segment income (loss) | 65 | 74 | 168 | 152 | |
Segment assets | 7,745 | 7,745 | |||
Operating Segments | Gas Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 313 | 427 | 1,583 | 1,912 | |
Segment income (loss) | 15 | 4 | 327 | 277 | |
Segment assets | 16,724 | 16,724 | |||
Operating Segments | Gas Utilities and Infrastructure | Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 105 | 121 | 464 | 491 | |
Segment income (loss) | 17 | 30 | 87 | 87 | |
Segment assets | 4,218 | 4,218 | |||
Other | Other | Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Segment income (loss) | (2) | (1) | (4) | (3) | |
Segment assets | 10 | 10 | |||
Corporate And Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 33 | 30 | 98 | 91 | |
Segment income (loss) | (59) | (183) | (388) | (480) | |
Segment assets | 8,848 | 8,848 | |||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (67) | (54) | (196) | (162) | |
Segment income (loss) | (1) | (2) | |||
Eliminations | Duke Energy Ohio | |||||
Segment Reporting Information [Line Items] | |||||
Segment assets | (179) | (179) | |||
Eliminations | Total Reportable Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 42 | 31 | 122 | 93 | |
Eliminations | Electric Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 20 | 8 | 55 | 24 | |
Eliminations | Gas Utilities and Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 22 | 23 | 67 | 69 | |
Eliminations | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 25 | 23 | 74 | 69 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 8 | $ 7 | $ 24 | $ 22 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas and Duke Energy Progress) (Details) - Nuclear Regulatory Commission - contention | 9 Months Ended | ||||
Sep. 27, 2021 | Jul. 28, 2021 | Jun. 07, 2021 | Jun. 06, 2021 | Sep. 30, 2023 | |
Public Utilities, General Disclosures [Line Items] | |||||
Operating license extension (in years) | 20 years | ||||
Oconee Nuclear Station Subsequent License Renewal | Duke Energy Carolinas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Comment period (in days) | 60 days | ||||
Number of contentions | 3 | ||||
Oconee Nuclear Station Subsequent License Renewal | Oconee Nuclear Station | Duke Energy Carolinas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Operating license extension (in years) | 20 years | ||||
Operating license (in years) | 80 years | 60 years |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 22, 2023 | Jan. 19, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2026 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2026 | Aug. 31, 2025 | Aug. 31, 2024 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||
Impairment of assets and other charges | $ 88 | $ (4) | $ 96 | $ 202 | ||||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 | ||||||
Duke Energy Carolinas | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Impairment of assets and other charges | 64 | 6 | 70 | (3) | ||||||
Operation, maintenance and other | $ 424 | $ 436 | 1,285 | $ 1,410 | ||||||
2023 North Carolina Rate Case | NCUC | Duke Energy Carolinas | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Proposed rate period (in years) | 3 years | |||||||||
Settlement rate, amount | $ 19,500 | |||||||||
Settlement rate, period (in years) | 3 years | |||||||||
Impairment of assets and other charges | 59 | |||||||||
Operation, maintenance and other | $ 8 | |||||||||
2023 North Carolina Rate Case | NCUC | Duke Energy Carolinas | Forecast | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 823 | $ 150 | $ 172 | |||||||
Requested rate increase (decrease) (as a percent) | 15.70% | |||||||||
2023 North Carolina Rate Case | NCUC | Duke Energy Carolinas | Forecast | Subsequent event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 501 | |||||||||
2023 North Carolina Rate Case, Retail Allocated | NCUC | Duke Energy Carolinas | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Settlement rate, amount | $ 4,600 |
Regulatory Matters (Regulator_3
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details) - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Aug. 18, 2023 | May 31, 2023 | Oct. 06, 2022 | Sep. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2025 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 30, 2024 | Aug. 17, 2027 | Aug. 17, 2026 | May 31, 2026 | Aug. 17, 2025 | May 31, 2025 | Aug. 17, 2024 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Impairment of assets and other charges | $ 88 | $ (4) | $ 96 | $ 202 | ||||||||||||
Operation, maintenance and other | 1,428 | 1,308 | 4,113 | 4,223 | ||||||||||||
Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Impairment of assets and other charges | 24 | 31 | 4 | |||||||||||||
Operation, maintenance and other | $ 345 | $ 350 | 1,051 | $ 1,101 | ||||||||||||
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Proposed rate period (in years) | 3 years | |||||||||||||||
Settlement rate, amount | $ 12,200 | |||||||||||||||
Settlement rate, period (in years) | 3 years | |||||||||||||||
Approved return on equity percentage (as a percent) | 9.80% | |||||||||||||||
Impairment of assets and other charges | 28 | |||||||||||||||
Operation, maintenance and other | $ 8 | |||||||||||||||
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | Equity | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved return on equity percentage (as a percent) | 53% | |||||||||||||||
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | Debt | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved return on equity percentage (as a percent) | 47% | |||||||||||||||
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | Forecast | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Requested rate increase (decrease), amount | $ 615 | $ 138 | $ 151 | |||||||||||||
Approved rate increase (decrease), amount | $ 494 | $ 135 | $ 126 | |||||||||||||
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | Forecast | Subsequent event | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Requested rate increase (decrease), amount | $ 326 | |||||||||||||||
Approved rate increase (decrease), amount | $ 233 | |||||||||||||||
2022 North Carolina Rate Case, Retail Allocated | NCUC | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Settlement rate, amount | $ 3,500 | |||||||||||||||
2023 South Carolina Storm Securitization | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Storm costs | $ 171 | |||||||||||||||
2022 South Carolina Rate Case | PSCSC | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved rate increase (decrease), amount | $ 52 | |||||||||||||||
2022 South Carolina Rate Case, Retail Rate Case | PSCSC | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved return on equity percentage (as a percent) | 9.60% | |||||||||||||||
Approved rate increase (decrease), amount | $ 36 | |||||||||||||||
2022 South Carolina Rate Case, Retail Rate Case | PSCSC | Duke Energy Progress | Equity | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved return on equity percentage (as a percent) | 52.43% | |||||||||||||||
2022 South Carolina Rate Case, Retail Rate Case | PSCSC | Duke Energy Progress | Debt | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Approved return on equity percentage (as a percent) | 47.57% | |||||||||||||||
2022 South Carolina Rate Case, Coal Ash Basin Closure Costs | PSCSC | Duke Energy Progress | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Deferred compliance costs period (in years) | 7 years | |||||||||||||||
Deferred compliance costs | $ 50 |
Regulatory Matters (Regulator_4
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) outage in Millions | 12 Months Ended | ||||||||||||||||
Oct. 16, 2023 USD ($) | Jan. 23, 2023 USD ($) | Oct. 17, 2022 USD ($) | Oct. 04, 2022 USD ($) | Jun. 15, 2022 USD ($) | May 04, 2021 USD ($) | Jul. 01, 2020 USD ($) plant MW | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 29, 2023 USD ($) | Aug. 30, 2023 outage | Jun. 30, 2023 USD ($) | Sep. 28, 2022 outage | Sep. 27, 2022 USD ($) | Apr. 11, 2022 USD ($) | |
Duke Energy Florida | Solar Project | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Estimated cost of facilities | $ 1,000,000,000 | ||||||||||||||||
FPSC | Duke Energy Florida | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Number of solar plants | plant | 10 | ||||||||||||||||
Generation capacity (MW) | MW | 750 | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved rate increase (decrease), amount | $ 67,000,000 | ||||||||||||||||
Public utilities, approved equity capital structure, percentage (as a percent) | 53% | ||||||||||||||||
Public utilities, approved debt capital structure, percentage | 47% | ||||||||||||||||
Public utilities, basis points, increase, percentage | 0.25% | ||||||||||||||||
Contract with customer, asset, after allowance for credit loss, noncurrent | $ 154,000,000 | $ 173,000,000 | $ 94,000,000 | ||||||||||||||
Proceeds from legal settlements | $ 180,000,000 | ||||||||||||||||
Requested rate increase (decrease), amount | $ (56,000,000) | ||||||||||||||||
Future investment in infrastructure | $ 1,000,000,000 | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | US Treasury Securities | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, basis points, increase, percentage | 0.50% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Minimum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved return on equity percentage (as a percent) | 8.85% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Minimum | US Treasury Securities | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved return on equity percentage (as a percent) | 9.85% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Maximum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved return on equity percentage (as a percent) | 10.85% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Maximum | US Treasury Securities | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved return on equity percentage (as a percent) | 10.10% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Weighted Average | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved return on equity percentage (as a percent) | 9.85% | ||||||||||||||||
2021 Settlement | FPSC | Duke Energy Florida | Forecast | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved rate increase (decrease), amount | $ 79,000,000 | $ 49,000,000 | |||||||||||||||
Contract with customer, asset, after allowance for credit loss, noncurrent | $ 79,000,000 | ||||||||||||||||
Storm Protection Plan | FPSC | Duke Energy Florida | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Investment in transmission and distribution | $ 7,000,000,000 | ||||||||||||||||
Cost reduction to transmission loop | $ 80,000,000 | ||||||||||||||||
Cost reduction period (in years) | 10 years | ||||||||||||||||
Hurricane Ian | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Actual storm costs | $ 431,000,000 | ||||||||||||||||
Hurricane Ian | FPSC | Duke Energy Florida | Hurricane Ian | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Number of outages | outage | 1.1 | ||||||||||||||||
Deferred storm coats | 357,000,000 | ||||||||||||||||
Storm reserves | $ 132,000,000 | $ 107,000,000 | |||||||||||||||
Interim recovery payments | $ 442,000,000 | ||||||||||||||||
Hurricane Idalia | FPSC | Duke Energy Florida | Hurricane Ian | Subsequent event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Interim recovery payments | $ 74,000,000 | ||||||||||||||||
Hurricane Idalia, Retail Portion | FPSC | Duke Energy Florida | Hurricane Ian | Subsequent event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Interim recovery payments | 92,000,000 | ||||||||||||||||
Hurricane Idalia | FPSC | Duke Energy Florida | Hurricane Ian | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Deferred storm coats | $ 96,000,000 | ||||||||||||||||
Number of impacted customers | outage | 0.2 | ||||||||||||||||
Hurricane Idalia | FPSC | Duke Energy Florida | Hurricane Ian | Subsequent event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Interim recovery payments | $ 166,000,000 |
Regulatory Matters (Regulator_5
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Ohio) (Details) - Duke Energy Ohio - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 12, 2023 | Apr. 28, 2023 | Apr. 03, 2023 | Mar. 10, 2023 | Dec. 01, 2022 | Sep. 19, 2022 | Oct. 01, 2021 | Dec. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Duke Energy Ohio Electric Base Rate Case | PUCO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 23 | $ 55 | ||||||||
Requested return on equity (as a percent) | 9.50% | 10.30% | ||||||||
Energy Efficiency Cost Recovery | PUCO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Revenue | $ 14 | |||||||||
Duke Energy Ohio Gas Base Rate Case | PUCO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 32 | $ 49 | ||||||||
Requested return on equity (as a percent) | 9.60% | 10.30% | ||||||||
Requested rate increase (decrease) (as a percent) | 5.60% | |||||||||
Duke Energy Ohio Gas Base Rate Case | PUCO | Minimum | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 24 | |||||||||
Requested return on equity (as a percent) | 9.03% | |||||||||
Duke Energy Ohio Gas Base Rate Case | PUCO | Maximum | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 36 | |||||||||
Requested return on equity (as a percent) | 10.04% | |||||||||
Equity ratio (as a percent) | 52.32% | 52.32% | ||||||||
Duke Energy Kentucky Electric Base Rate Case | KPSC | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Requested rate increase (decrease), amount | $ 31 | $ 75 | ||||||||
Requested return on equity (as a percent) | 9.55% | 10.35% | ||||||||
Requested rate increase (decrease) (as a percent) | 17.80% | |||||||||
Duke Energy Kentucky Electric Base Rate Case | KPSC | Subsequent event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved rate increase (decrease), amount | $ 48 | |||||||||
Duke Energy Kentucky Electric Base Rate Case | KPSC | Maximum | Subsequent event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Equity ratio (as a percent) | 52.145% | |||||||||
Duke Energy Kentucky Electric Base Rate Case, Electric Riders | KPSC | Subsequent event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved return on equity percentage (as a percent) | 9.65% | |||||||||
Duke Energy Kentucky Electric Base Rate Case, Electric Base Rates | KPSC | Subsequent event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved return on equity percentage (as a percent) | 9.75% |
Regulatory Matters (Regulator_6
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 28, 2021 | Jun. 29, 2020 | Dec. 04, 2019 | Jul. 02, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 20, 2023 | Jun. 30, 2023 | Feb. 03, 2023 | Jun. 15, 2022 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Impairment of assets and other charges | $ 88 | $ (4) | $ 96 | $ 202 | |||||||||||
Operating Revenues | 7,994 | 7,842 | 21,848 | 21,417 | |||||||||||
Duke Energy Indiana | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Impairment of assets and other charges | 211 | ||||||||||||||
Operating Revenues | $ 851 | $ 1,095 | $ 2,606 | $ 2,835 | |||||||||||
Indiana Coal Ash Recovery | IURC | Duke Energy Indiana | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Impairment of assets and other charges | $ 175 | ||||||||||||||
Interest rate on refunds (as a percent) | 4.71% | ||||||||||||||
TDSIG 2.0 | IURC | Duke Energy Indiana | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Future investment in infrastructure | $ 2,000 | ||||||||||||||
Indiana rate case 2019 | IURC | Duke Energy Indiana | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Estimated percentage of total rate increase, step one | 75% | ||||||||||||||
Requested rate increase (decrease), amount | $ 395 | ||||||||||||||
Requested rate increase, percentage, net of tax | 15.60% | ||||||||||||||
Requested rate increase (decrease), amended amount | $ 396 | ||||||||||||||
Approved rate increase (decrease), amount | $ 146 | ||||||||||||||
Rate base | $ 10,200 | ||||||||||||||
Reduction of requested rate increase | $ 200 | ||||||||||||||
Reduction due to depreciation methodology | 50% | ||||||||||||||
Reduction due to approved return on equity | 20% | ||||||||||||||
Approved return on equity percentage (as a percent) | 9.70% | ||||||||||||||
Requested return on equity (as a percent) | 10.40% | ||||||||||||||
Reduction due to earnings adjustments | 20% | ||||||||||||||
Estimated percentage of total rate increase, step two | 25% | ||||||||||||||
Impairment of assets and other charges | $ 211 | ||||||||||||||
Operating Revenues | $ 46 | ||||||||||||||
Regulatory Matters, Settlement To Customers | $ 70 | $ 70 |
Regulatory Matters (Regulator_7
Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details) - Piedmont - Tennessee Annual Review Mechanism - TPUC - USD ($) $ in Millions | Sep. 11, 2023 | May 19, 2023 | Oct. 10, 2022 |
Public Utilities, General Disclosures [Line Items] | |||
Approved return on equity percentage (as a percent) | 9.80% | ||
Requested rate increase (decrease), amount | $ 29 | $ 42 | |
Recovery amounts | 11 | ||
Approved rate increase (decrease), amount | $ 40 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 90 | $ 84 |
Duke Energy Carolinas | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 24 | 22 |
Progress Energy | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 20 | 19 |
Duke Energy Progress | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 10 | 8 |
Duke Energy Florida | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 10 | 11 |
Duke Energy Ohio | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 36 | 33 |
Duke Energy Indiana | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 2 | 3 |
Piedmont | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 7 | $ 7 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) $ in Millions | Jun. 16, 2021 people | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 28, 2021 case |
Texas Storm Uri Tort Litigation | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, pending claims, number | case | 5 | |||
Duke Energy Carolinas | Ruben Villano, et al. v. Duke Energy Carolinas, LLC | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of individuals | people | 9 | |||
Number of survivors | people | 4 | |||
Number of deceased individuals | people | 5 | |||
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related injuries and damages reserves | $ | $ 436 | $ 457 | ||
Probable insurance recoveries | $ | 572 | 595 | ||
Duke Energy and Duke Energy Carolinas | ASU 2016-13 | ||||
Loss Contingencies [Line Items] | ||||
Reserve for credit losses for insurance receivables | $ | $ 9 | $ 12 |
Debt and Credit Facilities (Sum
Debt and Credit Facilities (Summary of Debt Issuances) (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt issuances | $ 8,525,000,000 |
4.125% April 2023 2023 Notes Due April 2026 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 4.125% |
Debt issuances | $ 1,725,000,000 |
5.400% June 2023 2023 Notes Due June 2023 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.40% |
Debt issuances | $ 350,000,000 |
4.95% January 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 4.95% |
Debt issuances | $ 900,000,000 |
5.350% January 2023 Notes Due January 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.35% |
Debt issuances | $ 900,000,000 |
5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.25% |
Debt issuances | $ 500,000,000 |
5.350% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.35% |
Debt issuances | $ 500,000,000 |
5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.25% |
Debt issuances | $ 375,000,000 |
5.650% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.65% |
Debt issuances | $ 375,000,000 |
5.400% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.40% |
Debt issuances | $ 500,000,000 |
4.950% June 2023 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 4.95% |
Debt issuances | $ 350,000,000 |
5.400% June 2023 2023 Notes Due January 2054 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.40% |
Debt issuances | $ 500,000,000 |
Maturities Due October 2023 | |
Debt Instrument [Line Items] | |
Repayments of debt | 45,000,000 |
Maturities Due March 2023 | |
Debt Instrument [Line Items] | |
Repayments of debt | 1,000,000,000 |
Maturities Due September 2023 | |
Debt Instrument [Line Items] | |
Repayments of debt | 300,000,000 |
Maturities Due October 2023 | |
Debt Instrument [Line Items] | |
Repayments of debt | 400,000,000 |
Maturities Due October 2023 | |
Debt Instrument [Line Items] | |
Repayments of debt | $ 300,000,000 |
4.960% September 2023 Notes Due October 2073 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 4.96% |
Debt issuances | $ 200,000,000 |
Maturities Due October 2023, Portion | |
Debt Instrument [Line Items] | |
Repayments of debt | $ 100,000,000 |
Sept 2023 5.75% Notes Due Sept 2033 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.75% |
Debt issuances | $ 600,000,000 |
Sept 2023 4.300% Notes Due Sept 2053 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 6.10% |
Debt issuances | $ 750,000,000 |
Duke Energy (Parent) | |
Debt Instrument [Line Items] | |
Debt issuances | 3,075,000,000 |
Duke Energy (Parent) | 4.125% April 2023 2023 Notes Due April 2026 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 1,725,000,000 |
Duke Energy (Parent) | 5.400% June 2023 2023 Notes Due June 2023 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy (Parent) | Sept 2023 5.75% Notes Due Sept 2033 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 600,000,000 |
Duke Energy (Parent) | Sept 2023 4.300% Notes Due Sept 2053 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 750,000,000 |
Duke Energy Carolinas | |
Debt Instrument [Line Items] | |
Debt issuances | 2,650,000,000 |
Duke Energy Carolinas | 4.95% January 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 900,000,000 |
Duke Energy Carolinas | 5.350% January 2023 Notes Due January 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 900,000,000 |
Duke Energy Carolinas | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Carolinas | 5.350% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Carolinas | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Carolinas | 5.650% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Carolinas | 5.400% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Carolinas | 4.950% June 2023 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 350,000,000 |
Duke Energy Carolinas | 5.400% June 2023 2023 Notes Due January 2054 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Carolinas | 4.960% September 2023 Notes Due October 2073 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | |
Debt Instrument [Line Items] | |
Debt issuances | 1,000,000,000 |
Duke Energy Progress | 4.95% January 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 5.350% January 2023 Notes Due January 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Progress | 5.350% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Progress | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 5.650% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 5.400% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 4.950% June 2023 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 5.400% June 2023 2023 Notes Due January 2054 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Progress | 4.960% September 2023 Notes Due October 2073 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Ohio | |
Debt Instrument [Line Items] | |
Debt issuances | 750,000,000 |
Duke Energy Ohio | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 375,000,000 |
Duke Energy Ohio | 5.650% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 375,000,000 |
Duke Energy Indiana | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Indiana | 4.95% January 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.350% January 2023 Notes Due January 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.350% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.250% March 2022 Notes Due April 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.650% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.400% March 2022 Notes Due April 2053 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Indiana | 4.950% June 2023 2023 Notes Due January 2033 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 5.400% June 2023 2023 Notes Due January 2054 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Duke Energy Indiana | 4.960% September 2023 Notes Due October 2073 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Piedmont | |
Debt Instrument [Line Items] | |
Debt issuances | 350,000,000 |
Piedmont | 4.125% April 2023 2023 Notes Due April 2026 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 0 |
Piedmont | 5.400% June 2023 2023 Notes Due June 2023 | Unsecured Debt | |
Debt Instrument [Line Items] | |
Debt issuances | 350,000,000 |
Duke Energy Florida | |
Debt Instrument [Line Items] | |
Debt issuances | 200,000,000 |
Duke Energy Florida | 4.960% September 2023 Notes Due October 2073 | First Mortgage Bonds | |
Debt Instrument [Line Items] | |
Debt issuances | $ 200,000,000 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) | 1 Months Ended | ||||||
Jun. 30, 2023 day | Apr. 03, 2023 | Mar. 09, 2022 USD ($) | Apr. 30, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2022 $ / shares | |
Debt Instrument [Line Items] | |||||||
Sale of debt | $ 8,525,000,000 | ||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Master Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Facility size | $ 9,000,000,000 | $ 9,000,000,000 | |||||
June 2017 Three Year Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Facility term (in years) | 3 years | ||||||
4.25% Convertible Senior notes Due April 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 4.125% | ||||||
Duke Energy (Parent) | |||||||
Debt Instrument [Line Items] | |||||||
Sale of debt | $ 3,075,000,000 | ||||||
Duke Energy (Parent) | 4.25% Convertible Senior notes Due April 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Sale of debt | $ 1,700,000,000 | ||||||
Debt conversion rate (as a percent) | 25% | ||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | ||||||
Conversion ratio | 0.0084131 | ||||||
Convertible Debt | 4.25% Convertible Senior notes Due April 2026 | Debt Conversion Terms One | |||||||
Debt Instrument [Line Items] | |||||||
Trading days (in days) | day | 20 | ||||||
Consecutive trading days (in days) | day | 30 | ||||||
Debt conversion rate (as a percent) | 130% | ||||||
Convertible Debt | 4.25% Convertible Senior notes Due April 2026 | Debt Conversion Terms Two | |||||||
Debt Instrument [Line Items] | |||||||
Trading days (in days) | day | 5 | ||||||
Consecutive trading days (in days) | day | 10 | ||||||
Debt conversion rate (as a percent) | 98% | ||||||
Term Loan Facility | Duke Energy (Parent) | Master Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Facility size | $ 1,400,000,000 | ||||||
Extension period (in years) | 2 years |
Debt and Credit Facilities (S_2
Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2023 | Oct. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | $ 4,034 | $ 3,878 | ||
Other debt securities | ||||
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | 684 | |||
Duke Energy Ohio | ||||
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | $ 175 | 475 | ||
Duke Energy Ohio | Debt Maturing October 2023, 5.813% Coupon | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5.813% | |||
Current maturities of long-term debt | $ 150 | |||
Duke Energy (Parent) | Debt Maturing October 2023, 3.950% Coupon | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.95% | |||
Current maturities of long-term debt | $ 400 | |||
Duke Energy (Parent) | Debt Maturing April 2024, 3.75% Coupon | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.75% | |||
Current maturities of long-term debt | $ 1,000 | |||
Duke Energy (Parent) | Debt Maturing March 2024, 6.048% Coupon | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 6.048% | |||
Current maturities of long-term debt | $ 1,000 | |||
Duke Energy Florida | ||||
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | $ 1,194 | $ 328 | ||
Duke Energy Florida | Debt Maturing April 2024, 6.196% Coupon | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 6.196% | |||
Current maturities of long-term debt | $ 800 | |||
Duke Energy Kentucky | Unsecured Debt | Subsequent event | ||||
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | $ 75 | $ 50 | ||
Facility term (in years) | 2 years |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Line of Credit Facility [Line Items] | ||
Facility size | $ 9,000,000,000 | $ 9,000,000,000 |
Commercial paper | (2,815,000,000) | |
Outstanding letters of credit | (39,000,000) | |
Tax-exempt bonds | (81,000,000) | |
Available capacity under the Master Credit Facility | 6,065,000,000 | |
Duke Energy Carolinas | ||
Line of Credit Facility [Line Items] | ||
Facility size | 1,575,000,000 | |
Commercial paper | (631,000,000) | |
Outstanding letters of credit | (4,000,000) | |
Available capacity under the Master Credit Facility | 940,000,000 | |
Duke Energy Progress | ||
Line of Credit Facility [Line Items] | ||
Facility size | 1,400,000,000 | |
Commercial paper | (841,000,000) | |
Outstanding letters of credit | (1,000,000) | |
Available capacity under the Master Credit Facility | 558,000,000 | |
Duke Energy Florida | ||
Line of Credit Facility [Line Items] | ||
Facility size | 1,250,000,000 | |
Commercial paper | (292,000,000) | |
Outstanding letters of credit | (7,000,000) | |
Available capacity under the Master Credit Facility | 951,000,000 | |
Duke Energy Ohio | ||
Line of Credit Facility [Line Items] | ||
Facility size | 750,000,000 | |
Commercial paper | (298,000,000) | |
Available capacity under the Master Credit Facility | 452,000,000 | |
Duke Energy Indiana | ||
Line of Credit Facility [Line Items] | ||
Facility size | 950,000,000 | |
Commercial paper | (350,000,000) | |
Tax-exempt bonds | (81,000,000) | |
Available capacity under the Master Credit Facility | 519,000,000 | |
Piedmont | ||
Line of Credit Facility [Line Items] | ||
Facility size | 800,000,000 | |
Commercial paper | (297,000,000) | |
Available capacity under the Master Credit Facility | 503,000,000 | |
Duke Energy (Parent) | Proceeds loaned to subsidiary registrants | ||
Line of Credit Facility [Line Items] | ||
Commercial paper | (625,000,000) | |
Duke Energy (Parent) | Duke Energy (Parent) | ||
Line of Credit Facility [Line Items] | ||
Facility size | 2,275,000,000 | |
Commercial paper | (106,000,000) | |
Outstanding letters of credit | (27,000,000) | |
Available capacity under the Master Credit Facility | $ 2,142,000,000 |
Asset Retirement Obligations (A
Asset Retirement Obligations (ARO by Category) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Asset Retirement Obligations [Line Items] | ||
Total ARO | $ 12,233 | $ 12,728 |
Less: Current portion | 620 | 773 |
Total noncurrent ARO | 11,613 | 11,955 |
Duke Energy Carolinas | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 5,268 | 5,382 |
Less: Current portion | 238 | 261 |
Total noncurrent ARO | 5,030 | 5,121 |
Progress Energy | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 5,930 | 6,181 |
Less: Current portion | 261 | 289 |
Total noncurrent ARO | 5,669 | 5,892 |
Duke Energy Progress | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 5,622 | 5,823 |
Less: Current portion | 260 | 288 |
Total noncurrent ARO | 5,362 | 5,535 |
Duke Energy Florida | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 308 | 358 |
Less: Current portion | 1 | 1 |
Total noncurrent ARO | 307 | 357 |
Duke Energy Ohio | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 138 | 154 |
Less: Current portion | 8 | 17 |
Total noncurrent ARO | 130 | 137 |
Duke Energy Indiana | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 842 | 951 |
Less: Current portion | 114 | 207 |
Total noncurrent ARO | 728 | 744 |
Piedmont | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 28 | 26 |
Total noncurrent ARO | 28 | $ 26 |
Decommissioning of nuclear power facilities | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 7,459 | |
Decommissioning of nuclear power facilities | Duke Energy Carolinas | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 3,136 | |
Decommissioning of nuclear power facilities | Progress Energy | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 4,295 | |
Decommissioning of nuclear power facilities | Duke Energy Progress | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 4,069 | |
Decommissioning of nuclear power facilities | Duke Energy Florida | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 226 | |
Closure of ash impoundments | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 4,474 | |
Closure of ash impoundments | Duke Energy Carolinas | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 2,065 | |
Closure of ash impoundments | Progress Energy | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 1,530 | |
Closure of ash impoundments | Duke Energy Progress | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 1,509 | |
Closure of ash impoundments | Duke Energy Florida | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 21 | |
Closure of ash impoundments | Duke Energy Ohio | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 77 | |
Closure of ash impoundments | Duke Energy Indiana | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 801 | |
Other | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 300 | |
Other | Duke Energy Carolinas | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 67 | |
Other | Progress Energy | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 105 | |
Other | Duke Energy Progress | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 44 | |
Other | Duke Energy Florida | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 61 | |
Other | Duke Energy Ohio | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 61 | |
Other | Duke Energy Indiana | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | 41 | |
Other | Piedmont | ||
Asset Retirement Obligations [Line Items] | ||
Total ARO | $ 28 |
Asset Retirement Obligations _2
Asset Retirement Obligations (ARO Rollforward) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | $ 12,728 |
Accretion expense | 391 |
Liabilities settled | (494) |
Revision in estimates of cash flows | (392) |
Balance at end of period | 12,233 |
Duke Energy Carolinas | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 5,382 |
Accretion expense | 189 |
Liabilities settled | (171) |
Revision in estimates of cash flows | (132) |
Balance at end of period | 5,268 |
Progress Energy | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 6,181 |
Accretion expense | 178 |
Liabilities settled | (247) |
Revision in estimates of cash flows | (182) |
Balance at end of period | 5,930 |
Duke Energy Progress | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 5,823 |
Accretion expense | 169 |
Liabilities settled | (196) |
Revision in estimates of cash flows | (174) |
Balance at end of period | 5,622 |
Duke Energy Florida | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 358 |
Accretion expense | 9 |
Liabilities settled | (51) |
Revision in estimates of cash flows | (8) |
Balance at end of period | 308 |
Duke Energy Ohio | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 154 |
Accretion expense | 5 |
Liabilities settled | (11) |
Revision in estimates of cash flows | (10) |
Balance at end of period | 138 |
Duke Energy Indiana | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 951 |
Accretion expense | 24 |
Liabilities settled | (66) |
Revision in estimates of cash flows | (67) |
Balance at end of period | 842 |
Piedmont | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | 26 |
Accretion expense | 2 |
Balance at end of period | $ 28 |
Goodwill (Details)
Goodwill (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 19,303,000,000 | $ 19,303,000,000 |
Accumulated impairment charges | 0 | 0 |
Duke Energy Ohio | ||
Goodwill [Line Items] | ||
Goodwill | 920,000,000 | 920,000,000 |
Accumulated impairment charges | 216,000,000 | 216,000,000 |
Progress Energy | ||
Goodwill [Line Items] | ||
Goodwill | 3,655,000,000 | 3,655,000,000 |
Piedmont | ||
Goodwill [Line Items] | ||
Goodwill | 49,000,000 | 49,000,000 |
Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 17,400,000,000 | 17,400,000,000 |
Electric Utilities and Infrastructure | Duke Energy Ohio | ||
Goodwill [Line Items] | ||
Goodwill | 596,000,000 | 596,000,000 |
Electric Utilities and Infrastructure | Progress Energy | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | 0 | 0 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 1,900,000,000 | 1,900,000,000 |
Gas Utilities and Infrastructure | Duke Energy Ohio | ||
Goodwill [Line Items] | ||
Goodwill | 324,000,000 | 324,000,000 |
Gas Utilities and Infrastructure | Piedmont | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | $ 0 | $ 0 |
Related Party Transactions (Oth
Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ 5,891 | $ 5,792 | $ 16,679 | $ 16,616 |
Duke Energy Carolinas | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1,675 | 1,449 | 4,640 | 4,226 |
Duke Energy Carolinas | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 198 | 193 | 586 | 590 |
Duke Energy Carolinas | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 9 | 7 | 26 | 21 |
Duke Energy Carolinas | JDA | Duke Energy Progress | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 58 | 210 | 121 | 477 |
Related party transaction, other revenues from transactions with related party | 5 | 16 | 26 | 54 |
Duke Energy Carolinas | Intercompany natural gas purchases and sales | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 5 | 5 | 14 | 14 |
Progress Energy | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 3,038 | 2,917 | 8,049 | 7,839 |
Progress Energy | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 172 | 188 | 522 | 568 |
Progress Energy | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 11 | 10 | 35 | 32 |
Progress Energy | JDA | Duke Energy Carolinas | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 5 | 16 | 26 | 54 |
Related party transaction, other revenues from transactions with related party | 58 | 210 | 121 | 477 |
Progress Energy | Intercompany natural gas purchases and sales | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 19 | 19 | 56 | 57 |
Duke Energy Progress | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1,392 | 1,458 | 3,845 | 4,047 |
Duke Energy Progress | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 103 | 111 | 314 | 338 |
Duke Energy Progress | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 5 | 5 | 15 | 15 |
Duke Energy Progress | JDA | Duke Energy Carolinas | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 5 | 16 | 26 | 54 |
Related party transaction, other revenues from transactions with related party | 58 | 210 | 121 | 477 |
Duke Energy Progress | Intercompany natural gas purchases and sales | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 19 | 19 | 56 | 57 |
Duke Energy Florida | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1,642 | 1,454 | 4,192 | 3,779 |
Duke Energy Florida | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 69 | 77 | 208 | 230 |
Duke Energy Florida | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 6 | 5 | 20 | 17 |
Duke Energy Ohio | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 449 | 479 | 1,485 | 1,529 |
Duke Energy Ohio | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 73 | 87 | 222 | 251 |
Duke Energy Ohio | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1 | 2 | 4 | 4 |
Duke Energy Indiana | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 633 | 913 | 2,046 | 2,534 |
Duke Energy Indiana | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 92 | 115 | 275 | 330 |
Duke Energy Indiana | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 2 | 2 | 6 | 6 |
Piedmont | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 203 | 325 | 781 | 1,166 |
Piedmont | Corporate governance and shared service expenses | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 32 | 37 | 107 | 109 |
Piedmont | Indemnification coverages | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1 | 1 | 3 | 2 |
Piedmont | Intercompany natural gas purchases and sales | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, other revenues from transactions with related party | 24 | 24 | 70 | 71 |
Piedmont | Natural gas storage and transportation costs | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ 6 | $ 6 | $ 18 | $ 17 |
Related Party Transactions (Int
Related Party Transactions (Intercompany Income Taxes) (Details) - Related Party - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | $ 72 | $ 37 |
Progress Energy | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 95 | |
Intercompany income tax payable | 138 | |
Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 36 | |
Intercompany income tax payable | 114 | |
Duke Energy Florida | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 17 | |
Intercompany income tax payable | 110 | |
Duke Energy Ohio | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 18 | 17 |
Duke Energy Indiana | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 20 | 18 |
Piedmont | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | $ 24 | |
Intercompany income tax payable | $ 38 |
Derivatives and Hedging (Notion
Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) GWh Mcf | Dec. 31, 2022 USD ($) GWh Mcf | |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 4,352 | $ 2,877 |
Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 20,961 | 14,086 |
Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 841 | 909 |
Designated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 1,875 | $ 500 |
Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | 2,477 | 2,377 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 650 | $ 1,250 |
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 276 | 307 |
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 650 | $ 1,250 |
Progress Energy | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 1,500 | $ 800 |
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 272 | 292 |
Progress Energy | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 1,500 | $ 800 |
Duke Energy Progress | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | $ 500 |
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 272 | 292 |
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | $ 500 |
Duke Energy Florida | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,000 | 300 |
Duke Energy Florida | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,000 | 300 |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 300 | $ 300 |
Duke Energy Indiana | Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 18,411 | 12,266 |
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 21 | 11 |
Duke Energy Indiana | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 300 | $ 300 |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 27 | $ 27 |
Duke Energy Ohio | Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 2,550 | 1,820 |
Duke Energy Ohio | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 27 | $ 27 |
Piedmont | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 272 | 299 |
Derivatives and Hedging (Foreig
Derivatives and Hedging (Foreign Exchange Risk) (Details) - Foreign Currency Contracts - Designated contracts € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 EUR (€) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional amount | $ 1,182 | $ 1,182 | |||
Receive notional | € | € 1,100 | ||||
Fair value gain (loss) | (37) | $ (75) | (19) | $ (104) | |
Senior Notes, 3.10% Due June 2028 | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional amount | $ 645 | $ 645 | |||
Pay Rate | 4.75% | 4.75% | 4.75% | ||
Receive notional | € | € 600 | ||||
Rate | 0.0310 | 0.0310 | 0.0310 | ||
Fair value gain (loss) | $ (20) | (41) | $ (10) | (57) | |
Senior Notes, 3.85% Due June 2034 | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional amount | $ 537 | $ 537 | |||
Pay Rate | 5.31% | 5.31% | 5.31% | ||
Receive notional | € | € 500 | ||||
Rate | 0.0385 | 0.0385 | 0.0385 | ||
Fair value gain (loss) | $ (17) | $ (34) | $ (9) | $ (47) |
Derivatives and Hedging (Locati
Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | $ 525 | $ 795 |
Location and fair value amounts of derivatives (Liability) | 520 | 437 |
Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 161 | 582 |
Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 364 | 213 |
Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 293 | 193 |
Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 227 | 244 |
Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 143 | 478 |
Location and fair value amounts of derivatives (Liability) | 490 | 377 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 382 | 317 |
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 29 | |
Equity Securities Contract | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 58 | |
Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 57 | 265 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 86 | 213 |
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 275 | 175 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 215 | 202 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 104 | 216 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 101 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 177 | |
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 101 | |
Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 18 | 18 |
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 11 | 40 |
Duke Energy Carolinas | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 93 | 330 |
Location and fair value amounts of derivatives (Liability) | 204 | 127 |
Duke Energy Carolinas | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 37 | 226 |
Duke Energy Carolinas | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 56 | 104 |
Duke Energy Carolinas | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 156 | 96 |
Duke Energy Carolinas | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 48 | 31 |
Duke Energy Carolinas | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 51 | 236 |
Location and fair value amounts of derivatives (Liability) | 204 | 127 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 42 | 94 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 11 | 132 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 40 | 104 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 156 | 96 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 48 | 31 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 26 | 94 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 16 | |
Progress Energy | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 196 | 248 |
Location and fair value amounts of derivatives (Liability) | 137 | 66 |
Progress Energy | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 92 | 140 |
Progress Energy | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 104 | 108 |
Progress Energy | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 97 | 36 |
Progress Energy | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 40 | 30 |
Progress Energy | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 60 | 207 |
Location and fair value amounts of derivatives (Liability) | 137 | 66 |
Progress Energy | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 136 | 41 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 14 | 99 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 46 | 108 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 97 | 36 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 40 | 30 |
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 78 | 41 |
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 58 | |
Duke Energy Progress | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 79 | 230 |
Location and fair value amounts of derivatives (Liability) | 137 | 48 |
Duke Energy Progress | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 9 | 122 |
Duke Energy Progress | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 70 | 108 |
Duke Energy Progress | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 97 | 18 |
Duke Energy Progress | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 40 | 30 |
Duke Energy Progress | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 55 | 207 |
Location and fair value amounts of derivatives (Liability) | 137 | 48 |
Duke Energy Progress | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 24 | 23 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 9 | 99 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 46 | 108 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 97 | 18 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 40 | 30 |
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 23 | |
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 24 | |
Duke Energy Florida | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 117 | 17 |
Location and fair value amounts of derivatives (Liability) | 19 | |
Duke Energy Florida | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 83 | 17 |
Duke Energy Florida | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 34 | |
Duke Energy Florida | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | |
Duke Energy Florida | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 5 | |
Location and fair value amounts of derivatives (Liability) | 19 | |
Duke Energy Florida | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 112 | 17 |
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 5 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 78 | 17 |
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 34 | |
Duke Energy Ohio | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 5 |
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Duke Energy Ohio | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 5 |
Duke Energy Ohio | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Duke Energy Ohio | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 5 |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 5 |
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 2 |
Duke Energy Indiana | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 55 | 110 |
Location and fair value amounts of derivatives (Liability) | 4 | 16 |
Duke Energy Indiana | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 110 |
Duke Energy Indiana | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 27 | |
Duke Energy Indiana | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 4 | 16 |
Duke Energy Indiana | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 29 |
Location and fair value amounts of derivatives (Liability) | 4 | 16 |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 27 | 81 |
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 29 |
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 4 | 16 |
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 81 | |
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 27 | |
Piedmont | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Location and fair value amounts of derivatives (Liability) | 145 | 168 |
Piedmont | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Piedmont | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 18 | 27 |
Piedmont | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 127 | 141 |
Piedmont | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Location and fair value amounts of derivatives (Liability) | 145 | 168 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 18 | 27 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | $ 127 | $ 141 |
Derivatives and Hedging (Schedu
Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 525 | $ 795 |
Derivative Asset, Current | 144 | 518 |
Net amounts presented in Current Assets: Other | 304 | 116 |
Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 161 | 582 |
Offset | $ (17) | (33) |
Cash collateral received | $ 31 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Current Assets: Other | Current Assets: Other |
Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 364 | $ 213 |
Offset | $ (60) | (59) |
Cash collateral received | $ 38 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Duke Energy Carolinas | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 93 | $ 330 |
Derivative Asset, Current | 28 | 193 |
Net amounts presented in Current Assets: Other | 24 | 64 |
Duke Energy Carolinas | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 37 | 226 |
Offset | (9) | (15) |
Cash collateral received | 18 | |
Duke Energy Carolinas | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 56 | 104 |
Offset | (32) | (29) |
Cash collateral received | 11 | |
Progress Energy | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 196 | 248 |
Derivative Asset, Current | 84 | 110 |
Net amounts presented in Current Assets: Other | 76 | 51 |
Progress Energy | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 92 | 140 |
Offset | (8) | (18) |
Cash collateral received | 12 | |
Progress Energy | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 104 | 108 |
Offset | (28) | (30) |
Cash collateral received | 27 | |
Duke Energy Progress | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 79 | 230 |
Derivative Asset, Current | 1 | 92 |
Net amounts presented in Current Assets: Other | 42 | 51 |
Duke Energy Progress | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 9 | 122 |
Offset | (8) | (18) |
Cash collateral received | 12 | |
Duke Energy Progress | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 70 | 108 |
Offset | (28) | (30) |
Cash collateral received | 27 | |
Duke Energy Florida | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 117 | 17 |
Derivative Asset, Current | 83 | 17 |
Net amounts presented in Current Assets: Other | 34 | |
Duke Energy Florida | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 83 | 17 |
Duke Energy Florida | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 34 | |
Duke Energy Ohio | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | 5 |
Derivative Asset, Current | 2 | 5 |
Duke Energy Ohio | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | 5 |
Duke Energy Indiana | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 55 | 110 |
Derivative Asset, Current | 28 | 110 |
Net amounts presented in Current Assets: Other | 27 | |
Duke Energy Indiana | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 28 | $ 110 |
Duke Energy Indiana | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 27 | |
Piedmont | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 1 | |
Derivative Asset, Current | 1 | |
Piedmont | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 1 |
Derivatives and Hedging (Sche_2
Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 520 | $ 437 |
Net amounts presented in Current Liabilities: Other | 260 | 144 |
Net amounts presented in Current Liabilities: Other | 159 | 185 |
Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 293 | 193 |
Offset | (17) | $ (33) |
Cash collateral posted | $ (16) | |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current Liabilities: Other | Current Liabilities: Other |
Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 227 | $ 244 |
Offset | (60) | (59) |
Cash collateral posted | $ (8) | $ (16) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other (includes $54 at 2023 related to VIEs) | Other (includes $54 at 2023 related to VIEs) |
Duke Energy Carolinas | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 204 | $ 127 |
Net amounts presented in Current Liabilities: Other | 135 | 81 |
Net amounts presented in Current Liabilities: Other | 8 | 2 |
Duke Energy Carolinas | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 156 | 96 |
Offset | (9) | (15) |
Cash collateral posted | (12) | |
Duke Energy Carolinas | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 48 | 31 |
Offset | (33) | (29) |
Cash collateral posted | (7) | |
Progress Energy | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 137 | 66 |
Net amounts presented in Current Liabilities: Other | 88 | 18 |
Net amounts presented in Current Liabilities: Other | 11 | |
Progress Energy | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 97 | 36 |
Offset | (8) | (18) |
Cash collateral posted | (1) | |
Progress Energy | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 40 | 30 |
Offset | (28) | (30) |
Cash collateral posted | (1) | |
Duke Energy Progress | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 137 | 48 |
Net amounts presented in Current Liabilities: Other | 88 | |
Net amounts presented in Current Liabilities: Other | 11 | |
Duke Energy Progress | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 97 | 18 |
Offset | (8) | (18) |
Cash collateral posted | (1) | |
Duke Energy Progress | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 40 | 30 |
Offset | (28) | (30) |
Cash collateral posted | (1) | |
Duke Energy Florida | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | |
Net amounts presented in Current Liabilities: Other | 19 | |
Duke Energy Florida | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | |
Duke Energy Ohio | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | 2 |
Net amounts presented in Current Liabilities: Other | 1 | 2 |
Duke Energy Ohio | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | 2 |
Duke Energy Indiana | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 4 | 16 |
Duke Energy Indiana | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 4 | 16 |
Cash collateral posted | (4) | |
Duke Energy Indiana | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Cash collateral posted | (16) | |
Piedmont | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 145 | 168 |
Net amounts presented in Current Liabilities: Other | 18 | 27 |
Net amounts presented in Current Liabilities: Other | 127 | 141 |
Piedmont | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 18 | 27 |
Piedmont | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 127 | $ 141 |
Derivatives and Hedging (Deriva
Derivatives and Hedging (Derivative Instruments with Credit-Risk Related Contingent Features and Cash Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | $ 312 | $ 141 |
Fair value of collateral already posted | 21 | |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 291 | 141 |
Noncurrent liabilities | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Cash collateral posted | (8) | (16) |
Noncurrent assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (60) | (59) |
Current assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (17) | (33) |
Duke Energy Carolinas | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 175 | 86 |
Fair value of collateral already posted | 19 | |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 156 | 86 |
Duke Energy Carolinas | Noncurrent liabilities | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Cash collateral posted | (7) | |
Duke Energy Carolinas | Noncurrent assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (32) | (29) |
Duke Energy Carolinas | Current assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (9) | (15) |
Progress Energy | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 138 | 55 |
Fair value of collateral already posted | 2 | |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 136 | 55 |
Progress Energy | Noncurrent liabilities | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Cash collateral posted | (1) | |
Progress Energy | Noncurrent assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (28) | (30) |
Progress Energy | Current assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (8) | (18) |
Duke Energy Progress | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 138 | 48 |
Fair value of collateral already posted | 2 | |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 136 | 48 |
Duke Energy Progress | Noncurrent liabilities | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Cash collateral posted | (1) | |
Duke Energy Progress | Noncurrent assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | (28) | (30) |
Duke Energy Progress | Current assets | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | $ (8) | (18) |
Duke Energy Florida | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 7 | |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 7 | |
Duke Energy Indiana | Noncurrent liabilities | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Cash collateral posted | $ (16) |
Investments in Debt and Equit_3
Investments in Debt and Equity Securities (Estimated Fair Value of Investments in Debt and Equity Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 2,824 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,244 | $ 3,682 |
Unrealized Holding Losses | 351 | 395 |
Estimated Fair Value | 9,691 | 9,051 |
NDTF | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 160 | 215 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 4,218 | 3,658 |
Gross Unrealized Holding Losses | 44 | 105 |
Estimated Fair Value | 6,530 | 5,871 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 2,569 | 2,550 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,218 | 3,661 |
Unrealized Holding Losses | 319 | 359 |
Estimated Fair Value | 9,259 | 8,636 |
Other Investments | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 36 | 22 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 26 | 21 |
Gross Unrealized Holding Losses | 9 | 16 |
Estimated Fair Value | 141 | 128 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 255 | 265 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 26 | 21 |
Unrealized Holding Losses | 32 | 36 |
Estimated Fair Value | 432 | 415 |
Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,329 | |
Duke Energy Carolinas | NDTF | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 59 | 117 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 2,468 | 2,147 |
Gross Unrealized Holding Losses | 25 | 51 |
Estimated Fair Value | 3,767 | 3,367 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,329 | 1,298 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 2,468 | 2,149 |
Unrealized Holding Losses | 185 | 192 |
Estimated Fair Value | 5,155 | 4,782 |
Progress Energy | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,263 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,750 | 1,512 |
Unrealized Holding Losses | 134 | 167 |
Estimated Fair Value | 4,135 | 3,890 |
Progress Energy | NDTF | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 101 | 98 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 1,750 | 1,511 |
Gross Unrealized Holding Losses | 19 | 54 |
Estimated Fair Value | 2,763 | 2,504 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,240 | 1,252 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,750 | 1,512 |
Unrealized Holding Losses | 134 | 167 |
Estimated Fair Value | 4,104 | 3,854 |
Progress Energy | Other Investments | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 8 | 11 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 23 | 25 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Estimated Fair Value | 31 | 36 |
Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 971 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,661 | 1,432 |
Unrealized Holding Losses | 113 | 142 |
Estimated Fair Value | 3,700 | 3,439 |
Duke Energy Progress | NDTF | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 62 | 56 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 1,661 | 1,431 |
Gross Unrealized Holding Losses | 19 | 54 |
Estimated Fair Value | 2,663 | 2,411 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 971 | 963 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,661 | 1,432 |
Unrealized Holding Losses | 113 | 142 |
Estimated Fair Value | 3,696 | 3,430 |
Duke Energy Progress | Other Investments | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 4 | 9 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Estimated Fair Value | 4 | 9 |
Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 292 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 89 | 80 |
Unrealized Holding Losses | 21 | 25 |
Estimated Fair Value | 432 | 450 |
Duke Energy Florida | NDTF | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 39 | 42 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 89 | 80 |
Estimated Fair Value | 100 | 93 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 269 | 289 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 89 | 80 |
Unrealized Holding Losses | 21 | 25 |
Estimated Fair Value | 408 | 424 |
Duke Energy Florida | Other Investments | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 1 | 1 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 23 | 25 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Estimated Fair Value | 24 | 26 |
Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 59 | |
Duke Energy Indiana | Other Investments | ||
Cash and Cash Equivalents | ||
Estimated Fair Value | 3 | 1 |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 3 | 2 |
Gross Unrealized Holding Losses | 9 | 16 |
Estimated Fair Value | 88 | 79 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 59 | 60 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 3 | 2 |
Unrealized Holding Losses | 12 | 20 |
Estimated Fair Value | 150 | 140 |
Corporate debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 80 | 85 |
Estimated Fair Value | 612 | 641 |
Corporate debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 10 | 12 |
Estimated Fair Value | 83 | 84 |
Corporate debt securities | Duke Energy Carolinas | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 60 | 62 |
Estimated Fair Value | 376 | 401 |
Corporate debt securities | Progress Energy | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 20 | 23 |
Estimated Fair Value | 236 | 240 |
Corporate debt securities | Duke Energy Progress | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 19 | 22 |
Estimated Fair Value | 224 | 230 |
Corporate debt securities | Duke Energy Florida | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | 1 |
Estimated Fair Value | 12 | 10 |
Corporate debt securities | Duke Energy Indiana | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 9 | 8 |
Municipal bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 41 | 39 |
Estimated Fair Value | 318 | 330 |
Municipal bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 3 | 3 |
Estimated Fair Value | 74 | 78 |
Municipal bonds | Duke Energy Carolinas | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 9 | 10 |
Estimated Fair Value | 45 | 64 |
Municipal bonds | Progress Energy | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 32 | 29 |
Estimated Fair Value | 273 | 266 |
Municipal bonds | Progress Energy | Other Investments | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 23 | 25 |
Municipal bonds | Duke Energy Progress | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 32 | 29 |
Estimated Fair Value | 273 | 266 |
Municipal bonds | Duke Energy Florida | Other Investments | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 23 | 25 |
Municipal bonds | Duke Energy Indiana | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 3 | 3 |
Estimated Fair Value | 44 | 45 |
U.S. government bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | 136 | 112 |
Estimated Fair Value | 1,470 | 1,423 |
U.S. government bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 5 | 2 |
Estimated Fair Value | 46 | 62 |
U.S. government bonds | Duke Energy Carolinas | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 73 | 51 |
Estimated Fair Value | 745 | 685 |
U.S. government bonds | Progress Energy | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 63 | 61 |
Estimated Fair Value | 725 | 738 |
U.S. government bonds | Duke Energy Progress | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 43 | 37 |
Estimated Fair Value | 469 | 460 |
U.S. government bonds | Duke Energy Florida | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 20 | 24 |
Estimated Fair Value | 256 | 278 |
U.S. government bonds | Duke Energy Indiana | Other Investments | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 6 | 7 |
Other debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 18 | 18 |
Estimated Fair Value | 169 | 156 |
Other debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 5 | 3 |
Estimated Fair Value | 52 | 41 |
Other debt securities | Duke Energy Carolinas | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 18 | 18 |
Estimated Fair Value | 163 | 148 |
Other debt securities | Progress Energy | NDTF | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 6 | 8 |
Other debt securities | Duke Energy Progress | NDTF | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 5 | 7 |
Other debt securities | Duke Energy Florida | NDTF | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 1 | $ 1 |
Investments in Debt and Equit_4
Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
FV-NI: | ||||
Realized gains | $ 61 | $ 25 | $ 107 | $ 170 |
Realized losses | 35 | 61 | 117 | 247 |
AFS: | ||||
Realized gains | 16 | 7 | 37 | 22 |
Realized losses | 45 | 40 | 104 | 105 |
Duke Energy Carolinas | ||||
FV-NI: | ||||
Realized gains | 43 | 16 | 70 | 109 |
Realized losses | 17 | 39 | 64 | 143 |
AFS: | ||||
Realized gains | 12 | 7 | 21 | 19 |
Realized losses | 26 | 20 | 54 | 57 |
Progress Energy | ||||
FV-NI: | ||||
Realized gains | 18 | 9 | 37 | 61 |
Realized losses | 18 | 22 | 53 | 104 |
AFS: | ||||
Realized gains | 4 | 16 | 3 | |
Realized losses | 19 | 9 | 50 | 32 |
Duke Energy Progress | ||||
FV-NI: | ||||
Realized gains | 15 | 9 | 34 | 60 |
Realized losses | 18 | 21 | 52 | 101 |
AFS: | ||||
Realized gains | 4 | 15 | 3 | |
Realized losses | $ 18 | $ 9 | $ 47 | $ 29 |
Investments in Debt and Equit_5
Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | $ 137 |
Due after one through five years | 671 |
Due after five through 10 years | 545 |
Due after 10 years | 1,471 |
Total | 2,824 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 7 |
Due after one through five years | 209 |
Due after five through 10 years | 311 |
Due after 10 years | 802 |
Total | 1,329 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 109 |
Due after one through five years | 388 |
Due after five through 10 years | 197 |
Due after 10 years | 569 |
Total | 1,263 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 21 |
Due after one through five years | 235 |
Due after five through 10 years | 184 |
Due after 10 years | 531 |
Total | 971 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 88 |
Due after one through five years | 153 |
Due after five through 10 years | 13 |
Due after 10 years | 38 |
Total | 292 |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 7 |
Due after one through five years | 19 |
Due after five through 10 years | 10 |
Due after 10 years | 23 |
Total | $ 59 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | $ 2,824 | |
Derivative assets | 525 | $ 795 |
Total assets | 10,216 | 9,846 |
Derivative liabilities | (520) | (437) |
Net assets (liabilities) | 9,696 | 9,409 |
NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 160 | 215 |
Estimated Fair Value | 6,530 | 5,871 |
Debt securities, available-for-sale | 2,569 | 2,550 |
NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 6,530 | 5,871 |
Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 36 | 22 |
Estimated Fair Value | 141 | 128 |
Debt securities, available-for-sale | 255 | 265 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | 1 |
Total assets | 7,625 | 7,030 |
Derivative liabilities | (4) | (16) |
Net assets (liabilities) | 7,621 | 7,014 |
Level 1 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 160 | 215 |
Debt securities, available-for-sale | 755 | 780 |
Level 1 | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 6,491 | 5,829 |
Level 1 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 36 | 22 |
Estimated Fair Value | 141 | 128 |
Debt securities, available-for-sale | 40 | 55 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 493 | 760 |
Total assets | 2,522 | 2,740 |
Derivative liabilities | (516) | (421) |
Net assets (liabilities) | 2,006 | 2,319 |
Level 2 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,814 | 1,770 |
Level 2 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 215 | 210 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 30 | 34 |
Total assets | 30 | 34 |
Net assets (liabilities) | 30 | 34 |
Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 39 | 42 |
Net assets (liabilities) | 39 | 42 |
Not Categorized | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 39 | 42 |
Duke Energy Carolinas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,329 | |
Derivative assets | 93 | 330 |
Total assets | 5,248 | 5,112 |
Derivative liabilities | (204) | (127) |
Net assets (liabilities) | 5,044 | 4,985 |
Duke Energy Carolinas | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 59 | 117 |
Estimated Fair Value | 3,767 | 3,367 |
Debt securities, available-for-sale | 1,329 | 1,298 |
Duke Energy Carolinas | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 3,767 | 3,367 |
Duke Energy Carolinas | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 4,107 | 3,765 |
Net assets (liabilities) | 4,107 | 3,765 |
Duke Energy Carolinas | Level 1 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 59 | 117 |
Debt securities, available-for-sale | 320 | 323 |
Duke Energy Carolinas | Level 1 | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 3,728 | 3,325 |
Duke Energy Carolinas | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 93 | 330 |
Total assets | 1,102 | 1,305 |
Derivative liabilities | (204) | (127) |
Net assets (liabilities) | 898 | 1,178 |
Duke Energy Carolinas | Level 2 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,009 | 975 |
Duke Energy Carolinas | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 39 | 42 |
Net assets (liabilities) | 39 | 42 |
Duke Energy Carolinas | Not Categorized | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 39 | 42 |
Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,263 | |
Derivative assets | 196 | 248 |
Total assets | 4,331 | 4,138 |
Derivative liabilities | (137) | (66) |
Net assets (liabilities) | 4,194 | 4,072 |
Progress Energy | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 101 | 98 |
Estimated Fair Value | 2,763 | 2,504 |
Debt securities, available-for-sale | 1,240 | 1,252 |
Progress Energy | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 2,763 | 2,504 |
Progress Energy | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 8 | 11 |
Debt securities, available-for-sale | 23 | 25 |
Progress Energy | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,307 | 3,070 |
Net assets (liabilities) | 3,307 | 3,070 |
Progress Energy | Level 1 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 101 | 98 |
Debt securities, available-for-sale | 435 | 457 |
Progress Energy | Level 1 | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 2,763 | 2,504 |
Progress Energy | Level 1 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 8 | 11 |
Progress Energy | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 196 | 248 |
Total assets | 1,024 | 1,068 |
Derivative liabilities | (137) | (66) |
Net assets (liabilities) | 887 | 1,002 |
Progress Energy | Level 2 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 805 | 795 |
Progress Energy | Level 2 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 23 | 25 |
Duke Energy Progress | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 971 | |
Derivative assets | 79 | 230 |
Total assets | 3,779 | 3,669 |
Derivative liabilities | (137) | (48) |
Net assets (liabilities) | 3,642 | 3,621 |
Duke Energy Progress | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 62 | 56 |
Estimated Fair Value | 2,663 | 2,411 |
Debt securities, available-for-sale | 971 | 963 |
Duke Energy Progress | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 2,663 | 2,411 |
Duke Energy Progress | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 4 | 9 |
Duke Energy Progress | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 2,955 | 2,701 |
Net assets (liabilities) | 2,955 | 2,701 |
Duke Energy Progress | Level 1 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 62 | 56 |
Debt securities, available-for-sale | 226 | 225 |
Duke Energy Progress | Level 1 | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 2,663 | 2,411 |
Duke Energy Progress | Level 1 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 4 | 9 |
Duke Energy Progress | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 79 | 230 |
Total assets | 824 | 968 |
Derivative liabilities | (137) | (48) |
Net assets (liabilities) | 687 | 920 |
Duke Energy Progress | Level 2 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 745 | 738 |
Duke Energy Florida | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 292 | |
Derivative assets | 117 | 17 |
Total assets | 549 | 467 |
Derivative liabilities | (19) | |
Net assets (liabilities) | 549 | 448 |
Duke Energy Florida | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 39 | 42 |
Estimated Fair Value | 100 | 93 |
Debt securities, available-for-sale | 269 | 289 |
Duke Energy Florida | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 100 | 93 |
Duke Energy Florida | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 1 |
Debt securities, available-for-sale | 23 | 25 |
Duke Energy Florida | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 349 | 368 |
Net assets (liabilities) | 349 | 368 |
Duke Energy Florida | Level 1 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 39 | 42 |
Debt securities, available-for-sale | 209 | 232 |
Duke Energy Florida | Level 1 | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 100 | 93 |
Duke Energy Florida | Level 1 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 1 |
Duke Energy Florida | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 117 | 17 |
Total assets | 200 | 99 |
Derivative liabilities | (19) | |
Net assets (liabilities) | 200 | 80 |
Duke Energy Florida | Level 2 | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 60 | 57 |
Duke Energy Florida | Level 2 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 23 | 25 |
Duke Energy Indiana | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 59 | |
Derivative assets | 55 | 110 |
Total assets | 205 | 250 |
Derivative liabilities | (4) | (16) |
Net assets (liabilities) | 201 | 234 |
Duke Energy Indiana | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3 | 1 |
Estimated Fair Value | 88 | 79 |
Debt securities, available-for-sale | 59 | 60 |
Duke Energy Indiana | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Total assets | 92 | 80 |
Derivative liabilities | (4) | (16) |
Net assets (liabilities) | 88 | 64 |
Duke Energy Indiana | Level 1 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3 | 1 |
Estimated Fair Value | 88 | 79 |
Duke Energy Indiana | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 27 | 81 |
Total assets | 86 | 141 |
Net assets (liabilities) | 86 | 141 |
Duke Energy Indiana | Level 2 | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 59 | 60 |
Duke Energy Indiana | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 27 | 29 |
Total assets | 27 | 29 |
Net assets (liabilities) | 27 | 29 |
Piedmont | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Derivative liabilities | (145) | (168) |
Net assets (liabilities) | (144) | (168) |
Piedmont | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Net assets (liabilities) | 1 | |
Piedmont | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (145) | (168) |
Net assets (liabilities) | $ (145) | $ (168) |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Assets and Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivatives (net) | ||||
Balance at beginning of period | $ 41 | $ 89 | $ 34 | $ 24 |
Purchases, sales, issuances and settlements: | ||||
Purchases | 3 | 50 | 77 | |
Settlements | (18) | (21) | (76) | (13) |
Total gains (losses) included on the Condensed Consolidated Balance Sheet | 4 | (8) | 22 | (28) |
Balance at end of period | 30 | 60 | 30 | 60 |
Duke Energy Indiana | ||||
Derivatives (net) | ||||
Balance at beginning of period | 37 | 84 | 29 | 22 |
Purchases, sales, issuances and settlements: | ||||
Purchases | 42 | 74 | ||
Settlements | (14) | (20) | (70) | (10) |
Total gains (losses) included on the Condensed Consolidated Balance Sheet | 4 | (8) | 26 | (30) |
Balance at end of period | $ 27 | $ 56 | $ 27 | $ 56 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions | Sep. 30, 2023 USD ($) $ / MWh | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / MWh | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Net derivative asset (liability) | $ | $ 30 | $ 41 | $ 34 | $ 60 | $ 89 | $ 24 |
Duke Energy Ohio | FTRs | RTO auction pricing | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Net derivative asset (liability) | $ | $ 3 | $ 5 | ||||
Duke Energy Ohio | FTRs | RTO auction pricing | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | 0.43 | 0.89 | ||||
Duke Energy Ohio | FTRs | RTO auction pricing | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | 2.07 | 6.25 | ||||
Duke Energy Ohio | FTRs | RTO auction pricing | Weighted Average | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | 0.77 | 3.35 | ||||
Duke Energy Indiana | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Net derivative asset (liability) | $ | $ 27 | $ 37 | $ 29 | $ 56 | $ 84 | $ 22 |
Duke Energy Indiana | FTRs | RTO auction pricing | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Net derivative asset (liability) | $ | $ 27 | $ 29 | ||||
Duke Energy Indiana | FTRs | RTO auction pricing | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | (1.64) | 0.09 | ||||
Duke Energy Indiana | FTRs | RTO auction pricing | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | 12.51 | 21.79 | ||||
Duke Energy Indiana | FTRs | RTO auction pricing | Weighted Average | ||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||
Input measurements (in usd per MWh and usd per MMBtu) | 1.90 | 2.74 |
Fair Value Measurements (Other
Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 75,387 | $ 69,751 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 65,070 | 61,986 |
Piedmont Natural Gas and Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt discount (premium), net | 1,100 | 1,200 |
Duke Energy Carolinas | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 15,995 | 14,266 |
Duke Energy Carolinas | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 13,973 | 12,943 |
Progress Energy | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 23,281 | 22,439 |
Progress Energy | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 20,417 | 20,467 |
Duke Energy Progress | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 11,718 | 11,087 |
Duke Energy Progress | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 9,808 | 9,689 |
Duke Energy Florida | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 9,920 | 9,709 |
Duke Energy Florida | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 8,892 | 8,991 |
Duke Energy Ohio | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,692 | 3,245 |
Duke Energy Ohio | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,264 | 2,927 |
Duke Energy Indiana | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 4,504 | 4,307 |
Duke Energy Indiana | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,874 | 3,913 |
Piedmont | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,713 | 3,363 |
Piedmont | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 3,123 | $ 2,940 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - VIE primary beneficiary - USD ($) | 1 Months Ended | 9 Months Ended |
Nov. 30, 2021 | Sep. 30, 2023 | |
Variable Interest Entities [Line Items] | ||
Variable interest entity, financial or other support, amount | $ 0 | |
CRC | ||
Variable Interest Entities [Line Items] | ||
Percent of proceeds received as cash | 75% | |
Percent of proceeds received as subordinated note | 25% | |
Minimum equity balance required by Cinergy Receivables | $ 3,000,000 | |
DECNCSF | Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Proceeds from issuance of senior secured bonds | $ 237,000,000 | |
DEPNCSF | Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Proceeds from issuance of senior secured bonds | $ 770,000,000 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entities [Line Items] | ||
Long-Term Debt | $ 71,353,000,000 | $ 65,873,000,000 |
Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 15,676,000,000 | 12,948,000,000 |
Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 11,497,000,000 | 10,568,000,000 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 8,726,000,000 | 9,381,000,000 |
CRC | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 350,000,000 | |
Long-Term Debt | 336,000,000 | 350,000,000 |
Accounts receivable from securitization | 619,000,000 | 917,000,000 |
DERF | Duke Energy Carolinas | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 500,000,000 | |
Long-Term Debt | 500,000,000 | 471,000,000 |
Accounts receivable from securitization | 1,028,000,000 | 928,000,000 |
DEPR | Duke Energy Progress | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 400,000,000 | |
Long-Term Debt | 400,000,000 | 400,000,000 |
Accounts receivable from securitization | 831,000,000 | 793,000,000 |
DEFR | Duke Energy Florida | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 325,000,000 | |
Long-Term Debt | 325,000,000 | 250,000,000 |
Accounts receivable from securitization | $ 758,000,000 | $ 490,000,000 |
Variable Interest Entities (S_2
Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | $ 3,489 | $ 3,485 |
Current Assets: Other | 602 | 973 |
Other Noncurrent Assets: Regulatory assets | 13,745 | 14,645 |
Public Utilities, Property, Plant and Equipment, Plant in Service | 170,941 | 163,839 |
Accumulated depreciation and amortization | (54,994) | (52,100) |
Other | 3,698 | 3,400 |
Current Liabilities: Other | 2,087 | 2,167 |
Current maturities of long-term debt | 4,034 | 3,878 |
Long-Term Debt | 71,353 | 65,873 |
Asset Retirement Obligations, Noncurrent | 11,613 | 11,955 |
Deferred Credits and Other Liabilities | 1,325 | 1,502 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 749 | 1,143 |
Current Assets: Other | 129 | 108 |
Other Noncurrent Assets: Regulatory assets | 2,042 | 2,422 |
Public Utilities, Property, Plant and Equipment, Plant in Service | 27,581 | 25,940 |
Accumulated depreciation and amortization | (6,896) | (6,377) |
Other | 463 | 372 |
Current Liabilities: Other | 349 | 363 |
Current maturities of long-term debt | 1,194 | 328 |
Long-Term Debt | 8,726 | 9,381 |
Asset Retirement Obligations, Noncurrent | 307 | 357 |
Deferred Credits and Other Liabilities | 70 | 84 |
Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 1,447 | 1,095 |
Current Assets: Other | 86 | 216 |
Other Noncurrent Assets: Regulatory assets | 4,020 | 4,293 |
Public Utilities, Property, Plant and Equipment, Plant in Service | 56,888 | 54,650 |
Accumulated depreciation and amortization | (19,668) | (18,669) |
Other | 1,087 | 1,036 |
Current Liabilities: Other | 597 | 580 |
Current maturities of long-term debt | 19 | 1,018 |
Long-Term Debt | 15,676 | 12,948 |
Asset Retirement Obligations, Noncurrent | 5,030 | 5,121 |
Deferred Credits and Other Liabilities | 565 | 527 |
Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 946 | 690 |
Current Assets: Other | 49 | 174 |
Other Noncurrent Assets: Regulatory assets | 4,406 | 4,724 |
Public Utilities, Property, Plant and Equipment, Plant in Service | 40,283 | 38,875 |
Accumulated depreciation and amortization | (14,869) | (14,201) |
Other | 693 | 650 |
Current Liabilities: Other | 452 | 384 |
Current maturities of long-term debt | 71 | 369 |
Long-Term Debt | 11,497 | 10,568 |
Asset Retirement Obligations, Noncurrent | 5,362 | 5,535 |
Deferred Credits and Other Liabilities | 84 | 76 |
DEFPF | Duke Energy Florida | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables of VIEs | 8 | 6 |
Regulatory Assets: Current | 58 | 55 |
Current Assets: Other | 24 | 41 |
Other Noncurrent Assets: Regulatory assets | 816 | 826 |
Current Liabilities: Other | 2 | 9 |
Current maturities of long-term debt | 58 | 56 |
Long-Term Debt | 832 | 890 |
DECNCSF | Duke Energy Carolinas | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 12 | 12 |
Current Assets: Other | 5 | 8 |
Other Noncurrent Assets: Regulatory assets | 199 | 208 |
Other | 1 | 1 |
Current Liabilities: Other | 1 | 3 |
Current maturities of long-term debt | 11 | 10 |
Long-Term Debt | 208 | 219 |
DEPNCSF | Duke Energy Progress | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 39 | 39 |
Current Assets: Other | 16 | 29 |
Other Noncurrent Assets: Regulatory assets | 653 | 681 |
Other | 2 | 2 |
Current Liabilities: Other | 4 | 8 |
Current maturities of long-term debt | 34 | 34 |
Long-Term Debt | $ 680 | $ 714 |
Variable Interest Entities (S_3
Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | $ 3,244 | $ 3,106 |
Investments in equity method unconsolidated affiliates | 505 | 455 |
Other noncurrent assets | 3,698 | 3,400 |
Total Assets | 181,160 | 178,086 |
Other current liabilities | 2,087 | 2,167 |
Other (includes $54 at 2023 related to VIEs) | 1,325 | 1,502 |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 97 | 73 |
Other noncurrent assets | 76 | 71 |
Total Assets | 11,794 | 11,506 |
Other current liabilities | 72 | 74 |
Other (includes $54 at 2023 related to VIEs) | 90 | 96 |
Duke Energy Ohio | Affiliated Entity | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 155 | 247 |
Duke Energy Ohio | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Total Assets | 122 | 198 |
Net assets | 122 | 198 |
Duke Energy Ohio | VIE not primary beneficiary | Affiliated Entity | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 122 | 198 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 117 | 112 |
Other noncurrent assets | 323 | 254 |
Total Assets | 14,585 | 14,654 |
Other current liabilities | 157 | 161 |
Other (includes $54 at 2023 related to VIEs) | 14 | 65 |
Duke Energy Indiana | Affiliated Entity | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 154 | 298 |
Duke Energy Indiana | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Total Assets | 161 | 317 |
Net assets | 161 | 317 |
Duke Energy Indiana | VIE not primary beneficiary | Affiliated Entity | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 161 | 317 |
Pipeline Investments | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | 61 | 43 |
Other noncurrent assets | 43 | 45 |
Total Assets | 104 | 88 |
Other current liabilities | 18 | 59 |
Other (includes $54 at 2023 related to VIEs) | 12 | 47 |
Total liabilities | 30 | 106 |
Net assets | $ 74 | $ (18) |
Variable Interest Entities (Rec
Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | $ 334 | $ 423 |
Less: Retained interests | 122 | 198 |
Net receivables sold | 212 | 225 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | 330 | 508 |
Less: Retained interests | 161 | 317 |
Net receivables sold | $ 169 | $ 191 |
Variable Interest Entities (Sal
Variable Interest Entities (Sales and Cash Flows) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Duke Energy Ohio | ||
Sales | ||
Receivables sold | $ 1,973 | $ 1,869 |
Loss recognized on sale | 25 | 11 |
Cash flows | ||
Cash proceeds from receivables sold | 2,024 | 1,757 |
Collection fees received | 1 | 1 |
Return received on retained interests | 15 | 6 |
Duke Energy Indiana | ||
Sales | ||
Receivables sold | 2,453 | 2,646 |
Loss recognized on sale | 29 | 15 |
Cash flows | ||
Cash proceeds from receivables sold | 2,580 | 2,465 |
Collection fees received | 1 | 1 |
Return received on retained interests | $ 19 | $ 9 |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 142 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 15 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 70 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 36 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 10 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 2 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 8 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 132 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 13 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 62 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 36 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 64 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 4 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 16 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 17 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 15 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 5 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 481 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 17 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 62 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 61 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 51 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 49 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 241 |
Revenue (Remaining Performanc_2
Revenue (Remaining Performance Obligations Total) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 142 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 10 |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 132 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 64 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 481 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 7,977 | $ 7,853 | $ 21,551 | $ 21,373 |
Revenue from sources other than contracts with customers | 17 | (11) | 297 | 44 |
Total operating revenues | 7,994 | 7,842 | 21,848 | 21,417 |
Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,675 | 7,435 | 20,072 | 19,503 |
Total operating revenues | 7,695 | 7,431 | 20,308 | 19,552 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,602 | 3,250 | 9,193 | 8,642 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,229 | 2,077 | 5,936 | 5,498 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 912 | 986 | 2,630 | 2,582 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 647 | 874 | 1,695 | 2,129 |
Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 285 | 248 | 618 | 652 |
Gas Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 294 | 412 | 1,455 | 1,849 |
Total operating revenues | 291 | 404 | 1,516 | 1,843 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 152 | 167 | 838 | 936 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 88 | 108 | 421 | 504 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26 | 34 | 103 | 125 |
Gas Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 28 | 103 | 93 | 284 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24 | |||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8 | 6 | 21 | |
Duke Energy Carolinas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,378 | 2,184 | 6,116 | 5,852 |
Revenue from sources other than contracts with customers | 15 | (9) | 39 | (8) |
Total operating revenues | 2,393 | 2,175 | 6,155 | 5,844 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,378 | 2,184 | 6,116 | 5,852 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 988 | 887 | 2,527 | 2,454 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 779 | 686 | 1,974 | 1,796 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 395 | 366 | 1,011 | 938 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 141 | 140 | 402 | 356 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 105 | 202 | 308 |
Progress Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,027 | 3,869 | 10,211 | 10,054 |
Revenue from sources other than contracts with customers | 28 | 12 | 104 | 33 |
Total operating revenues | 4,055 | 3,881 | 10,315 | 10,087 |
Progress Energy | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,027 | 3,869 | 10,211 | 10,054 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,043 | 1,719 | 5,019 | 4,487 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,089 | 947 | 2,844 | 2,562 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 298 | 298 | 844 | 842 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 422 | 588 | 1,064 | 1,388 |
Progress Energy | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 175 | 317 | 440 | 775 |
Duke Energy Progress | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,890 | 1,967 | 4,836 | 5,173 |
Revenue from sources other than contracts with customers | (4) | 2 | 8 | 9 |
Total operating revenues | 1,886 | 1,969 | 4,844 | 5,182 |
Duke Energy Progress | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,890 | 1,967 | 4,836 | 5,173 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 756 | 670 | 1,902 | 1,824 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 467 | 419 | 1,194 | 1,114 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 203 | 216 | 560 | 594 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 364 | 403 | 942 | 1,033 |
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 100 | 259 | 238 | 608 |
Duke Energy Florida | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,137 | 1,902 | 5,375 | 4,881 |
Revenue from sources other than contracts with customers | 27 | 5 | 81 | 9 |
Total operating revenues | 2,164 | 1,907 | 5,456 | 4,890 |
Duke Energy Florida | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,137 | 1,902 | 5,375 | 4,881 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,287 | 1,049 | 3,117 | 2,663 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 622 | 528 | 1,650 | 1,448 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 95 | 82 | 284 | 248 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 58 | 185 | 122 | 355 |
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 58 | 202 | 167 |
Duke Energy Ohio | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 572 | 630 | 1,846 | 1,801 |
Revenue from sources other than contracts with customers | 5 | (2) | 29 | 10 |
Total operating revenues | 577 | 628 | 1,875 | 1,811 |
Duke Energy Ohio | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 467 | 508 | 1,382 | 1,309 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 268 | 249 | 710 | 656 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 135 | 150 | 411 | 377 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 28 | 62 | 155 | 130 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12 | 32 | 33 | 90 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24 | 15 | 73 | 56 |
Duke Energy Ohio | Gas Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 105 | 122 | 464 | 492 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 73 | 88 | 317 | 331 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24 | 26 | 113 | 128 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | 19 | 17 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | 15 | 16 |
Duke Energy Indiana | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 844 | 1,081 | 2,559 | 2,780 |
Revenue from sources other than contracts with customers | 7 | 14 | 47 | 55 |
Total operating revenues | 851 | 1,095 | 2,606 | 2,835 |
Duke Energy Indiana | Electric Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 844 | 1,081 | 2,559 | 2,780 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 303 | 396 | 937 | 1,046 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 224 | 291 | 706 | 760 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 190 | 260 | 618 | 672 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 71 | 115 | 195 | 296 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 56 | 19 | 103 | 6 |
Piedmont | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 199 | 298 | 1,016 | 1,380 |
Revenue from sources other than contracts with customers | 9 | 8 | 103 | 41 |
Total operating revenues | 208 | 306 | 1,119 | 1,421 |
Piedmont | Gas Utilities and Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 199 | 298 | 1,016 | 1,380 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 80 | 79 | 522 | 605 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 65 | 82 | 309 | 376 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 30 | 84 | 108 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 24 | 69 | 71 |
Piedmont | Gas Utilities and Infrastructure | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 8 | $ 83 | $ 32 | $ 220 |
Revenue (Reserve for Credit Los
Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 199 | $ 135 | $ 216 | $ 121 |
Cumulative Change in Accounting Principle | 203 | 174 | 203 | 174 |
Write-Offs | (36) | (49) | (121) | (103) |
Credit Loss Expense | 23 | 37 | 62 | 81 |
Other Adjustments | 17 | 51 | 46 | 75 |
Ending balance | 203 | 174 | 203 | 174 |
Duke Energy Carolinas | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 57 | 52 | 68 | 42 |
Cumulative Change in Accounting Principle | 56 | 62 | 56 | 62 |
Write-Offs | (14) | (19) | (54) | (44) |
Credit Loss Expense | 5 | 10 | 18 | 23 |
Other Adjustments | 8 | 19 | 24 | 41 |
Ending balance | 56 | 62 | 56 | 62 |
Progress Energy | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 73 | 52 | 81 | 36 |
Cumulative Change in Accounting Principle | 77 | 67 | 77 | 67 |
Write-Offs | (20) | (26) | (60) | (45) |
Credit Loss Expense | 15 | 20 | 33 | 39 |
Other Adjustments | 9 | 21 | 23 | 37 |
Ending balance | 77 | 67 | 77 | 67 |
Duke Energy Progress | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 43 | 31 | 44 | 21 |
Cumulative Change in Accounting Principle | 44 | 41 | 44 | 41 |
Write-Offs | (11) | (11) | (30) | (18) |
Credit Loss Expense | 2 | 5 | 7 | 11 |
Other Adjustments | 10 | 16 | 23 | 27 |
Ending balance | 44 | 41 | 44 | 41 |
Duke Energy Florida | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 30 | 21 | 36 | 16 |
Cumulative Change in Accounting Principle | 34 | 26 | 34 | 26 |
Write-Offs | (8) | (15) | (28) | (28) |
Credit Loss Expense | 13 | 15 | 26 | 28 |
Other Adjustments | (1) | 5 | 10 | |
Ending balance | 34 | 26 | 34 | 26 |
Duke Energy Ohio | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8 | 4 | 6 | 4 |
Cumulative Change in Accounting Principle | 8 | 6 | 8 | 6 |
Credit Loss Expense | 2 | 2 | 2 | |
Ending balance | 8 | 6 | 8 | 6 |
Duke Energy Indiana | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4 | 3 | 4 | 3 |
Cumulative Change in Accounting Principle | 5 | 4 | 5 | 4 |
Credit Loss Expense | 1 | 1 | 1 | 1 |
Ending balance | 5 | 4 | 5 | 4 |
Piedmont | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 13 | 15 | 14 | 15 |
Cumulative Change in Accounting Principle | 10 | 14 | 10 | 14 |
Write-Offs | (5) | (4) | (11) | (10) |
Credit Loss Expense | 2 | 3 | 7 | 9 |
Ending balance | $ 10 | $ 14 | $ 10 | $ 14 |
Revenue (Aging of Trade Receiva
Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | $ 977 | $ 1,457 |
Current | 2,538 | 2,347 |
Deferred Payment Arrangements | 104 | 160 |
Trade and Other Receivables | 4,278 | 4,631 |
30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 114 | 123 |
60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 53 | 74 |
Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 258 | 261 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 234 | 209 |
Duke Energy Carolinas | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 356 | 486 |
Current | 795 | 577 |
Deferred Payment Arrangements | 31 | 57 |
Trade and Other Receivables | 1,363 | 1,334 |
Duke Energy Carolinas | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 31 | 23 |
Duke Energy Carolinas | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 19 | 25 |
Duke Energy Carolinas | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 71 | 96 |
Duke Energy Carolinas | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 60 | 70 |
Progress Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 333 | 355 |
Current | 1,233 | 1,059 |
Deferred Payment Arrangements | 50 | 62 |
Trade and Other Receivables | 1,886 | 1,689 |
Progress Energy | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 57 | 61 |
Progress Energy | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 21 | 18 |
Progress Energy | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 121 | 60 |
Progress Energy | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 71 | 74 |
Duke Energy Progress | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 206 | 232 |
Current | 658 | 637 |
Deferred Payment Arrangements | 27 | 35 |
Trade and Other Receivables | 1,004 | 1,004 |
Duke Energy Progress | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 38 | 49 |
Duke Energy Progress | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 7 | 9 |
Duke Energy Progress | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 44 | 15 |
Duke Energy Progress | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 24 | 27 |
Duke Energy Florida | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 127 | 123 |
Current | 573 | 417 |
Deferred Payment Arrangements | 23 | 27 |
Trade and Other Receivables | 880 | 680 |
Duke Energy Florida | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 19 | 12 |
Duke Energy Florida | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 14 | 9 |
Duke Energy Florida | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 77 | 45 |
Duke Energy Florida | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 47 | 47 |
Duke Energy Ohio | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 2 | 20 |
Current | 55 | 15 |
Deferred Payment Arrangements | 3 | 4 |
Trade and Other Receivables | 105 | 79 |
Duke Energy Ohio | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 95 | 148 |
Duke Energy Ohio | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 2 | 6 |
Duke Energy Ohio | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 1 | 3 |
Duke Energy Ohio | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 5 | 5 |
Duke Energy Ohio | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 37 | 26 |
Duke Energy Indiana | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 27 | 28 |
Current | 54 | 52 |
Trade and Other Receivables | 122 | 116 |
Duke Energy Indiana | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 156 | 260 |
Duke Energy Indiana | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 5 | 2 |
Duke Energy Indiana | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 2 | 11 |
Duke Energy Indiana | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 10 | 17 |
Duke Energy Indiana | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 24 | 6 |
Piedmont | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 8 | 160 |
Current | 83 | 265 |
Deferred Payment Arrangements | 1 | |
Trade and Other Receivables | 109 | 450 |
Piedmont | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 5 | 3 |
Piedmont | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 3 | 2 |
Piedmont | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | 5 | 15 |
Piedmont | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and other receivables | $ 5 | $ 4 |
Stockholders' Equity (Earnings
Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ 1,213 | $ 1,383 | $ 1,744 | $ 3,094 |
Accumulated preferred stock dividends adjustment | 12 | 12 | 12 | 12 |
Less: Impact of participating securities | 2 | 1 | 4 | 2 |
Income from continuing operations available to Duke Energy common stockholders | 1,413 | 1,371 | 3,035 | 3,042 |
(Loss) Income from discontinued operations, net of tax | (152) | 3 | (1,316) | (30) |
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations | (38) | 20 | 33 | 92 |
Discontinued operations | $ (190) | $ 23 | $ (1,283) | $ 62 |
Weighted average common shares outstanding – basic (in shares) | 771 | 770 | 771 | 770 |
Weighted average common shares outstanding – diluted (in shares) | 771 | 770 | 771 | 770 |
Basic (in usd per share) | $ 1.83 | $ 1.78 | $ 3.94 | $ 3.95 |
Diluted (in usd per share) | 1.83 | 1.78 | 3.94 | 3.95 |
EPS from continuing operations available to Duke Energy common stockholders | ||||
Basic (usd per share) | (0.24) | 0.03 | (1.67) | 0.08 |
Diluted (usd per share) | $ (0.24) | $ 0.03 | $ (1.67) | $ 0.08 |
Potentially dilutive items excluded from the calculation (in shares) | 2 | 2 | 2 | 2 |
Common Stock | ||||
EPS from continuing operations available to Duke Energy common stockholders | ||||
Dividends declared per common share (in usd per share) | $ 1.025 | $ 1.005 | $ 3.035 | $ 2.975 |
Preferred stock, Series A | ||||
EPS from continuing operations available to Duke Energy common stockholders | ||||
Dividends declared on preferred stock per depositary share (in usd per share) | 0.359 | 0.359 | $ 1.078 | 1.078 |
Cumulative dividend rate per annum | 5.75% | |||
Liquidation preference per share (in usd per share) | 25 | $ 25 | ||
Preferred stock, Series B | ||||
EPS from continuing operations available to Duke Energy common stockholders | ||||
Dividends declared on preferred stock per depositary share (in usd per share) | 24.375 | $ 24.375 | $ 48.750 | $ 48.750 |
Cumulative dividend rate per annum | 4.875% | |||
Liquidation preference per share (in usd per share) | $ 1,000 | $ 1,000 |
Employee Benefit Plans (Plan Co
Employee Benefit Plans (Plan Contributions) (Details) - Qualified Pension Plans - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | $ 100 | $ 58 |
Duke Energy Carolinas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 26 | 15 |
Progress Energy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 22 | 13 |
Duke Energy Progress | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 13 | 8 |
Duke Energy Florida | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 9 | 5 |
Duke Energy Ohio | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 5 | 3 |
Duke Energy Indiana | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | 8 | 5 |
Piedmont | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2023000000 | $ 3 | $ 2 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - Qualified Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 28 | $ 39 | $ 87 | $ 120 |
Interest cost on projected benefit obligation | 86 | 58 | 258 | 175 |
Expected return on plan assets | (147) | (140) | (441) | (421) |
Amortization of actuarial loss | 2 | 24 | 7 | 71 |
Amortization of prior service credit | (3) | (5) | (10) | (14) |
Amortization of settlement charges | 5 | 14 | 14 | 18 |
Net periodic pension costs | (29) | (10) | (85) | (51) |
Duke Energy Carolinas | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 9 | 12 | 28 | 38 |
Interest cost on projected benefit obligation | 21 | 14 | 63 | 41 |
Expected return on plan assets | (40) | (38) | (120) | (114) |
Amortization of actuarial loss | 0 | 5 | 1 | 15 |
Amortization of prior service credit | 0 | (1) | 0 | (3) |
Amortization of settlement charges | 3 | 3 | 7 | 6 |
Net periodic pension costs | (7) | (5) | (21) | (17) |
Progress Energy | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 9 | 11 | 25 | 34 |
Interest cost on projected benefit obligation | 26 | 19 | 80 | 55 |
Expected return on plan assets | (50) | (46) | (149) | (139) |
Amortization of actuarial loss | 1 | 6 | 3 | 19 |
Amortization of settlement charges | 1 | 5 | 3 | 6 |
Net periodic pension costs | (13) | (5) | (38) | (25) |
Duke Energy Progress | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 5 | 6 | 15 | 20 |
Interest cost on projected benefit obligation | 12 | 9 | 37 | 25 |
Expected return on plan assets | (24) | (22) | (70) | (66) |
Amortization of actuarial loss | 0 | 3 | 1 | 10 |
Amortization of settlement charges | 1 | 4 | 3 | 5 |
Net periodic pension costs | (6) | 0 | (14) | (6) |
Duke Energy Florida | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 3 | 4 | 10 | 14 |
Interest cost on projected benefit obligation | 14 | 10 | 43 | 30 |
Expected return on plan assets | (26) | (24) | (78) | (72) |
Amortization of actuarial loss | 1 | 3 | 2 | 9 |
Amortization of settlement charges | 1 | 1 | 1 | |
Net periodic pension costs | (8) | (6) | (22) | (18) |
Duke Energy Ohio | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 1 | 1 | 2 | 3 |
Interest cost on projected benefit obligation | 4 | 3 | 13 | 9 |
Expected return on plan assets | (6) | (6) | (18) | (17) |
Amortization of actuarial loss | 2 | 4 | ||
Amortization of settlement charges | 2 | 2 | ||
Net periodic pension costs | (1) | 2 | (3) | 1 |
Duke Energy Indiana | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 1 | 3 | 4 | 7 |
Interest cost on projected benefit obligation | 6 | 4 | 20 | 14 |
Expected return on plan assets | (10) | (9) | (30) | (28) |
Amortization of actuarial loss | 1 | 3 | 2 | 8 |
Amortization of prior service credit | (1) | (1) | ||
Amortization of settlement charges | 1 | 1 | 1 | |
Net periodic pension costs | (2) | 2 | (4) | 1 |
Piedmont | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 1 | 1 | 3 | 4 |
Interest cost on projected benefit obligation | 2 | 2 | 7 | 6 |
Expected return on plan assets | (5) | (6) | (15) | (18) |
Amortization of actuarial loss | 2 | 5 | ||
Amortization of prior service credit | (1) | (2) | (5) | (6) |
Amortization of settlement charges | 1 | 2 | 3 | 2 |
Net periodic pension costs | $ (2) | $ (1) | $ (7) | $ (7) |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rates) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 2.80% | 10.10% | 9% | 8.60% |
Duke Energy Carolinas | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 4.90% | 5.20% | 8% | 6.30% |
Progress Energy | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 15.70% | 15.80% | 16.20% | 16.20% |
Duke Energy Progress | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 11.80% | 12.90% | 13% | 13.40% |
Duke Energy Florida | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 20.80% | 18.40% | 20.30% | 19.40% |
Duke Energy Ohio | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 14.90% | 14.20% | 15.80% | (14.60%) |
Duke Energy Indiana | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 18.50% | 16.80% | 17.80% | 0.50% |
Piedmont | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Effective tax rate | 26.30% | 21.40% | 17.20% | 9.10% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Domestic Tax Authority | |
Tax Credit Carryforward [Line Items] | |
Favorable tax adjustment | $ (120) |