SEC Info - Duke Energy Corp. - ‘8-K’ for 5/10/21

SEC Info℠

Home

Help

Please Sign In

Duke Energy Corp. – ‘8-K’ for 5/10/21 – ‘EX-99.1’

On: Monday, 5/10/21, at 6:44am ET · For: 5/10/21 · Accession #: 1326160-21-133 · File #: 1-32853

  As Of               Filer                 Filing    For·On·As Docs:Size

 5/10/21  Duke Energy Corp.                 8-K:2,9     5/10/21   13:2.4M

Current Report — Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     31K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    548K 
 9: R1          Cover Page                                          HTML     57K 
11: XML         IDEA XML File -- Filing Summary                      XML     13K 
 8: XML         XBRL Instance -- duk-20210510_htm                    XML     35K 
10: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.CAL  XBRL Calculations -- duk-20210510_cal                XML      7K 
 5: EX-101.DEF  XBRL Definitions -- duk-20210510_def                 XML     43K 
 6: EX-101.LAB  XBRL Labels -- duk-20210510_lab                      XML     92K 
 7: EX-101.PRE  XBRL Presentations -- duk-20210510_pre               XML     43K 
 3: EX-101.SCH  XBRL Schema -- duk-20210510                          XSD     14K 
12: JSON        XBRL Instance as JSON Data -- MetaLinks               15±    22K 
13: ZIP         XBRL Zipped Folder -- 0001326160-21-000133-xbrl      Zip    190K

‘EX-99.1’ — Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

<! C: C:

Document


News Release

Media Contact: Catherine Butler

24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan

Office: 980.373.3564

May 10, 2021

Duke Energy reports first quarter 2021 financial results

▪First quarter 2021 reported EPS of $1.25 and adjusted EPS of $1.26

▪Delivered strong adjusted EPS results to start the year, driven by Electric Utilities and Infrastructure growth

▪Advanced clean energy transformation with 570 MW of renewable generation placed in service and the retirement of a 270 MW coal unit during the quarter

▪Company reaffirms 2021 adjusted EPS guidance range of $5.00 to $5.30 and long-term adjusted EPS growth rate of 5% to 7% through 2025

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first quarter 2021 reported EPS of $1.25, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.26. This is compared to reported EPS of $1.24 and adjusted EPS of $1.14 for the first quarter of 2020.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the first quarter 2021 reported and adjusted EPS was due to exit obligations from gas pipeline investments.

Higher first quarter 2021 adjusted results were led by growth in Electric Utilities and Infrastructure from rate case contributions and prior year unfavorable weather. Gas Utilities and Infrastructure also benefited from customer growth, rate case contributions and rider programs. Higher market returns on certain benefit trusts and lower financing costs drove higher results in the Other segment. These items were partially offset by impacts from Texas Storm Uri, the loss of ACP earnings, higher depreciation and amortization on a growing asset base and share dilution.

“We’re off to a very strong start in 2021, executing well and delivering on our commitments to our customers, communities and investors,” said Lynn Good, Duke Energy chair, president and chief executive officer. “We are positioned to deliver sustainable long-term value as we accelerate our clean energy transformation by investing in renewables, battery storage and in our delivery system. As a result, we have reaffirmed our 2021 adjusted EPS guidance range of $5.00 to $5.30 and long-term growth rate of 5% to 7%, off the 2021 midpoint.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of first quarter 2021 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

On a reported and adjusted basis, Electric Utilities and Infrastructure recognized first quarter 2021 segment income of $820 million, compared to segment income of $705 million in the first quarter of 2020, an increase of $0.15 per share, excluding share dilution of $0.04 per share. Higher quarterly results were primarily due to contributions from rate cases (+$0.10 per share), prior year unfavorable weather (+$0.09 per share) and timing of O&M expenses (+$0.03 per share). These results were partially offset by higher depreciation and amortization on a growing asset base (-$0.04 per share) and unfavorable retail and wholesale volumes (-$0.03 per share). First quarter 2020 retail and wholesale volumes were on a pre-pandemic basis.

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized first quarter 2021 segment income of $245 million, compared to $249 million in the first quarter of 2020. Lower first quarter 2021 results include exit obligations for ACP. These charges were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Gas Utilities and Infrastructure recognized first quarter 2021 segment income of $250 million, compared to $249 million in the first quarter of 2020, flat excluding share dilution of $0.02 per share. Riders and margin expansion (+$0.03 per share) and contributions from the Tennessee rate case (+$0.01 per share) were offset by the loss of ACP earnings (-$0.03 per share) and higher property taxes and depreciation on a growing asset base (-$0.01).

Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized first quarter 2021 segment income of $27 million, compared to reported and adjusted segment income of $57 million in the first quarter of 2020. This represents a decrease of $0.04 per share due to impacts from Texas Storm Uri in February 2021.

Duke Energy News Release 3

Other

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

On a reported and adjusted basis, Other recognized a first quarter 2021 net loss of $139 million. This is compared to a reported and adjusted net loss of $112 million and $187 million, respectively, in the first quarter of 2020, an increase of $0.06 per share, excluding share dilution of -$0.01 per share. Higher quarterly results at Other were primarily due to market returns on certain benefit trusts (+$0.04 per share) and lower financing costs (+$0.02 per share).

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2021 was 8.2% compared to 13.3% in the first quarter of 2020. The decrease in the effective tax rate was primarily due to an increase in the amortization of excess deferred taxes.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the first quarter of 2021 was 8.1% compared to 12.2% in the first quarter of 2020. The decrease was primarily due to an increase in the amortization of excess deferred taxes.

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

Earnings conference call for analysts

An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss first quarter 2021 financial results. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 800.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 5906267. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available until 1 p.m. ET, May 20, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 5906267. An audio replay and transcript will also be available by accessing the investors section of the company’s website.

Duke Energy News Release 4

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted earnings per share for first quarter 2021 and 2020 financial results:


(In millions, except per share amounts)	After-Tax Amount		1Q 2021 EPS		1Q 2020 EPS
EPS, as reported			$	1.25	$	1.24
Adjustments to reported EPS:
First Quarter 2021

Exit obligations for gas pipeline investments	$	5	0.01



First Quarter 2020

Severance	$	(75)			(0.10)



Total adjustments			$	0.01	$	(0.10)
EPS, adjusted			$	1.26	$	1.14

Non-GAAP financial measures

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

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

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

•Gas Pipeline Investments represents additional exit obligations related to ACP.

•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.

Duke Energy News Release 5

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

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

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

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

Duke Energy News Release 6

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.

Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to operate or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2021 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-Looking Information

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

◦The impact of the COVID-19 pandemic;

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

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

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

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

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;

Duke Energy News Release 7

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;

◦Advancements in technology;

◦Additional competition in electric and natural gas markets and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing customer expectations and demands including heightened emphasis on environmental, social and governance concerns;

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

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

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

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

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

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

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

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

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

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

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

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

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

◦The ability to implement our business strategy, including enhancing existing technology systems.

Duke Energy News Release 8

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2021

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Gas Pipeline Investments			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	820	$	—		$	—	$	820
Gas Utilities and Infrastructure	245		5		A	5		250
Commercial Renewables	27		—			—		27
Total Reportable Segment Income	1,092		5			5		1,097
Other	(139)		—			—		(139)


Net Income Available to Duke Energy Corporation Common Stockholders	$	953	$	5		$	5	$	958
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.25	$	0.01		$	0.01	$	1.26

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

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

Weighted Average Shares (reported and adjusted) – 769 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2020

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Severance			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	705	$	—		$	—	$	705
Gas Utilities and Infrastructure	249		—			—		249
Commercial Renewables	57		—			—		57
Total Reportable Segment Income	1,011		—			—		1,011

Other	(112)		(75)		A	(75)		(187)


Net Income Available to Duke Energy Corporation Common Stockholders	$	899	$	(75)		$	(75)	$	824
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.24	$	(0.10)		$	(0.10)	$	1.14

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

A – Net of $23 million tax expense. $98 million reversal of 2018 charges recorded within Operations, maintenance and other on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 734 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2021

(Dollars in millions)


	Three Months Ended March 31, 2021
		Balance		Effective Tax Rate

Reported Income Before Income Taxes		$	1,025

Exit Obligations for Gas Pipeline Investments		6


Noncontrolling Interests		51
Preferred Dividends		(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	1,043

Reported Income Tax Expense		$	84	8.2	%

Gas Pipeline Investments		1


Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	85	8.1	%


	Three Months Ended March 31, 2020
		Balance		Effective Tax Rate

Reported Income Before Income Taxes		$	1,027
Severance		(98)
Noncontrolling Interests		48
Preferred Dividends		(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	938

Reported Income Tax Expense		$	137	13.3	%
Severance		(23)


Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	114	12.2	%

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2021 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Consolidated
2020 YTD Reported Earnings Per Share	$	0.96	$	0.35	$	0.08	$	(0.15)		$	1.24







Severance	—		—		—		(0.10)			(0.10)
2020 YTD Adjusted Earnings Per Share	$	0.96	$	0.35	$	0.08	$	(0.25)		$	1.14
Weather	0.09		—		—		—			0.09
Volume	(0.01)		—		—		—			(0.01)
Riders and Other Retail Margin	—		0.03		—		—			0.03
Rate case impacts, net(a)	0.10		0.01		—		—			0.11
Wholesale	(0.02)		—		—		—			(0.02)
Operations and maintenance, net of recoverables(b)	0.03		—		—		—			0.03
Midstream Gas Pipelines(c)	—		(0.03)		—		—			(0.03)
Duke Energy Renewables(d)	—		—		(0.04)		—			(0.04)
Interest Expense	0.01		—		—		0.02			0.03

Depreciation and amortization(e)	(0.04)		—		—		—			(0.04)

Other(f)	(0.01)		(0.01)		—		0.04			0.02
Total variance before share count	$	0.15	$	—	$	(0.04)	$	0.06		$	0.17
Change in share count	(0.04)		(0.02)		—		0.01			(0.05)
2021 YTD Adjusted Earnings Per Share	$	1.07	$	0.33	$	0.04	$	(0.18)		$	1.26



Gas Pipeline Investments	—		(0.01)		—		—			(0.01)
2021 YTD Reported Earnings Per Share	$	1.07	$	0.32	$	0.04	$	(0.18)		$	1.25

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 734 million shares to 769 million.

(a) Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.08), DEI base rate increases, effective August 2020 (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont Tennessee rate case, effective January 2021.

(b) Primarily due to lower labor costs and employee-related expenses, partially offset by higher storm costs.

(d) Primarily due to Texas Storm Uri in February 2021.

(e) Excludes rate case impacts.

(f) Other includes market returns certain benefit trusts.


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)


	Three Months Ended March 31,
		2021		2020
Operating Revenues
Regulated electric		$	5,219	$	5,124
Regulated natural gas		749		638
Nonregulated electric and other		182		187
Total operating revenues		6,150		5,949
Operating Expenses
Fuel used in electric generation and purchased power		1,443		1,447
Cost of natural gas		276		199
Operation, maintenance and other		1,402		1,339
Depreciation and amortization		1,226		1,130
Property and other taxes		353		345
Impairment of assets and other charges		—		2
Total operating expenses		4,700		4,462
Gains on Sales of Other Assets and Other, net		—		1
Operating Income		1,450		1,488
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates		(17)		44
Other income and expenses, net		127		46
Total other income and expenses		110		90
Interest Expense		535		551
Income Before Income Taxes		1,025		1,027
Income Tax Expense		84		137


Net Income		941		890
Add: Net Loss Attributable to Noncontrolling Interests		51		48
Net Income Attributable to Duke Energy Corporation		992		938
Less: Preferred Dividends		39		39
Net Income Available to Duke Energy Corporation Common Stockholders		$	953	$	899

Earnings Per Share – Basic and Diluted






Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	1.25	$	1.24

Weighted average shares outstanding
Basic		769		734
Diluted		769		736

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	March 31, 2021		December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents	$	379	$	259

Receivables (net of allowance for doubtful accounts of $31 at 2021 and $29 at 2020)	950		1,009
Receivables of VIEs (net of allowance for doubtful accounts of $116 at 2021 and $117 at 2020)	1,834		2,144
Inventory	3,076		3,167

Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs)	1,650		1,641
Other (includes $333 at 2021 and $296 at 2020 related to VIEs)	619		462
Total current assets	8,508		8,682
Property, Plant and Equipment
Cost	157,372		155,580
Accumulated depreciation and amortization	(49,772)		(48,827)
Generation facilities to be retired, net	29		29
Net property, plant and equipment	107,629		106,782
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $927 at 2021 and $937 at 2020 related to VIEs)	12,441		12,421
Nuclear decommissioning trust funds	9,410		9,114
Operating lease right-of-use assets, net	1,540		1,524
Investments in equity method unconsolidated affiliates	919		961

Other (includes $82 at 2021 and $81 at 2020 related to VIEs)	3,715		3,601
Total other noncurrent assets	47,328		46,924
Total Assets	$	163,465	$	162,388
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	2,497	$	3,144
Notes payable and commercial paper	4,064		2,873
Taxes accrued	574		482
Interest accrued	536		537
Current maturities of long-term debt (includes $472 at 2021 and 2020 related to VIEs)	5,586		4,238

Asset retirement obligations	709		718
Regulatory liabilities	1,509		1,377
Other	1,858		2,936
Total current liabilities	17,333		16,305
Long-Term Debt (includes $3,686 at 2021 and $3,535 at 2020 related to VIEs)	54,768		55,625
Other Noncurrent Liabilities
Deferred income taxes	9,459		9,244
Asset retirement obligations	12,299		12,286
Regulatory liabilities	15,070		15,029
Operating lease liabilities	1,352		1,340
Accrued pension and other post-retirement benefit costs	1,010		969
Investment tax credits	747		687

Other (includes $331 at 2021 and $316 at 2020 related to VIEs)	1,769		1,719
Total other noncurrent liabilities	41,706		41,274
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020	989		989
Common Stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 2020	1		1
Additional paid-in capital	43,761		43,767
Retained earnings	2,680		2,471
Accumulated other comprehensive loss	(218)		(237)
Total Duke Energy Corporation stockholders' equity	48,186		47,964
Noncontrolling interests	1,472		1,220
Total equity	49,658		49,184
Total Liabilities and Equity	$	163,465	$	162,388


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)

	Three Months Ended March 31,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	941	$	890
Adjustments to reconcile net income to net cash provided by operating activities	1,147		664
Net cash provided by operating activities	2,088		1,554

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(3,137)		(3,022)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,185		2,593



Net increase in cash, cash equivalents and restricted cash	136		1,125
Cash, cash equivalents and restricted cash at beginning of period	556		573
Cash, cash equivalents and restricted cash at end of period	$	692	$	1,698

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,281	$	—	$	—	$	—	$	(62)	$	5,219
Regulated natural gas	—		772		—		—		(23)		749
Nonregulated electric and other	—		3		119		26		34		182
Total operating revenues	5,281		775		119		26		(51)		6,150
Operating Expenses
Fuel used in electric generation and purchased power	1,462		—		—		—		(19)		1,443
Cost of natural gas	—		276		—		—		—		276
Operation, maintenance and other	1,282		102		72		(24)		(30)		1,402
Depreciation and amortization	1,057		68		53		55		(7)		1,226
Property and other taxes	311		35		9		(3)		1		353

Total operating expenses	4,112		481		134		28		(55)		4,700

Operating Income (Loss)	1,169		294		(15)		(2)		4		1,450
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	3		—		(27)		7		—		(17)
Other income and expenses, net	101		17		2		14		(7)		127
Total Other Income and Expenses	104		17		(25)		21		(7)		110
Interest Expense	340		33		13		151		(2)		535
Income (Loss) Before Income Taxes	933		278		(53)		(132)		(1)		1,025
Income Tax Expense (Benefit)	113		33		(29)		(32)		(1)		84
Net Income (Loss)	820		245		(24)		(100)		—		941
Add: Net Loss Attributable to Noncontrolling Interest	—		—		51		—		—		51
Net Income Attributable to Duke Energy Corporation	820		245		27		(100)		—		992
Less: Preferred Dividends	—		—		—		39		—		39




Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	820	$	245	$	27	$	(139)	$	—	$	953
Special Item	—		5		—		—		—		5
Adjusted Earnings(a)	$	820	$	250	$	27	$	(139)	$	—	$	958

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,183	$	—	$	1	$	—	$	(60)	$	5,124
Regulated natural gas	—		661		—		—		(23)		638
Nonregulated electric and other	—		3		128		23		33		187
Total operating revenues	5,183		664		129		23		(50)		5,949
Operating Expenses
Fuel used in electric generation and purchased power	1,467		—		—		—		(20)		1,447
Cost of natural gas	—		199		—		—		—		199
Operation, maintenance and other	1,325		110		69		(138)		(27)		1,339
Depreciation and amortization	977		66		48		45		(6)		1,130
Property and other taxes	303		30		8		4		—		345
Impairment of assets and other charges	2		—		—		—		—		2
Total operating expenses	4,074		405		125		(89)		(53)		4,462
Gains on Sales of Other Assets and Other, net	1		—		—		—		—		1
Operating Income	1,110		259		4		112		3		1,488
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	2		37		(2)		7		—		44
Other income and expenses, net	83		12		1		(40)		(10)		46
Total Other Income and Expenses	85		49		(1)		(33)		(10)		90
Interest Expense	339		31		18		171		(8)		551
Income (Loss) Before Income Taxes	856		277		(15)		(92)		1		1,027
Income Tax Expense (Benefit)	151		28		(24)		(19)		1		137
Net Income (Loss)	705		249		9		(73)		—		890
Add: Net Loss Attributable to Noncontrolling Interest	—		—		48		—		—		48
Net Income Attributable to Duke Energy Corporation	705		249		57		(73)		—		938
Less: Preferred Dividends	—		—		—		39		—		39




Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	705	$	249	$	57	$	(112)	$	—	$	899
Special Item	—		—		—		(75)		—		(75)
Adjusted Earnings(a)	$	705	$	249	$	57	$	(187)	$	—	$	824

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	March 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	110	$	6	$	13	$	251	$	(1)	$	379

Receivables, net	487		266		191		5		1		950
Receivables of variable interest entities, net	1,834		—		—		—		—		1,834
Receivables from affiliated companies	117		337		655		1,212		(2,321)		—
Notes receivable from affiliated companies	21		189		—		1,110		(1,320)		—
Inventory	2,885		54		93		45		(1)		3,076

Regulatory assets	1,434		119		—		97		—		1,650
Other	337		18		241		83		(60)		619
Total current assets	7,225		989		1,193		2,803		(3,702)		8,508
Property, Plant and Equipment
Cost	135,001		13,056		6,910		2,504		(99)		157,372
Accumulated depreciation and amortization	(44,481)		(2,609)		(1,272)		(1,409)		(1)		(49,772)
Generation facilities to be retired, net	29		—		—		—		—		29
Net property, plant and equipment	90,549		10,447		5,638		1,095		(100)		107,629
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		—		19,303
Regulatory assets	11,198		731		—		513		(1)		12,441
Nuclear decommissioning trust funds	9,410		—		—		—		—		9,410
Operating lease right-of-use assets, net	1,123		19		122		276		—		1,540
Investments in equity method unconsolidated affiliates	108		215		484		112		—		919
Investment in consolidated subsidiaries	558		3		—		65,375		(65,936)		—

Other	2,063		305		113		1,857		(623)		3,715
Total other noncurrent assets	41,839		3,197		719		68,133		(66,560)		47,328
Total Assets	139,613		14,633		7,550		72,031		(70,362)		163,465
Segment reclassifications, intercompany balances and other	(879)		(494)		(656)		(68,321)		70,350		—
Segment Assets	$	138,734	$	14,139	$	6,894	$	3,710	$	(12)	$	163,465

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	March 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	1,819	$	214	$	108	$	355	$	1	$	2,497
Accounts payable to affiliated companies	608		22		658		945		(2,233)		—
Notes payable to affiliated companies	1,113		80		50		89		(1,332)		—
Notes payable and commercial paper	—		—		89		3,975		—		4,064
Taxes accrued	582		50		(150)		93		(1)		574
Interest accrued	357		45		2		133		(1)		536
Current maturities of long-term debt	2,888		187		166		2,349		(4)		5,586

Asset retirement obligations	709		—		—		—		—		709
Regulatory liabilities	1,417		91		—		1		—		1,509
Other	1,336		116		106		437		(137)		1,858
Total current liabilities	10,829		805		1,029		8,377		(3,707)		17,333
Long-Term Debt	33,899		3,649		1,585		15,730		(95)		54,768
Long-Term Debt Payable to Affiliated Companies	618		7		—		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	10,533		1,140		(595)		(1,619)		—		9,459
Asset retirement obligations	12,081		63		155		—		—		12,299
Regulatory liabilities	13,621		1,426		—		23		—		15,070
Operating lease liabilities	1,027		17		126		182		—		1,352
Accrued pension and other post-retirement benefit costs	456		37		(27)		545		(1)		1,010
Investment tax credits	745		2		—		—		—		747

Other	803		261		357		536		(188)		1,769
Total other noncurrent liabilities	39,266		2,946		16		(333)		(189)		41,706
Equity
Total Duke Energy Corporation stockholders' equity	55,001		7,226		3,450		48,255		(65,746)		48,186
Noncontrolling interests	—		—		1,470		2		—		1,472
Total equity	55,001		7,226		4,920		48,257		(65,746)		49,658
Total Liabilities and Equity	139,613		14,633		7,550		72,031		(70,362)		163,465
Segment reclassifications, intercompany balances and other	(879)		(494)		(656)		(68,321)		70,350		—
Segment Liabilities and Equity	$	138,734	$	14,139	$	6,894	$	3,710	$	(12)	$	163,465

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended March 31, 2021
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	1,716	$	1,401	$	1,101	$	363	$	745	$	(45)	$	5,281
Operating Expenses
Fuel used in electric generation and purchased power	422		436		359		82		217		(54)		1,462
Operation, maintenance and other	432		352		238		81		176		3		1,282
Depreciation and amortization	359		285		200		54		152		7		1,057
Property and other taxes	83		49		93		71		21		(6)		311

Total operating expenses	1,296		1,122		890		288		566		(50)		4,112

Operating Income	420		279		211		75		179		5		1,169
Other Income and Expenses, net(b)	48		24		18		4		9		1		104
Interest Expense	124		69		80		22		50		(5)		340
Income Before Income Taxes	344		234		149		57		138		11		933
Income Tax Expense	25		21		30		7		24		6		113
Segment Income	$	319	$	213	$	119	$	50	$	114	$	5	$	820

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

(b) Includes an equity component of allowance for funds used during construction of $16 million for Duke Energy Carolinas, $8 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	March 31, 2021
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	12	$	46	$	22	$	13	$	17	$	—	$	110

Receivables, net	171		80		84		88		63		1		487
Receivables of variable interest entities, net	613		422		327		—		—		472		1,834
Receivables from affiliated companies	119		70		7		58		62		(199)		117
Notes receivable from affiliated companies	—		—		—		—		51		(30)		21
Inventory	1,021		882		455		91		436		—		2,885

Regulatory assets	433		469		352		23		151		6		1,434
Other	90		138		82		(3)		34		(4)		337
Total current assets	2,459		2,107		1,329		270		814		246		7,225
Property, Plant and Equipment
Cost	51,027		36,077		22,459		7,500		17,548		390		135,001
Accumulated depreciation and amortization	(17,690)		(13,064)		(5,646)		(2,249)		(5,821)		(11)		(44,481)
Generation facilities to be retired, net	—		29		—		—		—		—		29
Net property, plant and equipment	33,337		23,042		16,813		5,251		11,727		379		90,549
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	3,028		4,033		1,717		353		1,217		850		11,198
Nuclear decommissioning trust funds	5,147		3,645		617		—		—		1		9,410
Operating lease right-of-use assets, net	105		386		333		20		54		225		1,123
Investments in equity method unconsolidated affiliates	—		—		1		—		—		107		108
Investment in consolidated subsidiaries	49		14		2		244		1		248		558

Other	1,186		759		354		58		251		(545)		2,063
Total other noncurrent assets	9,515		8,837		3,024		1,271		1,523		17,669		41,839
Total Assets	45,311		33,986		21,166		6,792		14,064		18,294		139,613
Segment reclassifications, intercompany balances and other	(313)		(119)		(103)		(248)		(77)		(19)		(879)
Reportable Segment Assets	$	44,998	$	33,867	$	21,063	$	6,544	$	13,987	$	18,275	$	138,734

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

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	March 31, 2021
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	643	$	339	$	457	$	217	$	163	$	—	$	1,819
Accounts payable to affiliated companies	206		225		108		17		72		(20)		608
Notes payable to affiliated companies	508		163		279		180		—		(17)		1,113

Taxes accrued	140		75		85		166		122		(6)		582
Interest accrued	128		71		75		24		59		—		357
Current maturities of long-term debt	507		1,302		824		23		123		109		2,888

Asset retirement obligations	258		267		—		8		176		—		709
Regulatory liabilities	559		618		84		37		119		—		1,417
Other	440		382		356		63		83		12		1,336
Total current liabilities	3,389		3,442		2,268		735		917		78		10,829
Long-Term Debt	11,522		7,904		7,060		2,446		3,818		1,149		33,899
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	3,960		2,386		2,210		711		1,231		35		10,533
Asset retirement obligations	5,117		5,366		493		61		997		47		12,081
Regulatory liabilities	6,540		4,454		672		343		1,629		(17)		13,621
Operating lease liabilities	93		356		292		20		52		214		1,027
Accrued pension and other post-retirement benefit costs	72		240		230		85		172		(343)		456
Investment tax credits	235		131		208		3		168		—		745

Other	617		87		59		59		34		(53)		803
Total other noncurrent liabilities	16,634		13,020		4,164		1,282		4,283		(117)		39,266



Equity	13,466		9,470		7,674		2,311		4,896		17,184		55,001
Total Liabilities and Equity	45,311		33,986		21,166		6,792		14,064		18,294		139,613
Segment reclassifications, intercompany balances and other	(313)		(119)		(103)		(248)		(77)		(19)		(879)
Reportable Segment Liabilities and Equity	$	44,998	$	33,867	$	21,063	$	6,544	$	13,987	$	18,275	$	138,734

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended March 31, 2021
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Gas Utilities and Infrastructure(b)



Operating Revenues	$	169	$	606	$	775
Operating Expenses
Cost of natural gas	51		225		276
Operation, maintenance and other	25		77		102
Depreciation and amortization	20		48		68
Property and other taxes	21		14		35

Total operating expenses	117		364		481

Operating Income	52		242		294


Other income and expenses, net	2		15		17

Interest Expense	4		29		33
Income Before Income Taxes	50		228		278
Income Tax Expense	7		26		33
Segment Income	$	43	$	202	$	245

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

(b) Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	March 31, 2021
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	4	$	1	$	—	$	1	$	6

Receivables, net	10		257		—		(1)		266

Receivables from affiliated companies	2		65		355		(85)		337
Notes receivable from affiliated companies	—		198		—		(9)		189
Inventory	17		37		—		—		54

Regulatory assets	18		100		—		1		119
Other	7		11		1		(1)		18
Total current assets	58		669		356		(94)		989
Property, Plant and Equipment
Cost	3,699		9,357		—		—		13,056
Accumulated depreciation and amortization	(801)		(1,809)		—		1		(2,609)
Net property, plant and equipment	2,898		7,548		—		1		10,447
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	280		324		—		127		731
Operating lease right-of-use assets, net	—		19		—		—		19
Investments in equity method unconsolidated affiliates	—		—		210		5		215
Investment in consolidated subsidiaries	—		—		—		3		3

Other	17		273		16		(1)		305
Total other noncurrent assets	621		665		226		1,685		3,197
Total Assets	3,577		8,882		582		1,592		14,633
Segment reclassifications, intercompany balances and other	(2)		(54)		5		(443)		(494)
Reportable Segment Assets	$	3,575	$	8,828	$	587	$	1,149	$	14,139

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	March 31, 2021
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Liabilities
Accounts payable	$	49	$	166	$	—	$	(1)	$	214
Accounts payable to affiliated companies	5		45		62		(90)		22
Notes payable to affiliated companies	90		—		—		(10)		80

Taxes accrued	16		67		(33)		—		50
Interest accrued	8		37		—		—		45
Current maturities of long-term debt	26		160		—		1		187


Regulatory liabilities	21		70		—		—		91
Other	4		72		39		1		116
Total current liabilities	219		617		68		(99)		805
Long-Term Debt	570		2,967		—		112		3,649
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	298		821		19		2		1,140
Asset retirement obligations	43		20		—		—		63
Regulatory liabilities	397		1,015		—		14		1,426
Operating lease liabilities	—		17		—		—		17
Accrued pension and other post-retirement benefit costs	29		8		—		—		37
Investment tax credits	1		1		—		—		2

Other	35		177		49		—		261
Total other noncurrent liabilities	803		2,059		68		16		2,946



Equity	1,978		3,239		446		1,563		7,226
Total Liabilities and Equity	3,577		8,882		582		1,592		14,633
Segment reclassifications, intercompany balances and other	(2)		(54)		5		(443)		(494)
Reportable Segment Liabilities and Equity	$	3,575	$	8,828	$	587	$	1,149	$	14,139

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

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


Electric Utilities and Infrastructure
Quarterly Highlights
March 2021

		Three Months Ended March 31,
			2021	2020	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential		23,769	20,874	13.9	%	2.6	%
	General Service		17,308	17,682	(2.1	%)	(5.0	%)
	Industrial		11,769	11,983	(1.8	%)	(2.0	%)
	Other Energy Sales		139	144	(3.5	%)	n/a
	Unbilled Sales		(2,082)	(585)	(255.9	%)	n/a
	Total Retail Sales		50,903	50,098	1.6	%	(1.1	%)
	Wholesale and Other		9,880	8,854	11.6	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure		60,783	58,952	3.1	%

Average Number of Customers (Electric)
	Residential		6,937,684	6,811,644	1.9	%
	General Service		1,011,684	996,789	1.5	%
	Industrial		17,187	17,314	(0.7	%)
	Other Energy Sales		30,668	30,930	(0.8	%)
	Total Retail Customers		7,997,223	7,856,677	1.8	%
	Wholesale and Other		39	46	(15.2	%)
	Total Average Number of Customers – Electric Utilities and Infrastructure		7,997,262	7,856,723	1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		13,071	7,152	82.8	%
	Nuclear		18,972	18,804	0.9	%
	Hydro		963	1,021	(5.7	%)
	Natural Gas and Oil		17,584	19,587	(10.2	%)
	Renewable Energy		301	215	40.0	%
	Total Generation(d)		50,891	46,779	8.8	%
	Purchased Power and Net Interchange(e)		13,690	15,163	(9.7	%)
	Total Sources of Energy		64,581	61,942	4.3	%
	Less: Line Loss and Other		3,798	2,990	27.0	%
	Total GWh Sources		60,783	58,952	3.1	%

Owned Megawatt (MW) Capacity(c)
	Summer		50,374	50,635
	Winter		53,795	54,175
Nuclear Capacity Factor (%)(f)			99	97

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

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021

		Three Months Ended March 31,
			2021		2020		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		8,354		7,361		13.5	%
	General Service		6,570		6,815		(3.6	%)
	Industrial		4,758		4,875		(2.4	%)
	Other Energy Sales		75		79		(5.1	%)
	Unbilled Sales		(355)		(75)		(373.3	%)
	Total Retail Sales		19,402		19,055		1.8	%	(1.5	%)
	Wholesale and Other		2,560		2,181		17.4	%
	Total Consolidated Electric Sales – Duke Energy Carolinas		21,962		21,236		3.4	%

Average Number of Customers
	Residential		2,333,704		2,285,112		2.1	%
	General Service		371,039		364,075		1.9	%
	Industrial		6,070		6,113		(0.7	%)
	Other Energy Sales		22,453		22,787		(1.5	%)
	Total Retail Customers		2,733,266		2,678,087		2.1	%
	Wholesale and Other		19		24		(20.8	%)
	Total Average Number of Customers – Duke Energy Carolinas		2,733,285		2,678,111		2.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		4,118		2,459		67.5	%
	Nuclear		11,651		11,522		1.1	%
	Hydro		619		743		(16.7	%)
	Natural Gas and Oil		4,496		4,868		(7.6	%)
	Renewable Energy		67		44		52.3	%
	Total Generation(d)		20,951		19,636		6.7	%
	Purchased Power and Net Interchange(e)		2,159		2,415		(10.6	%)
	Total Sources of Energy		23,110		22,051		4.8	%
	Less: Line Loss and Other		1,148		815		40.9	%
	Total GWh Sources		21,962		21,236		3.4	%

Owned MW Capacity(c)
	Summer		20,001		20,192
	Winter		20,877		21,127
Nuclear Capacity Factor (%)(f)			101		99

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		1,683		1,390		21.1	%
	Cooling Degree Days		5		35		(85.7	%)

	Variance from Normal
	Heating Degree Days		(2.0	%)	(19.6	%)
	Cooling Degree Days		(33.2	%)	382.8	%

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021

		Three Months Ended March 31,
			2021		2020		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		5,481		4,618		18.7	%
	General Service		3,441		3,471		(0.9	%)
	Industrial		2,452		2,497		(1.8	%)
	Other Energy Sales		19		19		—	%
	Unbilled Sales		(591)		(355)		(66.5	%)
	Total Retail Sales		10,802		10,250		5.4	%	(0.4	%)
	Wholesale and Other		5,735		5,420		5.8	%
	Total Consolidated Electric Sales – Duke Energy Progress		16,537		15,670		5.5	%

Average Number of Customers
	Residential		1,391,105		1,362,360		2.1	%
	General Service		241,471		237,477		1.7	%
	Industrial		3,997		4,002		(0.1	%)
	Other Energy Sales		1,415		1,416		(0.1	%)
	Total Retail Customers		1,637,988		1,605,255		2.0	%
	Wholesale and Other		8		9		(11.1	%)
	Total Average Number of Customers – Duke Energy Progress		1,637,996		1,605,264		2.0	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		2,207		615		258.9	%
	Nuclear		7,321		7,282		0.5	%
	Hydro		280		241		16.2	%
	Natural Gas and Oil		5,432		5,891		(7.8	%)
	Renewable Energy		49		52		(5.8	%)
	Total Generation(d)		15,289		14,081		8.6	%
	Purchased Power and Net Interchange(e)		1,811		2,099		(13.7	%)
	Total Sources of Energy		17,100		16,180		5.7	%
	Less: Line Loss and Other		563		510		10.4	%
	Total GWh Sources		16,537		15,670		5.5	%

Owned MW Capacity(c)
	Summer		12,468		12,442
	Winter		13,612		13,497
Nuclear Capacity Factor (%)(f)			94		93

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		1,548		1,186		30.5	%
	Cooling Degree Days		14		52		(73.1	%)

	Variance from Normal
	Heating Degree Days		(2.3	%)	(25.8	%)
	Cooling Degree Days		32.1	%	349.1	%

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021

		Three Months Ended March 31,
			2021		2020		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		4,488		4,060		10.5	%
	General Service		3,216		3,285		(2.1	%)
	Industrial		812		769		5.6	%
	Other Energy Sales		6		6		—	%
	Unbilled Sales		(402)		183		(319.7	%)
	Total Retail Sales		8,120		8,303		(2.2	%)	0.3	%
	Wholesale and Other		434		314		38.2	%
	Total Electric Sales – Duke Energy Florida		8,554		8,617		(0.7	%)

Average Number of Customers
	Residential		1,675,242		1,642,342		2.0	%
	General Service		206,790		204,184		1.3	%
	Industrial		1,951		2,010		(2.9	%)
	Other Energy Sales		1,488		1,492		(0.3	%)
	Total Retail Customers		1,885,471		1,850,028		1.9	%
	Wholesale and Other		7		8		(12.5	%)
	Total Average Number of Customers – Duke Energy Florida		1,885,478		1,850,036		1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		1,036		35		2,860.0	%


	Natural Gas and Oil		7,176		8,266		(13.2	%)
	Renewable Energy		184		114		61.4	%
	Total Generation(d)		8,396		8,415		(0.2	%)
	Purchased Power and Net Interchange(e)		837		901		(7.1	%)
	Total Sources of Energy		9,233		9,316		(0.9	%)
	Less: Line Loss and Other		679		699		(2.9	%)
	Total GWh Sources		8,554		8,617		(0.7	%)

Owned MW Capacity(c)
	Summer		10,206		10,302
	Winter		11,081		11,347

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		295		220		34.1	%
	Cooling Degree Days		268		470		(43.0	%)

	Variance from Normal
	Heating Degree Days		(20.2	%)	(9.8	%)
	Cooling Degree Days		40.4	%	138.0	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021

		Three Months Ended March 31,
			2021		2020		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		2,587		2,290		13.0	%
	General Service		2,172		2,198		(1.2	%)
	Industrial		1,335		1,365		(2.2	%)
	Other Energy Sales		26		27		(3.7	%)
	Unbilled Sales		(321)		(152)		(111.2	%)
	Total Retail Sales		5,799		5,728		1.2	%	(2.1	%)
	Wholesale and Other		205		95		115.8	%
	Total Electric Sales – Duke Energy Ohio		6,004		5,823		3.1	%

Average Number of Customers
	Residential		785,987		779,652		0.8	%
	General Service		89,654		88,871		0.9	%
	Industrial		2,479		2,491		(0.5	%)
	Other Energy Sales		3,456		3,431		0.7	%
	Total Retail Customers		881,576		874,445		0.8	%
	Wholesale and Other		1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio		881,577		874,446		0.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		966		622		55.3	%


	Natural Gas and Oil		2		(1)		300.0	%

	Total Generation(d)		968		621		55.9	%
	Purchased Power and Net Interchange(e)		5,781		5,874		(1.6	%)
	Total Sources of Energy		6,749		6,495		3.9	%
	Less: Line Loss and Other		745		672		10.9	%
	Total GWh Sources		6,004		5,823		3.1	%

Owned MW Capacity(c)
	Summer		1,076		1,076
	Winter		1,164		1,164

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		2,500		2,186		14.4	%
	Cooling Degree Days		—		5		(100.0	%)

	Variance from Normal
	Heating Degree Days		(2.3	%)	(15.1	%)
	Cooling Degree Days		(100.0	%)	45.7	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021

		Three Months Ended March 31,
			2021		2020		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		2,859		2,545		12.3	%
	General Service		1,909		1,913		(0.2	%)
	Industrial		2,412		2,477		(2.6	%)
	Other Energy Sales		13		13		—	%
	Unbilled Sales		(413)		(186)		(122.0	%)
	Total Retail Sales		6,780		6,762		0.3	%	(1.6	%)
	Wholesale and Other		946		844		12.1	%
	Total Electric Sales – Duke Energy Indiana		7,726		7,606		1.6	%

Average Number of Customers
	Residential		751,646		742,178		1.3	%
	General Service		102,730		102,182		0.5	%
	Industrial		2,690		2,698		(0.3	%)
	Other Energy Sales		1,856		1,804		2.9	%
	Total Retail Customers		858,922		848,862		1.2	%
	Wholesale and Other		4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana		858,926		848,866		1.2	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		4,744		3,421		38.7	%

	Hydro		64		37		73.0	%
	Natural Gas and Oil		478		563		(15.1	%)
	Renewable Energy		1		5		(80.0	%)
	Total Generation(d)		5,287		4,026		31.3	%
	Purchased Power and Net Interchange(e)		3,102		3,874		(19.9	%)
	Total Sources of Energy		8,389		7,900		6.2	%
	Less: Line Loss and Other		663		294		125.5	%
	Total GWh Sources		7,726		7,606		1.6	%

Owned MW Capacity(c)
	Summer		6,623		6,623
	Winter		7,061		7,040

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		2,705		2,457		10.1	%
	Cooling Degree Days		—		—		—	%

	Variance from Normal
	Heating Degree Days		(1.6	%)	(10.6	%)
	Cooling Degree Days		(100.0	%)	(100.0	%)

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

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

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
March 2021

		Three Months Ended March 31,
			2021	2020	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)		149,626,582	148,503,995	0.8	%
	Duke Energy Midwest LDC throughput (Mcf)		37,109,003	33,785,834	9.8	%

Average Number of Customers – Piedmont Natural Gas
	Residential		1,021,856	998,267	2.4	%
	Commercial		106,055	105,460	0.6	%
	Industrial		965	974	(0.9	%)
	Power Generation		19	17	11.8	%
	Total Average Number of Gas Customers – Piedmont Natural Gas		1,128,895	1,104,718	2.2	%

Average Number of Customers – Duke Energy Midwest
	Residential		501,260	496,426	1.0	%
	General Service		44,628	45,131	(1.1	%)
	Industrial		1,610	1,622	(0.7	%)
	Other		131	132	(0.8	%)
	Total Average Number of Gas Customers – Duke Energy Midwest		547,629	543,311	0.8	%

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


Commercial Renewables
Quarterly Highlights
March 2021

		Three Months Ended March 31,
			2021	2020	% Inc. (Dec.)
	Renewable Plant Production, GWh		2,588	2,437	6.2	%
	Net Proportional MW Capacity in Operation(a)		4,294	3,502	22.6	%

(a) Includes 100% tax equity project capacity.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

	5/20/21	4, 8-K
Filed on / For Period end:	5/10/21	10-Q, 3, 4
	3/31/21	10-Q, 8-K
	12/31/20	10-K, 11-K, 5
	3/31/20	10-Q, 10-Q/A
		List all Filings

↑Top

Filing Submission 0001326160-21-000133 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Duke Energy Corp. – ‘8-K’ for 5/10/21 – ‘EX-99.1’

On: Monday, 5/10/21, at 6:44am ET · For: 5/10/21 · Accession #: 1326160-21-133 · File #: 1-32853

Previous ‘8-K’: ‘8-K’ on 4/19/21 for 4/16/21 · Next: ‘8-K’ on 5/11/21 for 5/5/21 · Latest: ‘8-K’ on / for 4/12/24

Current Report — Form 8-KFiling Table of Contents

‘EX-99.1’ — Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Current Report — Form 8-K

Filing Table of Contents