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Duke Energy Corp. – ‘8-K’ for 2/11/21 – ‘EX-99.1’

On: Thursday, 2/11/21, at 6:40am ET · For: 2/11/21 · Accession #: 1326160-21-22 · File #: 1-32853

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

 2/11/21  Duke Energy Corp.                 8-K:2,9     2/11/21   13:3.3M

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    758K 
 9: R1          Cover Page                                          HTML     56K 
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10: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
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 5: EX-101.DEF  XBRL Definitions -- duk-20210211_def                 XML     43K 
 6: EX-101.LAB  XBRL Labels -- duk-20210211_lab                      XML     92K 
 7: EX-101.PRE  XBRL Presentations -- duk-20210211_pre               XML     43K 
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12: JSON        XBRL Instance as JSON Data -- MetaLinks               15±    21K 
13: ZIP         XBRL Zipped Folder -- 0001326160-21-000022-xbrl      Zip    219K

‘EX-99.1’ — Miscellaneous Exhibit

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Document


News Release

Media Contact: Catherine Butler

24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan

Office: 980.373.3564

Feb. 11, 2021

Duke Energy reports fourth quarter and full-year 2020 financial results

▪2020 reported EPS of $1.72 and adjusted EPS of $5.12, closing year at midpoint of updated guidance range

▪Constructive regulatory settlements in North Carolina and Florida provide clarity as clean energy transformation accelerates

▪$2.05 billion minority investment in Duke Energy Indiana by GIC displaces all common equity needs in five-year plan and supports investment plan to achieve net-zero carbon by 2050

▪Affirmed 2021 adjusted EPS guidance range of $5.00 to $5.30 with $5.15 midpoint and long-term adjusted EPS growth rate of 5% to 7% through 2025, off 2021 midpoint

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2020 full-year reported EPS of $1.72, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.12. This is compared to reported and adjusted EPS of $5.06, for the full-year 2019.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between full-year 2020 reported and adjusted EPS was primarily due to charges resulting from the cancellation of ACP and the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.

Adjusted results for 2020 were higher primarily driven by rate case contributions in the Electric Utilities and Infrastructure and Gas Utilities and Infrastructure segments, complemented by growth from new renewables projects in the Commercial Renewables segment. Further, Duke Energy incurred lower O&M driven through substantial cost control efforts. These items were partially offset by impacts of the pandemic, including lower volumes and incremental expenses, mild weather, higher storm costs, the loss of ACP earnings and higher depreciation, amortization and property taxes on a growing asset base.

“I am very proud of our 2020 results — Duke Energy delivered for investors, customers and communities and these results reflect the strong commitment of our employees to work through challenges and serve our customers with excellence,” said Lynn Good, Duke Energy’s chair, president and chief executive officer. “Our strategy is clear — creating a clean energy future for our customers and communities. Underpinned by our robust $59 billion capital plan, as well as the significant progress on regulatory matters and strategic transactions during 2020

Duke Energy News Release 2

and early 2021, we are confidently affirming our growth rate of 5 to 7% based off of the 2021 adjusted EPS midpoint of $5.15.”

Quarterly results

Duke Energy's fourth quarter 2020 reported loss per share was $(0.12), primarily reflecting the impact of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress. This compared to reported EPS of $0.88 for the fourth quarter of 2019. Duke Energy's fourth quarter 2020 adjusted EPS was $1.03, compared to $0.91 for the fourth quarter of 2019. Higher adjusted results for the quarter compared to last year were driven by similar items as the year-to-date variance described in the preceding section.

In addition to the following summary of fourth quarter 2020 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2020 compared to prior year are provided at the end of this news release.

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment loss of $(170) million, compared to segment income of $592 million in the fourth quarter of 2019. Fourth quarter 2020 reported results included impacts of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment income of $675 million, compared to $584 million in the fourth quarter of 2019, an increase of $0.12 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily driven by contributions from rate cases (+$0.12 per share) and lower O&M (+$0.09 per share). Lower O&M is driven by lower employee-related expenses, operational efficiencies and other cost control efforts, partially offset by higher storm costs and pandemic related costs, net of deferrals.

These results were partially offset by lower rider results primarily due to the absence of a prior year favorable energy efficiency order (-$0.05 per share) and higher depreciation, amortization and property taxes on a growing asset base (-$0.05 per share).

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $134 million, compared to $140 million in the fourth quarter of 2019. In addition to the drivers outlined below, lower fourth quarter 2020 results were due to costs related to the cancellation of ACP. These charges were treated as special items and excluded from adjusted earnings.

Duke Energy News Release 3

On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $150 million, compared to $159 million in the fourth quarter of 2019, a decrease of $0.01 per share. Lower quarterly results were driven by the loss of ACP earnings (-$0.05 per share), partially offset by contributions from the Piedmont North Carolina rate case (+$0.03 per share) and other retail margin (+$0.01 per share).

Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2020 segment income of $79 million, compared to $59 million in the fourth quarter of 2019. This represents an increase of $0.03 per share. Higher quarterly results were primarily driven by new renewable projects (+$0.03 per share).

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 fourth quarter 2020 net loss of $127 million, compared to a net loss of $124 million in the fourth quarter of 2019, a decrease of $0.01 per share.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2020 was 50.8% compared to 13.4% in the fourth quarter of 2019. The increase in the effective tax rate was primarily due to charges as part of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress and 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 fourth quarter of 2020 was 11.1% compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 12.6% in the fourth quarter of 2019. 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 fourth quarter 2020 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.

Duke Energy News Release 4

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 2307195. 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, Feb. 21, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 2307195. An audio replay and transcript will also be available by accessing the investors section of the company’s website.

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted (loss) earnings per share for fourth quarter and full-year 2020 and 2019 financial results:


(In millions, except per share amounts)	After-Tax Amount		4Q 2020 EPS		4Q 2019 EPS
EPS, as reported			$	(0.12)	$	0.88
Adjustments to reported EPS:
Fourth Quarter 2020

Gas pipeline investments	$	16	0.02
Regulatory settlements	845		1.14

Discontinued operations	(7)		(0.01)
Fourth Quarter 2019

Impairment charges, net(a)	$	11			0.02
Discontinued operations	7				0.01


Total adjustments			$	1.15	$	0.03
EPS, adjusted			$	1.03	$	0.91


(In millions, except per share amounts)	After-Tax Amount		Full-Year 2020 EPS		Full-Year 2019 EPS
EPS, as reported			$	1.72	$	5.06
Adjustments to reported EPS:
Full-Year 2020

Gas pipeline investments	$	1,711	$	2.32
Regulatory settlements	872		1.19
Severance	(75)		(0.10)


Discontinued operations	(7)		(0.01)
Full-Year 2019
Impairment charges, net(a)	$	(8)			(0.01)
Discontinued operations	7				0.01





Total adjustments			$	3.40	$	—
EPS, adjusted			$	5.12	$	5.06

(a) Refer to the Non-GAAP financial measures section for a description of Impairment charges, net excluded from 2019 adjusted diluted EPS.

Duke Energy News Release 5

Non-GAAP financial measures

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

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

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

•Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit costs related to Constitution.

•Regulatory Settlements represents charges related to Duke Energy Carolinas and Duke Energy Progress coal ash settlement and the partial settlements in the 2019 North Carolina rate cases.

•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.

•Impairment Charges in 2019 represents a reduction of a prior year impairment at Citrus County CC and an other-than-temporary impairment of the remaining investment in Constitution.

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).

Duke Energy News Release 6

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

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

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

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 28,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,800 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.9 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Duke Energy News Release 7

Forward-Looking Information

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

◦The 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;

◦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;

Duke Energy News Release 8

◦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.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2020

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Gas Pipeline Investments			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	(170)	$	—		$	845	B	$	—		$	845	$	675
Gas Utilities and Infrastructure	134		16		A	—			—			16		150
Commercial Renewables	79		—			—			—			—		79
Total Reportable Segment Income	43		16			845			—			861		904
Other	(127)		—			—			—			—		(127)

Discontinued Operations	7		—			—			(7)		C	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	(77)	$	16		$	845		$	(7)		$	854	$	777
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	(0.12)	$	0.02		$	1.14		$	(0.01)		$	1.15	$	1.03

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

A - Net of $4 million tax benefit. $20 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations.

B - Net of $117 million tax benefit at Duke Energy Carolinas and $138 million tax benefit at Duke Energy Progress.

•$454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.

•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Progress' Consolidated Statements of Operations.

C - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 742 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2020

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Gas Pipeline Investments			Severance			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	2,669	$	4	A	$	—		$	872	D	$	—		$	876	$	3,545
Gas Utilities and Infrastructure	(1,266)		1,707		B	—			—			—			1,707		441
Commercial Renewables	286		—			—			—			—			—		286
Total Reportable Segment Income	1,689		1,711			—			872			—			2,583		4,272
Other	(426)		—			(75)		C				—			(75)		(501)
Discontinued Operations	7					—			—			(7)		E	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,270	$	1,711		$	(75)		$	872		$	(7)		$	2,501	$	3,771
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.72	$	2.32		$	(0.10)		$	1.19		$	(0.01)		$	3.40	$	5.12

A - Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Consolidated Statements of Operations.

B - Net of $398 million tax benefit.

•$2,098 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Consolidated Statements of Operations.

•$7 million included within Impairment charges related to gas project materials on the Piedmont Consolidated Statements of Operations.

C - Net of $23 million tax expense. $98 million reversal of 2018 severance charges recorded within Operations, maintenance and other on the Consolidated Statements of Operations.

D - Net of $123 million tax benefit at Duke Energy Carolinas and $140 million tax benefit at Duke Energy Progress.

•$19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations.

•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with NCUC on the Duke Energy Progress' Consolidated Statements of Operations.

•$8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations.

E - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 737 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2019

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Impairment Charges			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	592	$	(8)	A	$	—		$	(8)	$	584
Gas Utilities and Infrastructure	140		19		B	—			19		159
Commercial Renewables	59		—			—			—		59
Total Reportable Segment Income	791		11			—			11		802

Other	(124)		—			—			—		(124)

Discontinued Operations	(7)		—			7		C	7		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	660	$	11		$	7		$	18	$	678
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	0.88	$	0.02		$	0.01		$	0.03	$	0.91

Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).

A – Net of $3 million tax benefit. $11 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.

B – Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.

C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 731 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2019

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Impairment Charges			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,536	$	(27)	A	$	—		$	(27)	$	3,509
Gas Utilities and Infrastructure	432		19		B	—			19		451
Commercial Renewables	198		—			—			—		198
Total Reportable Segment Income	4,166		(8)			—			(8)		4,158
Other	(452)		—			—			—		(452)

Discontinued Operations	(7)		—			7		C	7		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,707	$	(8)		$	7		$	(1)	$	3,706
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	5.06	$	(0.01)		$	0.01		$	—	$	5.06

Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).

A – Net of $9 million tax expense. $36 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.

C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 729 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

December 2020

(Dollars in millions)


	Three Months Ended December 31, 2020				Year Ended December 31, 2020
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported (Loss) Income Before Income Taxes From Continuing Operations Before Income Taxes	$	(319)			$	839
Regulatory Settlements	1,100				1,135
Gas Pipeline Investments	20				2,110
Severance	—				(98)

Noncontrolling Interests	87				295
Preferred Dividends	(14)				(107)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	874			$	4,174

Reported Income Tax Benefit From Continuing Operations	$	(162)	50.8	%	$	(236)	(28.1)	%
Regulatory Settlements	255				263
Gas Pipeline Investments	4				399
Severance	—				(23)

Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	97	11.1	%	$	403	9.7	%


	Three Months Ended December 31, 2019				Year Ended December 31, 2019
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	709			$	4,097
Impairment Charges	14				(11)
Noncontrolling Interests	67				177
Preferred Dividends	(14)				(41)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	776			$	4,222

Reported Income Tax Expense From Continuing Operations	$	95	13.4	%	$	519	12.7	%
Impairment Charges	3				(3)


Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	98	12.6	%	$	516	12.2	%

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2020 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Discontinued Operations		Consolidated
2019 QTD Reported Earnings Per Share	$	0.81	$	0.20	$	0.08	$	(0.20)	$	(0.01)	$	0.88

Impairment Charges	(0.01)		0.03		—		—		—		0.02


Discontinued Operations	—		—		—		—		0.01		0.01

2019 QTD Adjusted Earnings Per Share	$	0.80	$	0.23	$	0.08	$	(0.20)	$	—	$	0.91
Weather	(0.01)		—		—		—		—		(0.01)
Volume	0.01		—		—		—		—		0.01
Riders and Other Retail Margin(a)	(0.04)		0.01		—		—		—		(0.03)
Rate case impacts, net(b)	0.12		0.03		—		—		—		0.15
Wholesale	0.01		—		—		—		—		0.01
Operations and maintenance, net of recoverables(c)	0.09		—		—		—		—		0.09
Midstream Gas Pipelines(d)	—		(0.05)		—		—		—		(0.05)
Duke Energy Renewables(e)	—		—		0.03		—		—		0.03
Interest Expense	0.01		—		—				—		0.01

Depreciation and amortization(f)	(0.03)		—		—		—		—		(0.03)

Other(g)	(0.04)		—		—		(0.01)		—		(0.05)
Total variance before share count	$	0.12	$	(0.01)	$	0.03	$	(0.01)	$	—	$	0.13
Change in share count	(0.01)		—		—		—		—		(0.01)
2020 QTD Adjusted Earnings Per Share	$	0.91	$	0.22	$	0.11	$	(0.21)	$	—	$	1.03
Gas Pipeline Investments	—		(0.02)		—		—		—		(0.02)
Regulatory Settlements	(1.14)		—		—		—		—		(1.14)
Discontinued Operations	—		—		—		—		0.01		0.01
2020 QTD Reported Earnings Per Share	$	(0.23)	$	0.20	$	0.11	$	(0.21)	$	0.01	$	(0.12)

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 731 million shares to 742 million.

(a) Driven by lower riders, primarily energy efficiency programs in DEC and DEP (-$0.05), partially offset by higher transmission revenues (+$0.01).

(b) Electric Utilities and Infrastructure includes the net impact of the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.08), respectively, DEI base rate increases, effective August 2020 (+$0.02), the DEF SBRA and multi-year rate plan (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.

(c) Primarily due to lower employee related expenses, operational efficiencies and other savings, partially offset by higher storm costs and COVID-19 related expenses in excess of deferrals.

(d) Primarily the loss of ACP earnings.

(e) Primarily due to new renewable projects.

(f) Excludes rate case impacts.

(g) Electric Utilities and Infrastructure includes higher property taxes on a growing asset base.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2020 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Discontinued Operations		Consolidated
2019 YTD Reported Earnings Per Share	$	4.85	$	0.60	$	0.27	$	(0.65)	$	(0.01)	$	5.06






Impairment Charges	(0.04)		0.03		—		—		—		(0.01)
Discontinued Operations	—		—		—		—		0.01		0.01
2019 YTD Adjusted Earnings Per Share	$	4.81	$	0.63	$	0.27	$	(0.65)	$	—	$	5.06
Weather	(0.21)		—		—		—		—		(0.21)
Volume	(0.02)		—		—		—		—		(0.02)
Riders and Other Retail Margin(a)	(0.05)		0.03		—		—		—		(0.02)
Rate case impacts, net(b)	0.23		0.09		—		—		—		0.32
Wholesale	0.05		—		—		—		—		0.05
Operations and maintenance, net of recoverables(c)	0.25		0.01		—		—		—		0.26
Midstream Gas Pipelines(d)	—		(0.12)		—		—		—		(0.12)
Duke Energy Renewables(e)	—		—		0.12		—		—		0.12
Interest Expense	0.01		—		—		0.05		—		0.06

Depreciation and amortization(f)	(0.20)		(0.02)		—		—		—		(0.22)
Preferred Dividends	—		—		—		(0.07)		—		(0.07)
Other(g)	(0.01)		—		—		(0.03)		—		(0.04)
Total variance before share count	$	0.05	$	(0.01)	$	0.12	$	(0.05)	$	—	$	0.11
Change in share count	(0.05)		—		—		—		—		(0.05)
2020 YTD Adjusted Earnings Per Share	$	4.81	$	0.62	$	0.39	$	(0.70)	$	—	$	5.12
Gas Pipeline Investments	—		(2.32)		—		—		—		(2.32)
Severance	—		—		—		0.10		—		0.10
Regulatory Settlements	(1.19)		—		—		—		—		(1.19)
Discontinued Operations	—		—		—		—		0.01		0.01
2020 YTD Reported Earnings Per Share	$	3.62	$	(1.70)	$	0.39	$	(0.60)	$	0.01	$	1.72

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 729 million shares to 737 million.

(a) Primarily driven by lower retail margin due to lower late payment fee revenue, net of deferrals (-$0.04), a prior year favorable true-up of purchased power (-$0.03) and lower energy efficiency rider revenues (-$0.02), partially offset by grid modernization rider programs (+$0.03).

(b) Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.11), and the DEC and DEP South Carolina rate cases effective June 2019 (+0.03), the DEF SBRA and multi-year rate plan (+0.04), DEI base rate increases, effective August 2020 (+0.03) and DEK base rate increases (+0.02). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.

(c) Primarily due to lower employee-related expenses, outage costs, customer delivery charges and other savings, partially offset by increased COVID-19 expenses, net of deferrals, and higher storm costs. For the year ended December 31, 2020, the Duke Energy Registrants incurred -$0.12 of incremental COVID-19 O&M costs, the company has deferred +$0.07 of these incremental costs.

(d) Primarily related the loss of ACP earnings and a prior year favorable income tax adjustment for equity method investments.

(e) Primarily due to new renewable projects.

(f) Excludes rate case impacts.

(g) Other includes income tax true-ups, lower interest income and lower results from investments, partially offset by tax optimization and prior year contributions to the Duke Energy Foundation.


Year Ended December 2020
QUARTERLY HIGHLIGHTS
(Unaudited)

	Three Months Ended				Years Ended
	December 31,				December 31,
(In millions, except per share amounts and where noted)	2020		2019		2020			2019
Earnings Per Share – Basic and Diluted
(Loss) Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	(0.13)	$	0.89	$	1.71		$	5.07

Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	0.01	$	(0.01)	$	0.01		$	(0.01)

Net (loss) income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	(0.12)	$	0.88	$	1.72		$	5.06

Weighted average shares outstanding
Basic	742		730		737			729
Diluted	742		731		738			729
INCOME (LOSS) BY BUSINESS SEGMENT
Electric Utilities and Infrastructure(a)	$	(170)	$	592	$	2,669		$	3,536
Gas Utilities and Infrastructure(b)	134		140		(1,266)			432
Commercial Renewables	79		59		286			198
Total Reportable Segment Income	43		791		1,689			4,166
Other(c)	(127)		(124)		(426)			(452)
Income (Loss) from Discontinued Operations	7		(7)		7			(7)
Net (Loss) Income Available to Duke Energy Corporation common stockholders	$	(77)	$	660	$	1,270		$	3,707
CAPITALIZATION
Total Common Equity (%)					44		%	44		%
Total Debt (%)					56		%	56		%

Total Debt					$	62,736		$	61,261
Book Value Per Share					$	63.96		$	65.42
Actual Shares Outstanding					769			733
CAPITAL AND INVESTMENT EXPENDITURES
Electric Utilities and Infrastructure	$	1,992	$	2,171	$	7,629		$	8,263
Gas Utilities and Infrastructure	376		410		1,309			1,539
Commercial Renewables	325		491		1,219			1,423
Other	44		19		264			221
Total Capital and Investment Expenditures	$	2,737	$	3,091	$	10,421		$	11,446

(a) Includes costs related to regulatory settlements for Duke Energy Carolinas and Duke Energy Progress of $1.1 billion (after tax of $845 million) for the three months ended December 31, 2020, and $1.1 billion (after tax $872 million) for the year ended December 31, 2020, and a $5 million (after tax $4 million) impairment charge related to gas pipeline interconnections for the year ended December 31, 2020. Additionally, EUI includes a reduction of a prior year impairment at Citrus County CC of $11 million (after tax $8 million) for the three months ended December 31, 2019, and $36 million (after tax $27 million) for the year ended December 31, 2019.

(b) Includes costs related to exit obligations for gas pipeline investments of $20 million (after tax $16 million) for the three months ended December 31, 2020, and $2.1 billion (after tax $1.7 billion) for the year ended December 31, 2020. Additionally, GUI includes $25 million (after tax $19 million) of costs related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company for the three months and year ended December 31, 2019.

(c) Includes a $98 million (after tax $75 million) reversal of 2018 severance costs due to the partial settlement of the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases for the year ended December 31, 2020.


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


	Years Ended December 31,
		2020		2019		2018
Operating Revenues
Regulated electric		$	21,461	$	22,615	$	22,097
Regulated natural gas		1,642		1,759		1,773
Nonregulated electric and other		765		705		651
Total operating revenues		23,868		25,079		24,521
Operating Expenses
Fuel used in electric generation and purchased power		6,051		6,826		6,831
Cost of natural gas		460		627		697
Operation, maintenance and other		5,788		6,066		6,463
Depreciation and amortization		4,705		4,548		4,074
Property and other taxes		1,337		1,307		1,280
Impairment charges		984		(8)		402
Total operating expenses		19,325		19,366		19,747
Gains (Losses) on Sales of Other Assets and Other, net		10		(4)		(89)
Operating Income		4,553		5,709		4,685
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates		(2,005)		162		83
Other income and expenses, net		453		430		399
Total other income and expenses		(1,552)		592		482
Interest Expense		2,162		2,204		2,094
Income Before Income Taxes		839		4,097		3,073
Income Tax (Benefit) Expense		(236)		519		448
Income From Continuing Operations		1,075		3,578		2,625
Income (Loss) From Discontinued Operations, net of tax		7		(7)		19
Net Income		1,082		3,571		2,644
Add: Net Loss Attributable to Noncontrolling Interests		295		177		(22)
Net Income Attributable to Duke Energy Corporation		1,377		3,748		$	2,666
Less: Preferred Dividends		107		41		$	—
Net Income Available to Duke Energy Corporation Common Stockholders		$	1,270	$	3,707	$	2,666

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted		$	1.71	$	5.07	$	3.73

Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted		$	0.01	$	(0.01)	$	0.03

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	1.72	$	5.06	$	3.76

Weighted average shares outstanding
Basic		737		729		708
Diluted		738		729		708

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	December 31, 2020		December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents	$	259	$	311

Receivables (net of allowance for doubtful accounts of $29 at 2020 and $22 at 2019)	1,009		1,066
Receivables of VIEs (net of allowance for doubtful accounts of $117 at 2020 and $54 at 2019)	2,144		1,994
Inventory	3,167		3,232

Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs)	1,641		1,796
Other (includes $296 at 2020 and $242 at 2019 related to VIEs)	462		764
Total current assets	8,682		9,163
Property, Plant and Equipment
Cost	155,580		147,654
Accumulated depreciation and amortization	(48,827)		(45,773)
Generation facilities to be retired, net	29		246
Net property, plant and equipment	106,782		102,127
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $937 at 2020 and $989 at 2019 related to VIEs)	12,421		13,222
Nuclear decommissioning trust funds	9,114		8,140
Operating lease right-of-use assets, net	1,524		1,658
Investments in equity method unconsolidated affiliates	961		1,936

Other (includes $81 at 2020 and $110 at 2019 related to VIEs)	3,601		3,289
Total other noncurrent assets	46,924		47,548
Total Assets	$	162,388	$	158,838
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,144	$	3,487
Notes payable and commercial paper	2,873		3,135
Taxes accrued	482		392
Interest accrued	537		565
Current maturities of long-term debt (includes $472 at 2020 and $216 at 2019 related to VIEs)	4,238		3,141

Asset retirement obligations	718		881
Regulatory liabilities	1,377		784
Other	2,936		2,367
Total current liabilities	16,305		14,752
Long-Term Debt (includes $3,535 at 2020 and $3,997 at 2019 related to VIEs)	55,625		54,985
Other Noncurrent Liabilities
Deferred income taxes	9,244		8,878
Asset retirement obligations	12,286		12,437
Regulatory liabilities	15,029		15,264
Operating lease liabilities	1,340		1,432
Accrued pension and other post-retirement benefit costs	969		934
Investment tax credits	687		624

Other (includes $316 at 2020 and $228 at 2019 related to VIEs)	1,719		1,581
Total other noncurrent liabilities	41,274		41,150
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2020 and 2019	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2020 and 2019	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2020 and 733 million shares outstanding at 2019	1		1
Additional paid-in capital	43,767		40,881
Retained earnings	2,471		4,108
Accumulated other comprehensive loss	(237)		(130)
Total Duke Energy Corporation stockholders' equity	47,964		46,822
Noncontrolling interests	1,220		1,129
Total equity	49,184		47,951
Total Liabilities and Equity	$	162,388	$	158,838


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

	Years Ended December 31,
	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,082	$	3,571	$	2,644
Adjustments to reconcile net income to net cash provided by operating activities	7,774		4,638		4,542
Net cash provided by operating activities	8,856		8,209		7,186

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(10,604)		(11,957)		(10,060)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,731		3,730		2,960



Net (decrease) increase in cash, cash equivalents and restricted cash	(17)		(18)		86
Cash, cash equivalents and restricted cash at beginning of period	573		591		505
Cash, cash equivalents and restricted cash at end of period	$	556	$	573	$	591

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,124	$	—	$	—	$	—	$	(65)	$	5,059
Regulated natural gas	—		551		—		—		(24)		527
Nonregulated electric and other	—		3		124		24		40		191
Total operating revenues	5,124		554		124		24		(49)		5,777
Operating Expenses
Fuel used in electric generation and purchased power	1,425		—		—		—		(19)		1,406
Cost of natural gas	—		160		—		—		1		161
Operation, maintenance and other	1,500		118		81		(27)		(26)		1,646
Depreciation and amortization	1,045		65		51		55		(8)		1,208
Property and other taxes	303		30		3		(1)		(1)		334
Impairment charges	948		—		—		—		—		948
Total operating expenses	5,221		373		135		27		(53)		5,703
Losses on Sales of Other Assets and Other, net	—		—		(1)		—		1		—
Operating (Loss) Income	(97)		181		(12)		(3)		5		74
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	2		(13)		5		4		1		(1)
Other income and expenses, net	101		14		2		33		(7)		143
Total Other Income and Expenses	103		1		7		37		(6)		142
Interest Expense	329		32		17		159		(2)		535
(Loss) Income from Continuing Operations Before Income Taxes	(323)		150		(22)		(125)		1		(319)
Income Tax (Benefit) Expense from Continuing Operations	(153)		16		(13)		(13)		1		(162)
(Loss) Income from Continuing Operations	(170)		134		(9)		(112)		—		(157)
Add: Net Loss (Income) Attributable to Noncontrolling Interest	—		—		88		(1)		—		87
(Loss) Income from Continuing Operations Attributable to Duke Energy Corporation	(170)		134		79		(113)		—		(70)
Less: Preferred Dividends	—		—		—		14		—		14
Segment (Loss) Income	$	(170)	$	134	$	79	$	(127)	$	—	$	(84)
Income from Discontinued Operations, net of tax											7
Net Income Available to Duke Energy Corporation Common Stockholders											$	(77)

Segment (Loss) Income	$	(170)	$	134	$	79	$	(127)	$	—	$	(84)
Special Items	845		16		—		—		—		861
Adjusted Earnings(a)	$	675	$	150	$	79	$	(127)	$	—	$	777

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Year Ended December 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	21,720	$	—	$	—	$	—	$	(259)	$	21,461
Regulated natural gas	—		1,737		—		—		(95)		1,642
Nonregulated electric and other	—		11		502		97		155		765
Total operating revenues	21,720		1,748		502		97		(199)		23,868
Operating Expenses
Fuel used in electric generation and purchased power	6,128		—		—		—		(77)		6,051
Cost of natural gas	—		460		—		—		—		460
Operation, maintenance and other	5,391		430		285		(208)		(110)		5,788
Depreciation and amortization	4,068		258		199		209		(29)		4,705
Property and other taxes	1,188		112		27		11		(1)		1,337
Impairment charges	971		7		6		—		—		984
Total operating expenses	17,746		1,267		517		12		(217)		19,325
Gains (Losses) on Sales of Other Assets and Other, net	11		—		(1)		—		—		10
Operating Income (Loss)	3,985		481		(16)		85		18		4,553
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(1)		(2,017)		—		13		—		(2,005)
Other income and expenses, net	345		56		7		79		(34)		453
Total Other Income and Expenses	344		(1,961)		7		92		(34)		(1,552)
Interest Expense	1,320		135		66		657		(16)		2,162
Income (Loss) from Continuing Operations Before Income Taxes	3,009		(1,615)		(75)		(480)		—		839
Income Tax Expense (Benefit) from Continuing Operations	340		(349)		(65)		(162)		—		(236)
Income (Loss) from Continuing Operations	2,669		(1,266)		(10)		(318)		—		1,075
Add: Net Loss (Income) Attributable to Noncontrolling Interest	—		—		296		(1)		—		295
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	2,669		(1,266)		286		(319)		—		1,370
Less: Preferred Dividends	—		—		—		107		—		107
Segment Income (Loss)	$	2,669	$	(1,266)	$	286	$	(426)	$	—	$	1,263
Income from Discontinued Operations, net of tax											7
Net Income Available to Duke Energy Corporation Common Stockholders											$	1,270

Segment Income (Loss)	$	2,669	$	(1,266)	$	286	$	(426)	$	—	$	1,263
Special Items	876		1,707		—		(75)		—		2,508
Adjusted Earnings(a)	$	3,545	$	441	$	286	$	(501)	$	—	$	3,771

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2019
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,450	$	—	$	—	$	—	$	(58)	$	5,392
Regulated natural gas	—		552		—		—		(24)		528
Nonregulated electric and other	—		3		125		24		31		183
Total operating revenues	5,450		555		125		24		(51)		6,103
Operating Expenses
Fuel used in electric generation and purchased power	1,618		—		—		—		(20)		1,598
Cost of natural gas	—		176		—		—		—		176
Operation, maintenance and other	1,540		121		86		4		(22)		1,729
Depreciation and amortization	1,027		64		45		53		(5)		1,184
Property and other taxes	276		22		5		(6)		(2)		295
Impairment charges	8		—		—		—		—		8
Total operating expenses	4,469		383		136		51		(49)		4,990
Gains (Losses) on Sales of Other Assets and Other, net	1		—		(3)		(2)		—		(4)
Operating Income (Loss)	982		172		(14)		(29)		(2)		1,109
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(2)		13		—		15		(1)		25
Other income and expenses, net	88		8		2		32		(8)		122
Total Other Income and Expenses	86		21		2		47		(9)		147
Interest Expense	341		31		17		169		(11)		547
Income (Loss) from Continuing Operations Before Income Taxes	727		162		(29)		(151)		—		709
Income Tax Expense (Benefit) from Continuing Operations	135		22		(21)		(41)		—		95
Income (Loss) from Continuing Operations	592		140		(8)		(110)		—		614
Add: Net Loss Attributable to Noncontrolling Interest	—		—		67		—		—		67
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	592		140		59		(110)		—		681
Less: Preferred Dividends	—		—		—		14		—		14
Segment Income/Other Net Loss	$	592	$	140	$	59	$	(124)	$	—	$	667
Loss from Discontinued Operations, net of tax											(7)
Net Income Available to Duke Energy Corporation Common Stockholders											$	660

Segment Income/Other Net Loss	$	592	$	140	$	59	$	(124)	$	—	$	667
Special Items	(8)		19		—		—		—		11
Adjusted Earnings(a)	$	584	$	159	$	59	$	(124)	$	—	$	678

(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)


	Year Ended December 31, 2019
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	22,831	$	—	$	—	$	—	$	(216)	$	22,615
Regulated natural gas	—		1,854		—		—		(95)		1,759
Nonregulated electric and other	—		12		487		95		111		705
Total operating revenues	22,831		1,866		487		95		(200)		25,079
Operating Expenses
Fuel used in electric generation and purchased power	6,904		—		—		—		(78)		6,826
Cost of natural gas	—		627		—		—		—		627
Operation, maintenance and other	5,497		446		297		(65)		(109)		6,066
Depreciation and amortization	3,951		256		168		178		(5)		4,548
Property and other taxes	1,175		106		23		4		(1)		1,307
Impairment charges	(8)		—		—		—		—		(8)
Total operating expenses	17,519		1,435		488		117		(193)		19,366
Gains (Losses) on Sales of Other Assets and Other, net	1		—		(3)		(2)		—		(4)
Operating Income (Loss)	5,313		431		(4)		(24)		(7)		5,709
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	9		114		(4)		43		—		162
Other income and expenses, net	344		26		9		102		(51)		430
Total Other Income and Expenses	353		140		5		145		(51)		592
Interest Expense	1,345		117		95		705		(58)		2,204
Income (Loss) from Continuing Operations Before Income Taxes	4,321		454		(94)		(584)		—		4,097
Income Tax Expense (Benefit) from Continuing Operations	785		22		(115)		(173)		—		519
Income (Loss) from Continuing Operations	3,536		432		21		(411)		—		3,578
Add: Net Loss Attributable to Noncontrolling Interest	—		—		177		—		—		177
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	3,536		432		198		(411)		—		3,755
Less: Preferred Dividends	—		—		—		41		—		41
Segment Income/Other Net Loss	$	3,536	$	432	$	198	$	(452)	$	—	$	3,714
Loss from Discontinued Operations, net of tax											(7)
Net Income Available to Duke Energy Corporation Common Stockholders											$	3,707

Segment Income/Other Net Loss	$	3,536	$	432	$	198	$	(452)	$	—	$	3,714
Special Items	(27)		19		—		—		—		(8)
Adjusted Earnings(a)	$	3,509	$	451	$	198	$	(452)	$	—	$	3,706

(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)


	December 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	87	$	3	$	5	$	163	$	1	$	259

Receivables, net	617		259		114		20		(1)		1,009
Receivables of variable interest entities, net	2,144		—		—		—		—		2,144
Receivables from affiliated companies	78		341		655		1,286		(2,360)		—
Notes receivable from affiliated companies	—		—		—		1,876		(1,876)		—
Inventory	2,954		82		98		33		—		3,167

Regulatory assets	1,389		154		—		99		(1)		1,641
Other	153		41		186		81		1		462
Total current assets	7,422		880		1,058		3,558		(4,236)		8,682
Property, Plant and Equipment
Cost	133,709		12,759		6,760		2,453		(101)		155,580
Accumulated depreciation and amortization	(43,594)		(2,657)		(1,218)		(1,359)		1		(48,827)
Generation facilities to be retired, net	29		—		—		—		—		29
Net property, plant and equipment	90,144		10,102		5,542		1,094		(100)		106,782
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		—		19,303
Regulatory assets	11,201		702		—		518		—		12,421
Nuclear decommissioning trust funds	9,114		—		—		—		—		9,114
Operating lease right-of-use assets, net	1,104		20		122		277		1		1,524
Investments in equity method unconsolidated affiliates	105		215		534		107		—		961
Investment in consolidated subsidiaries	566		4		1		63,159		(63,730)		—

Other	1,979		302		115		1,840		(635)		3,601
Total other noncurrent assets	41,448		3,167		772		65,901		(64,364)		46,924
Total Assets	139,014		14,149		7,372		70,553		(68,700)		162,388
Segment reclassifications, intercompany balances and other	(789)		(300)		(656)		(66,955)		68,700		—
Segment Assets	$	138,225	$	13,849	$	6,716	$	3,598	$	—	$	162,388

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	2,333	$	283	$	87	$	441	$	—	$	3,144
Accounts payable to affiliated companies	559		39		757		938		(2,293)		—
Notes payable to affiliated companies	1,262		585		—		—		(1,847)		—
Notes payable and commercial paper	—		—		91		2,782		—		2,873
Taxes accrued	506		10		(130)		96		—		482
Interest accrued	360		42		2		133		—		537
Current maturities of long-term debt	2,138		188		167		1,749		(4)		4,238

Asset retirement obligations	718		—		—		—		—		718
Regulatory liabilities	1,262		115		—		1		(1)		1,377
Other	1,493		1,002		64		422		(45)		2,936
Total current liabilities	10,631		2,264		1,038		6,562		(4,190)		16,305
Long-Term Debt	34,509		3,305		1,569		16,337		(95)		55,625
Long-Term Debt Payable to Affiliated Companies	618		7		59		—		(684)		—
Other Noncurrent Liabilities
Deferred income taxes	10,349		1,127		(560)		(1,671)		(1)		9,244
Asset retirement obligations	12,074		62		150		—		—		12,286
Regulatory liabilities	13,555		1,451		—		24		(1)		15,029
Operating lease liabilities	1,012		19		127		182		—		1,340
Accrued pension and other post-retirement benefit costs	414		37		(27)		545		—		969
Investment tax credits	685		2		—		—		—		687

Other	837		193		344		532		(187)		1,719
Total other noncurrent liabilities	38,926		2,891		34		(388)		(189)		41,274
Equity
Total Duke Energy Corporation stockholders' equity	54,330		5,682		3,456		48,038		(63,542)		47,964
Noncontrolling interests	—		—		1,216		4		—		1,220
Total equity	54,330		5,682		4,672		48,042		(63,542)		49,184
Total Liabilities and Equity	139,014		14,149		7,372		70,553		(68,700)		162,388
Segment reclassifications, intercompany balances and other	(789)		(300)		(656)		(66,955)		68,700		—
Segment Liabilities and Equity	$	138,225	$	13,849	$	6,716	$	3,598	$	—	$	162,388

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended December 31, 2020
(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	$	1,599	$	1,215	$	1,291	$	335	$	725	$	(41)	$	5,124
Operating Expenses
Fuel used in electric generation and purchased power	356		406		446		81		190		(54)		1,425
Operation, maintenance and other	515		358		321		96		196		14		1,500
Depreciation and amortization	372		283		179		51		154		6		1,045
Property and other taxes	86		38		91		66		24		(2)		303
Impairment charges	454		494		—		—		—		—		948
Total operating expenses	1,783		1,579		1,037		294		564		(36)		5,221
Gains on Sales of Other Assets and Other, net	—		—		1		—		—		(1)		—
Operating (Loss) Income	(184)		(364)		255		41		161		(6)		(97)
Other Income and Expenses, net(b)	49		23		17		4		9		1		103
Interest Expense	117		66		81		23		47		(5)		329
(Loss) Income Before Income Taxes	(252)		(407)		191		22		123		—		(323)
Income Tax (Benefit) Expense	(87)		(113)		40		(3)		12		(2)		(153)
Segment Loss	$	(165)	$	(294)	$	151	$	25	$	111	$	2	$	(170)

(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, $7 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 SEGMENT INCOME

(Unaudited)


	Year Ended December 2020
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	7,015	$	5,422	$	5,188	$	1,405	$	2,795	$	(105)	$	21,720
Operating Expenses
Fuel used in electric generation and purchased power	1,682		1,743		1,737		339		767		(140)		6,128
Operation, maintenance and other	1,781		1,350		1,120		346		755		39		5,391
Depreciation and amortization	1,462		1,116		702		200		569		19		4,068
Property and other taxes	299		167		381		265		81		(5)		1,188
Impairment charges	476		499		(4)		—		—		—		971
Total operating expenses	5,700		4,875		3,936		1,150		2,172		(87)		17,746
Gains on Sales of Other Assets and Other, net	1		8		1		—		—		1		11
Operating Income	1,316		555		1,253		255		623		(17)		3,985
Other Income and Expenses, net(b)	177		75		53		11		37		(9)		344
Interest Expense	487		269		326		85		161		(8)		1,320
Income Before Income Taxes	1,006		361		980		181		499		(18)		3,009
Income Tax Expense (Benefit)	80		(40)		201		19		85		(5)		340
Segment Income	$	926	$	401	$	779	$	162	$	414	$	(13)	$	2,669

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

(b) Includes an equity component of allowance for funds used during construction of $62 million for Duke Energy Carolinas, $29 million for Duke Energy Progress, $12 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $23 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2020
(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	$	21	$	39	$	11	$	10	$	7	$	(1)	$	87

Receivables, net	247		132		94		88		55		1		617
Receivables of variable interest entities, net	696		500		401		—		—		547		2,144
Receivables from affiliated companies	124		50		3		87		112		(298)		78

Inventory	1,010		911		464		96		473		—		2,954

Regulatory assets	473		492		265		24		125		10		1,389
Other	19		60		41		(4)		37		—		153
Total current assets	2,590		2,184		1,279		301		809		259		7,422
Property, Plant and Equipment
Cost	50,640		35,759		22,123		7,395		17,382		410		133,709
Accumulated depreciation and amortization	(17,453)		(12,801)		(5,560)		(2,105)		(5,661)		(14)		(43,594)
Generation facilities to be retired, net	—		29		—		—		—		—		29
Net property, plant and equipment	33,187		22,987		16,563		5,290		11,721		396		90,144
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	2,996		3,976		1,799		357		1,203		870		11,201
Nuclear decommissioning trust funds	4,977		3,500		637		—		—		—		9,114
Operating lease right-of-use assets, net	110		346		344		20		55		229		1,104
Investments in equity method unconsolidated affiliates	—		—		1		—		—		104		105
Investment in consolidated subsidiaries	50		15		2		222		1		276		566

Other	1,188		740		334		54		253		(590)		1,979
Total other noncurrent assets	9,321		8,577		3,117		1,249		1,512		17,672		41,448
Total Assets	45,098		33,748		20,959		6,840		14,042		18,327		139,014
Segment reclassifications, intercompany balances and other	(303)		(114)		(76)		(225)		(86)		15		(789)
Reportable Segment Assets	$	44,795	$	33,634	$	20,883	$	6,615	$	13,956	$	18,342	$	138,225

(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)


	December 31, 2020
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	1,000	$	454	$	465	$	225	$	188	$	1	$	2,333
Accounts payable to affiliated companies	200		217		85		21		88		(52)		559
Notes payable to affiliated companies	506		295		196		114		131		20		1,262

Taxes accrued	78		86		82		207		63		(10)		506
Interest accrued	117		99		69		23		51		1		360
Current maturities of long-term debt	506		603		823		24		70		112		2,138

Asset retirement obligations	264		283		—		3		168		—		718
Regulatory liabilities	473		530		110		37		111		1		1,262
Other	546		411		375		66		82		13		1,493
Total current liabilities	3,690		2,978		2,205		720		952		86		10,631
Long-Term Debt	11,412		8,505		7,092		2,445		3,871		1,184		34,509
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	3,889		2,310		2,192		698		1,228		32		10,349
Asset retirement obligations	5,086		5,352		514		65		1,008		49		12,074
Regulatory liabilities	6,535		4,394		658		357		1,628		(17)		13,555
Operating lease liabilities	97		323		300		20		53		219		1,012
Accrued pension and other post-retirement benefit costs	73		242		231		84		171		(387)		414
Investment tax credits	236		132		146		3		168		—		685

Other	626		102		63		63		29		(46)		837
Total other noncurrent liabilities	16,542		12,855		4,104		1,290		4,285		(150)		38,926



Equity	13,154		9,260		7,558		2,367		4,784		17,207		54,330
Total Liabilities and Equity	45,098		33,748		20,959		6,840		14,042		18,327		139,014
Segment reclassifications, intercompany balances and other	(303)		(114)		(76)		(225)		(86)		15		(789)
Reportable Segment Liabilities and Equity	$	44,795	$	33,634	$	20,883	$	6,615	$	13,956	$	18,342	$	138,225

(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 December 31, 2020
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	129	$	426	$	—	$	(1)	$	554
Operating Expenses
Cost of natural gas	27		132		—		1		160
Operation, maintenance and other	33		87		1		(3)		118
Depreciation and amortization	18		47		—		—		65
Property and other taxes	14		16		—		—		30

Total operating expenses	92		282		1		(2)		373

Operating Income (Loss)	37		144		(1)		1		181
Other Income and Expenses
Equity in losses of unconsolidated affiliates	—		—		(13)		—		(13)
Other income and expenses, net	2		14		—		(2)		14
Total other income and expenses	2		14		(13)		(2)		1
Interest Expense	4		29		—		(1)		32
Income (Loss) Before Income Taxes	35		129		(14)		—		150
Income Tax Expense (Benefit)	7		14		(6)		1		16
Segment Income	$	28	$	115	$	(8)	$	(1)	$	134

(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 SEGMENT INCOME

(Unaudited)


	Year Ended December 2020
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	453	$	1,297	$	—	$	(2)	$	1,748
Operating Expenses
Cost of natural gas	73		386		—		1		460
Operation, maintenance and other	110		318		5		(3)		430
Depreciation and amortization	78		180		—		—		258
Property and other taxes	59		53		—		—		112
Impairment charges	—		7		—		—		7
Total operating expenses	320		944		5		(2)		1,267

Operating Income (Loss)	133		353		(5)		—		481
Other Income and Expenses
Equity in losses of unconsolidated affiliates	—		—		(2,017)		—		(2,017)
Other income and expenses, net	6		51		—		(1)		56
Total other income and expenses	6		51		(2,017)		(1)		(1,961)
Interest Expense	17		118		—		—		135
Income (Loss) Before Income Taxes	122		286		(2,022)		(1)		(1,615)
Income Tax Expense (Benefit)	26		19		(394)		—		(349)
Segment Loss	$	96	$	267	$	(1,628)	$	(1)	$	(1,266)

(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)


	December 31, 2020
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3

Receivables, net	9		250		—		—		259

Receivables from affiliated companies	5		61		356		(81)		341

Inventory	14		68		—		—		82

Regulatory assets	1		153		—		—		154
Other	21		19		1		—		41
Total current assets	53		551		357		(81)		880
Property, Plant and Equipment
Cost	3,627		9,131		—		1		12,759
Accumulated depreciation and amortization	(908)		(1,748)		—		(1)		(2,657)
Net property, plant and equipment	2,719		7,383		—		—		10,102
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	268		302		—		132		702
Operating lease right-of-use assets, net	—		20		—		—		20
Investments in equity method unconsolidated affiliates	—		—		210		5		215
Investment in consolidated subsidiaries	—		—		—		4		4

Other	16		270		16		—		302
Total other noncurrent assets	608		641		226		1,692		3,167
Total Assets	3,380		8,575		583		1,611		14,149
Segment reclassifications, intercompany balances and other	—		(57)		5		(248)		(300)
Reportable Segment Assets	$	3,380	$	8,518	$	588	$	1,363	$	13,849

(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)


	December 31, 2020
(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	$	53	$	230	$	—	$	—	$	283
Accounts payable to affiliated companies	2		62		63		(88)		39
Notes payable to affiliated companies	55		530		—		—		585

Taxes accrued	30		22		(42)		—		10
Interest accrued	8		34		—		—		42
Current maturities of long-term debt	26		160		—		2		188


Regulatory liabilities	26		88		—		1		115
Other	5		69		928		—		1,002
Total current liabilities	205		1,195		949		(85)		2,264
Long-Term Debt	570		2,620		—		115		3,305
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	292		805		28		2		1,127
Asset retirement obligations	42		20		—		—		62
Regulatory liabilities	393		1,044		—		14		1,451
Operating lease liabilities	—		19		—		—		19
Accrued pension and other post-retirement benefit costs	29		8		—		—		37
Investment tax credits	2		—		—		—		2

Other	31		154		8		—		193
Total other noncurrent liabilities	789		2,050		36		16		2,891



Equity	1,809		2,710		(402)		1,565		5,682
Total Liabilities and Equity	3,380		8,575		583		1,611		14,149
Segment reclassifications, intercompany balances and other	—		(57)		5		(248)		(300)
Reportable Segment Liabilities and Equity	$	3,380	$	8,518	$	588	$	1,363	$	13,849

(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
Year Ended December 2020

		Three Months Ended December 31,						Years Ended December 31,
		2020	2019	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020	2019	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	19,050	19,743	(3.5	%)	2.1	%	84,867	86,088	(1.4	%)	2.6	%
	General Service	17,673	18,864	(6.3	%)	(4.1	%)	72,936	78,192	(6.7	%)	(5.5	%)
	Industrial	12,182	12,384	(1.6	%)	0.9	%	47,765	50,864	(6.1	%)	(5.5	%)
	Other Energy Sales	149	144	3.5	%	n/a		570	580	(1.7	%)	n/a
	Unbilled Sales	949	(766)	223.9	%	n/a		730	(455)	260.4	%	n/a
	Total Retail Sales	50,003	50,369	(0.7	%)	(0.5)	%	206,868	215,269	(3.9	%)	(2.3	%)
	Wholesale and Other	9,761	9,996	(2.4	%)			39,448	41,795	(5.6	%)
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	59,764	60,365	(1.0	%)			246,316	257,064	(4.2	%)

Average Number of Customers (Electric)
	Residential	6,909,529	6,779,122	1.9	%			6,863,679	6,740,566	1.8	%
	General Service	1,007,851	995,165	1.3	%			1,002,533	991,955	1.1	%
	Industrial	17,242	17,315	(0.4	%)			17,281	17,335	(0.3	%)
	Other Energy Sales	31,312	30,788	1.7	%			31,111	29,656	4.9	%
	Total Retail Customers	7,965,934	7,822,390	1.8	%			7,914,604	7,779,512	1.7	%
	Wholesale and Other	40	43	(7.0	%)			44	48	(8.3	%)
	Total Average Number of Customers – Electric Utilities and Infrastructure	7,965,974	7,822,433	1.8	%			7,914,648	7,779,560	1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	11,856	12,187	(2.7	%)			45,057	55,900	(19.4	%)
	Nuclear	17,831	18,250	(2.3	%)			73,721	73,948	(0.3	%)
	Hydro	1,052	479	119.6	%			3,596	2,551	41.0	%
	Natural Gas and Oil	18,298	17,132	6.8	%			77,883	75,398	3.3	%
	Renewable Energy	260	135	92.6	%			1,154	654	76.5	%
	Total Generation(d)	49,297	48,183	2.3	%			201,411	208,451	(3.4	%)
	Purchased Power and Net Interchange(e)	14,088	15,691	(10.2	%)			58,529	61,976	(5.6	%)
	Total Sources of Energy	63,385	63,874	(0.8	%)			259,940	270,427	(3.9	%)
	Less: Line Loss and Other	3,621	3,509	3.2	%			13,624	13,363	2.0	%
	Total GWh Sources	59,764	60,365	(1.0	%)			246,316	257,064	(4.2	%)

Owned Megawatt (MW) Capacity(c)
	Summer							50,807	51,144
	Winter							54,248	54,853
Nuclear Capacity Factor (%)(f)								94	95

(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
Year Ended December 2020

		Three Months Ended December 31,								Years Ended December 31,
		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,084		6,486		(6.2	%)			27,963		28,861		(3.1	%)
	General Service	6,560		7,089		(7.5	%)			27,637		29,628		(6.7	%)
	Industrial	4,981		5,174		(3.7	%)			19,593		21,300		(8.0	%)
	Other Energy Sales	85		79		7.6	%			314		320		(1.9	%)
	Unbilled Sales	628		(46)		1,465.2	%			210		(215)		197.7	%
	Total Retail Sales	18,338		18,782		(2.4	%)	(1.4	%)	75,717		79,894		(5.2	%)	(2.6	%)
	Wholesale and Other	2,191		2,119		3.4	%			8,857		10,026		(11.7	%)
	Total Consolidated Electric Sales – Duke Energy Carolinas	20,529		20,901		(1.8	%)			84,574		89,920		(5.9	%)

Average Number of Customers
	Residential	2,324,382		2,275,136		2.2	%			2,306,162		2,260,939		2.0	%
	General Service	369,593		363,479		1.7	%			366,952		362,174		1.3	%
	Industrial	6,088		6,120		(0.5	%)			6,099		6,123		(0.4	%)
	Other Energy Sales	23,115		22,668		2.0	%			22,939		21,581		6.3	%
	Total Retail Customers	2,723,178		2,667,403		2.1	%			2,702,152		2,650,817		1.9	%
	Wholesale and Other	17		19		(10.5	%)			21		19		10.5	%
	Total Average Number of Customers – Duke Energy Carolinas	2,723,195		2,667,422		2.1	%			2,702,173		2,650,836		1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	3,152		4,511		(30.1	%)			14,739		20,927		(29.6	%)
	Nuclear	10,673		11,097		(3.8	%)			44,315		45,244		(2.1	%)
	Hydro	728		291		150.2	%			2,511		1,714		46.5	%
	Natural Gas and Oil	3,842		3,109		23.6	%			16,817		15,694		7.2	%
	Renewable Energy	42		35		20.0	%			174		158		10.1	%
	Total Generation(d)	18,437		19,043		(3.2	%)			78,556		83,737		(6.2	%)
	Purchased Power and Net Interchange(e)	3,109		3,058		1.7	%			10,630		11,088		(4.1	%)
	Total Sources of Energy	21,546		22,101		(2.5	%)			89,186		94,825		(5.9	%)
	Less: Line Loss and Other	1,017		1,200		(15.3	%)			4,612		4,905		(6.0	%)
	Total GWh Sources	20,529		20,901		(1.8	%)			84,574		89,920		(5.9	%)

Owned MW Capacity(c)
	Summer									20,280		20,192
	Winter									21,127		21,127
Nuclear Capacity Factor (%)(f)										95		97

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,098		1,143		(3.9	%)			2,833		2,873		(1.4	%)
	Cooling Degree Days	51		94		(45.7	%)			1,525		1,935		(21.2	%)

	Variance from Normal
	Heating Degree Days	(12.1	%)	(8.9	%)					(11.7	%)	(10.5	%)
	Cooling Degree Days	25.7	%	161.5	%					(1.2	%)	27.1	%

(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 Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020

		Three Months Ended December 31,								Years Ended December 31,
		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	3,882		4,070		(4.6	%)			17,587		18,177		(3.2	%)
	General Service	3,411		3,644		(6.4	%)			14,312		15,452		(7.4	%)
	Industrial	2,534		2,516		0.7	%			10,122		10,534		(3.9	%)
	Other Energy Sales	19		19		—	%			77		77		—	%
	Unbilled Sales	302		(60)		603.3	%			155		(50)		410	%
	Total Retail Sales	10,148		10,189		(0.4	%)	(0.2	%)	42,253		44,190		(4.4	%)	(1.9	%)
	Wholesale and Other	5,580		6,095		(8.4	%)			22,987		24,166		(4.9	%)
	Total Consolidated Electric Sales – Duke Energy Progress	15,728		16,284		(3.4	%)			65,240		68,356		(4.6	%)

Average Number of Customers
	Residential	1,385,743		1,356,540		2.2	%			1,375,190		1,348,989		1.9	%
	General Service	240,429		237,210		1.4	%			239,099		236,549		1.1	%
	Industrial	3,998		4,011		(0.3	%)			4,000		4,026		(0.6	%)
	Other Energy Sales	1,415		1,417		(0.1	%)			1,415		1,416		(0.1	%)
	Total Retail Customers	1,631,585		1,599,178		2.0	%			1,619,704		1,590,980		1.8	%
	Wholesale and Other	9		9		—	%			9		12		(25.0	%)
	Total Average Number of Customers – Duke Energy Progress	1,631,594		1,599,187		2.0	%			1,619,713		1,590,992		1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,332		2,070		(35.7	%)			5,934		9,554		(37.9	%)
	Nuclear	7,158		7,153		0.1	%			29,406		28,704		2.4	%
	Hydro	256		130		96.9	%			880		673		30.8	%
	Natural Gas and Oil	5,407		5,524		(2.1	%)			21,642		21,349		1.4	%
	Renewable Energy	54		51		5.9	%			247		253		(2.4	%)
	Total Generation(d)	14,207		14,928		(4.8	%)			58,109		60,533		(4.0	%)
	Purchased Power and Net Interchange(e)	2,066		1,995		3.6	%			9,289		9,973		(6.9	%)
	Total Sources of Energy	16,273		16,923		(3.8	%)			67,398		70,506		(4.4	%)
	Less: Line Loss and Other	545		639		(14.7	%)			2,158		2,150		0.4	%
	Total GWh Sources	15,728		16,284		(3.4	%)			65,240		68,356		(4.6	%)

Owned MW Capacity(c)
	Summer									12,533		12,994
	Winter									13,594		14,175
Nuclear Capacity Factor (%)(f)										93		92

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	933		1,000		(6.7	%)			2,366		2,600		(9.0	%)
	Cooling Degree Days	91		118		(22.9	%)			1,761		2,072		(15.0	%)

	Variance from Normal
	Heating Degree Days	(17.1	%)	(11.6	%)					(18.8	%)	(11.3	%)
	Cooling Degree Days	50.0	%	109.7	%					4.3	%	24.4	%

(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
Year Ended December 2020

		Three Months Ended December 31,								Years Ended December 31,
		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	5,170		4,943		4.6	%			21,459		20,775		3.3	%
	General Service	3,706		3,835		(3.4	%)			14,601		15,425		(5.3	%)
	Industrial	791		760		4.1	%			3,147		2,963		6.2	%
	Other Energy Sales	6		6		—	%			23		24		(4.2	%)
	Unbilled Sales	(303)		(452)		33.0	%			241		(84)		386.9	%
	Total Retail Sales	9,370		9,092		3.1	%	0.4	%	39,471		39,103		0.9	%	(0.8	%)
	Wholesale and Other	730		613		19.1	%			3,019		3,070		(1.7	%)
	Total Electric Sales – Duke Energy Florida	10,100		9,705		4.1	%			42,490		42,173		0.8	%

Average Number of Customers
	Residential	1,667,816		1,633,362		2.1	%			1,654,976		1,624,629		1.9	%
	General Service	205,840		203,626		1.1	%			204,902		203,104		0.9	%
	Industrial	1,988		2,013		(1.2	%)			2,000		2,025		(1.2	%)
	Other Energy Sales	1,495		1,492		0.2	%			1,494		1,499		(0.3	%)
	Total Retail Customers	1,877,139		1,840,493		2.0	%			1,863,372		1,831,257		1.8	%
	Wholesale and Other	9		10		(10.0	%)			9		12		(25.0	%)
	Total Average Number of Customers – Duke Energy Florida	1,877,148		1,840,503		2.0	%			1,863,381		1,831,269		1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	867		1,249		(30.6	%)			3,287		4,300		(23.6	%)


	Natural Gas and Oil	8,472		7,570		11.9	%			36,361		35,218		3.2	%
	Renewable Energy	160		44		263.6	%			706		215		228.4	%
	Total Generation(d)	9,499		8,863		7.2	%			40,354		39,733		1.6	%
	Purchased Power and Net Interchange(e)	930		1,171		(20.6	%)			4,234		4,833		(12.4	%)
	Total Sources of Energy	10,429		10,034		3.9	%			44,588		44,566		—	%
	Less: Line Loss and Other	329		329		—	%			2,098		2,393		(12.3	%)
	Total GWh Sources	10,100		9,705		4.1	%			42,490		42,173		0.8	%

Owned MW Capacity(c)
	Summer									10,287		10,259
	Winter									11,301		11,347

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	207		105		97.1	%			427		376		13.6	%
	Cooling Degree Days	624		674		(7.4	%)			3,853		3,622		6.4	%

	Variance from Normal
	Heating Degree Days	1.8	%	(46.8	%)					(5.1	%)	(34.8	%)
	Cooling Degree Days	41.0	%	43.0	%					20.7	%	13.5	%

(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
Year Ended December 2020

		Three Months Ended December 31,								Years Ended December 31,
		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,927		2,084		(7.5	%)			8,838		9,005		(1.9	%)
	General Service	2,143		2,308		(7.1	%)			8,736		9,461		(7.7	%)
	Industrial	1,364		1,403		(2.8	%)			5,342		5,721		(6.6	%)
	Other Energy Sales	26		27		(3.7	%)			105		108		(2.8	%)
	Unbilled Sales	137		(127)		207.9	%			83		(49)		269.4	%
	Total Retail Sales	5,597		5,695		(1.7	%)	(0.2	%)	23,104		24,246		(4.7	%)	(2.3	%)
	Wholesale and Other	124		75		65.3	%			380		483		(21.3	%)
	Total Electric Sales – Duke Energy Ohio	5,721		5,770		(0.8	%)			23,484		24,729		(5.0	%)

Average Number of Customers
	Residential	783,494		775,532		1.0	%			782,324		772,065		1.3	%
	General Service	89,403		88,872		0.6	%			89,122		88,409		0.8	%
	Industrial	2,474		2,480		(0.2	%)			2,485		2,469		0.6	%
	Other Energy Sales	3,445		3,420		0.7	%			3,441		3,399		1.2	%
	Total Retail Customers	878,816		870,304		1.0	%			877,372		866,342		1.3	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	878,817		870,305		1.0	%			877,373		866,343		1.3	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	436		398		9.5	%			2,269		3,166		(28.3	%)


	Natural Gas and Oil	15		5		200.0	%			55		138		(60.1	%)

	Total Generation(d)	451		403		11.9	%			2,324		3,304		(29.7	%)
	Purchased Power and Net Interchange(e)	5,686		6,401		(11.2	%)			23,379		24,141		(3.2	%)
	Total Sources of Energy	6,137		6,804		(9.8	%)			25,703		27,445		(6.3	%)
	Less: Line Loss and Other	416		1,034		(59.8	%)			2,219		2,716		(18.3	%)
	Total GWh Sources	5,721		5,770		(0.8	%)			23,484		24,729		(5.0	%)

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

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,671		1,766		(5.4	%)			4,497		4,684		(4.0	%)
	Cooling Degree Days	21		49		(57.1	%)			1,198		1,408		(14.9	%)

	Variance from Normal
	Heating Degree Days	(9.0	%)	(4.1	%)					(8.5	%)	(4.5	%)
	Cooling Degree Days	(4.0	%)	172.2	%					7.9	%	28.0	%

(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 Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020

		Three Months Ended December 31,								Years Ended December 31,
		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2020		2019		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,987		2,160		(8.0	%)			9,020		9,270		(2.7	%)
	General Service	1,853		1,988		(6.8	%)			7,650		8,226		(7.0	%)
	Industrial	2,512		2,531		(0.8	%)			9,561		10,346		(7.6	%)
	Other Energy Sales	13		13		—	%			51		51		—	%
	Unbilled Sales	185		(81)		328.4	%			41		(57)		(171.9	%)
	Total Retail Sales	6,550		6,611		(0.9	%)	0.3	%	26,323		27,836		(5.4	%)	(4.0	%)
	Wholesale and Other	1,136		1,094		3.8	%			4,205		4,050		3.8	%
	Total Electric Sales – Duke Energy Indiana	7,686		7,705		(0.2	%)			30,528		31,886		(4.3	%)

Average Number of Customers
	Residential	748,094		738,552		1.3	%			745,027		733,944		1.5	%
	General Service	102,586		101,978		0.6	%			102,458		101,719		0.7	%
	Industrial	2,694		2,691		0.1	%			2,697		2,692		0.2	%
	Other Energy Sales	1,842		1,791		2.8	%			1,822		1,761		3.5	%
	Total Retail Customers	855,216		845,012		1.2	%			852,004		840,116		1.4	%
	Wholesale and Other	4		4		—	%			4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana	855,220		845,016		1.2	%			852,008		840,120		1.4	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	6,069		3,959		53.3	%			18,828		17,953		4.9	%

	Hydro	68		58		17.2	%			205		164		25.0	%
	Natural Gas and Oil	562		924		(39.2	%)			3,008		2,999		0.3	%
	Renewable Energy	4		5		(20.0	%)			27		28		(3.6	%)
	Total Generation(d)	6,703		4,946		35.5	%			22,068		21,144		4.4	%
	Purchased Power and Net Interchange(e)	2,297		3,066		(25.1	%)			10,997		11,941		(7.9	%)
	Total Sources of Energy	9,000		8,012		12.3	%			33,065		33,085		(0.1	%)
	Less: Line Loss and Other	1,314		307		328.0	%			2,537		1,199		111.6	%
	Total GWh Sources	7,686		7,705		(0.2	%)			30,528		31,886		(4.3	%)

Owned MW Capacity(c)
	Summer									6,631		6,623
	Winter									7,062		7,040

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,822		1,991		(8.5	%)			4,964		5,349		(7.2	%)
	Cooling Degree Days	19		37		(48.6	%)			1,151		1,261		(8.7	%)

	Variance from Normal
	Heating Degree Days	(7.6	%)	1.0	%					(6.0	%)	1.2	%
	Cooling Degree Days	9.1	%	135.9	%					5.0	%	15.0	%

(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
Year Ended December 2020

		Three Months Ended December 31,				Years Ended December 31,
		2020	2019	% Inc. (Dec.)		2020	2019	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	129,209,733	133,517,816	(3.2	%)	490,071,039	511,243,774	(4.1	%)
	Duke Energy Midwest LDC throughput (Mcf)	25,589,579	26,747,349	(4.3	%)	84,160,162	89,025,972	(5.5	%)

Average Number of Customers – Piedmont Natural Gas
	Residential	1,010,287	980,623	3.0	%	1,003,214	979,210	2.5	%
	Commercial	104,864	103,827	1.0	%	104,983	103,991	1.0	%
	Industrial	968	976	(0.8	%)	969	972	(0.3	%)
	Power Generation	19	17	11.8	%	19	16	18.8	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,116,138	1,085,443	2.8	%	1,109,185	1,084,189	2.3	%

Average Number of Customers – Duke Energy Midwest
	Residential	497,602	491,566	1.2	%	495,688	489,942	1.2	%
	General Service	43,169	43,651	(1.1	%)	43,320	43,350	(0.1	%)
	Industrial	1,567	1,591	(1.5	%)	1,571	1,578	(0.4	%)
	Other	130	133	(2.3	%)	131	135	(3.0	%)
	Total Average Number of Gas Customers – Duke Energy Midwest	542,468	536,941	1.0	%	540,710	535,005	1.1	%

(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
Year Ended December 2020

		Three Months Ended December 31,				Years Ended December 31,
		2020	2019	% Inc. (Dec.)		2020	2019	% Inc. (Dec.)
	Renewable Plant Production, GWh	2,544	2,046	24.3	%	10,204	8,574	19.0	%
	Net Proportional MW Capacity in Operation(a)	n/a	n/a			3,937	3,485	13.0	%

(a) Includes 100% tax equity project capacity.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

	2/21/21
Filed on / For Period end:	2/11/21	4
	12/31/20	10-K, 11-K, 5
	12/31/19	10-K, 11-K, 5, 8-K
		List all Filings

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Filing Submission 0001326160-21-000022 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Duke Energy Corp. – ‘8-K’ for 2/11/21 – ‘EX-99.1’

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