DUK 10-K Fiscal year ended Dec. 31, 2024

Portions of the Duke Energy definitive proxy statement for the 2025 Annual Meeting of the Shareholders or an amendment to this Annual Report are incorporated by reference into PART III, Items 10, 11 and 13 hereof.

This combined Form 10-K is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.

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Ensuring the security of Duke Energy’s assets, information and teammates is vital for delivering the essential service on which Duke Energy’s customers and communities depend. In light of the ever-evolving threat landscape and increasing sophistication of threat actor tactics, techniques and procedures, steadfast and advanced cybersecurity and security operations are integral parts of Duke Energy’s enterprise risk management framework. Duke Energy's enterprise risk management framework is used across the enterprise by subject matter experts to identify, assess, monitor and communicate enterprise level risks to the Chief Risk Officer . Duke Energy’s technology and cybersecurity risk management program is integrated into the Company’s overall Enterprise Risk Management program and is composed of three primary lines of defense: (1) the Cybersecurity Incident Response Team (CIRT); (2) the Duke Energy Enterprise Security Team (EST); and (3) internal and external cybersecurity audits.

Duke Energy’s first line of defense is the CIRT under the Office of the Chief Administrative Officer (CAO). The CIRT reports up to leaders in the Chief Security and Information Security Office, including the Chief Security and Information Security Officer (CSISO) , Managing Director of Cybersecurity and Network Defense, and Director of Cybersecurity Operations, whose cybersecurity backgrounds include many years serving in operational cyber roles, leading incident response, participating in industry engagement, collaborating with federal and local cyber programs, and time analyzing security breaches across the industry. The CIRT oversees an enterprisewide process that identifies, assesses, responds to and resolves cyber incidents, both internal and those associated with the Company’s use of third-party service providers, by defining roles, responsibilities and the process for problem source identification, mitigation, and eradication triggered by a suspected cyber incident. Duke Energy manages cybersecurity threats through its 24/7 Duke Energy Cybersecurity Operations Center (CSOC), which serves as the Company’s central command center for monitoring and coordinating responses to cyber-threats. The CSOC engages in daily information sharing within the utilities industry and with government partners and monitors incoming intelligence and cyber incident impacts. The CSOC assesses the relevant information by assigning a CIRT Heat Map score, which results in CIRT activation if a certain threat level is met. It also results in the assignment of additional roles and responsibilities to enable the cybersecurity leadership and technical teams to collectively and regularly review incident information, score the impact, communicate to leadership, and respond appropriately. Another key component of Duke Energy’s first line of defense against cybersecurity threats is its Third-Party Risk Management (TPRM) process, whereby third parties providing services that meet certain criteria such as storing or transmitting Duke Energy data, hosting an application, or connecting to the Duke Energy network are required to undergo a cybersecurity assessment primarily to ascertain the risk of a third-party’s proposed services to Duke Energy.

The Company’s Executive Cybersecurity Oversight Governance Committee (ECOG), comprised of the Company's Chair and Chief Executive Officer (CEO), President, Executive Vice President (EVP) and Chief Financial Officer, and EVP, Chief Generation Officer and Enterprise Operational Excellence, receives monthly updates from the CAO and CSISO and provides senior management throughout the Company informational technology and operational technology perspectives, oversight and governance on investments and priorities for the broader cybersecurity organization, in addition to providing final decision oversight on recommendations and response to the ever-challenging cybersecurity threat landscape. The ECOG also is leveraged to supply information and bring transparency to senior management throughout the Company on the increasing threat landscape and the actions, response and road map to combat the threats.

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The Audit Committee has primary oversight of management’s efforts to mitigate cybersecurity and technology risk and respond to cyber incidents. The Audit Committee receives updates throughout the year from the CAO and CSISO on cybersecurity and grid security issues, including compliance with regulations, employee training and drills, at every regularly scheduled Audit Committee meeting, and engages in discussions throughout the year with management on the effectiveness of Duke Energy’s overall cybersecurity program and progress for addressing any identified risks. In 2024, the Audit Committee received three updates and the full Board of Directors received one update on cybersecurity. The Audit Committee also receives periodic updates on Duke Energy’s digital transformation and the operation of, and enhancements to, the Company’s financial systems and business and operational technical systems. The reviews presented to the Audit Committee are followed with an update to the full Board of Directors by the Chair of the Audit Committee.

In addition, the Operations and Nuclear Oversight Committee (ONOC) of the Board of Directors provides oversight of the nuclear safety and cybersecurity of Duke Energy’s nuclear power program, which is integrated with the companywide cyber protocols, and the Chair of the ONOC reports out to the Board of Directors on such oversight activities. Duke Energy’s nuclear cybersecurity program and associated cybersecurity plan (CSP) were fully implemented in 2017 in accordance with NRC regulation 10 CFR 73.54, “Protection of digital computer and communication systems and networks” and leverage monitoring, testing, drills, audits, assessments, and NRC inspections to continue to validate the effectiveness of the program to protect plant assets from cybersecurity threats.

Moreover, Duke Energy’s processes ensure that the Board of Directors receive contemporaneous reporting on potentially significant cyber events including response, legal obligations, and outreach and notification to regulators and customers when needed, as well as an opportunity to provide guidance to management as appropriate.

The relevant cybersecurity risk expertise of Duke Energy’s management who serve on the ECOG and/or senior management who lead the CIRT and EST is described below.

• The CEO of Duke Energy has over 20 years of experience in the utilities industry, and has gained cybersecurity experience as CEO of one of America’s largest utility companies, and through service on the board of the Edison Electric Institute, the Institute of Nuclear Power Operations, the World Association of Nuclear Operators, and past service on the Department of Homeland Security Advisory Council.

• The EVP and Chief Financial Officer of Duke Energy (CFO) previously served as the Company’s Chief Transformation and Administrative Officer and led the Company’s business transformation through digital innovation, new ways of working and process redesign. In this role, the CFO gained an in-depth understanding of the Company's cybersecurity procedures and key threats, and was responsible for the enterprise business services and technology team, including the information and technology organization.

• The EVP, Chief Generation Officer and Enterprise Operational Excellence of Duke Energy has gained cybersecurity experience through being responsible for the safe, efficient and reliable operation of Duke Energy's fleet of nuclear, natural gas, hydro, solar and coal units.

• The President of Duke Energy has gained cybersecurity experience through focusing on transmission and the development of long-term grid strategies and solutions and through a prior role as Chief Distribution Officer, overseeing the safe, reliable, and efficient operation of Duke Energy’s electric distribution systems, and through serving on the board of the Association of Edison Illuminating Companies.

• The CSISO of Duke Energy has over 25 years of experience building and leading security teams within multiple industries. The CSISO holds a Secret Security clearance and is committed to strengthening U.S. critical infrastructure through active collaboration with federal partners at the Federal Bureau of Investigation, Department of Energy, Department of Homeland Security, and state partners including the national guard, law enforcement and universities.

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Nature of Operations and Basis of Consolidation

Duke Energy is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below. Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries. Certain Duke Energy subsidiaries are also subsidiary registrants, including Duke Energy Carolinas; Progress Energy; Duke Energy Progress; Duke Energy Florida; Duke Energy Ohio; Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of its separate Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Consolidated Financial Statements. However, none of the Subsidiary Registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.

These Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 18 for additional information on VIEs. These Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. See Note 9 for additional information on joint ownership. Substantially all of the Subsidiary Registrants' operations qualify for regulatory accounting.

Duke Energy Carolinas is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Carolinas is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC.

Progress Energy is a public utility holding company, which conducts operations through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. Progress Energy is subject to regulation by FERC and other regulatory agencies listed below.

Duke Energy Progress is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Progress is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC.

Duke Energy Florida is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Florida. Duke Energy Florida is subject to the regulatory provisions of the FPSC, NRC and FERC.

Duke Energy Ohio is a regulated public utility primarily engaged in the transmission and distribution of electricity in portions of Ohio and Kentucky, the generation and sale of electricity in portions of Kentucky and the transportation and sale of natural gas in portions of Ohio and Kentucky. Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers and recorded in Operating Revenues on the Consolidated Statements of Operations and Comprehensive Income. Operations in Kentucky are conducted through its wholly owned subsidiary, Duke Energy Kentucky. References herein to Duke Energy Ohio collectively include Duke Energy Ohio and its subsidiaries, unless otherwise noted. Duke Energy Ohio is subject to the regulatory provisions of the PUCO, KPSC and FERC.

Duke Energy Indiana is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Indiana. Duke Energy Indiana is subject to the regulatory provisions of the IURC and FERC.

Piedmont is a regulated public utility primarily engaged in the distribution of natural gas in portions of North Carolina, South Carolina and Tennessee. Piedmont is subject to the regulatory provisions of the NCUC, PSCSC, TPUC and FERC.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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Other Current Assets and Liabilities

The following table provides a description of amounts included in Other within Current Assets or Current Liabilities that exceed 5% of total Current Assets or Current Liabilities on the Duke Energy Registrants' Consolidated Balance Sheets at either December 31, 2024, or 2023.

									December 31,
(in millions)			Location						2024						2023
Duke Energy Carolinas
Accrued compensation			Current Liabilities						$	234					$	224
Duke Energy Florida
Tax receivables			Current Assets						$	166					$	12
Customer deposits/Collateral liabilities			Current Liabilities						$	164					$	168
Duke Energy Ohio
Tax receivables			Current Assets						$	4					95
Duke Energy Indiana
Customer advances			Current Liabilities						$	100					$	87

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the years ended December 31, 2024, 2023 and 2022, the Income (Loss) From Discontinued Operations, net of tax on Duke Energy's Consolidated Statements of Operations includes amounts related to NCI. A portion of NCI on Duke Energy's Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

Significant Accounting Policies

Use of Estimates

In preparing financial statements that conform to GAAP, the Duke Energy Registrants must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Regulatory Accounting

The majority of the Duke Energy Registrants’ operations are subject to price regulation for the sale of electricity and natural gas by state utility commissions or FERC. When prices are set on the basis of specific costs of the regulated operations and an effective franchise is in place such that sufficient natural gas or electric services can be sold to recover those costs, the Duke Energy Registrants apply regulatory accounting. Regulatory accounting changes the timing of the recognition of costs or revenues relative to a company that does not apply regulatory accounting. As a result, regulatory assets and regulatory liabilities are recognized on the Consolidated Balance Sheets. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Regulatory assets are reviewed for recoverability each reporting period. If a regulatory asset is no longer deemed probable of recovery, the deferred cost is charged to earnings. See Note 4 for further information.

Regulatory accounting rules also require recognition of a disallowance (also called "impairment") loss if it becomes probable that part of the cost of a plant under construction (or a recently completed plant or an abandoned plant) will be disallowed for ratemaking purposes and a reasonable estimate of the amount of the disallowance can be made. For example, if a cost cap is set for a plant still under construction, the amount of the disallowance is a result of a judgment as to the ultimate cost of the plant. These disallowances can require judgments on allowed future rate recovery.

When it becomes probable that regulated generation, transmission or distribution assets will be abandoned, the cost of the asset is removed from plant in service. The value that may be retained as a regulatory asset on the balance sheet for the abandoned property is dependent upon amounts that may be recovered through regulated rates, including any return. As such, an impairment charge could be partially or fully offset by the establishment of a regulatory asset if rate recovery is probable. The impairment charge for a disallowance of costs for regulated plants under construction, recently completed or abandoned is based on discounted cash flows.

The Duke Energy Registrants utilize cost-tracking mechanisms, commonly referred to as fuel adjustment clauses or PGA clauses. These clauses allow for the recovery of fuel and fuel-related costs, portions of purchased power, natural gas costs and hedging costs through surcharges on customer rates. The difference between the costs incurred and the surcharge revenues is recorded either as an adjustment to Operating Revenues, Operating Expenses – Fuel used in electric generation or Operating Expenses – Cost of natural gas on the Consolidated Statements of Operations, with an off-setting impact on regulatory assets or liabilities .

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Cash, Cash Equivalents and Restricted Cash

All highly liquid investments with maturities of three months or less at the date of acquisition are considered cash equivalents. Duke Energy, Progress Energy and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. Duke Energy Carolinas and Duke Energy Progress have restricted cash balances related to VIEs from storm recovery bonds issued. See Note 18 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Consolidated Balance Sheets.

			December 31, 2024																		December 31, 2023
						Duke						Duke			Duke									Duke						Duke			Duke
			Duke			Energy			Progress			Energy			Energy						Duke			Energy			Progress			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida						Energy			Carolinas			Energy			Progress			Florida
Current Assets
Cash and cash equivalents			$	314		$	6		$	73		$	24		$	33					$	253		$	9		$	59		$	18		$	24
Other			84			9			76			40			35						76			9			67			31			36
Other Noncurrent Assets
Other			20			1			11			5			7						16			1			9			2			7
Total cash, cash equivalents and restricted cash			$	418		$	16		$	160		$	69		$	75					$	345		$	19		$	135		$	51		$	67

Inventory

Inventory related to regulated operations is valued at historical cost. Inventory is charged to expense or capitalized to property, plant and equipment when issued, primarily using the average cost method. Excess or obsolete inventory is written down to the lower of cost or net realizable value. Once inventory has been written down, it creates a new cost basis for the inventory that is not subsequently written up. Provisions for inventory write-offs were not material at December 31, 2024, and 2023, respectively. The components of inventory are presented in the tables below.

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,387					$	1,150					$	1,649					$	1,074					$	576					$	149					$	389					$	11
Coal			801						341						241						164						77						23						196						—
Natural gas, oil and other			321						45						196						103						92						11						1						67
Total inventory			$	4,509					$	1,536					$	2,086					$	1,341					$	745					$	183					$	586					$	78

			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,086					$	1,075					$	1,465					$	963					$	502					$	139					$	361					$	12
Coal			842						364						231						154						77						28						219						—
Natural gas, oil and other			364						45						205						110						95						12						2						100
Total inventory			$	4,292					$	1,484					$	1,901					$	1,227					$	674					$	179					$	582					$	112

Investments in Debt and Equity Securities

The Duke Energy Registrants classify investments in equity securities as FV-NI and investments in debt securities as AFS. Both categories are recorded at fair value on the Consolidated Balance Sheets. Realized and unrealized gains and losses on securities classified as FV-NI are reported through net income. Unrealized gains and losses for debt securities classified as AFS are included in AOCI until realized, unless it is determined the carrying value of an investment has a credit loss. For certain investments of regulated operations, such as substantially all of the NDTF, realized and unrealized gains and losses (including any credit losses) on debt securities are recorded as a regulatory asset or liability. The credit loss portion of debt securities of nonregulated operations are included in earnings. Investments in debt and equity securities are classified as either current or noncurrent based on management’s intent and ability to sell these securities, taking into consideration current market liquidity. See Note 16 for further information.

Goodwill

Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont perform annual goodwill impairment tests as of August 31 each year at the reporting unit level, which is determined to be a business segment or one level below. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update these tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 12 for further information.

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Intangible Assets

Intangible assets are included in Other in Other Noncurrent Assets on the Consolidated Balance Sheets. Generally, intangible assets are amortized using an amortization method that reflects the pattern in which the economic benefits of the intangible asset are consumed or on a straight-line basis if that pattern is not readily determinable. Amortization of intangibles is reflected in Depreciation and amortization on the Consolidated Statements of Operations. Intangible assets are subject to impairment testing and if impaired, the carrying value is accordingly reduced.

RECs are used to measure compliance with renewable energy standards and are held primarily for consumption. See Note 12 for further information.

Long-Lived Asset Impairments

The Duke Energy Registrants evaluate long-lived assets that are held and used, excluding goodwill, for impairment when circumstances indicate the carrying value of those assets may not be recoverable. An impairment exists when a long-lived asset’s carrying value exceeds the estimated undiscounted cash flows expected to result from the use and eventual disposition of the asset. The estimated cash flows may be based on alternative expected outcomes that are probability weighted. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, the carrying value of the asset is written down to its then current estimated fair value and an impairment charge is recognized.

The Duke Energy Registrants assess fair value of long-lived assets that are held and used using various methods, including recent comparable third-party sales, internally developed discounted cash flow analysis and analysis from outside advisors. Triggering events to reassess cash flows may include, but are not limited to, significant changes in commodity prices, the condition of an asset or management’s interest in selling the asset.

Property, Plant and Equipment

Property, plant and equipment are stated at the lower of depreciated historical cost net of any disallowances or fair value, if impaired. The Duke Energy Registrants capitalize all construction-related direct labor and material costs, as well as indirect construction costs such as general engineering, taxes and financing costs. See “Allowance for Funds Used During Construction and Interest Capitalized” section below for information on capitalized financing costs. Costs of renewals and betterments that extend the useful life of property, plant and equipment are also capitalized. The cost of repairs, replacements and major maintenance projects, which do not extend the useful life or increase the expected output of the asset, are expensed as incurred. Depreciation is generally computed over the estimated useful life of the asset using the composite straight-line method. Depreciation studies are conducted periodically to update composite rates and are approved by state utility commissions and/or the FERC when required. The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows.

			Years Ended December 31,
			2024						2023						2022
Duke Energy			3.0		%				2.9		%				3.0		%
Duke Energy Carolinas			3.1		%				2.7		%				2.7		%
Progress Energy			3.3		%				3.3		%				3.2		%
Duke Energy Progress			3.2		%				3.1		%				3.0		%
Duke Energy Florida			3.5		%				3.5		%				3.5		%
Duke Energy Ohio			2.9		%				2.8		%				2.9		%
Duke Energy Indiana			3.6		%				3.6		%				3.6		%
Piedmont			2.2		%				2.1		%				2.1		%

In general, when the Duke Energy Registrants retire regulated property, plant and equipment, the original cost plus the cost of retirement, less salvage value and any depreciation already recognized, is charged to accumulated depreciation. However, when it becomes probable the asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the net amount is classified as Facilities to be retired, net on the Consolidated Balance Sheets. If the asset is no longer operating, the net amount is classified in Regulatory assets on the Consolidated Balance Sheets if deemed recoverable (see discussion of long-lived asset impairments above). The carrying value of the asset is based on historical cost if the Duke Energy Registrants are allowed to recover the remaining net book value and a return equal to at least the incremental borrowing rate. If not, an impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate.

When the Duke Energy Registrants sell entire regulated operating units, the original cost and accumulated depreciation and amortization balances are removed from Property, Plant and Equipment on the Consolidated Balance Sheets. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body . See Note 11 for additional information.

Other Noncurrent Assets

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $ 150 million related to the contract in Other within Other noncurrent assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023. The asset is recorded at historical cost and is subject to impairment testing should circumstances indicate the carrying value may not be recoverable. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the EU&I segment. See Notes 2 and 3 for further information.

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Leases

Duke Energy determines if an arrangement is a lease at contract inception based on whether the arrangement involves the use of a physically distinct identified asset and whether Duke Energy has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period as well as the right to direct the use of the asset. As a policy election, Duke Energy does not evaluate arrangements with initial contract terms of less than one year as leases.

Operating leases are included in Operating lease ROU assets, net, Other current liabilities and Operating lease liabilities on the Consolidated Balance Sheets. Finance leases are included in Property, Plant and Equipment, Current maturities of long-term debt and Long-Term Debt on the Consolidated Balance Sheets.

For lessee and lessor arrangements, Duke Energy has elected a policy to not separate lease and non-lease components for all asset classes. For lessor arrangements, lease and non-lease components are only combined under one arrangement and accounted for under the lease accounting framework if the non-lease components are not the predominant component of the arrangement and the lease component would be classified as an operating lease.

Nuclear Fuel

Nuclear fuel is classified as Property, Plant and Equipment on the Consolidated Balance Sheets.

Nuclear fuel in the front-end fuel processing phase is considered work in progress and not amortized until placed in service. Amortization of nuclear fuel is included within Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. Amortization is recorded using the units-of-production method.

Allowance for Funds Used During Construction and Interest Capitalized

For regulated operations, the debt and equity costs of financing the construction of property, plant and equipment are reflected as AFUDC and capitalized as a component of the cost of property, plant and equipment. AFUDC equity is reported on the Consolidated Statements of Operations as non-cash income in Other income and expenses, net. AFUDC debt is reported as a non-cash offset to Interest Expense. After construction is completed, the Duke Energy Registrants are permitted to recover these costs through their inclusion in rate base and the corresponding subsequent depreciation or amortization of those regulated assets.

AFUDC equity, a permanent difference for income taxes, reduces the ETR when capitalized and increases the ETR when depreciated or amortized. See Note 24 for additional information.

Asset Retirement Obligations

AROs are recognized for legal obligations associated with the retirement of property, plant and equipment. When recording an ARO, the present value of the projected liability is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted over time. For operating plants, the present value of the liability is added to the cost of the associated asset and depreciated over the remaining life of the asset. For retired plants, the present value of the liability is recorded as a regulatory asset unless determined not to be probable of recovery.

The present value of the initial obligation and subsequent updates are based on discounted cash flows, which include estimates regarding timing of future cash flows, selection of discount rates and cost escalation rates, among other factors. These estimates are subject to change. Depreciation expense is adjusted prospectively for any changes to the carrying amount of the associated asset. The Duke Energy Registrants receive amounts to fund the cost of the ARO for regulated operations through a combination of regulated revenues and earnings on the NDTF. As a result, amounts recovered in regulated revenues, earnings on the NDTF, accretion expense and depreciation of the associated asset are netted and deferred as a regulatory asset or liability.

Accounts Payable

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and, which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program, determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

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The following table presents the amounts included within Accounts payable on the Consolidated Balance Sheets sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Consolidated Statements of Cash Flows as of December 31, 2024, and December 31, 2023.

			For the Years Ended December 31, 2023 and 2024
						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Confirmed obligations outstanding at December 31, 2022			$	87		$	6		$	19		$	8		$	11		$	5		$	—		$	57
Invoices confirmed during the period			228			24			58			22			36			7			—			139
Confirmed invoices paid during the period			( 265 )			( 30 )			( 74 )			( 30 )			( 44 )			( 12 )			—			( 149 )
Confirmed obligations outstanding at December 31, 2023			$	50		$	—		$	3		$	—		$	3		$	—		$	—		$	47
Invoices confirmed during the period			156			—			4			—			4			—			—			152
Confirmed invoices paid during the period			( 193 )			—			( 6 )			—			( 6 )			—			—			( 187 )
Confirmed obligations outstanding at December 31, 2024			$	13		$	—		$	1		$	—		$	1		$	—		$	—		$	12

Revenue Recognition

Duke Energy recognizes revenue as customers obtain control of promised goods and services in an amount that reflects consideration expected in exchange for those goods or services. Generally, the delivery of electricity and natural gas results in the transfer of control to customers at the time the commodity is delivered and the amount of revenue recognized is equal to the amount billed to each customer, including estimated volumes delivered when billings have not yet occurred. See Note 19 for further information.

Alternative Revenue Programs

Duke Energy accounts for certain types of programs established by the regulators in the states in which it operates, including decoupling mechanisms, as alternative revenue programs. Alternative revenue programs are contracts between an entity and its regulator, not a contract between an entity and a customer. Revenue arising from alternative revenue programs is presented as Regulated electric revenues and Regulated natural gas revenues on the Consolidated Statements of Operations. Revenue from alternative revenue programs is recognized in the period they are earned (i.e., during the period of revenue shortfall or excess due to fluctuations in customer usage or when specific targets are met resulting in the achievement of performance incentives or penalties) and a regulatory asset or liability on the Consolidated Balance Sheets is established, which is subsequently billed or refunded to customers. Duke Energy recognizes revenue as alternative revenue programs for programs that have been authorized for rate recovery, are objectively determinable and probable of recovery, and are expected to be collected within 24 months. See Note 19 for disaggregated revenue information including revenue from contracts with customers and revenues recognized as alternative revenue programs.

Derivatives and Hedging

Derivative and non-derivative instruments may be used in connection with commodity price and interest rate activities, including swaps, futures, forwards and options. All derivative instruments, except those that qualify for the NPNS exception, are recorded on the Consolidated Balance Sheets at fair value. Qualifying derivative instruments may be designated as either cash flow hedges or fair value hedges. Other derivative instruments (undesignated contracts) either have not been designated or do not qualify as hedges. The effective portion of the change in the fair value of cash flow hedges is recorded in AOCI. The effective portion of the change in the fair value of a fair value hedge is offset in net income by changes in the hedged item. For activity subject to regulatory accounting, gains and losses on derivative contracts are reflected as regulatory assets or liabilities and not as other comprehensive income or current period income. As a result, changes in fair value of these derivatives have no immediate earnings impact.

Formal documentation, including transaction type and risk management strategy, is maintained for all contracts accounted for as a hedge. At inception and at least every three months thereafter, the hedge contract is assessed to see if it is highly effective in offsetting changes in cash flows or fair values of hedged items.

See Note 15 for further information.

Captive Insurance Reserves

Duke Energy has captive insurance subsidiaries that provide coverage, on an indemnity basis, to the Subsidiary Registrants as well as certain third parties, on a limited basis, for financial losses, primarily related to property, workers’ compensation and general liability. Liabilities include provisions for estimated losses incurred but not reported (IBNR), as well as estimated provisions for known claims. IBNR reserve estimates are primarily based upon historical loss experience, industry data and other actuarial assumptions. Reserve estimates are adjusted in future periods as actual losses differ from experience.

Duke Energy, through its captive insurance entities, also has reinsurance coverage with third parties for certain losses above a per occurrence and/or aggregate retention. Receivables for reinsurance coverage are recognized when realization is deemed probable.

Preferred Stock

Preferred stock is reviewed to determine the appropriate balance sheet classification and embedded features, such as call options, are evaluated to determine if they should be bifurcated and accounted for separately. Costs directly related to the issuance of preferred stock are recorded as a reduction of the proceeds received. The liability for the dividend is recognized when declared. The accumulated dividends on the cumulative preferred stock is recognized to net income available to Duke Energy Corporation in the EPS calculation. See Note 20 for further information.

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Loss Contingencies and Environmental Liabilities

Contingent losses are recorded when it is probable a loss has occurred and the loss can be reasonably estimated. When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. Unless otherwise required by GAAP, legal fees are expensed as incurred.

Environmental liabilities are recorded on an undiscounted basis when environmental remediation or other liabilities become probable and can be reasonably estimated. Environmental expenditures related to past operations that do not generate current or future revenues are expensed. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Certain environmental expenditures receive regulatory accounting treatment and are recorded as regulatory assets.

See Notes 4 and 5 for further information.

Severance and Special Termination Benefits

Duke Energy maintains severance plans for the general employee population under which, in general, the longer a terminated employee worked prior to termination the greater the amount of severance benefits provided. A liability for involuntary severance is recorded once an involuntary severance plan is committed to by management if involuntary severances are probable and can be reasonably estimated. For involuntary severance benefits incremental to its ongoing severance plan benefits, the fair value of the obligation is expensed at the communication date if there are no future service requirements or over the required future service period. Duke Energy also offers special termination benefits under voluntary severance programs. Special termination benefits are recorded immediately upon employee acceptance absent a significant retention period. Otherwise, the cost is recorded over the remaining service period. Employee acceptance of voluntary severance benefits is determined by management based on the facts and circumstances of the benefits being offered. See Note 21 for further information.

Guarantees

If necessary, liabilities are recognized at the time of issuance or material modification of a guarantee for the estimated fair value of the obligation it assumes. Fair value is estimated using a probability weighted approach. The obligation is reduced over the term of the guarantee or related contract in a systematic and rational method as risk is reduced. Duke Energy recognizes a liability for the best estimate of its loss due to the nonperformance of the guaranteed party. This liability is recognized at the inception of a guarantee and is updated periodically. See Note 8 for further information.

Income Taxes

Duke Energy and its subsidiaries file a consolidated federal income tax return and other state and foreign jurisdictional returns. The Subsidiary Registrants are parties to a tax-sharing agreement with Duke Energy. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. Deferred income taxes have been provided for temporary differences between GAAP and tax bases of assets and liabilities because the differences create taxable or tax-deductible amounts for future periods. ITCs associated with regulated operations are deferred and amortized as a reduction of income tax expense over the estimated useful lives of the related properties. PTCs associated with regulated operations reduce income tax expense or are deferred and amortized as a reduction of income tax expense over a period of time that is agreed upon by the regulatory authorities and the Subsidiary Registrants.

Accumulated deferred income taxes are valued using the enacted tax rate expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be settled or realized. In the event of a change in tax rates, deferred tax assets and liabilities are remeasured as of the enactment date of the new rate. To the extent that the change in the value of the deferred tax represents an obligation to customers, the impact of the remeasurement is deferred to a regulatory liability. Remaining impacts are recorded in income from continuing operations. Duke Energy's results of operations could be impacted if the estimate of the tax effect of reversing temporary differences is not reflective of actual outcomes, is modified to reflect new developments or interpretations of the tax law, revised to incorporate new accounting principles, or changes in the expected timing or manner of a reversal.

Tax-related interest and penalties are recorded in Interest Expense and Other income and expenses, net in the Consolidated Statements of Operations.

See Note 24 for further information.

Excise Taxes

Certain excise taxes levied by state or local governments are required to be paid even if not collected from the customer. These taxes are recognized on a gross basis. Taxes for which Duke Energy operates merely as a collection agent for the state and local government are accounted for on a net basis. Excise taxes accounted for on a gross basis within both Operating Revenues and Property and other taxes in the Consolidated Statements of Operations were as follows.

			Years Ended December 31,
(in millions)			2024						2023						2022
Duke Energy			$	423					$	458					$	449
Duke Energy Carolinas			31						27						47
Progress Energy			285						322						290
Duke Energy Progress			9						5						25
Duke Energy Florida			276						317						265
Duke Energy Ohio			105						106						104
Duke Energy Indiana			—						1						7
Piedmont			2						2						1

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Dividend Restrictions and Unappropriated Retained Earnings

Duke Energy does not have any current legal, regulatory or other restrictions on paying common stock dividends to shareholders. However, if Duke Energy were to defer dividend payments on the preferred stock, the declaration of common stock dividends would be prohibited. See Note 20 for more information. Additionally, as further described in Note 4, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio, Duke Energy Indiana and Piedmont have restrictions on paying dividends or otherwise advancing funds to Duke Energy due to conditions established by regulators in conjunction with merger transaction approvals. At December 31, 2024, and 2023, an insignificant amount of Duke Energy’s consolidated Retained earnings balance represents undistributed earnings of equity method investments.

New Accounting Standards

Other than implementation of the enhanced disclosure requirements for reportable business segments as described in Note 3, no new accounting standards were adopted by any of the Duke Energy Registrants in 2024.

The following table summarizes the Income (Loss) from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations:

						Years Ended December 31,
(in millions)						2024			2023			2022
Commercial Renewables Disposal Groups						$	12		$	( 1,457 )		$	( 1,349 )
Other (a)						( 2 )			2			26
Income (Loss) from Discontinued Operations, net of tax						$	10		$	( 1,455 )		$	( 1,323 )

(a)     Amounts primarily represent income tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups.

Sale of Commercial Renewables Segment

In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $ 1.1 billion, with approximately half of the proceeds received at closing and th e remainder due 18 months after closing. The balance of the remaining proceeds to be received of $ 551 million is included in Receivable from sales of Commercial Renewables Disposal Groups, as of December 31, 2024, and $ 531 million is included in Other, within Other Noncurrent Assets, as of December 31, 2023, on Duke Energy's Consolidated Balance Shee ts. The sale of the remaining assets was concluded in January 2025, and net proceeds from these dispositions were not material.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations and no adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.

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The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

						December 31,
(in millions)						2024						2023
Current Assets Held for Sale
Other						$	4					$	14
Total current assets held for sale						4						14
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost						109						247
Accumulated depreciation and amortization						( 24 )						( 57 )
Net property, plant and equipment						85						190
Operating lease right-of-use assets, net						4						4
Other						—						3
Total other noncurrent assets held for sale						4						7
Total Assets Held for Sale						$	93					$	211
Current Liabilities Associated with Assets Held for Sale
Accounts payable						$	19					$	9
Taxes accrued						1						3
Current maturities of long-term debt						43						5
Unrealized losses on commodity hedges						13						68
Other						4						37
Total current liabilities associated with assets held for sale						80						122
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt						—						39
Operating lease liabilities						5						5
Asset retirement obligations						5						8
Unrealized losses on commodity hedges						66						94
Other						13						11
Total other noncurrent liabilities associated with assets held for sale						89						157
Total Liabilities Associated with Assets Held for Sale						$	169					$	279

As of December 31, 2024, and 2023, the NCI balance was $ 18 million and $ 66 million, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Income (Loss) from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

			Years Ended December 31,
(in millions)			2024						2023						2022
Operating revenues			$	4					$	330					$	465
Operation, maintenance and other			22						302						337
Depreciation and amortization (a)			—						—						201
Property and other taxes			2						45						36
Other income and expenses, net			—						( 8 )						2
Interest expense			4						65						10
Loss on disposal			14						1,725						1,748
Loss before income taxes			( 38 )						( 1,815 )						( 1,865 )
Income tax benefit			( 50 )						( 358 )						( 516 )
Income (Loss) from discontinued operations			$	12					$	( 1,457 )					$	( 1,349 )
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations			( 3 )						64						108
Net income (loss) from discontinued operations attributable to Duke Energy Corporation			$	9					$	( 1,393 )					$	( 1,241 )

(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.

The Commercial Renewables Disposal Groups' assets held for sale amounts presented above reflect pretax impairments recorded against property, plant and equipment of approximately $ 123 million and $ 278 million as of December 31, 2024, and 2023, respectively. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts.

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Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

			Years Ended December 31,
(in millions)			2024						2023						2022
Cash flows provided by (used in):
Operating activities			$	7					$	607					$	213
Investing activities			( 13 )						122						( 802 )

Other Sale Related Matters

Duke Energy (Parent) and several Duke Energy renewables project companies, located in the Electric Reliability Council of Texas (ERCOT) market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to all but one of the project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. See Note 5 for more information.

As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regard to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

Sale of Minority Interest in Duke Energy Indiana Holdco, LLC

Reportable segments are determined based on information used by the chief operating decision-maker in deciding how to allocate resources and evaluate the performance of the business. The Duke Energy Registrants' chief operating decision-maker (CODM) is the Chief Executive Officer. The CODM evaluates segment performance based on segment income for each of the Duke Energy Registrants' reportable business segments in deciding how to allocate resources and evaluate the performance of the business. Segment income is defined as income from continuing operations net of income attributable to NCI and preferred stock dividends. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated on the Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income.

In November 2023, the FASB issued a pronouncement to enhance annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses that are regularly provided to or easily computed from information regularly provided to the CODM and included within each reported measure of segment profit or loss. These updated requirements are reflected in this note disclosure.

Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Substantially all assets and revenues from continuing operations for each of the Duke Energy Registrants are within the U.S. Segment assets as presented in the tables that follow exclude all intercompany assets.

Duke Energy

Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups.

The EU&I segment includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The regulated electric utilities conduct operations through the Subsidiary Registrants that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage, midstream pipeline, and renewable natural gas investments. GU&I's operations are substantially all regulated and, accordingly, qualify for regulatory accounting treatment.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs and Duke Energy’s wholly owned captive insurance company, Bison. Other also includes Duke Energy's interest in NMC. See Note 13 for additional information on the investment in NMC.

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Business segment information is presented in the following tables.

			Year Ended December 31, 2024
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	28,020					$	2,299											$	30,319					$	38					$	—					$	30,357
Intersegment revenues			73						91												164						119						( 283 )						—
Total revenues			$	28,093					$	2,390											$	30,483					$	157					$	( 283 )					$	30,357
Less:
Fuel used in electric generation and purchased power			$	9,285					$	—											$	9,285					$	—					$	( 79 )					$	9,206
Cost of natural gas			—						565												565						—						—						565
Operation, maintenance and other			5,185						478												5,663						( 79 )						( 195 )						5,389
Depreciation and amortization			5,128						400												5,528						293						( 28 )						5,793
Property and other taxes			1,305						149												1,454						12						—						1,466
Impairment of assets and other charges			37						—												37						1						—						38
Interest expense			2,006						256												2,262						1,245						( 123 )						3,384
Income tax expense (benefit)			820						99												919						( 329 )						—						590
Other Segment Items
Noncontrolling interests (a)			88						( 1 )												87						—						—						87
Preferred dividends			—						—												—						106						—						106
Preferred redemption costs			—						—												—						16						—						16
Add: Equity in (losses) earnings of unconsolidated affiliates			( 11 )						( 48 )												( 59 )						50						—						( 9 )
Add: Other (b)			542						58												600						229						( 142 )						687
Segment income (loss) (c)(d)(e)			$	4,770					$	454											$	5,224					$	( 829 )					$	—					$	4,395
Discontinued Operations																																							7
Net income available to Duke Energy Corporation Common Stockholders																																							$	4,402
Add back: Net income (loss) attributable to noncontrolling interest																																							90
Add back: Preferred dividends																																							106
Add back: Preferred redemption costs																																							16
Net income																																							$	4,614
Capital investments expenditures and acquisitions			$	10,689					$	1,313											$	12,002					$	261					$	—					$	12,263
Segment assets			164,010						18,131												182,141						4,202						—						186,343

(a)    Net income (loss) attributable to NCI related to continuing operations.

(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(c)    EU&I includes the following in the referenced captions on the Consolidated Statements of Operations:

• $ 42 million recorde d within Impairment of assets and other charges, $ 2 million within Operations, maintenance and other, and an $ 11 million reduction within Interest Expense related to South Carolinas rate case orders for Duke Energy Carolinas and Duke Energy Progress. See Note 4 for further information.

• $ 29 million recorded as a reduction of Operating revenues and $ 4 million as a reduction within Noncontrolling interests related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. See Note 4 for further information.

• $ 17 million recorded as a reduction of Operating revenues related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

• $ 15 million recorded within Equity in (losses) earnings of unconsolidated affiliates, primarily related to impairments for certain joint venture electric transmission projects, and $ 4 million within Gains on sales of other assets and other, net.

(d)    GU&I includes $ 1 million recorded with Operation, maintenance and other and $ 3 million as a charge within Other income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. Additionally, GU&I includes $ 54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. See Note 13 for further information.

(e)    Other includes $ 16 million recorded as Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. See Note 20 for further information. Additionally, Other includes $ 23 million recorded within Operation, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.

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			Year Ended December 31, 2023
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	26,846					$	2,177											$	29,023					$	37					$	—					$	29,060
Intersegment revenues			75						89												164						97						( 261 )						—
Total revenues			$	26,921					$	2,266											$	29,187					$	134					$	( 261 )					$	29,060
Less:
Fuel used in electric generation and purchased power			$	9,164					$	—											$	9,164					$	—					$	( 78 )					$	9,086
Cost of natural gas			—						593												593						—						—						593
Operation, maintenance and other			5,309						455												5,764						36						( 175 )						5,625
Depreciation and amortization			4,684						349												5,033						248						( 28 )						5,253
Property and other taxes			1,320						129												1,449						( 49 )						—						1,400
Impairment of assets and other charges			75						( 4 )												71						14						—						85
Interest expense			1,850						217												2,067						1,097						( 150 )						3,014
Income tax expense (benefit)			742						116												858						( 420 )						—						438
Other Segment Items
Noncontrolling interests (a)			99						( 2 )												97						—						—						97
Preferred dividends			—						—												—						106						—						106
Add: Equity in earnings of unconsolidated affiliates			7						40												47						66						—						113
Add: Other (b)			538						66												604						216						( 170 )						650
Segment income (loss) (c)(d)			$	4,223					$	519											$	4,742					$	( 616 )					$	—					$	4,126
Discontinued operations																																							( 1,391 )
Net income available to Duke Energy Corporation Common Stockholders																																							$	2,735
Add back: Net income (loss) attributable to noncontrolling interest																																							33
Add back: Preferred dividends																																							106
Net income																																							$	2,874
Capital investments expenditures and acquisitions (e)			$	10,135					$	1,492											$	11,627					$	995					$	—					$	12,622
Segment assets (f)			155,449						17,349												172,798						4,095						—						176,893

(a)    Net income (loss) attributable to NCI related to continuing operations.

(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(c) EU&I includes $ 35 million recorded with Impairment of assets and other charges and $ 8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Carolinas' Consolidated Statements of Operations; it also includes $ 33 million recorded within Impairment of assets and other charges and $ 8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Progress' Consolidated Statements of Operations. See Note 4 for additional information.

(d)    Other includes $ 110 million recorded within Operations, maintenance and other and $ 14 million within Impairments of assets and other charges primarily related to strategic repositioning as the Company transitions to a fully regulated utility on the Consolidated Statements of Operations. See Note 21 for additional information.

(e)    Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.

(f)    Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. See Note 2 for further information.

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			Year Ended December 31, 2022
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	25,990					$	2,748											$	28,738					$	30					$	—					$	28,768
Intersegment revenues			34						92												126						92						( 218 )						—
Total revenues			$	26,024					$	2,840											$	28,864					$	122					$	( 218 )					$	28,768
Less:
Fuel used in electric generation and purchased power			$	8,862					$	—											$	8,862					$	—					$	( 80 )					$	8,782
Cost of natural gas			—						1,276												1,276						—						—						1,276
Operation, maintenance and other			5,354						532												5,886						( 23 )						( 129 )						5,734
Depreciation and amortization			4,550						327												4,877						236						( 27 )						5,086
Property and other taxes			1,315						138												1,453						13						—						1,466
Impairment of assets and other charges			374						( 12 )												362						72						—						434
Interest expense			1,565						182												1,747						778						( 86 )						2,439
Income tax expense (benefit)			536						8												544						( 244 )						—						300
Other Segment Items
Noncontrolling interests (a)			13						—												13						—						—						13
Preferred dividends			—						—												—						106						—						106
Add: Equity in earnings of unconsolidated affiliates			7						20												27						86						—						113
Add: Other (b)			467						59												526						( 7 )						( 105 )						414
Segment income (loss) (c)(d)			$	3,929					$	468											$	4,397					$	( 737 )					$	( 1 )					$	3,659
Discontinued operations																																							( 1,215 )
Net income available to Duke Energy Corporation Common Stockholders																																							$	2,444
Add back: Net income (loss) attributable to noncontrolling interest																																							( 95 )
Add back: Preferred dividends																																							106
Net income																																							$	2,455
Capital investments expenditures and acquisitions (e)			$	8,985					$	1,295											$	10,280					$	1,139					$	—					$	11,419
Segment assets (f)			152,104						16,411												168,515						9,571						—						178,086

(a)    Net income (loss) attributable to NCI related to continuing operations.

(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(c)    EU&I includes $ 386 million recorded within Impairment of assets and other charges, $ 46 million as a reduction within Regulated electric revenues and $ 34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on coal ash on the Consolidated Statements of Operations. See Note 4 for additional information.

(d)    Other includes $ 72 million recorded within Impairment of assets and other charges, $ 71 million within Operations, maintenance and other and a $ 7 million gain within Gains on sales of other assets related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations; it also includes $ 25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations.

(e)    Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.

(f)    Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. See Note 2 for further information.

Major Customers

No Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2024.

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Products and Services

The following table summarizes revenues of the reportable segments by type.

			Retail						Wholesale						Retail																		Total
(in millions)			Electric						Electric						Natural Gas												Other						Revenues
2024
Electric Utilities and Infrastructure			$	24,593					$	2,219					$	—											$	1,281					$	28,093
Gas Utilities and Infrastructure			—						—						2,320												70						2,390
Total Reportable Segments			$	24,593					$	2,219					$	2,320											$	1,351					$	30,483
2023
Electric Utilities and Infrastructure			$	23,484					$	2,193					$	—											$	1,244					$	26,921
Gas Utilities and Infrastructure			—						—						2,199												67						2,266
Total Reportable Segments			$	23,484					$	2,193					$	2,199											$	1,311					$	29,187
2022
Electric Utilities and Infrastructure			$	22,036					$	2,882					$	—											$	1,106					$	26,024
Gas Utilities and Infrastructure			—						—						2,535												305						2,840
Total Reportable Segments			$	22,036					$	2,882					$	2,535											$	1,411					$	28,864

Duke Energy Carolinas

Duke Energy Carolinas has one reportable segment, EU&I.

EU&I generates, distributes and sells electricity in North Carolina and South Carolina. EU&I conducts operations primarily through Duke Energy Carolinas. The remainder of Duke Energy Carolinas' operations is presented as Other.

						Year Ended December 31, 2024
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	9,718		$	—		$	9,718
Less:
Fuel used in electric generation and purchased power						$	3,251		$	—		$	3,251
Operation, maintenance and other						1,710			30			1,740
Depreciation and amortization						1,768			—			1,768
Property and other taxes						346			—			346
Impairment of assets and other charges						31			—			31
Interest expense						722			—			722
Income tax expense (benefit)						233			( 7 )			226
Add: Other segment items (a)						252			( 3 )			249
Segment income (loss) / Net income						$	1,909		$	( 26 )		$	1,883
Capital expenditures						$	3,966		$	—		$	3,966
Segment assets						54,782			223			55,005

						Year Ended December 31, 2023
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	8,288		$	—		$	8,288
Less:
Fuel used in electric generation and purchased power						$	2,524		$	—		$	2,524
Operation, maintenance and other						1,689			85			1,774
Depreciation and amortization						1,593			—			1,593
Property and other taxes						320			—			320
Impairment of assets and other charges						44			—			44
Interest expense						686			—			686
Income tax expense (benefit)						162			( 21 )			141
Add: Other segment items (a)						267			( 3 )			264
Segment income (loss) / Net income						$	1,537		$	( 67 )		$	1,470
Capital expenditures						$	3,733		$	—		$	3,733
Segment assets						51,908			202			52,110

---

						Year Ended December 31, 2022
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	7,857		$	—		$	7,857
Less:
Fuel used in electric generation and purchased power						$	2,015		$	—		$	2,015
Operation, maintenance and other						1,845			47			1,892
Depreciation and amortization						1,526			—			1,526
Property and other taxes						340			—			340
Impairment of assets and other charges						( 18 )			44			26
Interest expense						557			—			557
Income tax expense (benefit)						148			( 22 )			126
Add: Other segment items (a)						228			( 3 )			225
Segment income (loss) / Net income						$	1,672		$	( 72 )		$	1,600
Capital expenditures						$	3,304		$	—		$	3,304
Segment assets						49,956			390			50,346

(a)    Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Progress Energy

Progress Energy has one reportable segment, EU&I.

EU&I generates, distributes and sells electricity in North Carolina, South Carolina and Florida. EU&I conducts operations primarily through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. The remainder of Progress Energy's operations is presented as Other.

						Year Ended December 31, 2024
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	13,612		$	21		$	13,633
Less:
Fuel used in electric generation and purchased power						$	4,755		$	—		$	4,755
Operation, maintenance and other						2,413			50			2,463
Depreciation and amortization						2,393			—			2,393
Property and other taxes						617			—			617
Impairment of assets and other charges						6			—			6
Interest expense						949			115			1,064
Income tax expense (benefit)						465			( 39 )			426
Add: Other segment items (a)						224			38			262
Segment income (loss) / Net income						$	2,238		$	( 67 )		$	2,171
Capital expenditures						$	5,252		$	—		$	5,252
Segment assets						67,951			3,685			71,636

						Year Ended December 31, 2023
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	13,524		$	20		$	13,544
Less:
Fuel used in electric generation and purchased power						$	5,026		$	—		$	5,026
Operation, maintenance and other						2,554			82			2,636
Depreciation and amortization						2,151			—			2,151
Property and other taxes						644			—			644
Impairment of assets and other charges						28			—			28
Interest expense						840			114			954
Income tax expense (benefit)						426			( 49 )			377
Add: Other segment items (a)						210			18			228
Segment income (loss) / Net income						$	2,065		$	( 109 )		$	1,956
Capital expenditures						$	4,917		$	—		$	4,917
Segment assets						63,182			3,912			67,094

---

						Year Ended December 31, 2022
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	13,106		$	19		$	13,125
Less:
Fuel used in electric generation and purchased power						$	5,078		$	—		$	5,078
Operation, maintenance and other						2,395			63			2,458
Depreciation and amortization						2,142			—			2,142
Property and other taxes						611			( 4 )			607
Impairment of assets and other charges						5			7			12
Interest expense						716			128			844
Income tax expense (benefit)						396			( 48 )			348
Add: Other segment items (a)						205			( 13 )			192
Segment income (loss) / Net income						$	1,968		$	( 140 )		$	1,828
Capital expenditures						$	4,317		$	—		$	4,317
Segment assets						62,183			3,896			66,079

(a)    Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Progress

Duke Energy Progress has one reportable segment, EU&I.

EU&I generates, distributes and sells electricity in North Carolina and South Carolina. EU&I conducts operations primarily through Duke Energy Progress. The remainder of Duke Energy Progress' operations is presented as Other.

						Year Ended December 31, 2024
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	7,017		$	—		$	7,017
Less:
Fuel used in electric generation and purchased power						$	2,409		$	—		$	2,409
Operation, maintenance and other						1,370			18			1,388
Depreciation and amortization						1,336			—			1,336
Property and other taxes						177			—			177
Impairment of assets and other charges						6			—			6
Interest expense						492			1			493
Income tax expense (benefit)						194			( 5 )			189
Add: Other segment items (a)						138			7			145
Segment income (loss) / Net income						$	1,171		$	( 7 )		$	1,164
Capital expenditures						$	2,803		$	—		$	2,803
Segment assets						39,402			91			39,493

						Year Ended December 31, 2023
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	6,488		$	—		$	6,488
Less:
Fuel used in electric generation and purchased power						$	2,203		$	—		$	2,203
Operation, maintenance and other						1,342			37			1,379
Depreciation and amortization						1,266			—			1,266
Property and other taxes						164			—			164
Impairment of assets and other charges						29			—			29
Interest expense						427			—			427
Income tax expense (benefit)						158			( 9 )			149
Add: Other segment items (a)						128			( 1 )			127
Segment income (loss) / Net income						$	1,027		$	( 29 )		$	998
Capital expenditures						$	2,387		$	—		$	2,387
Segment assets						36,820			104			36,924

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						Year Ended December 31, 2022
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	6,753		$	—		$	6,753
Less:
Fuel used in electric generation and purchased power						$	2,492		$	—		$	2,492
Operation, maintenance and other						1,447			28			1,475
Depreciation and amortization						1,187			—			1,187
Property and other taxes						190			—			190
Impairment of assets and other charges						5			2			7
Interest expense						354			—			354
Income tax expense (benefit)						165			( 7 )			158
Add: Other segment items (a)						119			( 1 )			118
Segment income (loss) / Net income						$	1,032		$	( 24 )		$	1,008
Capital expenditures						$	2,070		$	—		$	2,070
Segment assets						36,631			121			36,752

(a)    Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Florida

Duke Energy Florida has one reportable segment, EU&I.

EU&I generates, distributes and sells electricity in Florida. EU&I conducts operations primarily through Duke Energy Florida. The remainder of Duke Energy Florida's operations is presented as Other.

						Year Ended December 31, 2024
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	6,595		$	—		$	6,595
Less:
Fuel used in electric generation and purchased power						$	2,346		$	—		$	2,346
Operation, maintenance and other						1,043			12			1,055
Depreciation and amortization						1,057			—			1,057
Property and other taxes						440			—			440
Interest expense						457			—			457
Income tax expense (benefit)						271			( 3 )			268
Add: Other segment items (a)						86			3			89
Segment income (loss) / Net income						$	1,067		$	( 6 )		$	1,061
Capital expenditures						$	2,449		$	—		$	2,449
Segment assets						28,549			20			28,569

						Year Ended December 31, 2023
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	7,036		$	—		$	7,036
Less:
Fuel used in electric generation and purchased power						$	2,823		$	—		$	2,823
Operation, maintenance and other						1,212			27			1,239
Depreciation and amortization						885			—			885
Property and other taxes						480			—			480
Impairment of assets and other charges						( 1 )			—			( 1 )
Interest expense						413			—			413
Income tax expense (benefit)						268			( 7 )			261
Add: Other segment items (a)						82			( 2 )			80
Segment income (loss) / Net income						$	1,038		$	( 22 )		$	1,016
Capital expenditures						$	2,529		$	—		$	2,529
Segment assets						26,362			239			26,601

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						Year Ended December 31, 2022
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	6,353		$	—		$	6,353
Less:
Fuel used in electric generation and purchased power						$	2,586		$	—		$	2,586
Operation, maintenance and other						948			19			967
Depreciation and amortization						955			—			955
Property and other taxes						421			—			421
Impairment of assets and other charges						—			4			4
Interest expense						362			—			362
Income tax expense (benefit)						231			( 6 )			225
Add: Other segment items (a)						86			( 10 )			76
Segment income (loss) / Net income						$	936		$	( 27 )		$	909
Capital expenditures						$	2,247		$	—		$	2,247
Segment assets						25,552			2			25,554

(a)    Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I.

EU&I transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. GU&I transports and sells natural gas in portions of Ohio and Northern Kentucky. Both reportable segments conduct operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. The remainder of Duke Energy Ohio's operations is presented as Other.

			Year Ended December 31, 2024
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other												Total
Total revenues			$	1,905					$	640					$	2,545					—												$	2,545
Less:
Fuel used in electric generation and purchased power			$	538					$	—					$	538					$	—											$	538
Cost of natural gas			—						142						142						—												142
Operation, maintenance and other			366						109						475						10												485
Depreciation and amortization			273						131						404						( 1 )												403
Property and other taxes			306						94						400						—												400
Interest expense			126						68						194						( 2 )												192
Income tax expense (benefit)			47						18						65						( 1 )												64
Add: Other segment items (a)			15						5						20						—												20
Segment income (loss) / Net income			$	264					$	83					$	347					$	( 6 )											$	341
Capital expenditures			$	535					$	280					$	815					$	—											$	815
Segment assets			8,211						4,506						12,717						51												12,768

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			Year Ended December 31, 2023
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other												Total
Total revenues			$	1,868					$	639					$	2,507					$	—											$	2,507
Less:
Fuel used in electric generation and purchased power			$	608					$	—					608						$	—											608
Cost of natural gas			—						163						163						—												163
Operation, maintenance and other			351						118						469						9												478
Depreciation and amortization			257						110						367						—												367
Property and other taxes			294						70						364						—												364
Impairment of assets and other charges			2						—						2						1												3
Interest expense			116						53						169						—												169
Income tax expense (benefit)			42						23						65						( 2 )												63
Add: Other segment items (a)			29						14						43						( 1 )												42
Segment income (loss) / Net income			$	227					$	116					$	343					$	( 9 )											$	334
Capital expenditures			$	520					$	419					$	939					$	—											$	939
Segment assets			7,978						4,346						12,324						( 108 )												12,216

			Year Ended December 31, 2022
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other												Total
Total revenues			$	1,798					$	716					$	2,514					$	—											$	2,514
Less:
Fuel used in electric generation and purchased power			$	657					$	—					$	657					$	—											$	657
Cost of natural gas			—						261						261						—												261
Operation, maintenance and other			345						170						515						8												523
Depreciation and amortization			221						103						324						—												324
Property and other taxes			288						81						369						—												369
Impairment of assets and other charges			1						( 12 )						( 11 )						1												( 10 )
Interest expense			86						43						129						—												129
Income tax expense (benefit)			24						( 43 )						( 19 )						( 2 )												( 21 )
Add: Other segment items (a)			13						8						21						( 1 )												20
Segment income (loss) / Net income			$	189					$	121					$	310					$	( 8 )											$	302
Capital expenditures			$	488					$	362					$	850					$	—											$	850
Segment assets			7,504						4,164						11,668						( 162 )												11,506

(a)    Other segment items for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Indiana

Duke Energy Indiana has one reportable segment, EU&I.

EU&I generates, distributes and sells electricity in Indiana. EU&I conducts operations primarily through Duke Energy Indiana. The remainder of Duke Energy Indiana's operations is presented as Other.

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						Year Ended December 31, 2024
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	3,040		$	—		$	3,040
Less:
Fuel used in electric generation and purchased power						$	964		$	—		$	964
Operation, maintenance and other						666			5			671
Depreciation and amortization						676			—			676
Property and other taxes						50			—			50
Interest expense						228			1			229
Income tax expense (benefit)						72			( 1 )			71
Add: Other segment items (a)						62			—			62
Segment income (loss) / Net income						$	446		$	( 5 )		$	441
Capital expenditures						$	935		$	—		$	935
Segment assets						15,726			1			15,727

						Year Ended December 31, 2023
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	3,399		$	—		$	3,399
Less:
Fuel used in electric generation and purchased power						$	1,217		$	—		$	1,217
Operation, maintenance and other						695			18			713
Depreciation and amortization						666			—			666
Property and other taxes						59			—			59
Impairment of assets and other charges						( 1 )			1			—
Interest expense						213			—			213
Income tax expense (benefit)						115			( 5 )			110
Add: Other segment items (a)						77			( 1 )			76
Segment income (loss) / Net income						$	512		$	( 15 )		$	497
Capital expenditures						$	961		$	—		$	961
Segment assets						14,966			( 155 )			14,811

						Year Ended December 31, 2022
						Electric
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	3,922		$	—		$	3,922
Less:
Fuel used in electric generation and purchased power						$	1,819		$	—		$	1,819
Operation, maintenance and other						719			10			729
Depreciation and amortization						645			—			645
Property and other taxes						75			—			75
Impairment of assets and other charges						387			1			388
Interest expense						189			—			189
Income tax expense (benefit)						( 20 )			( 4 )			( 24 )
Add: Other segment items (a)						38			( 2 )			36
Segment income (loss) / Net income						$	146		$	( 9 )		$	137
Capital expenditures						$	877		$	—		$	877
Segment assets						14,864			( 210 )			14,654

(a)    Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.

Piedmont

Piedmont has one reportable segment, GU&I.

GU&I distributes and sells natural gas in North Carolina, South Carolina and Tennessee. GU&I conducts operations primarily through Piedmont. The remainder of Piedmont's operations is presented as Other.

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						Year Ended December 31, 2024
						Gas
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	1,729		$	—		$	1,729
Less:
Cost of natural gas						$	423		$	—		$	423
Operation, maintenance and other						355			4			359
Depreciation and amortization						261			—			261
Property and other taxes						55			—			55
Interest expense						185			—			185
Income tax expense (benefit)						94			1			95
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates						—			8			8
Add: Other (a)						54			—			54
Segment income (loss) / Net income						$	410		$	3		$	413
Capital expenditures						$	1,025		$	—		$	1,025
Segment assets						11,707			92			11,799

						Year Ended December 31, 2023
						Gas
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	1,628		$	—		$	1,628
Less:
Cost of natural gas						$	430		$	—		$	430
Operation, maintenance and other						336			8			344
Depreciation and amortization						237			—			237
Property and other taxes						59			—			59
Impairment of assets and other charges						( 4 )			—			( 4 )
Interest expense						165			—			165
Income tax expense (benefit)						84			—			84
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates						—			9			9
Add: Other (a)						59			( 2 )			57
Segment income (loss) / Net income						$	380		$	( 1 )		$	379
Capital expenditures						$	1,036		$	—		$	1,036
Segment assets						10,978			89			11,067

						Year Ended December 31, 2022
						Gas
						Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total
Total revenues						$	2,124		$	—		$	2,124
Less:
Cost of natural gas						$	1,015		$	—		$	1,015
Operation, maintenance and other						360			8			368
Depreciation and amortization						222			—			222
Property and other taxes						57			—			57
Impairment of assets and other charges						—			18			18
Interest expense						140			—			140
Income tax expense (benefit)						43			( 4 )			39
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates						—			8			8
Add: Other (a)						47			3			50
Segment income (loss) / Net income						$	334		$	( 11 )		$	323
Capital expenditures						$	862		$	—		$	862
Segment assets						10,243			92			10,335

(a)    Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.

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REGULATORY ASSETS AND LIABILITIES

The Duke Energy Registrants record regulatory assets and liabilities that result from the ratemaking process. See Note 1 for further information.

The following tables present the regulatory assets and liabilities recorded on the Consolidated Balance Sheets of Duke Energy and Progress Energy. See separate tables below for balances by individual registrant.

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			Duke Energy												Progress Energy
			December 31,												December 31,
(in millions)			2024						2023						2024						2023
Regulatory Assets
AROs – coal ash			$	3,384					$	3,214					$	1,335					$	1,230
Accrued pension and OPEB			2,524						2,389						828						757
Storm cost deferrals			1,951						407						1,238						298
Storm cost securitized balance, net			1,023						890						822						682
AROs – nuclear and other			952						1,179						905						1,127
Nuclear asset securitized balance, net			771						830						771						830
Debt fair value adjustment			719						774						—						—
COR regulatory asset			646						371						571						337
Deferred fuel and purchased power			588						2,486						282						1,173
Hedge costs deferrals			352						749						126						323
PISCC and deferred operating expenses			331						357						37						42
Retired generation facilities			281						275						202						220
Customer connect project			257						260						116						125
Grid Deferral			255						210						54						51
Incremental COVID-19 expenses			231						237						89						80
Vacation accrual			228						228						43						43
Deferred asset – Lee and Harris COLA			215						252						10						15
Advanced metering infrastructure (AMI)			204						243						70						92
Demand side management (DSM) / Energy efficiency (EE)			199						201						199						191
CEP deferral			195						193						—						—
NCEMPA deferrals			179						172						179						172
Decoupling			162						115						32						15
Nuclear deferral			134						131						53						42
Deferred pipeline integrity costs			129						133						—						—
COR settlement			110						115						29						30
Coal plant securitization			102						8						39						8
Derivatives – natural gas supply contracts			94						147						—						—
Deferred coal ash handling system costs			77						86						17						21
Qualifying facility contract buyouts			62						68						62						68
Tennessee ARM Deferral			33						20						—						—
Network Integration Transmission Services deferral			31						31						—						—
Transmission expansion obligation			31						30						—						—
East Bend deferrals			24						28						—						—
Propane caverns			24						26						—						—
Other			512						411						156						119
Total regulatory assets			17,010						17,266						8,265						8,091
Less: Current portion			2,756						3,648						1,647						1,661
Total noncurrent regulatory assets			$	14,254					$	13,618					$	6,618					$	6,430
Regulatory Liabilities
COR regulatory liability			$	5,436					$	5,497					$	2,984					$	2,805
Net regulatory liability related to income taxes			5,397						5,901						1,884						2,008
AROs – nuclear and other			2,289						1,673						—						—
Deferred Nuclear PTC			676						—						95						—
Hedge cost deferrals			583						443						281						208
Renewable energy credits			241						237						139						138
Accrued pension and OPEB			232						266						12						—
Deferred fuel and purchased power			223						137						94						14
DSM / EE			58						89						—						—
DOE Settlement			—						32						—						32
Other			984						1,133						291						296
Total regulatory liabilities			16,119						15,408						5,780						5,501
Less: Current portion			1,425						1,369						522						418
Total noncurrent regulatory liabilities			$	14,694					$	14,039					$	5,258					$	5,083

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Descriptions of regulatory assets and liabilities summarized in the tables above and below follow. See tables below for recovery and amortization periods at the separate registrants.

AROs – coal ash. Represents deferred depreciation and accretion related to the legal obligation to close ash basins. The costs are deferred until recovery treatment has been determined. See Notes 1 and 10 for additional information.

AROs – nuclear and other. Represents regulatory assets or liabilities, including deferred depreciation and accretion, related to legal obligations associated with the future retirement of property, plant and equipment, excluding amounts related to coal ash. The AROs relate primarily to decommissioning nuclear power facilities. The amounts also include certain deferred gains and losses on NDTF investments. See Notes 1 and 10 for additional information.

Deferred fuel and purchased power. Represents certain energy-related costs that are recoverable or refundable as approved by the applicable regulatory body.

Accrued pension and OPEB. Accrued pension and OPEB represent regulatory assets and liabilities related to each of the Duke Energy Registrants’ respective shares of unrecognized actuarial gains and losses and unrecognized prior service cost and credit attributable to Duke Energy’s pension plans and OPEB plans. The regulatory asset or liability is amortized with the recognition of actuarial gains and losses and prior service cost and credit to net periodic benefit costs for pension and OPEB plans. The accrued pension and OPEB regulatory assets are expected to be recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

Storm cost securitized balance, net. Represents the North Carolina portion of storm restoration expenditures related to Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego (2018 and 2019 events). The South Carolina portion of storm restoration expenditures are related to 2014 Ice Storms Pax and Ulysses, Hurricane Matthew, Hurricane Florence, Hurricane Michael, Hurricane Dorian, and Winter Storms Izzy and Jasper.

Nuclear asset securitized balance, net. Represents the balance associated with Crystal River Unit 3 retirement approved for recovery by the FPSC on September 15, 2015, and the upfront financing costs securitized in 2016 with issuance of the associated bonds. The regulatory asset balance is net of the AFUDC equity portion.

Debt fair value adjustment. Purchase accounting adjustments recorded at the Duke Energy (Parent) level to state the carrying value of debt at fair value in connection with the Duke Energy mergers with Progress Energy in 2012 and Piedmont in 2016. Amount is amortized over the life of the related debt.

Hedge costs deferrals. Amounts relate to realized and unrealized gains and losses on derivatives recorded as a regulatory asset or liability, respectively, until the contracts are settled.

Storm cost deferrals. Represents deferred incremental costs incurred related to major weather-related events.

COR regulatory asset. Represents the excess of spend over funds received from customers to cover the future removal of property, plant and equipment from retired or abandoned sites as property is retired, net of certain deferred gains on NDTF investments.

PISCC and deferred operating expenses. Represents deferred depreciation and operating expenses as well as carrying costs on the portion of capital expenditures placed in service but not yet reflected in retail rates as plant in service.

Retired generation facilities. Represents amounts to be recovered for facilities that have been retired and are probable of recovery.

Deferred asset – Lee and Harris COLA. Represents deferred costs incurred for the canceled Lee and Harris nuclear projects.

Customer connect project. Represents incremental operating expenses and carrying costs on deferred amounts related to the deployment of the new customer information system.

AMI. Represents deferred costs related to the installation of AMI meters and remaining net book value of non-AMI meters to be replaced at Duke Energy Carolinas, net book value of existing meters at Duke Energy Florida , Duke Energy Progress and Duke Energy Ohio and future recovery of net book value of electromechanical meters that have been replaced with AMI meters at Duke Energy Indiana.

Incremental COVID-19 expenses. Represents incremental costs related to ensuring continuity and quality of service in a safe manner during the COVID-19 pandemic.

Vacation accrual. Represents vacation entitlement, which is generally recovered in the following year.

Grid deferral . Represents deferred incremental operation and maintenance expense, depreciation and property taxes associated with grid improvement plans.

DSM/EE. Deferred costs related to various DSM and EE programs recoverable or refundable as approved by the applicable regulatory body.

CEP deferral . Represents deferred depreciation, PISCC and deferred property tax for Duke Energy Ohio Gas capital assets for the CEP.

NCEMPA deferrals. Represents retail allocated cost deferrals and returns associated with the additional ownership interest in assets acquired from NCEMPA in 2015.

Derivatives – natural gas supply contracts . Represents costs for certain long-dated, fixed quantity forward natural gas supply contracts, which are recoverable through PGA clauses.

Deferred pipeline integrity costs. Represents pipeline integrity management costs in compliance with federal regulations.

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Nuclear deferral. Includes amounts related to nuclear plant outage and refueling costs, which are deferred and recovered over the nuclear fuel cycle.

COR settlement. Represents approved COR settlements that are being amortized over the average remaining lives, at the time of approval, of the associated assets.

Decoupling. Relates primarily to margin and revenue decoupling.

Deferred coal ash handling system costs . Represents deferred depreciation and returns associated with capital assets related to converting the ash handling system from wet to dry.

Qualifying facility contract buyouts. Represents termination payments for regulatory recovery through the capacity clause.

Network Integration Transmission Services deferral. Represents a deferral of costs and return related transmission costs.

Transmission expansion obligation. Represents transmission expansion obligations related to Duke Energy Ohio's withdrawal from MISO.

East Bend deferrals. Represents amounts to be recovered for deferred costs and depreciation related to the East Bend station.

Propane Caverns. Represents amounts for costs related to propane inventory, the net book value of remaining assets and decommissioning costs at Duke Energy Ohio.

Tennessee ARM Deferral. Represents amounts to be recovered for uncollected revenue for 2022 and deferred depreciation and carrying costs on the portion of capital expenditures placed in service but not yet reflected in rates.

Coal Plant Securitization. Represents the North Carolina portion of incremental depreciation and net book value of certain coal-fired plants to be recovered in a future securitization.

Net regulatory liability related to income taxes . Amounts for all registrants include regulatory liabilities related primarily to impacts from the Tax Act. See Note 24 for additional information. Amounts have no immediate impact on rate base as regulatory assets are offset by deferred tax liabilities.

COR regulatory liability. Represents funds received from customers to cover the future removal of property, plant and equipment from retired or abandoned sites as property is retired. Also includes certain deferred gains on NDTF investments.

DOE Settlement. Represents litigation settlement funds received resulting from the DOE’s failure to accept spent nuclear fuel and other radioactive waste from the Crystal River Unit 3 during 2014-2018 as required under the Nuclear Waste Policy Act.

Deferred Nuclear PTC. Represents the net realizable value of nuclear PTCs that will be passed back to customers over time.

Renewable Energy Credits. Represents certificates for the environmental benefits of renewable energy that will be returned to customers in a future period.

RESTRICTIONS ON THE ABILITY OF CERTAIN SUBSIDIARIES TO MAKE DIVIDENDS, ADVANCES AND LOANS TO DUKE ENERGY

As a condition to the approval of merger transactions, the NCUC, PSCSC, PUCO, KPSC and IURC imposed conditions on the ability of Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio, Duke Energy Kentucky, Duke Energy Indiana and Piedmont to transfer funds to Duke Energy through loans or advances, as well as restricted amounts available to pay dividends to Duke Energy. Certain subsidiaries may transfer funds to the Parent by obtaining approval of the respective state regulatory commissions. These conditions imposed restrictions on the ability of the public utility subsidiaries to pay cash dividends as discussed below.

Duke Energy Progress and Duke Energy Florida also have restrictions imposed by their first mortgage bond indentures, which in certain circumstances, limit their ability to make cash dividends or distributions on common stock. Amounts restricted as a result of these provisions were not material at December 31, 2024.

Additionally, certain other subsidiaries of Duke Energy have restrictions on their ability to dividend, loan or advance funds to Duke Energy due to specific legal or regulatory restrictions, including, but not limited to, minimum working capital and tangible net worth requirements.

The restrictions discussed below were not a material amount of Duke Energy's and Progress Energy's net assets at December 31, 2024.

Duke Energy Carolinas

Duke Energy Carolinas must limit cumulative distributions subsequent to mergers to (i) the amount of retained earnings on the day prior to the closing of the mergers, plus (ii) any future earnings recorded.

Duke Energy Progress

Duke Energy Progress must limit cumulative distributions subsequent to the mergers between Duke Energy and Progress Energy and Duke Energy and Piedmont to (i) the amount of retained earnings on the day prior to the closing of the respective mergers, plus (ii) any future earnings recorded.

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Duke Energy Ohio

Duke Energy Ohio will not declare and pay dividends out of capital or unearned surplus without the prior authorization of the PUCO. Duke Energy Ohio received FERC and PUCO approval to pay dividends from its equity accounts that are reflective of the amount that it would have in its retained earnings account had push-down accounting for the Cinergy merger not been applied to Duke Energy Ohio’s balance sheet. The conditions include a commitment from Duke Energy Ohio that equity, adjusted to remove the impacts of push-down accounting, will not fall below 30 % of total capital.

Duke Energy Kentucky is required to pay dividends solely out of retained earnings and to maintain a minimum of 35 % equity in its capital structure.

Duke Energy Indiana

Duke Energy Indiana must limit cumulative distributions subsequent to the merger between Duke Energy and Cinergy to (i) the amount of retained earnings on the day prior to the closing of the merger, plus (ii) any future earnings recorded. In addition, Duke Energy Indiana will not declare and pay dividends out of capital or unearned surplus without prior authorization of the IURC.

Piedmont

Piedmont must limit cumulative distributions subsequent to the acquisition of Piedmont by Duke Energy to (i) the amount of retained earnings on the day prior to the closing of the merger, plus (ii) any future earnings recorded.

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants and Duke Energy Kentucky cannot predict the outcome or ultimate resolution of their respective matters.

As discussed further below, the Subsidiary Registrants were impacted by significant storms in 2024:

• In August 2024, Hurricane Debby made landfall in Florida as a Category 1 storm, impacting primarily the Duke Energy Florida territory as well as the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 700,000 customers were impacted across Duke Energy's system.

• In September 2024, Hurricane Helene made landfall in Florida as a Category 4 storm and subsequently impacted all of Duke Energy's service territories as the storm moved inland, with the most severe damage occurring in the Duke Energy Florida territory and the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 3.5 million customers were impacted across Duke Energy's system.

• In October 2024, Hurricane Milton made landfall in Florida as a Category 3 storm, impacting more than 1 million customers in the Duke Energy Florida territory.

Each Subsidiary Registrant is responsible for the restoration of service within its respective service territory and the recovery of related storm costs, including financing costs and, as applicable, the replenishment of storm-related reserves. The Subsidiary Registrants are pursuing all available avenues to recover storm-related costs, including insurance recovery and the securitization for certain costs, where applicable. Total estimated costs for storm restoration and rebuilding of infrastructure, including capital expenditures, for hurricanes Debby, Helene and Milton, net of expected insurance recoveries, are estimated to be approximately $ 2.8 billion, of which approximately $ 2.6 billion had been incurred as of December 31, 2024, with $ 0.2 billion estimated to be incurred for rebuilding in 2025. The following shows the total cost estimates for the registrants that were primarily impacted:

(in millions)															Cost Estimate (a)
Duke Energy Carolinas															$	1,150
Duke Energy Progress															450
Duke Energy Florida															1,150

(a)    These estimates could change as the rebuilding of infrastructure is finalized. Duke Energy Florida was the only jurisdiction materially impacted by Hurricane Milton.

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Duke Energy Carolinas and Duke Energy Progress

Hurricanes Ian, Debby and Helene

In 2022, Hurricane Ian inflicted severe damage to the Duke Energy Carolinas and Duke Energy Prog ress territories in North Carolina and South Carolina. Total operation and maintenance expenses incurred for restoration efforts were approximately $ 95 million, with an additional $ 8 million in capital investments. Approximately $ 87 million of the operation and maintenance expenses were deferred in Regulatory assets within Other Noncurrent Assets on the Consolidated Balance Sheets as of December 31, 2023 ($ 32 million and $ 55 million for Duke Energy Carolinas and Duke Energy Progress, respectively). As of December 31, 2024, $ 34 million for Duke Energy Carolinas and $ 47 million for Duke Energy Progress were deferred in Regulatory assets within Other Noncurrent Assets on the Consolidated Balance Sheets.

In 2024, Hurricanes Debby and Helene significantly impacted the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. As of December 31, 2024, total operation and maintenance expenses incurred for restoration and rebuilding of infrastructure, were approximately $ 860 million ($ 612 million and $ 248 million for Duke Energy Carolinas and Duke Energy Progress, respectively), with an additional $ 548 million in capital investments ($ 402 million and $ 146 million for Duke Energy Carolinas and Duke Energy Progress, respectively). Approximately $ 802 million of the operation and maintenance expenses are deferred in Regulatory assets within Other Noncurrent Assets on the Consolidated Balance Sheets as of December 31, 2024 ($ 583 million and $ 219 million for Duke Energy Carolinas and Duke Energy Progress, respectively). These a mounts are net of expected insurance recoveries and could change going forward as the rebuilding of infrastructure is finalized.

Duke Energy Carolinas and Duke Energy Progress have regulatory tools to recover storm costs including deferral and securitization. In December 2024, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for review and approval of storm recovery costs (Phase 1) with the NCUC to securitize the North Carolina-retail allocable share of storm costs associated with Hurricanes Helene, Debby and Ian, as well as Hurricane Zeta and Winter Storm Izzy, and the establishment of storm reserves for $ 200 million at Duke Energy Carolinas and $ 100 million at Duke Energy Progress. On February 3, 2025, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for financing orders (Phase 2). In February 2025, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement with the North Carolina Public Staff and other intervening parties that resolves all issues between the parties in the Phase 1 proceeding and removes the establishment of storm reserves from the securitization proceeding. Further, the settlement outlines agreement on certain issues in the Phase 2 proceeding. The evidentiary hearing was held on February 13, 2025. Orders from the NCUC are expected by April 2025 in the Phase 1 proceeding and by June 2025 in the Phase 2 proceeding. Subject to NCUC approvals, Duke Energy Carolinas and Duke Energy Progress expect to securitize the North Carolina-retail allocable share of storm costs by the end of 2025.

On February 17, 2025, Duke Energy Carolinas and Duke Energy Progress filed with the PSCSC notice of intent to file a Joint Petition for Financing Orders no earlier than 30 days from the date of the notice, seeking authority to recover the South Carolina-retail allocable share of storm costs associated with Hurricane Helene through securitization. Such petition is contingent upon the resolution of South Carolina legislative provisions relevant to storm recovery financing.

Nuclear Station Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034.

In December 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. In February 2023, the Advisory Committee on Reactor Safeguards issued a report to the NRC on the safety aspects of the Oconee SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that Oconee can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for Oconee should be approved.

In December 2022, the NRC published a notice in the Federal Register that the NRC would conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at Oconee during the SLR period. The NRC received comments from the Sierra Club and Beyond Nuclear (Petitioners) and the EPA identifying 18 potential impacts that should be considered by the NRC in the EIS, including climate change and flooding, environmental justice, severe accidents and external events. In February 2024, the NRC issued the Oconee site-specific draft EIS. In April 2024, the Pe titioners filed a Hearing Request, which proposed three contentions and in June 2024, the Atomic Safety and Licensing Board (ASLB) convened a pre-hearing conference. On January 17, 2025, the ASLB issued a decision on contention admissibility denying the Petitioners' hearing request. In January 2025, the NRC issued the final EIS and on February 17, 2025, the EPA issued a Notice of Availability for the final EIS. A decision on the SLR for ONS is anticipated from the NRC in the first half of 2025.

Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20 -year license extensions for all of their nuclear stations.

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Duke Energy Carolinas

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Duke Energy Carolinas' Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
AROs – coal ash			$	1,481		$	1,559					(g)			(b)
Storm cost deferrals			691			97						Yes			(b)
Accrued pension and OPEB			668			671									(h)
Deferred fuel and purchased power			298			1,293						(e)			2026
Deferred asset – Lee COLA			205			237									(b)
Hedge costs deferrals			202			405									(b)
Storm cost securitized balance, net			201			208						Yes			2041
Grid Deferral (c)			201			159						Yes			(b)
Incremental COVID-19 expenses			137			152						Yes			(b)
AMI (c)			114			125						Yes			(b)
Vacation accrual			86			87									2025
Nuclear deferral			81			89									2026
COR settlement (c)			81			85						Yes			(b)
Coal plant securitization			63			—						Yes			(b)
Deferred coal ash handling system costs (c)			60			65						Yes			(b)
Customer connect project (c)			54			58						Yes			(b)
Retired generation facilities (c)			54			26						Yes			(b)
PISCC and deferred operating expenses			42			48						Yes			(b)
Decoupling			24			—						Yes			(b)
Other			141			116									(b)
Total regulatory assets			4,884			5,480
Less: Current portion			685			1,564
Total noncurrent regulatory assets			$	4,199		$	3,916
Regulatory Liabilities (a)
AROs – nuclear and other			$	2,289		1,673									(b)
Net regulatory liability related to income taxes (d)			1,951			$	2,200					Yes			(b)
COR regulatory liability (c)			1,479			1,641						Yes			(f)
Deferred Nuclear PTC			581			—						Yes			2030
Hedge cost deferrals			199			158									(b)
Deferred fuel and purchased power			108			85						(e)			2026
Renewable energy credits			102			99						Yes			(b)
DSM / EE (c)			53			87						Yes			(i)
Accrued pension and OPEB			35			106									(h)
Other			413			528									(b)
Total regulatory liabilities			7,210			6,577
Less: Current portion			618			587
Total noncurrent regulatory liabilities			$	6,592		$	5,990

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)     Included in rate base.

(d)    Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate. Portions are included in rate base.

(e)    Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. The asset balance principally relates to North Carolina costs while the liability balance relates to South Carolina.

(f)    Recovered over the life of the associated assets.

(g)    Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders.

(h)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

(i)    Includes incentives on DSM/EE investments and is recovered or refunded through an annual rider mechanism.

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2023 North Carolina Rate Case

In January 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB 951.

In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the Public Staff in connection with its PBR application. The partial settlement included, among other things, a greement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $ 19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $ 4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under t he PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the Public Staff resolving additional issues, including the future treatment of nuclear production tax credits related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.

On December 1 5, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $ 436 million in Year 1, $ 174 million in Year 2 and $ 158 million in Year 3, for a combined total of $ 768 million. T he order established an ROE of 10.1 % based upon an equity ratio of 53 % and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COV ID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. As a result of the partial settlements and the order, Duke Energy Carolinas recognized pretax charges of $ 29 million within Impairment of assets and other charges, and $ 8 million within Operations, maintenance and other, for the year ended December 31, 2023, on the Consolidated Statements of Operations. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.

In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023 NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of various electric membership corporations (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina c onsolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Progress PBR application. Briefing is complete and oral argument occurred on February 13, 2025. Duke Energy Carolinas anticipates a decision to be issued no later than the fourth quarter of 2025.

2024 South Carolina Rate Case

In January 2024, Duke Energy Carolinas filed a rate case with the PSCSC to request an increase in base rate retail revenues. In May 2024, Duke Energy Carolinas and the Office of Regulatory Staff, as well as other consumer, environmental, and industrial intervening parties, filed an Agreement and Stipulation of Settlement reso lving all issues in the base rate proceeding. The major components of the settlement include a $ 240 million annual customer rate increase, prior to a reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT of $ 84 million annually over the first two years . The stipulation includes an ROE of 9.94 % with an equity ratio of 51.21 % and resolves recovery of the Company's continued investments in the grid, its new corporate headquarters and environmental compliance costs. The PSCSC held a hearing in May 2024, to consider evidence supporting the stipulation. On July 3, 2024, the PSCSC issued its final order approving an increase in base rates and approving nearly all components of the Agreement and Stipulation of Settlement. The order revised recovery of certain environmental compliance costs, the only provision of the settlement agreement not fully approved by the PSCSC. As a result, Duke Energy Carolinas recognized pretax charges of $ 33 million within Impairment of assets and other charges, $ 2 million within Operations, maintenance and other, partially offset by an $ 11 million reduction in Interest expense, for the year ended Decem ber 31, 2024 , on the Consolidated Statements of Operations. Based upon the order, after accelerating the EDIT giveback to customers, the net rate increase is $ 150 million annually for the first two years . Revised customer rat es were effective August 1, 2024, an d are based upon a South Carolina retail rate base of $ 7.4 billion.

Marshall Combustion Turbines CPCN

In March 2024, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle CTs at the site of the existing Marshall Steam Station. The two new CTs – totaling approximately 850 MW – will enable the retirement of Marshall coal units 1 and 2 and provide incremental capacity to support system capacity needs and expanded flexibility to support integration of renewables. Pending regulatory approvals, construction is planned to start in 2026, and the CTs are targeted to be placed into service by the end of 2028. As part of the application, Duke Energy Carolinas noted that Construction Work in Progress for the proposed facility will accrue AFUDC and will not be in rate base, resulting in no impact on Duke Energy Carolinas' North Carolina retail revenue requirement during the construction period. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $ 104 million, representing an approximate average retail rate increase of 2.2 % across all classes. The expert witness hearing concluded in August 2024. On December 2, 2024, the NCUC issued its order granting the CPCN authorizing the construction of the two C Ts. Additionally, on December 19, 2024, the NCDEQ issued final air permits for the CTs.

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Duke Energy Progress

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Duke Energy Progress' Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
AROs – coal ash			$	1,322		$	1,218					(g)			(b)
AROs – nuclear and other			900			1,110									(c)
Storm cost securitized balance, net			822			682						Yes			(b)
Accrued pension and OPEB			439			408									(j)
Deferred fuel and purchased power			277			579						(e)			2026
Storm cost deferrals			276			228						Yes			(b)
DSM/EE (d)			188			182						Yes			(h)
NCEMPA deferrals (d)			179			172						(f)			2042
Retired generation facilities (d)			108			126						Yes			(b)
Incremental COVID-19 expenses			89			80									(b)
Hedge costs deferrals			85			260									(b)
AMI (d)			54			68						Yes			(b)
Grid Deferral (d)			54			51						Yes			(b)
Nuclear deferral			53			42									2026
Customer connect project (d)			45			49						Yes			(b)
Vacation accrual			43			43									2025
Coal plant securitization			39			8						Yes			(b)
PISCC and deferred operating expenses			37			42						Yes			2054
Decoupling			32			15						Yes			(b)
COR settlement (d)			29			30						Yes			(b)
Deferred coal ash handling system costs (d)			17			21						Yes			(b)
Deferred asset – Harris COLA			10			15									(b)
Other			83			59									(b)
Total regulatory assets			5,181			5,488
Less: Current portion			626			942
Total noncurrent regulatory assets			$	4,555		$	4,546
Regulatory Liabilities (a)
COR regulatory liability			$	2,984		2,805									(i)
Net regulatory liability related to income taxes (k)			1,320			$	1,420					Yes			(b)
Hedge cost deferrals			151			87									(b)
Renewable energy credits			139			138						Yes			(b)
Deferred Nuclear PTC			95			—						Yes			(b)
Accrued pension and OPEB			12			—									(j)
Deferred fuel and purchased power			10			14						(e)			2026
Other			207			211									(b)
Total regulatory liabilities			4,918			4,675
Less: Current portion			348			300
Total noncurrent regulatory liabilities			$	4,570		$	4,375

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)    Recovery period for costs related to nuclear facilities runs through the decommissioning period of each unit.

(d)    Included in rate base.

(e)    Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. The asset balance principally relates to North Carolina costs while the liability balance relates to South Carolina.

(f)    South Carolina retail allocated costs are earning a return.

(g)    Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders.

(h)    Includes incentives on DSM/EE investments and is recovered through an annual rider mechanism.

(i)    Recovered over the life of the associated assets.

(j)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

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(k)    Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate. Portions are included in rate base.

2022 North Carolina Rate Case

In October 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three -year MYRP period. In addition to the MYRP, the PBR Application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMS as required by HB 951.

In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under t he PBR application.

On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $ 233 million in Year 1, $ 126 million in Year 2 and $ 135 million in Year 3, for a combined total of $ 494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $ 12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $ 3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8 % based upon an equity ratio of 53 % equity and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COV ID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR Application and revised by the partial settlements. As a result of the order, Duke Energy Progress recognized pretax charges of $ 28 million within Impairment of assets and other charges, which primarily related to certain COVID-19 deferred costs, and $ 8 million within Operations, maintenance and other, for the year ended December 31, 2023, on the Consolidated Statements of Operations. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.

In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties were appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. On November 6, 2023, the AGO filed a Notice of Cross Appeal of the NCUC’s determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. On November 9, 2023, Duke Energy Progress, the Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Carolinas PBR application. Briefing is compl ete and oral arguments occurred on February 13, 2025. Duke Energy Progress anticipates a decision to be issued no later than the fourth quarter of 2025.

2023 South Carolina Storm Securitization

On May 31, 2023, Duke Energy Progress filed a petition with the PSCSC requesting authorization for the financing of Duke Energy Progress' storm recovery costs through securitization due to storm recovery activities required as a result of the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. On September 8, 2023, Duke Energy Progress filed a comprehensive settlement agreement with all parties on all cost recovery issues raised in the storm securitization proceeding.

The evidentiary hearing occurred in September 2023. On September 20, 2023, the PSCSC approved the comprehensive settlement agreement and on October 13, 2023, the PSCSC issued its financing order. The storm recovery bonds of $ 177 million were issued by Duke Energy Progress in April 2024 and storm recovery charges were effective May 1, 2024. Se e Notes 7 and 18 for more information.

2022 South Carolina Rate Case

On September 1, 2022, Duke Energy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. On J anuary 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include an ROE of 9.6 % based upon an equity ratio of 52.43 % along with the establishment of a storm reserve to help offset the costs of major storms. The stipulation provided for a $ 52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT; after extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $ 36 million. It also allowed continuation of deferral treatment of coal ash basin closure costs and supports an amortization period for remaining coal ash closure costs in this rate case of seven years . Duke Energy Progress agreed not to seek recovery of approximately $ 50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation). The 2021 Depreciation Study was accepted as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed. The PSCSC held a hearing in January 2023 and a final written order was issued on March 8, 2023. New rates went into effect April 1, 2023.

Person County Combined Cycle CPCNs

In March 2024, Duke Energy Progress filed with the NCUC its application to construct and operate a 1,360 -MW hydrogen-capable, advanced- class CC generating facility in Person County at the site of the existing Roxboro Plant. Subject to negotiation of final contractual terms, t he new Roxboro CC will be co-owned with the North Carolina Electric Membership Corporation (NCEMC), with Duke Energy Progress owning approximately 1,135 MW and NCEMC owning the remaining 225 MW. Pending regulatory approvals, construction is planned to start in 2026, with the CC targeted to be placed in service by the end of 2028. The CC will allow for the retirement of Roxboro’s coal-fired units 1 and 4. As part of the application, Duke Energy Progress noted that the recovery of Construction Work in Progress during the construction period for the proposed facility may be pursued in a future rate case. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $ 98 million, representing an approximate average retail rate increase of 2.6 % across all classes. The expert witness hearing concluded in August 2024. On December 6, 2024, the NCUC issued its order granting the CPCN authorizing the construction of the CC. Additionally, on December 19, 2024, the NCDEQ issued a final air permit for the CC.

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On February 7, 2025, Duke Energy Progress filed with the NCUC its application to construct and operate a second 1,360 -MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has also notified Duke Energy Progress of NCEMC's intent to co-own approximately 225 MW of the second CC and Duke Energy Progress and NCEMC plan to begin negotiations on the contractual arrangement in the second quarter of 2025. Pending regulatory approvals, construction of the second CC is planned to start in 2026 with the unit targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of Construction Work in Progress during the construction period for the proposed facility may be pursued in a future rate case. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $ 113 million, representing an approximate average retail rate increase of 2.6 % across all classes. The air permit issued by the NCDEQ on December 19, 2024, also pertains to the second CC.

Duke Energy Florida

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Duke Energy Florida's Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
Storm cost deferrals (c)			$	962		70						(e)			(b)
Nuclear asset securitized balance, net			771			830									2036
COR regulatory asset			571			337						(d)			(b)
Accrued pension and OPEB (c)			389			349						Yes			(f)
Retired generation facilities (c)			94			94						Yes			2044
Customer connect project (c)			71			76						Yes			2037
Qualifying facility contract buyouts (c)			62			68						Yes			2034
Hedge costs deferrals (c)			41			63						Yes			2038
AMI (c)			16			24						Yes			2032
AROs – coal ash			13			$	12								(b)
AROs – nuclear and other			5			17									(b)
Deferred fuel and purchased power			5			594						(e)			2025
Other			86			69						(d)			(b)
Total regulatory assets			3,086			2,603
Less: Current portion			1,022			720
Total noncurrent regulatory assets			$	2,064		$	1,883
Regulatory Liabilities (a)
Net regulatory liability related to income taxes (c)			$	564		$	588								(b)
Hedge cost deferrals (c)			130			121						Yes			(b)
DOE Settlement			—			32
Deferred fuel and purchased power (c)			84			—						(e)			2025
Other			84			85						(d)			(b)
Total regulatory liabilities			862			826
Less: Current portion			174			118
Total noncurrent regulatory liabilities			$	688		$	708

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)    Included in rate base.

(d)    Certain costs earn/pay a return.

(e)    Earns commercial paper rate.

(f)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

2021 Settlement Agreement

In January 2021, Duke Energy Florida filed the 2021 Settlement with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the "Parties").

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Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $ 67 million in 2022, $ 49 million in 2023 and $ 79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85 % to 10.85 % with a midpoint of 9.85 % based upon an equity ratio of 53 %. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85 % to 10.10 %. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC in August 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida would be able to retain $ 173 million of the expected DOE award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida was permitted to recognize the $ 173 million into earnings through the approved settlement period. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $ 180 million on June 15, 2022, of which the retail portion was approximately $ 154 million. The 2021 Settlement authorized Duke Energy Florida to collect the difference between $ 173 million and the $ 154 million retail portion of the amount received through the capacity cost recovery clause. As of December 31, 2024, Duke Energy Florida has recognized $ 173 million (pretax) into earnings, including $ 32 million and $ 141 million recognized during the year ended December 31, 2024, and 2023, respectively.

The 2021 Settlement also contained a provision to recover or flow back the effects of tax law changes. As a result of the IRA enacted in August 2022, Duke Energy Florida is eligible for PTCs associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC in October 2022, to reduce base rates effective January 1, 2023, by $ 56 million to flow back the expected 2023 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida’s petition. See Note 24 for additional information on the IRA.

In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $ 1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

Clean Energy Connection

In July 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of 749 MW. The FPSC approved the program in January 2021, allowing participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The 10 new solar generation facilities were completed and all of the remaining sites were in-service by the end of 2024 at a cost of approximately $ 1.1 billion. These investments are included in base rates, offset by the revenue from the subscription fees, with credits included in the fuel cost recovery clause.

In February 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal in February 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. In September 2022, the FPSC issued a revised order and submitted it to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed in February 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the court has yet to rule on that request. The FPSC approval order remains in effect pending the outcome of the appeal.

Storm Protection Plan

At least every three years, Duke Energy Florida must file a Storm Protection Plan (SPP) with the FPSC. Each plan covers a 10-year period and includes investments in transmission and distribution meant to strengthen infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. In April 2022, Duke Energy Florida filed an SPP for approval with the FPSC for the 2023-2032 time frame. The plan reflected approximately $ 7 billion of capital investment in transmission and distribution. The evidentiary hearing began in August 2022. In October 2022, the FPSC approved Duke Energy Florida's plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $ 80 million over the 10 -year period starting in 2025. In December 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court and briefs were filed by the OPC and Duke Energy Florida during 2023. On November 14, 2024, the Florida Supreme Court issued an order upholding the FPSC's approval of Duke Energy Florida's plan.

On January 15, 2025, Duke Energy Florida filed an SPP for approval with the FPSC for the 2026-2035 time frame reflecting approximately $ 7 billion of capital investment in transmission and distribution. The FPSC must approve, with modification, or deny the plan no later than 180 days after filing. A hearing has been scheduled to begin May 20, 2025.

Hurricanes Ian and Idalia

In September 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. After depleting any existing storm reserves, which were approximately $ 107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $ 132 million. Duke Energy Florida filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve in January 2023, seeking recovery of $ 442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. In March 2023, the FPSC approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida filed documentation evidencing its total actual storm costs of $ 431 million in September 2023. The FPSC approved the prudence of these costs in May 2024.

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In August 2023, Hurricane Idalia made landfall on Florida’s gulf coast, causing damage and impacting more than 200,000 customers across Duke Energy Florida's service territory. In October 2023, Duke Energy Florida requested to combine the $ 92 million retail portion of the deferred estimated Hurricane Idalia costs with $ 74 million of costs projected to be collected after December 31, 2023, under the existing approved storm cost recovery and storm surcharge. This $ 74 million of costs relates primarily to the approved ongoing replenishment of the storm reserves. In December 2023, the FPSC approved recovery of the total $ 166 million over 12 months beginning with its first billing cycle in January 2024, replacing the previously approved storm cost recovery and storm surcharge, and ordered Duke Energy Florida to file documentation of the total actual Idalia related storm costs, once known. Revised rates were effective January 1, 2024. Duke Energy Florida filed documentation evidencing its total Idalia actual storm costs of $ 98 million in September 2024.

2024 Florida Rate Case

In April 2024, Duke Energy Florida filed a formal request for new base rates with the FPSC. Duke Energy Florida proposed a three-year rate plan that would begin in January 2025, once its current base rate settlement agreement concludes at the end of 2024. Duke Energy Florida proposed multiyear rate increases that use the projected 12-month periods ending December 31, 2025, 2026, and 2027 as the test years, with adjusted rates to be effective with the first billing period of January 2025, 2026, and 2027, respectively.

In July 2024, Duke Energy Florida filed a settlement agreement with the FPSC. The parties to the settlement include Duke Energy Florida, the Office of Public Counsel and other intervening parties. Pursuant to the settlement, the parties agreed to a base rate stay-out provision that expires year-end 2027; however, Duke Energy Florida is allowed an increase to its base rates in 2025 and 2026, as well as utilization of certain tax benefits in lieu of a revenue increase in 2027. Additionally, revenue increases related to solar investments will be recovered via the Solar Base Rate Adjustment mechanism. The parties also agreed to an ROE band of 9.3 % to 11.3 % with a midpoint of 10.3 % and an equity ratio of 53 %. The agreement provides for $ 203 million and $ 59 million in base rate increases in 2025 and 2026, respectively, as well as increases associated with investments in 12 new solar facilities as they come on line. In August 2024, the FPSC approved the settlement agreement without modification and a final order was issued on November 12, 2024. New rates were effective January 1, 2025.

Hurricanes Debby, Helene and Milton

In August 2024, Hurricane Debby made landfall in Florida as a Category 1 storm, and in September 2024, Hurricane Helene made landfall in Florida as a Category 4 storm, which caused significant damage. In October 2024, Hurricane Milton made landfall in Florida as a Category 3 storm, impacting roughly half of the customers Duke Energy Florida serves in the state. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which will be applied to recovery of the 2024 storm costs. After depleting any existing storm reserves, which were approximately $ 63 million as of July 31, 2024, before hurricanes Debby, Helene and Milton, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $ 132 million. Duke Energy Florida filed its petition for cost recovery for all three storms, including replenishment of the storm reserve, on December 27, 2024, seeking recovery of approximately $ 1.1 billion, for recovery over 12 months beginning with the first billing cycle in March 2025. Approximately $ 936 million of the operation and maintenance expenses are deferred in Regulatory assets within Current assets as of December 31, 2024. Approximately $ 69 million of capital related to these storms will be sought for recovery in future base rate case filings. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these storm costs as filed.

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Duke Energy Ohio

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Duke Energy Ohio's Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
CEP deferral			$	195		193						Yes			(b)
Accrued pension and OPEB			131			123									(d)
COR regulatory asset			75			34									(b)
Customer connect project			44			49									(b)
Network Integration Transmission Services deferral			31			31						Yes			(b)
Transmission expansion obligation			31			30									(b)
Decoupling			29			25									(b)
Deferred pipeline integrity costs			28			30						Yes			(b)
East Bend deferrals (c)			24			28						Yes			(b)
Propane caverns			24			26									(b)
PISCC and deferred operating expenses (c)			15			15						Yes			2083
AROs – coal ash			14			$	17					Yes			(b)
Deferred fuel and purchased gas costs			8			20									2025
AMI			8			13									(b)
Storm cost deferrals			5			12									2025
Other			131			103									(b)
Total regulatory assets			793			749
Less: Current portion			88			73
Total noncurrent regulatory assets			$	705		$	676
Regulatory Liabilities (a)
Net regulatory liability related to income taxes			$	432		$	466								(b)
Accrued pension and OPEB			14			17									(d)
Deferred fuel and purchased gas costs			—			15									2025
Other			53			55									(b)
Total regulatory liabilities			499			553
Less: Current portion			34			56
Total noncurrent regulatory liabilities			$	465		$	497

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)    Included in rate base.

(d)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

Duke Energy Ohio Electric Base Rate Case

In October 2021, Duke Energy Ohio filed an electric distribution base rate case application with the PUCO. In September 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which included an increase in overall electric distribution base rates of approximately $ 23 million with an equity ratio of 50.5 % and an ROE of 9.5 %. The stipulation was among all but one party to the proceeding. The PUCO issued an order on December 14, 2022, approving the Stipulation without material modification and new rates went into effect on January 3, 2023. The Ohio Consumers' Counsel (OCC) filed an application for rehearing in January 2023, arguing the Stipulation was unreasonable, discriminatory and denied OCC due process. In March 2024, the PUCO denied OCC's rehearing application. The deadline for OCC to seek an appeal has expired and the matter is now closed.

Energy Efficiency Cost Recovery

In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. In March 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs. In August 2023, the PUCO issued its decision approving the Company’s request for recovery and final true up of energy efficiency prog ram costs, lost distribution revenues and performance incentives from calendar years 2018 through 2020, resulting in $ 14 million of Regulated electric revenue on the Consolidated Statements of Operations for the year ended December 31, 2023, and resolving all outstanding issues in these proceedings. Revised rates were effective September 1, 2023.

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Duke Energy Ohio Natural Gas Base Rate Case

In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PU CO. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its CEP Rider. In April 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $ 32 million in revenue increases with an equity ratio of 52.32 % and an ROE of 9.6 %, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In December 2023, the OCC filed an application for rehearing and the PUCO granted OCC's application for rehearing for further consideration of issues raised. As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied OCC’s rehearing request. In October 2024, the OCC filed its Notice of Appeal with the Ohio Supreme Court. OCC's initial brief was filed January 27, 2025.

Duke Energy Ohio Electric Security Plan

In April 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposes a three-year term from June 1, 2025, through May 31, 2028, and includes continuation of market-based customer rates through competitive procurement processes for generation and continuation and expansion of existing rider mechanisms. Duke Energy Ohio is proposing a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, future battery storage projects, and two proposed electric vehicle programs. Additional proposed new rider mechanisms are related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency and demand-side management programs.

In November 2024, Duke Energy Ohio filed a stipulation with majority of the intervenors signed as either signatory or non-opposing parties. The stipulation includes the continuation of market-based customer rates through competitive procurement auctions and the continuation of all existing riders. It further establishes new caps for certain riders. Duke Energy Ohio has also agreed to withdraw its proposals for an infrastructure modernization rider, battery storage projects and electric vehicle programs. The stipulation includes a residential EE program with provisions for low-income customers. The evidentiary hearing concluded January 23, 2025. A briefing schedule has been ordered with final reply briefs due March 14, 2025.

MGP Cost Recovery

In an order issued in 2013, the PUCO approved Duke Energy Ohio's deferral and recovery of costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas base rate case.

A Stipulation and Recommendation was filed jointly by Duke Energy Ohio, the Staff, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group in August 2021, which was approved without modification by the PUCO in April 2022. T he Stipulation and Recommendation resolved all open issues regarding MGP remediation costs incurred between 2013 and 2019, Duke Energy Ohio’s request for additional deferral authority beyond 2019 and the pending issues related to the Tax Act described below as it related to Duke Energy Ohio’s natural gas operations. As a result of the approval of the Stipulation and Recommendation, Duke Energy Ohio recognized pretax charges of approximately $ 15 million to Operating revenues, regulated natural gas and $ 58 million to Operation, maintenance and other and a tax benefit of $ 72 million to Income Tax (Benefit) Expense in the Consolidated Statements of Operations for the year ended December 31, 2022. The Stipulation and Recommendation further acknowledged Duke Energy Ohio’s ability to file a request for additional deferral authority in the future related to environmental remediation of any MGP impacts in the Ohio River, if necessary, subject to specific conditions. In June 2022, the PUCO granted rehearing requests for further consideration of Interstate Gas Supply, Inc. (IGS) and The Retail Energy Supply Association (RESA). As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied these rehearing requests. On October 28, 2024, RESA and IGS filed an appeal with the Supreme Court of Ohio. On January 10, 2025, RESA and IGS withdrew their appeal and the Supreme Court of Ohio dismissed the appeal on January 14, 2025. This matter is now resolved.

Tax Act – Ohio

In December 2018, Duke Energy Ohio filed an application to change its base rate tariffs and establish a rider to implement the benefits of the Tax Act for natural gas customers. The rider would flow through to customers the benefit of the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, all future benefits of the lower tax rates and a full refund of deferred income taxes collected at the higher tax rates in prior years. Deferred income taxes subject to normalization rules would be refunded consistent with federal law and deferred income taxes not subject to normalization rules would be refunded over a 10-year period. An evidentiary hearing occurred in August 2019. The Stipulation and Recommendation filed in August 2021, and approved on April 20, 2022, disclosed in the MGP Cost Recovery matter above, resolved the outstanding issues in this proceeding by providing customers a one-time bill credit for the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, through June 1, 2022, and reducing base rates going forward. Deferred income taxes not subject to normalization rules were written off. Deferred income taxes subject to normalization rules are refunded consistent with federal law through a rider. The commission granted the rehearing requests of IGS and RESA for further consideration. As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied these rehearing requests. On October 28, 2024, RESA and IGS filed an appeal with the Supreme Court of Ohio. On January 10, 2025, RESA and IGS withdrew their appeal and the Supreme Court of Ohio dismissed the appeal on January 14, 2025. This matter is now resolved.

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Duke Energy Kentucky 2022 Electric Base Rate Case

In December 2022, Duke Energy Kentucky filed a base rate case with the KPSC driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale CT generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $ 48 million increase in base revenues, an ROE of 9.75 % for electric base rates and 9.65 % for electric riders and an equity ratio of 52.145 %. New rates went into effect October 13, 2023. The Company's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC did approve the request to align the depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and the two electric vehicle charging programs.

In November 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC and the KPSC granted in part and denied in part the Company's request for rehearing. On July 1, 2024, the KPSC issued its final order on rehearing, ruling in Duke Energy Kentucky's favor on nearly all issues. However, the KPSC ordered Duke Energy Kentucky to refund alleged over collections since the KPSC's October 12, 2023, order. On July 10, 2024, the KPSC issued an order correcting the base fuel rate used to calculate new base rates in its July 1, 2024, order and its calculation of Duke Energy Kentucky's Street Lighting Rate. New rates were implemented in August 2024.

On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to including decommissioning costs in depreciation rates for East Bend and Woodsdale. Duke Energy Kentucky and Appellee briefs were filed in 2024.

Duke Energy Kentucky 2024 Electric Base Rate Case

On December 2, 2024, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in electric base rates of approximately $ 70 million an d an ROE of 10.85 % with an equity ratio of 52.728 % . This is an overall increase of approximately 14.7 %. The request for the rate increase is driven by capital investments to strengthen the electricity generation and delivery systems. New rates are anticipated to go into effect around July 2, 2025. An evidentiary hearing is scheduled to begin on May 21, 2025.

Duke Energy Indiana

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Duke Energy Indiana's Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
AROs – coal ash			$	554		$	408					Yes			(b)
PISCC and deferred operating expenses (c)			237			241						Yes			(b)
Accrued pension and OPEB			212			208									(e)
Retired generation facilities (c)			25			29						Yes			2030
Hedge costs deferrals			23			19									(b)
Customer connect project			19			19									(b)
Storm cost deferrals			17			11									(b)
AMI			12			13									2031
Other			54			48									(b)
Total regulatory assets			1,153			996
Less: Current portion			113			102
Total noncurrent regulatory assets			$	1,040		$	894
Regulatory Liabilities (a)
Net regulatory liability related to income taxes			$	725		$	794								(b)
COR regulatory liability			434			496									(d)
Accrued pension and OPEB			139			109									(e)
Hedge cost deferrals			103			77									(b)
Deferred fuel and purchased power			21			23									2025
Other			165			169									(b)
Total regulatory liabilities			1,587			1,668
Less: Current portion			183			209
Total noncurrent regulatory liabilities			$	1,404		$	1,459

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)    Included in rate base.

(d)    Refunded over the life of the associated assets.

(e)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

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2019 Indiana Rate Case

In July 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $ 146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana's requested forecasted rate base of $ 10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana's request by slightly more than $ 200 million, when accounting for the utility receipts tax and other adjustments. Step one rates were estimated to be approximately 75 % of the total rate increase and became effective on July 30, 2020. Step two rates estimated to be the remaining 25 % of the total rate increase were approved on July 28, 2021, and implemented in August 2021.

Several groups appealed the IURC order to the Indiana Court of Appeals. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. However, upon appeal by the Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group in March 2022, the Indiana Supreme Court found that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order was remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $ 211 million to Impairment of assets and other charges and $ 46 million to Operating revenues in the Consolidated Statements of Operations for the year ended December 31, 2022. Duke Energy Indiana filed a request for rehearing with the Supreme Court in April 2022, which the court denied. In February 2023, Duke Energy Indiana filed a settlement agreement reached with the OUCC and Duke Industrial Group, which includes an agreed amount of approximately $ 70 million of refunds to be paid to customers. The IURC approved this settlement agreement in its entirety on April 12, 2023. In June 2023, Duke Energy Indiana commenced refunding the approximate $ 70 million to customers in accordance with the settlement agreement, which was completed in May 2024.

Indiana Coal Ash Recovery

In Duke Energy Indiana’s 2019 rate case, the IURC also opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony in April 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021, order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed. As a result of the Indiana Court of Appeals' opinion, Duke Energy Indiana recognized a pretax charge of approximately $ 175 million to Impairment of assets and other charges for the year ended December 31, 2022.

In the second quarter of 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021, order date. On September 20, 2023, the commission approved the Company's proposal to remove the costs from its rates and assessed simple interest of the refunds of 4.71 %, beginning from when the costs were initially recovered from customers. Duke Energy Indiana included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs in the 2024 Indiana Rate Case.

On August 30, 2023, Duke Energy Indiana filed a new petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. An evidentiary hearing was held in January 2024. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a motion to appeal the IURC order granting the coal ash CPCN proceeding and approving the coal ash related compliance projects. Briefing was completed January 24, 2025.

TDSIC 2.0

In November 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $ 2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In July 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. On December 19, 2024, the Indiana Supreme Court affirmed the Indiana Court of Appeals decision, concluding there was substantial evidence that the IURC's conclusion was reasonable and the TDSIC 2.0 plan met the statutory requirements. On January 21, 2025, the Duke Industrial Group filed a motion for rehearing.

2024 Indiana Rate Case

In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase of $ 492 million, representing an overall average bill increase of approximately 16.2 %, which, if approved, would be added to retail customer bills in two steps, approximately 11.7 % in 2025 and approximately 4.5 % in 2026. Duke Energy Indiana requested an ROE of 10.5 % with an equity ratio of 53 %. The rate increase is driven by $ 1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability. An evidentiary hearing was completed in September 2024, with briefing continued until October 31, 2024.

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In connection with this rate case, a $ 29 million increase in a regulatory liability associated with certain employee post-retirement benefits was recorded in December 2024. An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75 %, an equity ratio of 53 % and an annual revenue increase of $ 296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressing the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $ 385 million. Additionally, on February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing subject to refund, pending the outcome of the petition for rehearing. New rates, subject to refund, were implemented February 27, 2025.

Cayuga Combined Cycle CPCN

On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is proposed to be constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Ene rgy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC project is $ 2.97 billion, plus AFUDC and project reserves. Duke Energy Indiana has proposed recovery of certain costs of the facility during construction, including AFUDC, through construction work in progress ratemaking through a proposed generation cost adjustment tracker mechanism and estimates an average retail rate impact of approximately 5.4 % during construction. Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. An evidentiary hearing is expected in June 2025.

Piedmont

Regulatory Assets and Liabilities

The following tables present the regulatory assets and liabilities recorded on Piedmont's Consolidated Balance Sheets.

			December 31,									Earns/Pays			Recovery/Refund
(in millions)			2024			2023						a Return			Period Ends
Regulatory Assets (a)
Accrued pension and OPEB (c)			144			129									(g)
Deferred pipeline integrity costs (c)			101			103									2034
Derivatives – natural gas supply contracts (f)			94			147
Decoupling			77			75						(e)			(b)
Tennessee ARM Deferral			33			20						(e)			(b)
AROs – nuclear and other			29			$	26								(d)
Customer connect project (c)			24			9									2030
Vacation accrual			14			13									2025
Pipeline Integrity Management – Transmission/Distribution			14			—									(b)
Other			49			49						(e)			(b)
Total regulatory assets			579			571
Less: Current portion			158			161
Total noncurrent regulatory assets			$	421		$	410
Regulatory Liabilities (a)
COR regulatory liability (c)			$	539		555									(d)
Net regulatory liability related to income taxes			405			$	433								(b)
Other			80			98						(e)			(b)
Total regulatory liabilities			1,024			1,086
Less: Current portion			68			98
Total noncurrent regulatory liabilities			$	956		$	988

(a)    Regulatory assets and liabilities are excluded from rate base unless otherwise noted.

(b)    The expected recovery or refund period varies or has not been determined.

(c)    Included in rate base.

(d)    Recovery over the life of the associated assets.

(e)    Certain costs earn/pay a return.

(f)    Balance will fluctuate with changes in the market. Current contracts extend into 2031.

(g)    Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail.

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2024 North Carolina Rate Case

In April 2024, Piedmont filed an application with the NCUC for a rate increase for retail customers. In September 2024, Piedmont, the Public Staff and other intervening parties filed an Agreement and Stipulation of Settlement with the NCUC resolving all issues in the general rate case. The major components of the settlement include an overall average effective increase in net annual retail revenues of $ 88 million in the first year and $ 10 million of additional revenue after the first year. The settlement includes an ROE of 9.8 % with an equity ratio of 52.3 % and the addition of a rider mechanism for recovery of pipeline integrity management operations and maintenance expenses. The settlement was subject to the review and approval of the NCUC. The evidentiary hearing concluded in September 2024, and Piedmont implemented revised rates November 1, 2024. The NCUC issued its order approving the settlement as filed on January 7, 2025.

OTHER REGULATORY MATTERS

Potential Coal Plant Retirements

The Subsidiary Registrants periodically file IRPs with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and resources proposed to meet those needs. The IRPs also include planning assumptions around future retirement dates of aging coal-fired generating facilities.

Duke Energy Carolinas and Duke Energy Progress received an NCUC order on the 2022 Carbon Plan that concluded th e projected retirement dates for their coal-fired generating facilities were reasonable for planning purposes and further directed that appropriate steps be taken to optimally retire the coal fleet according to such schedule. In August 2023, Duke Energy Carolinas and Duke Energy Progress filed their 2023 systemwide Carolinas Resource Plan with the NCUC and PSCSC, with a supplemental filing in January 2024 that demonstrated a need for additional resources beyond the set of resources identified by the companies in their initial plan. The NCUC and PSCSC issued orders in 2024 generally approving the resource plan. See t he "Other Matters" section of Item 7 Management's Discussion and Analysis for further details on resource plans.

Duke Energy continues to evaluate the retirement date assumptions for all coal-fired generating facilities as changes in energy usage and/or growth and availability of replacement generation could result in different retirement dates of units than their current estimated useful lives. Except as previously discussed related to Duke Energy Kentucky's East Bend plant, rate cases re cently filed or approved across all jurisdictions included proposed depreciation rates that approximate earlier retirement dates as outlined in recent IRPs. Duke Energy plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired.

INSURANCE

General Insurance

The Duke Energy Registrants have insurance and reinsurance coverage either directly or through indemnification from Duke Energy’s captive insurance company, Bison, and its affiliates, consistent with companies engaged in similar commercial operations with similar type properties. The Duke Energy Registrants’ coverage includes (i) commercial general liability coverage for liabilities arising to third parties for bodily injury and property damage; (ii) workers’ compensation; (iii) automobile liability coverage; and (iv) property coverage for all real and personal property damage. Real and personal property damage coverage excludes electric transmission and distribution lines, but includes damages arising from boiler and machinery breakdowns, earthquakes, flood damage and extra expense, but not outage or replacement power coverage. All coverage is subject to certain deductibles or retentions, sublimits, exclusions, terms and conditions common for companies with similar types of operations. The Duke Energy Registrants self-insure their electric transmission and distribution lines against loss due to storm damage and other natural disasters. As discussed further in Note 4, Duke Energy Florida maintains a storm damage reserve and has a regulatory mechanism to recover the cost of named storms on an expedited basis.

The cost of the Duke Energy Registrants’ coverage can fluctuate from year to year reflecting claims history and conditions of the insurance and reinsurance markets. In the event of a loss, terms and amounts of insurance and reinsurance available might not be adequate to cover claims and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered by other sources, could have a material effect on the Duke Energy Registrants’ results of operations, cash flows or financial position. Each company is responsible to the extent losses may be excluded or exceed limits of the coverage available.

Nuclear Insurance

Duke Energy Carolinas owns and operates McGuire and Oconee and operates and has a partial ownership interest in Catawba. McGuire and Catawba each have two reactors. Oconee has three reactors. The other joint owners of Catawba reimburse Duke Energy Carolinas for certain expenses associated with nuclear insurance per the Catawba joint owner agreements.

Duke Energy Progress owns and operates Robinson, Brunswick and Harris. Robinson and Harris each have one reactor. Brunswick has two reactors.

Duke Energy Florida owns Crystal River Unit 3, which permanently ceased operation in 2013 and achieved a SAFSTOR condition in July 2019. On October 1, 2020, Crystal River Unit 3 changed decommissioning strategies from SAFSTOR to DECON.

In the event of a loss, terms and amounts of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered by other sources, could have a material effect on Duke Energy Carolinas’, Duke Energy Progress’ and Duke Energy Florida’s results of operations, cash flows or financial position. Each company is responsible to the extent losses may be excluded or exceed limits of the coverage available.

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Nuclear Liability Coverage

The Price-Anderson Act requires owners of nuclear reactors to provide for public nuclear liability protection per nuclear incident up to a maximum total financial protection liability. The maximum total financial protection liability, which is approximately $ 16.2 billion, is subject to change every five years for inflation and for the number of licensed reactors. Total nuclear liability coverage consists of a combination of private primary nuclear liability insurance coverage and a mandatory industry risk-sharing program to provide for excess nuclear liability coverage above the maximum reasonably available private primary coverage. The U.S. Congress could impose revenue-raising measures on the nuclear industry to pay claims.

Primary Liability Insurance

Duke Energy Carolinas and Duke Energy Progress have purchased the maximum reasonably available private primary nuclear liability insurance as required by law, which is $ 500 million per station. Duke Energy Florida has purchased $ 100 million primary nuclear liability insurance for Crystal River in compliance with the law.

Excess Liability Program

This program provides $ 15.8 billion of coverage per incident through the Price-Anderson Act’s mandatory industrywide excess secondary financial protection program of risk pooling. This amount is the product of potential cumulative retrospective premium assessments of $ 166 million times the current 95 licensed commercial nuclear reactors in the U.S. Under this program, operating unit licensees could be assessed retrospective premiums to compensate for public nuclear liability damages in the event of a nuclear incident at any licensed facility in the U.S. Retrospective premiums may be assessed at a rate not to exceed $ 24.7 million per year per licensed reactor for each incident. The assessment may be subject to state premium taxes.

Nuclear Property and Accidental Outage Coverage

Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are members of Nuclear Electric Insurance Limited (NEIL), an industry mutual insurance company, which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each station for losses resulting from damage to its nuclear plants, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear station.

Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied, first, to place the plant in a safe and stable condition after a qualifying accident and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration.

Losses resulting from acts of terrorism are covered as common occurrences, such that if terrorist acts occur against one or more commercial nuclear power plants insured by NEIL within a 12-month period, they would be treated as one event and the owners of the plants where the act occurred would share one full limit of liability. The full limit of liability is currently $ 3.2 billion. NEIL sublimits the total aggregate for all of their policies for non-nuclear terrorist events to approximately $ 1.8 billion.

Each nuclear facility has accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $ 1.5 billion, except for Crystal River Unit 3. Crystal River Unit 3’s limit is $ 50 million and is on an actual cash value basis. All nuclear facilities except for Catawba and Crystal River Unit 3 also share an additional $ 1.25 billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. Catawba has a dedicated $ 1.25 billion of additional nuclear accident insurance limit above its dedicated underlying limit. Catawba and Oconee also have an additional $ 750 million of non-nuclear accident property damage limit. All coverages are subject to sublimits and significant deductibles.

NEIL’s Accidental Outage policy provides some coverage, similar to business interruption, for losses in the event of a major accident property damage outage of a nuclear unit. Coverage is provided on a weekly limit basis after a significant waiting period deductible and at 100 % of the applicable weekly limits for 52 weeks and 80 % of the applicable weekly limits for up to the next 110 weeks. Coverage is provided until these applicable weekly periods are met, where the accidental outage policy limit will not exceed $ 490 million for each nuclear plant. NEIL sublimits the accidental outage recovery up to the first 104 weeks of coverage not to exceed $ 291 million from non-nuclear accidental property damage. Coverage amounts decrease in the event more than one unit at a station is out of service due to a common accident. All coverages are subject to sublimits and significant deductibles.

Potential Retroactive Premium Assessments

In the event of NEIL losses, NEIL’s board of directors may assess member companies' retroactive premiums of amounts up to 10 times their annual premiums for up to six years after a loss. NEIL has never exercised this assessment. The maximum aggregate current year policies' annual retrospective premium obligations for Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are $ 162 million, $ 99 million and $ 1 million, respectively. Duke Energy Carolinas' maximum assessment amount includes 100 % of potential obligations to NEIL for jointly owned reactors. Duke Energy Carolinas would seek reimbursement from the joint owners for their portion of these assessment amounts.

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all of the Duke Energy Registrants.

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Remediation Activities

In addition to AROs recorded as a result of various environmental regulations, discussed in Note 10, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based upon site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other in the Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Consolidated Balance Sheets.

(in millions)			December 31, 2024						December 31, 2023
Reserves for Environmental Remediation
Duke Energy			$	73					$	88
Duke Energy Carolinas			24						23
Progress Energy			19						19
Duke Energy Progress			9						9
Duke Energy Florida			10						10
Duke Energy Ohio			21						36
Duke Energy Indiana			2						2
Piedmont			7						7

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy

Texas Storm Uri Tort Litigation

Duke Energy (Parent), several Duke Energy renewables project companies, and others in the ERCOT market were named in multiple lawsuits arising out of Texas Storm Uri, which occurred in February 20 21. These lawsuits sought recovery for property damage, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators including entities owned by Duke Energy at the time, transmission and distribution operators (TDUs), retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed.

In the cases against the generators, the plaintiffs dismissed the claims against Duke Energy (Parent ). I n October 2023, in conjunction with the closing of the sale of the utility-scale solar and wind group, all but one of the project company lawsuits transferred to Brookfield. In May 2024, the remaining project company claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. With the transfer of the remaining project company lawsuits now complete, the matter is closed as it relates to the Duke Energy Registrants. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.

Mooresville Coal Ash Class Action Litigation

On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class alleging past and ongoing environmental contamination in the Mooresville area of North Carolina. The lawsuit alleges that Duke Energy disposed of and sold coal ash as structural fill resulting in the contamination of soil, groundwater and Lake Norman. Plaintiffs claim that Duke Energy failed to properly remediate the contamination and continues to pollute, and they assert that the contamination has negatively impacted property values and led to elevated cancer rates and other health issues. The complaint asserts claims for negligence, nuisance, violations of the North Carolina Unfair and Deceptive Trade Practices Act, strict liability for ultra-hazardous activities and trespass. Plaintiffs are seeking unspecified compensatory and punitive damages, injunctive relief to stop further contamination, remediation of contaminated areas and attorneys' fees and costs. The Company is evaluating the complaint and will respond by the court's deadline in March 2025.

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Duke Energy Carolinas

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. In September 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. In April 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.

In November 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal was completed in June 2023 and oral argument took place in May 2024. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, Duke Energy Carolinas filed a petition for rehe aring, which was denied on November 26 , 2024. On February 21, 2025, Duke Energy Carolinas filed a petition seeking review by the United States Supreme Court.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserv es of $ 396 million and $ 423 million at December 31, 2024, and 2023, respectively. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2044 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2044 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $ 539 million and $ 572 million at December 31, 2024, and 2023, respectively. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables for the asbestos-related injuries and dama ges is $ 9 million as of December 31, 2024, and December 31, 2023, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is eva luated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Duke Energy Indiana

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for CCR-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set.

In June 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material to Duke Energy, and as a result, AEGIS was dismissed from the litigation in July 2023. Duke Energy In diana has also reached confidential settlements with other various insurance companies, the results of which were not material. In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigati on. The litigation is currently stayed until February 28, 2025, while Duke Energy continues to negotiate with the remaining insurance company defendants.

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Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position. See Notes 2 and 8 for more information.

Purchase Obligations

Purchased Power

Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana have ongoing purchased power contracts with other utilities, wholesale marketers, co-generators and qualified facilities. These purchased power contracts generally provide for capacity and energy payments. In addition, Duke Energy Progress and Duke Energy Florida have various contracts to secure transmission rights.

The following table presents executory purchased power contracts with terms exceeding one year, excluding contracts classified as leases.

									Minimum Purchase Amount at December 31, 2024
			Contract
(in millions)			Expiration						2025						2026						2027						2028						2029						Thereafter						Total
Duke Energy Progress (a)			2028-2042						$	22					$	18					$	19					$	18					$	3					$	31					$	111
Duke Energy Indiana (b)			2026						33						12						—						—						—						—						45

(a)    Contracts represent between 18 % and 100 % of net plant output.

(b)    Share of net plant output varies.

Gas Supply and Capacity Contracts

Duke Energy Ohio and Piedmont routinely enter into long-term natural gas supply commodity and capacity commitments and other agreements that commit future cash flows to acquire services needed in their businesses. These commitments include pipeline and storage capacity contracts and natural gas supply contracts to provide service to customers. Costs arising from the natural gas supply commodity and capacity commitments, while significant, are pass-through costs to customers and are generally fully recoverable through specific fuel rate components operating in conjunction with PGA pro cedures, and subject to periodic prudence reviews in North Carolina and South Carolina and the Performance Incentive Plan in Tennessee. In the Midwest, these costs are recovered via the Gas Cost Recovery Rate in Ohio or the Gas Cost Adjustment Clause in Kentucky. The time periods for fixed payments under pipeline and storage capacity contracts are up to 18 years. The time periods for fixed payments under natural gas supply contracts is up to three years . The time periods for the natural gas supply purchase commitments is up to six years .

Certai n storage and pipeline capacity contracts require the payment of demand charges that are based on rates approved by the FERC in order to maintain rights to access the natural gas storage or pipeline capacity on a firm basis during the contract term. The demand charges that are incurred in each period are recognized in the Consolidated Statements of Operations and Comprehensive Income as part of natural gas purchases and are included in Cost of natural gas.

The following table presents future unconditional purchase obligations under natural gas supply and capacity contracts as of December 31, 2024.

(in millions)			2025			2026			2027			2028			2029			Thereafter			Total
Duke Energy Ohio			$	104		$	75		$	71		$	69		$	65		$	554		$	938
Piedmont			369			366			322			241			233			695			2,226

As part of its operations, Duke Energy leases certain aircraft, space on communication towers, industrial equipment, fleet vehicles, fuel transportation (barges and railcars), land and office space under various terms and expiration dates. Additionally, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Indiana have finance leases related to firm natural gas pipeline transportation capacity. Duke Energy Progress and Duke Energy Florida have entered into certain PPAs, which are classified as finance and operating leases.

Duke Energy has certain lease agreements, which include variable lease payments that are based on the usage of an asset. These variable lease payments are not included in the measurement of the ROU assets or operating lease liabilities on the Consolidated Financial Statements.

Certain Duke Energy lease agreements include options for renewal and early termination. The intent to renew a lease varies depending on the lease type and asset. Renewal options that are reasonably certain to be exercised are included in the lease measurements. The decision to terminate a lease early is dependent on various economic factors. No termination options have been included in any of the lease measurements.

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In December 2019, Duke Energy Carolinas entered into a sale-leaseback arrangement to construct and occupy an office tower. The lease agreement was evaluated as a sale-leaseback of real estate but did not qualify for sale-leaseback accounting. As a result, the transaction is accounted for as a financing. Duke Energy Carolinas recorded the real estate on the Consolidated Balance Sheets within Property, Plant and Equipment as if it is the legal owner and recognizes depreciation expense over the estimated useful life. In addition, the failed sale-leaseback obligation is reported within Long-Term Debt on the Consolidated Balance Sheets with the monthly lease payments split between interest expense and debt principal.

Piedmont has certain agreements for the construction and transportation of natural gas pipelines to supply Duke Energy Carolinas' natural gas plant needs. Piedmont accounts for these pipeline lateral contracts as sales-type leases since the present value of the sum of the lease payments equals the fair value of the assets. These pipeline lateral assets owned by Piedmont had a current net investment basis of $ 2 million as of December 31, 2024, and 2023, and a long-term net investment basis of $ 197 million and $ 199 million as of December 31, 2024, and 2023, respectively. These assets are classified in Other, within Current Assets and Other Noncurrent Assets, respectively, on Piedmont's Consolidated Balance Sheets. Duke Energy Carolinas accounts for the contracts as finance leases. The activity for these contracts is eliminated in consolidation at Duke Energy.

The following tables present the components of lease expense.

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Operating lease expense (a)			$	275					$	66					$	173					$	82					$	91					$	12					$	23					$	2
Short-term lease expense (a)			7						—						3						1						2						—						1						—
Variable lease expense (a)			33						2						29						19						10						—						1						1
Finance lease expense
Amortization of leased assets (b)			113						7						46						38						8						—						—						—
Interest on lease liabilities (c)			41						31						44						41						3						—						1						—
Total finance lease expense			154						38						90						79						11						—						1						—
Total lease expense			$	469					$	106					$	295					$	181					$	114					$	12					$	26					$	3

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Operating lease expense (a)			$	236					$	41					$	157					$	80					$	77					$	11					$	17					$	2
Short-term lease expense (a)			5						—						2						1						1						—						1						—
Variable lease expense (a)			27						2						22						11						11						—						—						1
Finance lease expense
Amortization of leased assets (b)			160						7						57						35						22						—						—						—
Interest on lease liabilities (c)			46						31						45						43						2						—						1						—
Total finance lease expense			206						38						102						78						24						—						1						—
Total lease expense			$	474					$	81					$	283					$	170					$	113					$	11					$	19					$	3

(a)    Included in Operations, maintenance and other, except for expense related to barges and railcars which is included in Fuel used in electric generation and purchased power on the Consolidated Statements of Operations.

(b)    Included in Depreciation and amortization on the Consolidated Statements of Operations.

(c)    Included in Interest Expense on the Consolidated Statements of Operations.

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The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities.

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
2025			$	256					$	24					$	121					$	55					$	66					$	1					$	7					$	5
2026			241						21						124						59						65						1						7						1
2027			191						14						97						60						37						1						5						1
2028			153						11						82						59						23						1						3						1
2029			120						10						74						52						22						1						3						—
Thereafter			458						53						307						156						151						4						24						—
Total operating lease payments			1,419						133						805						441						364						9						49						8
Less: Present value discount			( 254 )						( 26 )						( 151 )						( 67 )						( 84 )						( 2 )						( 10 )						—
Total operating lease liabilities (a)			$	1,165					$	107					$	654					$	374					$	280					$	7					$	39					$	8

(a)    Certain operating lease payments include renewal options that are reasonably certain to be exercised.

The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities.

			December 31, 2024
									Duke												Duke						Duke												Duke
			Duke						Energy						Progress						Energy						Energy												Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida												Indiana
2025			$	86					$	38					$	91					$	80					$	11											$	1
2026			87						38						92						81						11												1
2027			82						38						89						81						8												1
2028			79						38						87						81						6												1
2029			79						38						88						81						7												1
Thereafter			489						351						444						393						51												21
Total finance lease payments			902						541						891						797						94												26
Less: Amounts representing interest			( 332 )						( 271 )						( 310 )						( 282 )						( 28 )												( 16 )
Total finance lease liabilities			$	570					$	270					$	581					$	515					$	66											$	10

The following tables contain additional information related to leases.

						December 31, 2024
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Classification			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Assets
Operating			Operating lease ROU assets, net			$	1,148					$	98					$	625					$	348					$	277					$	6					$	37					$	4
Finance			Net property, plant and equipment			645						252						620						512						108						—						6						—
Total lease assets						$	1,793					$	350					$	1,245					$	860					$	385					$	6					$	43					$	4
Liabilities
Current
Operating			Other current liabilities			$	208					$	20					$	97					$	42					$	55					$	1					$	6					$	1
Finance			Current maturities of long-term debt			46						8						48						41						7						—						—						—
Noncurrent
Operating			Operating lease liabilities			957						87						557						332						225						6						33						7
Finance			Long-Term Debt			524						262						533						474						59						—						10						—
Total lease liabilities						$	1,735					$	377					$	1,235					$	889					$	346					$	7					$	49					$	8

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						December 31, 2023
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Classification			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Assets
Operating			Operating lease ROU assets, net			$	1,092					$	78					$	617					$	318					$	299					$	16					$	50					$	4
Finance			Net property, plant and equipment			687						268						615						552						63						—						6						—
Total lease assets						$	1,779					$	346					$	1,232					$	870					$	362					$	16					$	56					$	4
Liabilities
Current
Operating			Other current liabilities			$	188					$	15					$	94					$	45					$	49					$	1					$	6					$	—
Finance			Current maturities of long-term debt			115						8						46						38						8						—						—						—
Noncurrent
Operating			Operating lease liabilities			917						75						544						293						251						16						46						10
Finance			Long-Term Debt			524						269						525						514						11						—						9						—
Total lease liabilities						$	1,744					$	367					$	1,209					$	890					$	319					$	17					$	61					$	10

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Cash paid for amounts included in the measurement of lease liabilities (a)
Operating cash flows from operating leases			$	250					$	24					$	122					$	57					$	65					$	1					$	8					$	1
Operating cash flows from finance leases			41						31						44						41						3						—						1						—
Financing cash flows from finance leases			113						7						46						38						8						—						—						—
Lease assets obtained in exchange for new lease liabilities (non-cash)
Operating			$	322					$	50					$	43					$	3					$	40					$	—					$	7					$	3
Finance			81						1						55						—						55						—						1						—

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Cash paid for amounts included in the measurement of lease liabilities (a)
Operating cash flows from operating leases			$	228					$	18					$	123					$	64					$	59					$	2					$	7					$	—
Operating cash flows from finance leases			46						31						45						43						2						—						1						—
Financing cash flows from finance leases			160						7						57						35						22						—						—						—
Lease assets obtained in exchange for new lease liabilities (non-cash)
Operating			$	286					$	14					$	92					$	1					$	91					$	2					$	6					$	2
Finance			36						—						—						—						—						—						—						—

(a)    No amounts were classified as investing cash flows from operating leases.

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			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Weighted average remaining lease term (years)
Operating leases			8						9						9						8						11						11						11						4
Finance leases			11						15						11						10						15						—						20						—
Weighted average discount rate (a)
Operating leases			4.3		%				4.3		%				4.0		%				3.9		%				4.2		%				4.1		%				4.0		%				3.9		%
Finance leases			8.4		%				11.5		%				8.9		%				9.2		%				5.9		%				—		%				11.7		%				—		%

			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Weighted average remaining lease term (years)
Operating leases			9						10						10						9						11						13						13						4
Finance leases			11						16						11						11						18						—						22						3
Weighted average discount rate (a)
Operating leases			3.1		%				4.0		%				3.8		%				3.6		%				4.0		%				4.2		%				3.9		%				2.4		%
Finance leases			8.5		%				11.5		%				9.1		%				9.2		%				7.6		%				—		%				11.9		%				5.4		%

(a)    The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets.

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Duke Energy has various financial and performance guarantees and indemnifications with non-consolidated entities, which are issued in the normal course of business. As discussed below, these contracts include performance guarantees, standby letters of credit, debt guarantees and indemnifications and include guarantees and indemnifications related to Commercial Renewables Disposal Groups as described in Note 2. Duke Energy enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. At December 31, 2024, Duke Energy does not believe conditions are likely for significant performance under these guarantees. To the extent liabilities are incurred as a result of the activities covered by the guarantees, such liabilities are included on the accompanying Consolidated Balance Sheets.

On January 2, 2007, Duke Energy completed the spin-off of its previously wholly owned natural gas businesses to shareholders. Guarantees issued by Duke Energy or its affiliates, or assigned to Duke Energy prior to the spin-off, remained with Duke Energy subsequent to the spin-off. Guarantees issued by Spectra Energy Capital, LLC (Spectra Capital) or its affiliates prior to the spin-off remained with Spectra Capital subsequent to the spin-off, except for guarantees that were later assigned to Duke Energy. Duke Energy has indemnified Spectra Capital against any losses incurred under certain of the guarantee obligations that remain with Spectra Capital. At December 31, 2024, the maximum potential amount of future payments associated with these guarantees were $ 25 million, the majority of which expire by 2028.

In addition to the Spectra Capital guarantee above, Duke Energy has issued performance guarantees to customers and other third parties that guarantee the payment and performance of other parties, including certain non-wholly owned entities, as well as guarantees of debt of certain non-consolidated entities. If such entities were to default on payments or performance, Duke Energy would be required under the guarantees to make payments on the obligations of these entities. The maximum potential amount of future payments required under these guarantees that have capped maximums as of December 31, 2024, was $ 26 million of which all expire between 2025 and 2030. Additionally, certain guarantees that expire in 2025 have uncapped maximum potential payments; however, Duke Energy does not believe these guarantees will have a material effect on its results of operations, cash flows or financial position.

Duke Energy uses bank-issued standby letters of credit to secure the performance of wholly owned and non-wholly owned entities to a third party or customer. Under these arrangements, Duke Energy has payment obligations to the issuing bank that are triggered by a draw by the third party or customer due to the failure of the wholly owned or non-wholly owned entity to perform according to the terms of its underlying contract. At December 31, 2024, Duke Energy had issued a total of $ 339 million in letters of credit, which expire between 2025 and 2027. There are no unused amounts under these letters of credit.

The Duke Energy Registrants maintain ownership interests in certain jointly owned generating and transmission facilities and are entitled to a share of the generating capacity and output of each unit equal to their respective ownership interests. The Duke Energy Registrants pay their ownership share of additional construction costs, fuel inventory purchases and operating expenses. The Duke Energy Registrants' share of revenues and operating costs of the jointly owned facilities is included within the corresponding line in the Consolidated Statements of Operations. Each participant in the jointly owned facilities must provide its own financing.

The following table presents the Duke Energy Registrants' interest of jointly owned plant or facilities and amounts included on the Consolidated Balance Sheets. All facilities are operated by the Duke Energy Registrants and are included in the EU&I segment.

			December 31, 2024
																					Construction
			Ownership						Property, Plant						Accumulated						Work in
(in millions except for ownership interest)			Interest						and Equipment						Depreciation						Progress
Duke Energy Carolinas
Catawba (units 1 and 2) (a)			19.25		%				$	1,047					$	594					$	30
W.S. Lee CC (b)			87.27		%				654						118						6
Duke Energy Indiana
Gibson (unit 5) (c)			50.05		%				400						266						5
Vermillion (d)			62.50		%				184						124						—
Transmission and local facilities (c)			Various						7,771						1,654						222

(a)    Jointly owned with North Carolina Municipal Power Agency Number 1, NCEMC and PMPA.

(b)    Jointly owned with NCEMC.

(c)    Jointly owned with WVPA and IMPA.

(d)    Jointly owned with WVPA.

Duke Energy records an ARO when it has a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Certain assets of the Duke Energy Registrants have an indeterminate life, such as transmission and distribution facilities, and thus the fair value of the retirement obligation is not reasonably estimable. A liability for these AROs will be recorded when a fair value is determinable.

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The Duke Energy Registrants’ regulated operations accrue costs of removal for property that does not have an associated legal retirement obligation based on regulatory orders from state commissions. These costs of removal are recorded as a regulatory liability in accordance with regulatory accounting treatment. The amount spent may be higher than the amount accrued and result in a net asset. See Note 4 for the estimated cost of removal without an associated legal retirement obligation, which are included in Regulatory assets or Regulatory liabilities, as appropriate, on the Consolidated Balance Sheets.

The following table presents the AROs recorded on the Consolidated Balance Sheets.

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Decommissioning of nuclear power facilities			$	4,493					$	2,050					$	2,425					$	2,318					$	107					$	—					$	—					$	—
Closure of ash impoundments			5,173						1,867						1,993						1,975						18						72						1,241						—
Other			326						73						130						41						89						67						27						29
Total asset retirement obligation			$	9,992					$	3,990					$	4,548					$	4,334					$	214					$	139					$	1,268					$	29
Less: Current portion			650						247						231						230						1						8						164						—
Total noncurrent asset retirement obligation			$	9,342					$	3,743					$	4,317					$	4,104					$	213					$	131					$	1,104					$	29

Nuclear Decommissioning Liability

AROs related to nuclear decommissioning are based on site-specific cost studies. The NCUC and the PSCSC require Duke Energy Carolinas and Duke Energy Progress to update cost estimates for decommissioning their nuclear plants every five years. The nuclear decommissioning liabilities are assessed and updated based on changes in cash flows provided in new studies as well as annual assessments to evaluate whether any indicators suggest a change in the estimate of the ARO is necessary.

The following table summarizes information about the most recent site-specific nuclear decommissioning cost studies. Decommissioning costs are stated in 2023 or 2024 dollars, depending on the year of the cost study, and include costs to decommission plant components not subject to radioactive contamination.

									Decommissioning
(in millions)									Costs						Year of Cost Study
Duke Energy									$	9,031					2023 or 2024
Duke Energy Carolinas (a)									4,439						2023
Progress Energy									4,592						2024
Duke Energy Progress (b)									4,477						2024
Duke Energy Florida (c)									115						N/A

(a)    Decommissioning costs for Duke Energy Carolinas reflect its ownership interest in jointly owned reactors. Other joint owners are responsible for decommissioning costs related to their interest in the reactors. Duke Energy Carolinas' site-specific nuclear decommissioning cost study and a funding study were filed with the NCUC and PSCSC in 2024.

(b)    Duke Energy Progress' site-specific nuclear decommissioning cost study was filed with the NCUC and PSCSC in February 2025. An updated funding study will be completed and filed with the NCUC and PSCSC in 2025.

(c)    During 2019, Duke Energy Florida reached an agreement to transfer decommissioning work for Crystal River Unit 3 to a third party and decommissioning costs are based on the agreement with this third party rather than a cost study. Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively. Duke Energy Florida provides the FPSC periodic reports on the status and progress of decommissioning activities.

Nuclear Decommissioning Trust Funds

Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida each maintain NDTFs that are intended to pay for the decommissioning costs of their respective nuclear power plants. The NDTF investments are managed and invested in accordance with applicable requirements of various regulatory bodies including the NRC, FERC, NCUC, PSCSC, FPSC and the IRS.

Use of the NDTF investments is restricted to nuclear decommissioning activities including license termination, spent fuel and site restoration. The license termination and spent fuel obligations relate to contaminated decommissioning and are recorded as AROs. The site restoration obligation relates to non-contaminated decommissioning and is recorded to cost of removal within Regulatory liabilities on the Consolidated Balance Sheets.

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The following table presents the fair value of NDTF assets legally restricted for purposes of settling AROs associated with nuclear decommissioning. Duke Energy Florida entered into an agreement with a third party to decommission Crystal River Unit 3 and was granted an exemption from the NRC, which allows for use of the NDTF for all aspects of nuclear decommissioning. The entire balance of Duke Energy Florida's NDTF may be applied toward license termination, spent fuel and site restoration costs incurred to decommission Crystal River Unit 3 and is excluded from the table below. See Note 17 for additional information related to the fair value of the Duke Energy Registrants' NDTFs.

			December 31,
(in millions)			2024						2023
Duke Energy			$	10,044					$	8,851
Duke Energy Carolinas			5,687						5,002
Progress Energy			4,357						3,849
Duke Energy Progress			4,357						3,849

Nuclear Operating Licenses

As described in Note 4, Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20 -year license extensions for all of their nuclear stations. The following table includes the current expiration of nuclear operating licenses.

Unit			Year of Expiration
Duke Energy Carolinas
Catawba Units 1 and 2			2043
McGuire Unit 1			2041
McGuire Unit 2			2043
Oconee Units 1 and 2			2033
Oconee Unit 3			2034
Duke Energy Progress
Brunswick Unit 1			2036
Brunswick Unit 2			2034
Harris			2046
Robinson			2030

The NRC has acknowledged permanent cessation of operation and permanent removal of fuel from the reactor vessel at Crystal River Unit 3. Therefore, the license no longer authorizes operation of the reactor. During 2019, Duke Energy Florida entered into an agreement for the accelerated decommissioning of Crystal River Unit 3. Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively.

Closure of Ash Impoundments

The Duke Energy Registrants are subject to state and federal regulations covering the closure of coal ash impoundments, including federal CCR rules and the Coal Ash Act, and other agreements. In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. AROs recorded on the Duke Energy Registrants' Consolidated Balance Sheets include the legal obligation for closure of coal ash basins and the disposal of related ash as a result of these regulations and agreements.

The ARO amount recorded on the Consolidated Balance Sheets is based upon estimated closure costs for impacted ash impoundments. The amount recorded represents the discounted cash flows for estimated closure costs based upon specific closure plans. Actual costs to be incurred will be dependent upon factors that vary from site to site. The most significant factors are the method and time frame of closure at the individual sites. Closure methods considered include removing the water from ash basins, consolidating material as necessary and capping the ash with a synthetic barrier. The ultimate method and timetable for closure will be in compliance with standards set by federal and state regulations and other agreements. The ARO amount will be adjusted as additional information is gained through the closure and post-closure process, including acceptance and approval of compliance approaches, which may change management assumptions, and may result in a material change to the balance. See the ARO Liability Rollforward section below for information on revisions made to the coal ash liability during 2024 and 2023.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets, respectively, on the Consolidated Balance Sheets. See Note 4 for additional information on Regulatory assets related to AROs and Note 5 for additional information on commitments and contingencies.

Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. See Note 4 for additional information on recovery of coal ash costs.

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ARO Liability Rollforward

The following tables present changes in the liability associated with AROs.

									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Balance at December 31, 2022			$	12,728					$	5,382					$	6,181					$	5,823					$	358					$	154					$	951					$	26
Accretion expense (a)			523						254						237						225						12						7						33						1
Liabilities settled (b)			( 758 )						( 256 )						( 379 )						( 292 )						( 87 )						( 15 )						( 108 )						—
Liabilities incurred in the current year			29						3						21						6						15						1						4						—
Revisions in estimates of cash flows (c)			( 3,366 )						( 1,370 )						( 1,915 )						( 1,892 )						( 23 )						( 11 )						( 71 )						( 1 )
Balance at December 31, 2023			9,156						4,013						4,145						3,870						275						136						809						26
Accretion expense (a)			434						183						199						190						9						7						49						2
Liabilities settled (b)			( 634 )						( 212 )						( 321 )						( 232 )						( 89 )						( 7 )						( 94 )						—
Liabilities incurred in the current year			20						8						12						—						12						—						—						—
Revisions in estimates of cash flows (c)			1,016						( 2 )						513						506						7						3						504						1
Balance at December 31, 2024			$	9,992					$	3,990					$	4,548					$	4,334					$	214					$	139					$	1,268					$	29

(a)    Substantially all accretion expense has been deferred in accordance with regulatory accounting treatment.

(b)    Amounts primarily relate to ash impoundment closures and nuclear decommissioning.

(c)    The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases in 2023 primarily relate to lower discounted cash flows for decommissioning the nuclear power facilities due to changes in estimates and economic assumptions including discount rates, cost escalation rates and cash flow timing, as well as lower unit costs associated with ash basin closure, routine maintenance and beneficiation activities, as well as reduction in monitoring wells needed. The increases in 2024 primarily relate to additional scope requirements to regulate the disposal of CCR in landfills and surface impoundments as a result of the 2024 CCR Rule, including an increase in groundwater monitoring wells.

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The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants.

			December 31, 2024
			Average
			Remaining												Duke												Duke						Duke						Duke						Duke
			Useful Life						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			(Years)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Land									$	2,569					$	617					$	1,134					$	535					$	599					$	258					$	144					$	391
Plant – Regulated
Electric generation, distribution and transmission			37						137,836						49,547						62,351						35,633						26,718						7,634						18,304						—
Natural gas transmission and distribution			58						15,333						—						—						—						—						4,255						—						11,078
Other buildings and improvements			41						2,982						1,256						698						391						307						418						372						238
Nuclear fuel									3,518						2,003						1,515						1,515						—						—						—						—
Equipment			13						3,863						997						1,252						753						499						542						490						170
Construction in process									7,850						2,735						3,657						1,884						1,773						385						406						405
Other			10						6,855						1,227						1,953						1,349						594						426						254						498
Total property, plant and equipment (a)									180,806						58,382						72,560						42,060						30,490						13,918						19,970						12,780
Total accumulated depreciation – regulated (b)(c)									( 55,535 )						( 19,090 )						( 23,586 )						( 15,930 )						( 7,650 )						( 3,674 )						( 6,848 )						( 2,432 )
Total accumulated depreciation – other (d)									( 1,968 )						—						—						—						—						—						—						—
Total net property, plant and equipment									$	123,303					$	39,292					$	48,974					$	26,130					$	22,840					$	10,244					$	13,122					$	10,348

(a)    Includes finance leases of $ 670 million, $ 336 million, $ 620 million, $ 512 million, $ 108 million and $ 10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy and Duke Energy Progress amounts are net of $ 159 million of accumulated amortization of finance leases.

(b)    Includes $ 1,824 million, $ 1,010 million, $ 814 million and $ 814 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c)    Includes accumulated amortization of finance leases of $ 84 million and $ 4 million at Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d)    Includes accumulated amortization of finance leases of $ 25 million at Duke Energy.

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			December 31, 2023
			Average
			Remaining												Duke												Duke						Duke						Duke						Duke
			Useful Life						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			(Years)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Land									$	2,345					$	581					$	1,012					$	502					$	510					$	242					$	133					$	352
Plant – Regulated
Electric generation, distribution and transmission			40						129,985						48,107						57,436						33,171						24,265						7,243						17,199						—
Natural gas transmission and distribution			57						14,130						—						—						—						—						3,993						—						10,137
Other buildings and improvements			42						2,887						1,213						677						377						300						421						355						221
Nuclear fuel									3,303						1,866						1,437						1,437						—						—						—						—
Equipment			14						3,409						870						1,104						654						450						474						442						143
Construction in process									8,372						2,578						3,941						1,661						2,280						427						427						690
Other			12						6,922						1,455						2,037						1,481						548						410						344						365
Total property, plant and equipment (a)									171,353						56,670						67,644						39,283						28,353						13,210						18,900						11,908
Total accumulated depreciation – regulated (b)(c)									( 54,323 )						( 19,896 )						( 22,300 )						( 15,227 )						( 7,067 )						( 3,451 )						( 6,501 )						( 2,259 )
Total accumulated depreciation – other (d)									( 1,715 )						—						—						—						—						—						—						—
Total net property, plant and equipment									$	115,315					$	36,774					$	45,344					$	24,056					$	21,286					$	9,759					$	12,399					$	9,649

(a)    Includes finance leases of $ 697 million, $ 335 million, $ 615 million, $ 552 million, $ 63 million, and $ 10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $ 292 million, $ 119 million and $ 173 million, respectively, of accumulated amortization of finance leases.

(b)    Includes $ 1,793 million, $ 991 million, $ 802 million and $ 802 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c)    Includes accumulated amortization of finance leases of $ 3 million, $ 67 million, and $ 4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d)    Includes accumulated amortization of finance leases of $ 7 million at Duke Energy.

The following table presents capitalized interest, which includes the debt component of AFUDC.

			Years Ended December 31,
(in millions)			2024						2023						2022
Duke Energy			$	201					$	201					$	118
Duke Energy Carolinas			61						62						50
Progress Energy			57						41						26
Duke Energy Progress			52						35						19
Duke Energy Florida			5						6						7
Duke Energy Ohio			14						16						14
Duke Energy Indiana			13						21						3
Piedmont			8						8						4

GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $ 19.3 billion is allocated $ 17.4 billion to EU&I and $ 1.9 billion to GU&I on Duke Energy's Consolidated Balance Sheets at December 31, 2024, and 2023. There are no accumulated impairment charges.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $ 920 million, allocated $ 596 million to EU&I and $ 324 million to GU&I, is presented net of accumulated impairment charges of $ 216 million on the Consolidated Balance Sheets at December 31, 2024, and 2023.

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Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

Goodwill Impairment Testing

Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in 2024.

INTANGIBLE ASSETS

The following tables show the carrying amount and accumulated amortization of intangible assets included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets of the Duke Energy Registrants at December 31, 2024, and 2023.

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Emission allowances			$	8					$	—					$	5					$	2					$	3					$	—					$	2					$	—
Renewable energy certificates			241						103						136						136						—						2						—						—
Other			47						—						5						1						4						—						—						22
Total gross carrying amounts			296						103						146						139						7						2						2						22
Accumulated amortization – other			( 19 )						—						( 3 )						—						( 3 )						—						—						( 9 )
Total intangible assets, net			$	277					$	103					$	143					$	139					$	4					$	2					$	2					$	13

			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Emission allowances			$	8					$	—					$	5					$	2					$	3					$	—					$	2					$	—
Renewable energy certificates			232						97						133						133						—						2						—						—
Other			56						—						5						1						3						—						—						22
Total gross carrying amounts			296						97						143						136						6						2						2						22
Accumulated amortization – other			( 14 )						—						( 3 )						—						( 3 )						—						—						( 6 )
Total intangible assets, net			$	282					$	97					$	140					$	136					$	3					$	2					$	2					$	16

Amortization Expense

Amortization expense amounts for other intangible assets are immaterial for the years ended December 31, 2024, 2023 and 2022, and are expected to be immaterial for the next five years as of December 31, 2024.

EQUITY METHOD INVESTMENTS

Investments in affiliates that are not controlled by Duke Energy, but over which it has significant influence, are accounted for using the equity method.

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The following table presents Duke Energy’s investments in unconsolidated affiliates accounted for under the equity method, as well as the respective equity in earnings (losses), by segment, for periods presented in this filing.

			Years Ended December 31,
			2024												2023																		2022
									Equity in												Equity in												Equity in
(in millions)			Investments						(losses) earnings						Investments						earnings												earnings
Electric Utilities and Infrastructure			$	28					$	( 11 )					$	97					$	7											$	7
Gas Utilities and Infrastructure			186						( 48 )						259						40												21
Other			139						50						136						66												85
Total			$	353					$	( 9 )					$	492					$	113											$	113

During the years ended December 31, 2024, 2023 and 2022, Duke Energy received distributions from equity inve stments of $ 66 million, $ 50 million and $ 111 million, respectively, which are included in Other assets within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2024, 2023 and 2022, Duke Energy received distributions from equity investmen ts of $ 25 million, $ 16 million and $ 6 million , respectively, which are included in Return of investment capital within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows.

During the years ended December 31, 2024, 2023 and 2022, Piedmont received distributions from equity invest ments of $ 9 million, $ 9 million and $ 31 million, respectively, which are included in Other assets within Cash Flows from Operating Activities. During the years ended December 31, 2024, and 2023, Piedmont received distributions from equity investments of $ 2 million and $ 1 million, respectively, which are included within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. Amounts received during the year ended December 31, 2022, included in Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows were immaterial.

Significant investments in affiliates accounted for under the equity method are discussed below.

Electric Utilities and Infrastructure

Duke Energy owns a 50 % interest in DATC. DATC owns 100% interest in DATC Path 15 Transmission LLC, which owns transmission rights in North America. In January 2025, Duke Energy entered into an agreement to sell its indirect 50 % ownership interest in DATC Path 15 Transmission LLC. In conjunction with the sale and to reflect the investment's fair value as of December 31, 2024, a pretax charge of $ 15 million was recorded in Equity in (losses) earnings of unconsolidated affiliates on Duke Energy's Consolidated Statements of Operations for the year ended December 31, 2024. The transaction is expected to close in the second quarter of 2025.

In November 2024, Duke Energy sold its 50 % interest in Pioneer, which also builds, owns and operates electric transmission facilities in North America. Proceeds from the sale approximated the carrying value of the investment.

Gas Utilities and Infrastructure

Pipeline Investments

Piedmont owns a 21.49 % investment in Cardinal, an intrastate pipeline located in North Carolina.

Duke Energy owns a 7.5 % interest in Sabal Trail, a 517-mile interstate natural gas pipeline, which provides natural gas to Duke Energy Florida and Florida Power and Light.

Storage Facilities

Piedmont owns a 45 % interest in Pine Needle, an interstate LNG storage facility located in North Carolina, and a 50 % interest in Hardy Storage, an underground interstate natural gas storage facility located in West Virginia.

Renewable Natural Gas Investments

Duke Energy has held an investment in SustainRNG, a developer of renewable natural gas projects, and investments in multiple project companies developed by SustainRNG. In December 2024, Duke Energy recorded a pretax charge of $ 54 million within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations, fully impairing Duke Energy's investments in the project companies.

Other

Duke Energy has a 17.5 % indirect economic ownership interest and a 25 % board representation and voting rights interest in NMC, which owns and operates a methanol and MTBE business in Jubail, Saudi Arabia.

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The Subsidiary Registrants engage in related party transactions in accordance with the applicable state and federal commission regulations. Refer to the Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included in the Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

			Years Ended December 31,
(in millions)			2024						2023						2022
Duke Energy Carolinas
Corporate governance and shared service expenses (a)			$	812					$	823					$	838
Indemnification coverages (b)			44						34						28
JDA revenue (c)			35						34						109
JDA expense (c)			187						177						600
Intercompany natural gas purchases (d)			12						11						12
Progress Energy
Corporate governance and shared service expenses (a)			$	709					$	736					$	818
Indemnification coverages (b)			57						47						43
JDA revenue (c)			187						177						600
JDA expense (c)			35						34						109
Intercompany natural gas purchases (d)			75						75						76
Duke Energy Progress
Corporate governance and shared service expenses (a)			$	426					$	434					$	469
Indemnification coverages (b)			23						20						20
JDA revenue (c)			187						177						600
JDA expense (c)			35						34						109
Intercompany natural gas purchases (d)			75						75						76
Duke Energy Florida
Corporate governance and shared service expenses (a)			$	283					$	302					$	349
Indemnification coverages (b)			34						27						23
Duke Energy Ohio
Corporate governance and shared service expenses (a)			$	304					$	294					$	334
Indemnification coverages (b)			6						5						5
Duke Energy Indiana
Corporate governance and shared service expenses (a)			$	355					$	365					$	447
Indemnification coverages (b)			10						8						8
Piedmont
Corporate governance and shared service expenses (a)			$	166					$	149					$	155
Indemnification coverages (b)			4						4						3
Intercompany natural gas sales (d)			87						86						88
Natural gas storage and transportation costs (e)			23						24						23

(a) The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income.

(b) The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income.

(c) Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Consolidated Statements of Operations and Comprehensive Income.

(d) Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Consolidated Statements of Operations and Comprehensive Income. These intercompany revenues and expenses are eliminated in consolidation.

(e) Piedmont has related party transactions as a customer of its equity method investments in Pine Needle, Hardy Storage and Cardinal natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Consolidated Statements of Operations and Comprehensive Income.

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In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. See Note 7 for more information regarding money pool. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 18, certain trade receivables were previously sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Consolidated Statements of Cash Flows.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of AOCI for the years ended December 31, 2024, 2023, and 2022, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Consolidated Statements of Operations and Comprehensive Income.

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The following tables show notional amounts of outstanding derivatives related to interest rate risk.

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Indiana						Ohio
Cash flow hedges			$	2,825					$	—					$	—					$	—					$	—					$	—					$	—
Undesignated contracts			3,202						1,150						1,775						1,125						650						250						27
Total notional amount			$	6,027					$	1,150					$	1,775					$	1,125					$	650					$	250					$	27

			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Indiana						Ohio
Cash flow hedges			$	2,300					$	—					$	—					$	—					$	—					$	—					$	—
Undesignated contracts			2,727						1,050						1,250						925						325						400						27
Total notional amount			$	5,027					$	1,050					$	1,250					$	925					$	325					$	400					$	27

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Undesignated Contracts

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Volumes

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

			December 31, 2024
									Duke												Duke												Duke						Duke
			Duke						Energy						Progress						Energy												Energy						Energy
			Energy						Carolinas						Energy						Progress												Ohio						Indiana						Piedmont
Electricity (GWh)			12,229						—						—						—												1,287						10,942						—
Natural gas (millions of Dth)			779						276						246						246												—						32						225

			December 31, 2023
									Duke												Duke												Duke						Duke
			Duke						Energy						Progress						Energy												Energy						Energy
			Energy						Carolinas						Energy						Progress												Ohio						Indiana						Piedmont
Electricity (GWh)			13,608						—						—						—												1,616						11,992						—
Natural gas (millions of Dth)			846						279						274						274												—						30						263

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

Fair Value Hedges

Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

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The following table shows Duke Energy's outstanding derivatives related to foreign currency risk.

																																										Fair Value Gain (Loss) (a)
															Receive																					Hedge						(in millions)
			Pay Notional												Notional									Receive												Maturity						Years Ended December 31,
			(in millions)						Pay Rate						(in millions)									Rate												Date						2024			2023			2022
Fair value hedges
			$	645					4.75		%				600			euros						3.10		%										June 2028						$	( 41 )		$	17		$	( 3 )
			537						5.31		%				500			euros						3.85		%										June 2034						( 34 )			15			( 2 )
			815						5.65		%				750			euros						3.75		%										April 2031						( 38 )			—			—
Total notional amount			$	1,997											1,850			euros																								$	( 113 )		$	32		$	( 5 )

(a)    Amounts are recorded in Other Income and expenses, net on the Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets						December 31, 2024
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current						$	49					$	20					$	17					$	17					$	—					$	1					$	8					$	1
Noncurrent						60						29						32						32						—						—						—						—
Total Derivative Assets – Commodity Contracts						$	109					$	49					$	49					$	49					$	—					$	1					$	8					$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current						$	108					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						52						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Current						$	110					$	19					$	55					$	44					$	11					$	—					$	36					$	—
Noncurrent						50						26						23						16						7						—						—						—
Total Derivative Assets – Interest Rate Contracts						$	320					$	45					$	78					$	60					$	18					$	—					$	36					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent						5						—						—						—						—						—						—						—
Total Derivative Assets – Foreign Currency Contracts						$	5					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Assets						$	434					$	94					$	127					$	109					$	18					$	1					$	44					$	1

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Derivative Liabilities						December 31, 2024
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current						$	108					$	57					$	32					$	32					$	—					$	—					$	3					$	16
Noncurrent						134						31						24						24						—						—						—						78
Total Derivative Liabilities – Commodity Contracts						$	242					$	88					$	56					$	56					$	—					$	—					$	3					$	94
Interest Rate Contracts
Not Designated as Hedging Instruments
Current						2						—						2						1						1						—						—						—
Noncurrent						1						—						—						—						—						1						—						—
Total Derivative Liabilities – Interest Rate Contracts						$	3					$	—					$	2					$	1					$	1					$	1					$	—					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current						$	35					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						39						—						—						—						—						—						—						—
Total Derivative Liabilities – Foreign Currency Contracts						$	74					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Liabilities						$	319					$	88					$	58					$	57					$	1					$	1					$	3					$	94

Derivative Assets						December 31, 2023
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current						$	25					$	1					$	3					$	1					$	2					$	1					$	18					$	1
Noncurrent						57						26						31						31						—						—						—						—
Total Derivative Assets – Commodity Contracts						$	82					$	27					$	34					$	32					$	2					$	1					$	18					$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current						$	31					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						17						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Current						$	5					$	5					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						10						3						—						—						—						—						7						—
Total Derivative Assets – Interest Rate Contracts						$	63					$	8					$	—					$	—					$	—					$	—					$	7					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent						$	44					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Assets – Foreign Currency Contracts						$	44					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Assets						$	189					$	35					$	34					$	32					$	2					$	1					$	25					$	1

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Derivative Liabilities						December 31, 2023
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Not Designated as Hedging Instruments
Current						$	354					$	177					$	138					$	138					$	—					$	—					$	18					$	20
Noncurrent						255						67						61						61						—						—						—						127
Total Derivative Liabilities – Commodity Contracts						$	609					$	244					$	199					$	199					$	—					$	—					$	18					$	147
Interest Rate Contracts
Designated as Hedging Instruments
Current						$	25					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						26						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Current						13						2						11						11						—						—						—						—
Noncurrent						39						14						24						9						15						1						—						—
Total Derivative Liabilities – Interest Rate Contracts						$	103					$	16					$	35					$	20					$	15					$	1					$	—					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current						$	17					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Liabilities – Foreign Currency Contracts						$	17					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Liabilities						$	729					$	260					$	234					$	219					$	15					$	1					$	18					$	147

OFFSETTING ASSETS AND LIABILITIES

The following tables present the line items on the Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets						December 31, 2024
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Current
Gross amounts recognized						$	267					$	39					$	72					$	61					$	11					$	1					$	44					$	1
Offset						( 29 )						( 15 )						( 14 )						( 14 )						—						—						—						—
Net amounts presented in Current Assets: Other						$	238					$	24					$	58					$	47					$	11					$	1					$	44					$	1
Noncurrent
Gross amounts recognized						$	167					$	55					$	55					$	48					$	7					$	—					$	—					$	—
Offset						( 37 )						( 19 )						( 17 )						( 17 )						—						—						—						—
Net amounts presented in Other Noncurrent Assets: Other						$	130					$	36					$	38					$	31					$	7					$	—					$	—					$	—

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Derivative Liabilities						December 31, 2024
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Current
Gross amounts recognized						$	145					$	57					$	34					$	33					$	1					$	—					$	3					$	16
Offset						( 29 )						( 15 )						( 14 )						( 14 )						—						—						—						—
Cash collateral posted						( 3 )						( 2 )						—						—						—						—						( 1 )						—
Net amounts presented in Current Liabilities: Other						$	113					$	40					$	20					$	19					$	1					$	—					$	2					$	16
Noncurrent
Gross amounts recognized						$	174					$	31					$	24					$	24					$	—					$	1					$	—					$	78
Offset						( 37 )						( 19 )						( 17 )						( 17 )						—						—						—						—
Cash collateral posted						( 4 )						( 4 )						—						—						—						—						—						—
Net amounts presented in Other Noncurrent Liabilities: Other						$	133					$	8					$	7					$	7					$	—					$	1					$	—					$	78

Derivative Assets						December 31, 2023
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Current
Gross amounts recognized						$	61					$	6					$	3					$	1					$	2					$	1					$	18					$	1
Offset						( 2 )						( 1 )						( 1 )						( 1 )						—						—						—						—
Net amounts presented in Current Assets: Other						$	59					$	5					$	2					$	—					$	2					$	1					$	18					$	1
Noncurrent
Gross amounts recognized						$	128					$	29					$	31					$	31					$	—					$	—					$	7					$	—
Offset						( 37 )						( 14 )						( 22 )						( 22 )						—						—						—						—
Net amounts presented in Other Noncurrent Assets: Other						$	91					$	15					$	9					$	9					$	—					$	—					$	7					$	—

Derivative Liabilities						December 31, 2023
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Current
Gross amounts recognized						$	409					$	179					$	149					$	149					$	—					$	—					$	18					$	20
Offset						( 2 )						( 1 )						( 1 )						( 1 )						—						—						—						—
Cash collateral posted						( 96 )						( 48 )						( 30 )						( 30 )						—						—						( 18 )						—
Net amounts presented in Current Liabilities: Other						$	311					$	130					$	118					$	118					$	—					$	—					$	—					$	20
Noncurrent
Gross amounts recognized						$	320					$	81					$	85					$	70					$	15					$	1					$	—					$	127
Offset						( 37 )						( 14 )						( 22 )						( 22 )						—						—						—						—
Cash collateral posted						( 66 )						( 38 )						( 28 )						( 28 )						—						—						—						—
Net amounts presented in Other Noncurrent Liabilities: Other						$	217					$	29					$	35					$	20					$	15					$	1					$	—					$	127

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OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

			December 31, 2024
									Duke												Duke
			Duke						Energy						Progress						Energy
(in millions)			Energy						Carolinas						Energy						Progress
Aggregate fair value of derivatives in a net liability position			$	101					$	52					$	49					$	49
Fair value of collateral already posted			6						6						—						—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered			95						46						49						49

			December 31, 2023
									Duke												Duke
			Duke						Energy						Progress						Energy
(in millions)			Energy						Carolinas						Energy						Progress
Aggregate fair value of derivatives in a net liability position			$	342					$	175					$	166					$	166
Fair value of collateral already posted			144						86						58						58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered			198						89						108						108

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as FV-NI.

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of December 31, 2024, and 2023.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

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DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
NDTF
Cash and cash equivalents			$	—					$	—					$	139					$	—					$	—					$	133
Equity securities			5,753						61						8,233						4,942						22						7,278
Corporate debt securities			6						33						673						12						43						632
Municipal bonds			2						14						342						6						16						347
U.S. government bonds			3						84						1,806						24						65						1,575
Other debt securities			1						8						239						1						13						178
Total NDTF Investments			$	5,765					$	200					$	11,432					$	4,985					$	159					$	10,143
Other Investments
Cash and cash equivalents			$	—					$	—					$	47					$	—					$	—					$	31
Equity securities			39						4						160						33						—						158
Corporate debt securities			—						5						79						—						6						82
Municipal bonds			—						1						83						1						2						77
U.S. government bonds			—						5						59						—						2						65
Other debt securities			—						4						45						—						2						47
Total Other Investments			$	39					$	19					$	473					$	34					$	12					$	460
Total Investments			$	5,804					$	219					$	11,905					$	5,019					$	171					$	10,603

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were as follows.

			Years Ended December 31,
(in millions)			2024						2023						2022
FV-NI:
Realized gains			$	600					$	129					$	201
Realized losses			85						146						316
AFS:
Realized gains			28						44						28
Realized losses			67						140						151

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
NDTF
Cash and cash equivalents			$	—					$	—					$	62					$	—					$	—					$	51
Equity securities			3,386						33						4,751						2,886						14						4,196
Corporate debt securities			2						27						401						4						35						390
Municipal bonds			—						4						36						—						4						50
U.S. government bonds			—						50						991						13						33						826
Other debt securities			1						8						223						1						13						172
Total NDTF Investments			$	3,389					$	122					$	6,464					$	2,904					$	99					$	5,685

---

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were as follows.

			Years Ended December 31,
(in millions)			2024						2023						2022
FV-NI:
Realized gains			$	298					$	82					$	124
Realized losses			40						79						177
AFS:
Realized gains			14						22						22
Realized losses			40						65						86

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
NDTF
Cash and cash equivalents			$	—					$	—					$	77					$	—					$	—					$	82
Equity securities			2,367						28						3,482						2,056						8						3,082
Corporate debt securities			4						6						272						8						8						242
Municipal bonds			2						10						306						6						12						297
U.S. government bonds			3						34						815						11						32						749
Other debt securities			—						—						16						—						—						6
Total NDTF Investments			$	2,376					$	78					$	4,968					$	2,081					$	60					$	4,458
Other Investments
Cash and cash equivalents			$	—					$	—					$	23					$	—					$	—					$	18
Municipal bonds			—						—						24						—						1						23
Total Other Investments			$	—					$	—					$	47					$	—					$	1					$	41
Total Investments			$	2,376					$	78					$	5,015					$	2,081					$	61					$	4,499

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were as follows.

			Years Ended December 31,
(in millions)			2024						2023						2022
FV-NI:
Realized gains			$	302					$	47					$	77
Realized losses			45						67						139
AFS:
Realized gains			14						22						6
Realized losses			27						75						48

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DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
NDTF
Cash and cash equivalents			$	—					$	—					$	54					$	—					$	—					$	55
Equity securities			2,256						28						3,362						1,956						8						2,970
Corporate debt securities			4						6						256						7						8						229
Municipal bonds			2						10						306						6						12						297
U.S. government bonds			3						26						645						10						18						518
Other debt securities			—						—						14						—						—						6
Total NDTF Investments			$	2,265					$	70					$	4,637					$	1,979					$	46					$	4,075
Other Investments
Cash and cash equivalents			$	—					$	—					$	16					$	—					$	—					$	14
Total Other Investments			$	—					$	—					$	16					$	—					$	—					$	14
Total Investments			$	2,265					$	70					$	4,653					$	1,979					$	46					$	4,089

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were as follows.

			Years Ended December 31,
(in millions)			2024						2023						2022
FV-NI:
Realized gains			$	288					$	44					$	76
Realized losses			44						66						136
AFS:
Realized gains			13						20						6
Realized losses			26						70						44

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DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
NDTF
Cash and cash equivalents			$	—					$	—					$	23					$	—					$	—					$	27
Equity securities			111						—						120						100						—						112
Corporate debt securities			—						—						16						1						—						13
U.S. government bonds			—						8						170						1						14						231
Other debt securities			—						—						2						—						—						—
Total NDTF Investments (a)			$	111					$	8					$	331					$	102					$	14					$	383
Other Investments
Cash and cash equivalents			$	—					$	—					$	3					$	—					$	—					$	3
Municipal bonds			—						—						24						—						1						23
Total Other Investments			$	—					$	—					$	27					$	—					$	1					$	26
Total Investments			$	111					$	8					$	358					$	102					$	15					$	409

(a)    During the years ended December 31, 2024, and 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were immaterial.

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

			December 31, 2024																		December 31, 2023
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized												Unrealized						Unrealized
			Holding						Holding						Estimated						Holding						Holding						Estimated
(in millions)			Gains						Losses						Fair Value						Gains						Losses						Fair Value
Investments
Cash and cash equivalents			$	—					$	—					$	1					$	—					$	—					$	1
Equity securities			—						4						89						4						—						98
Corporate debt securities			—						—						6						—						—						8
Municipal bonds			—						1						43						1						1						46
U.S. government bonds			—						—						7						—						—						10
Total Investments			$	—					$	5					$	146					$	5					$	1					$	163

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were immaterial.

---

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

			December 31, 2024
						Duke						Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Indiana
Due in one year or less			$	89		$	9		$	62		$	12		$	50		$	4
Due after one through five years			791			303			408			310			98			20
Due after five through 10 years			721			441			234			219			15			12
Due after 10 years			1,725			898			729			680			49			20
Total			$	3,326		$	1,651		$	1,433		$	1,221		$	212		$	56

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data, or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the NYSE and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.

Other fair value considerations

See Note 2 for further information on the valuation of the Commercial Renewables Disposal Groups. See Note 12 for a discussion of the valuation of goodwill and intangible assets.

---

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants.

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	139		$	139		$	—		$	—		$	—
NDTF equity securities			8,233			8,203			2			—			28
NDTF debt securities			3,060			1,022			2,038			—			—
Other equity securities			160			160			—			—			—
Other debt securities			266			52			214			—			—
Other cash and cash equivalents			47			47			—			—			—
Derivative assets			434			2			423			9			—
Total assets			12,339			9,625			2,677			9			28
Derivative liabilities			( 319 )			( 3 )			( 316 )			—			—
Net assets			$	12,020		$	9,622		$	2,361		$	9		$	28

			December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	133		$	133		$	—		$	—		$	—
NDTF equity securities			7,278			7,241			—			—			37
NDTF debt securities			2,732			829			1,903			—			—
Other equity securities			158			158			—			—			—
Other debt securities			271			55			216			—			—
Other cash and cash equivalents			31			31			—			—			—
Derivative assets			189			37			137			15			—
Total assets			10,792			8,484			2,256			15			37
Derivative liabilities			( 729 )			( 60 )			( 669 )			—			—
Net assets			$	10,063		$	8,424		$	1,587		$	15		$	37

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

									Derivatives (net)
									Years Ended December 31,
(in millions)									2024																		2023
Balance at beginning of period									$	15																	$	34
Purchases, sales, issuances and settlements:
Purchases									29																		47
Settlements									( 46 )																		( 72 )
Total gains included on the Consolidated Balance Sheet									11																		6
Balance at end of period									$	9																	$	15

---

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	62		$	62		$	—					$	—
NDTF equity securities			4,751			4,721			2						28
NDTF debt securities			1,651			520			1,131						—
Derivative assets			94			—			94						—
Total assets			6,558			5,303			1,227						28
Derivative liabilities			( 88 )			—			( 88 )						—
Net assets			$	6,470		$	5,303		$	1,139					$	28

			December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	51		$	51		$	—					$	—
NDTF equity securities			4,196			4,159			—						37
NDTF debt securities			1,438			375			1,063						—
Derivative assets			35			—			35						—
Total assets			5,720			4,585			1,098						37
Derivative liabilities			( 260 )			—			( 260 )						—
Net assets			$	5,460		$	4,585		$	838					$	37

PROGRESS ENERGY

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024												December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	77		$	77		$	—								$	82		$	82		$	—
NDTF equity securities			3,482			3,482			—									3,082			3,082			—
NDTF debt securities			1,409			502			907									1,294			454			840
Other debt securities			24			—			24									23			—			23
Other cash and cash equivalents			23			23			—									18			18			—
Derivative assets			127			—			127									34			—			34
Total assets			5,142			4,084			1,058									4,533			3,636			897
Derivative liabilities			( 58 )			—			( 58 )									( 234 )			—			( 234 )
Net assets			$	5,084		$	4,084		$	1,000								$	4,299		$	3,636		$	663

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DUKE ENERGY PROGRESS

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024												December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	54		$	54		$	—								$	55		$	55		$	—
NDTF equity securities			3,362			3,362			—									2,970			2,970			—
NDTF debt securities			1,221			365			856									1,050			266			784
Other cash and cash equivalents			16			16			—									14			14			—
Derivative assets			109			—			109									32			—			32
Total assets			4,762			3,797			965									4,121			3,305			816
Derivative liabilities			( 57 )			—			( 57 )									( 219 )			—			( 219 )
Net assets			$	4,705		$	3,797		$	908								$	3,902		$	3,305		$	597

DUKE ENERGY FLORIDA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024												December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2						Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	23		$	23		$	—					$	27		$	27		$	—
NDTF equity securities			120			120			—						112			112			—
NDTF debt securities			188			137			51						244			188			56
Other debt securities			24			—			24						23			—			23
Other cash and cash equivalents			3			3			—						3			3			—
Derivative assets			18			—			18						2			—			2
Total assets			376			283			93						411			330			81
Derivative liabilities			( 1 )			—			( 1 )						( 15 )			—			( 15 )
Net assets			$	375		$	283		$	92					$	396		$	330		$	66

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets were not material at December 31, 2024, and 2023.

DUKE ENERGY INDIANA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024															December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2			Level 3						Total Fair Value			Level 1			Level 2			Level 3
Other equity securities			$	89		$	89		$	—		$	—					$	98		$	98		$	—		$	—
Other debt securities			56			—			56			—						64			—			64			—
Other cash equivalents			1			1			—			—						1			1			—			—
Derivative assets			44			—			36			8						25			5			7			13
Total assets			190			90			92			8						188			104			71			13
Derivative liabilities			( 3 )			( 3 )			—			—						( 18 )			( 18 )			—			—
Net assets			$	187		$	87		$	92		$	8					$	170		$	86		$	71		$	13

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The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

			Derivatives (net)
			Years Ended December 31,
(in millions)			2024						2023
Balance at beginning of period			$	13					$	29
Purchases, sales, issuances and settlements:
Purchases			27						42
Settlements			( 42 )						( 68 )
Total gains included on the Consolidated Balance Sheet			10						10
Balance at end of period			$	8					$	13

PIEDMONT

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2024												December 31, 2023
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1						Level 2
Derivative assets			$	1		$	1		$	—								$	1		$	1					$	—
Derivative liabilities			( 94 )			—			( 94 )									( 147 )			—						( 147 )
Net (liabilities) assets			$	( 93 )		$	1		$	( 94 )								$	( 146 )		$	1					$	( 147 )

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

December 31, 2024

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Range

Duke Energy Ohio

FTRs

$

1

RTO auction pricing

FTR price – per MWh

$

—

–

$

1.13

$

0.48

Duke Energy Indiana

FTRs

8

RTO auction pricing

FTR price – per MWh

( 0.63 )

–

9.24

0.94

Duke Energy

Total Level 3 derivatives

$

9

December 31, 2023

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Range

Duke Energy Ohio

FTRs

$

2

RTO auction pricing

FTR price – per MWh

$

0.36

–

$

2.11

$

0.71

Duke Energy Indiana

FTRs

13

RTO auction pricing

FTR price – per MWh

( 1.05 )

–

9.64

1.26

Duke Energy

Total Level 3 derivatives

$

15

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OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

			December 31, 2024												December 31, 2023
(in millions)			Book Value						Fair Value						Book Value						Fair Value
Duke Energy (a)			$	80,689					$	73,440					$	75,252					$	69,790
Duke Energy Carolinas			17,490						15,975						16,012						15,077
Progress Energy			24,496						22,548						23,759						22,553
Duke Energy Progress			12,504						11,009						11,714						10,595
Duke Energy Florida			10,348						9,752						10,401						10,123
Duke Energy Ohio			4,165						3,871						3,518						3,310
Duke Energy Indiana			4,798						4,329						4,502						4,230
Piedmont			4,003						3,584						3,668						3,336

(a)    Book value of long-term de bt includes $ 1.0 billion as of December 31, 2024, and December 31, 2023, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both December 31, 2024, and December 31, 2023, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper, and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

A VIE is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in an entity’s assets or activities. A qualitative analysis of control determines the party that consolidates a VIE. This assessment is based on (i) what party has the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) what party has rights to receive benefits or is obligated to absorb losses that could potentially be significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment.

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the years ended December 31, 2024, 2023 and 2022, or is expected to be provided in the future, that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the DERF, DEPR, and DEFR credit facilities are reflected on the Consolidated Balance Sheets as Current maturities of long-term debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $ 325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $ 459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Consolidated Balance Sheets.

In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $ 500 million and terminated the related DERF credit facility. Additionally, Duke Energy Carolinas' related restricted receivables outstanding at DERF at the time of termination totaled $ 1,081 million and were transferred back to Duke Energy Carolinas to be collected and reported as Receivables on the Consolidated Balance Sheets.

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Receivables Financing – CRC

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC bought certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC then borrowed amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility was limited to the amount of qualified receivables sold to CRC, which generally excluded receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation was cash collections from the receivables.

The proceeds Duke Energy Ohio and Duke Energy Indiana received from the sale of receivables to CRC were approximately 75 % cash and 25 % in the form of a subordinated note from CRC. The subordinated note was a retained interest in the receivables sold.

CRC was considered a VIE because (i) equity capitalization was insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity was not held by the equity holder and (iii) deficiencies in net worth of CRC were funded by Duke Energy. The most significant activities that impacted the economic performance of CRC were decisions made to manage delinquent receivables. Duke Energy was considered the primary beneficiary and consolidated CRC as it made these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidated CRC.

In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $ 350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $ 682 million, consisting of $ 316 million and $ 366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Consolidated Balance Sheets.

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

			Duke Energy
									Duke Energy						Duke Energy						Duke Energy
									Carolinas						Progress						Florida
(in millions)			CRC						DERF						DEPR						DEFR
Expiration date			(a)						(c)						April 2025						(b)
Credit facility amount			(a)						(c)						$	400					(b)
Amounts borrowed at December 31, 2024			—						500						400						—
Amounts borrowed at December 31, 2023			312						500						400						325
Restricted Receivables at December 31, 2024			—						1,054						835						—
Restricted Receivables at December 31, 2023			663						991						833						532

(a)    In March 2024, Duke Energy repaid all outstanding CRC borrowing and terminated the related $ 350 million CRC credit facility.

(b)    In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowing and terminated the related $ 325 million DEFR credit facility.

(c)    In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowing and terminated the related $ 500 million DERF credit

facility.

Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance

Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Consolidated Balance Sheets.

			December 31,
(in millions)			2024			2023
Regulatory Assets: Current			61			59
Current Assets: Other			35			37
Other Noncurrent Assets: Regulatory assets			741			803
Current Liabilities: Other			8			8
Current maturities of long-term debt			59			59
Long-Term Debt			773			831

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Storm Recovery Bonds

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021 while DECSCSF was formed in 2024, all for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina and South Carolina.

In 2021, DECNCSF and DEPNCSF issued senior secured bonds, and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. In April 2024, DEPSCSF issued $ 177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022.

The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina and South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries. Duke Energy Carolinas consolidates DECNCSF and Duke Energy Progress consolidates DEPNCSF and DEPSCSF.

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

			December 31, 2024									December 31, 2023
			Duke Energy Carolinas			Duke Energy Progress						Duke Energy Carolinas			Duke Energy Progress
(in millions)			DECNCSF			DEPNCSF			DEPSCSF			DECNCSF			DEPNCSF
Regulatory Assets: Current			$	12		$	39		$	8		$	12		$	39
Current Assets: Other			9			27			13			9			31
Other Noncurrent Assets: Regulatory assets			189			620			155			196			643
Other Noncurrent Assets: Other			1			4			1			1			2
Current maturities of long-term debt			10			34			9			10			34
Current Liabilities: Other			2			10			7			3			8
Long-Term Debt			198			646			163			208			680

Purchasing Company – Duke Energy Florida

Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo was formed in 2023 as the primary procurement agent for equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.

This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.

The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.

(in millions)			December 31, 2024			December 31, 2023
Inventory			$	494		462
Accounts Payable			208			188

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NON-CONSOLIDATED VIEs

The following tables summarize the impact of non-consolidated VIEs on the Consolidated Balance Sheets.

			December 31, 2024
			Duke Energy									Duke						Duke
			Natural Gas																								Energy						Energy
(in millions)			Investments																								Ohio						Indiana
Receivables from affiliated companies			$	—																							$	—					$	—
Investments in equity method unconsolidated affiliates			—																								—						—
Other noncurrent assets			17																								—						—
Total assets			$	17																							$	—					$	—
Other current liabilities			2																								—						—
Other noncurrent liabilities			—																								—						—
Total liabilities			2																								$	—					$	—
Net assets			$	15																							$	—					$	—

			December 31, 2023
			Duke Energy									Duke						Duke
			Natural Gas																								Energy						Energy
(in millions)			Investments																								Ohio						Indiana
Receivables from affiliated companies			$	—																							$	150					$	208
Investments in equity method unconsolidated affiliates			67																								—						—
Other noncurrent assets			43																								—						—
Total assets			$	110																							$	150					$	208
Other current liabilities			4																								—						—
Other noncurrent liabilities			5																								—						—
Total liabilities			$	9																							$	—					$	—
Net assets			$	101																							$	150					$	208

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.

Natural Gas Investments

Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

CRC

See discussion under Consolidated VIEs for additional information related to CRC.

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC as of December 31, 2023. The subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value as of December 31, 2023. Prior to Duke Energy terminating the CRC credit facility, carrying values of retained interests were determined by allocating the carrying value of the receivables between assets sold and interests retained based on relative fair value. The allocated bases of the subordinated notes were not materially different than their face value because (i) the receivables generally turned over in less than two months, (ii) credit losses were reasonably predictable due to the broad customer base and lack of significant concentration and (iii) the equity in CRC was subordinate to all retained interests and thus would absorb losses first. The hypothetical effect on fair value of the retained interests assuming both a 10 % and a 20 % unfavorable variation in credit losses or discount rates was not material due to the short turnover of receivables and historically low credit loss history. Interest accrued to Duke Energy Ohio and Duke Energy Indiana on the retained interests using the acceptable yield method.

Key assumptions used in estimating fair value as of December 31, 2023, are detailed in the following table.

			Duke Energy Ohio						Duke Energy Indiana
Anticipated credit loss ratio			0.6		%				0.4		%
Discount rate			6.1		%				6.1		%
Receivable turnover rate			13.9		%				12.0		%

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The following table shows the gross and net receivables sold. See discussion under Consolidated VIEs for additional information related to

CRC's termination in March 2024.

			Duke Energy Ohio												Duke Energy Indiana
			December 31,												December 31,
(in millions)			2024						2023						2024						2023
Receivables sold			$	—					$	361					$	—					$	351
Less: Retained interests			—						150						—						208
Net receivables sold			$	—					$	211					$	—					$	143

The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.

			Duke Energy Ohio																		Duke Energy Indiana
			Years Ended December 31,																		Years Ended December 31,
(in millions)			2024						2023						2022						2024						2023						2022
Sales
Receivables sold			$	474					$	2,578					$	2,562					$	473					$	3,223					$	3,744
Loss recognized on sale			7						34						18						6						39						26
Cash flows
Cash proceeds from receivables sold			478						2,591						2,424						523						3,294						3,498
Collection fees received			—						1						1						—						2						2
Return received on retained interests			4						19						10						4						25						15

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Cash Flows.

Collection fees received in connection with servicing transferred accounts receivable were included in Operation, maintenance and other on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Operations and Comprehensive Income. The loss recognized on sales of receivables was calculated monthly by multiplying receivables sold during the month by the required discount. The required discount was derived monthly utilizing a three-year weighted average formula that considered charge-off history, late charge history and turnover history on the sold receivables, as well as a component for the time value of money. The discount rate, or component for the time value of money, was the prior month-end Daily Simple SOFR plus a fixed rate of 1 %.

Duke Energy recognizes revenue consistent with amounts billed under tariff offerings or at contractually agreed upon rates based on actual physical delivery of electric or natural gas service, including estimated volumes delivered when billings have not yet occurred. As such, the majority of Duke Energy’s revenues have fixed pricing based on the contractual terms of the published tariffs. Absent decoupling mechanisms, the variability in expected cash flows of the majority of Duke Energy's revenue is attributable to the customer’s volumetric demand and ultimate quantities of energy or natural gas supplied and used during the billing period. The stand-alone selling price of related sales are designed to support recovery of prudently incurred costs and an appropriate return on invested assets and are primarily governed by published tariff rates or contractual agreements approved by relevant regulatory bodies. As described in Note 1, certain excise taxes and franchise fees levied by state or local governments are required to be paid even if not collected from the customer. These taxes are recognized on a gross basis as part of revenues. Duke Energy elects to account for all other taxes net of revenues.

Performance obligations are satisfied over time as energy or natural gas is delivered and consumed with billings generally occurring monthly and related payments due within 30 days, depending on regulatory requirements. In no event does the timing between payment and delivery of the goods and services exceed one year. Using this output method for revenue recognition provides a faithful depiction of the transfer of electric and natural gas service as customers obtain control of the commodity and benefit from its use at delivery. Additionally, Duke Energy has an enforceable right to consideration for energy or natural gas delivered at any discrete point in time and will recognize revenue at an amount that reflects the consideration to which Duke Energy is entitled for the energy or natural gas delivered.

As described above, the majority of Duke Energy’s tariff revenues are at will and, as such, related contracts with customers have an expected duration of one year or less and will not have future performance obligations for disclosure. Additionally, other long-term revenue streams, including wholesale contracts, generally provide services that are part of a single performance obligation, the delivery of electricity or natural gas. As such, other than material fixed consideration under long-term contracts, related disclosures for future performance obligations are also not applicable.

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.

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Retail electric service is generally marketed throughout Duke Energy’s electric service territory through standard service offers. The standard service offers are through tariffs determined by regulators in Duke Energy's regulated service territory. Each tariff, which is assigned to customers based on customer class, has multiple components such as an energy charge, a demand charge, a basic facilities charge and applicable riders. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing electric service, or in the case of distribution only customers in Duke Energy Ohio, for delivering electricity. Electricity is considered a single performance obligation satisfied over time consistent with the series guidance and is provided and consumed over the billing period, generally one month. Retail electric service is typically provided to at-will customers who can cancel service at any time, without a substantive penalty. Additionally, Duke Energy adheres to applicable regulatory requirements in each jurisdiction to ensure the collectability of amounts billed and appropriate mitigating procedures are followed when necessary. As such, revenue from contracts with customers for such contracts is equivalent to the electricity supplied and billed in that period (including unbilled estimates).

Wholesale electric service is generally provided under long-term contracts using cost-based pricing. FERC regulates costs that may be recovered from customers and the amount of return companies are permitted to earn. Wholesale contracts include both energy and demand charges. For full requirements contracts, Duke Energy considers both charges as a single performance obligation for providing integrated electric service. For contracts where energy and demand charges are considered separate performance obligations, energy and demand are each a distinct performance obligation under the series guidance and are satisfied as energy is delivered and stand-ready service is provided on a monthly basis. This service represents consumption over the billing period and revenue is recognized consistent with billings and unbilled estimates, which generally occur monthly. Contractual amounts owed are typically trued up annually based upon incurred costs in accordance with FERC published filings and the specific customer’s actual peak demand. Estimates of variable consideration related to potential additional billings or refunds owed are updated quarterly.

The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:

			Remaining Performance Obligations
(in millions)			2025			2026			2027			2028			2029			Thereafter			Total
Duke Energy Carolinas			$	12		$	12		$	12		$	12		$	—		$	—		$	48
Progress Energy			36			43			13			13			13			42			160
Duke Energy Progress			6			6			6			6			6			20			50
Duke Energy Florida			30			37			7			7			7			22			110
Duke Energy Indiana			17			17			15			5			—			—			54

Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.

Gas Utilities and Infrastructure

GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.

Retail natural gas service is marketed throughout Duke Energy's natural gas service territory using published tariff rates. The tariff rates are established by regulators in Duke Energy's service territories. Each tariff, which is assigned to customers based on customer class, have multiple components, such as a commodity charge, demand charge, customer or monthly charge and transportation costs. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing natural gas service. For contracts where Duke Energy provides all of the customer’s natural gas needs, the delivery of natural gas is considered a single performance obligation satisfied over time, and revenue is recognized monthly based on billings and unbilled estimates as service is provided and the commodity is consumed over the billing period. Additionally, natural gas service is typically at will and customers can cancel service at any time, without a substantive penalty. Duke Energy also adheres to applicable regulatory requirements to ensure the collectability of amounts billed and receivable and appropriate mitigating procedures are followed when necessary.

Certain long-term individually negotiated contracts exist to provide natural gas service. These contracts are regulated and approved by state commissions. The negotiated contracts may have multiple components, including a natural gas and a demand charge, similar to retail natural gas contracts. Duke Energy considers each of these components to be a single performance obligation for providing natural gas service. This service represents consumption over the billing period, generally one month.

Fixed capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows:

			Remaining Performance Obligations
(in millions)			2025			2026			2027			2028			2029			Thereafter			Total
Piedmont			$	64		$	51		$	49		$	46		$	44		$	151		$	405

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.

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Disaggregated Revenues

For the EU&I and GU&I segments, revenue by customer class is most meaningful to Duke Energy as each respective customer class collectively represents unique customer expectations of service, generally has different energy and demand requirements, and operates under tailored, regulatory approved pricing structures. Additionally, each customer class is impacted differently by weather and a variety of economic factors including the level of population growth, economic investment, employment levels, and regulatory activities in each of Duke Energy’s jurisdictions. As such, analyzing revenues disaggregated by customer class allows Duke Energy to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Disaggregated revenues are presented as follows:

			Year Ended December 31, 2024
						Duke						Duke			Duke			Duke			Duke
(in millions)			Duke			Energy			Progress			Energy			Energy			Energy			Energy
By market or type of customer			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Electric Utilities and Infrastructure
Residential			$	12,901		$	4,150		$	6,592		$	2,872		$	3,720		$	1,009		$	1,149		$	—
Commercial			8,207			3,080			3,718			1,754			1,964			590			818			—
Industrial			3,427			1,488			1,066			742			324			149			724			—
Wholesale			2,205			547			1,414			1,268			146			51			194			—
Other revenues			1,029			350			674			343			331			89			107			—
Total Electric Utilities and Infrastructure revenue from contracts with customers			$	27,769		$	9,615		$	13,464		$	6,979		$	6,485		$	1,888		$	2,992		$	—
Gas Utilities and Infrastructure
Residential			$	1,320		$	—		$	—		$	—		$	—		$	427		$	—		$	893
Commercial			639			—			—			—			—			153			—			486
Industrial			158			—			—			—			—			33			—			125
Power Generation			—			—			—			—			—			—			—			33
Other revenues			126			—			—			—			—			26			—			100
Total Gas Utilities and Infrastructure revenue from contracts with customers			$	2,243		$	—		$	—		$	—		$	—		$	639		$	—		$	1,637
Other
Revenue from contracts with customers			$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total revenue from contracts with customers			$	30,050		$	9,615		$	13,464		$	6,979		$	6,485		$	2,527		$	2,992		$	1,637
Other revenue sources (a)			$	307		$	103		$	169		$	38		$	110		$	18		$	48		$	92
Total revenues			$	30,357		$	9,718		$	13,633		$	7,017		$	6,595		$	2,545		$	3,040		$	1,729

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			Year Ended December 31, 2023
						Duke						Duke			Duke			Duke			Duke
(in millions)			Duke			Energy			Progress			Energy			Energy			Energy			Energy
By market or type of customer			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Electric Utilities and Infrastructure
Residential			$	12,098		$	3,409		$	6,510		$	2,540		$	3,970		$	947		$	1,233		$	—
Commercial			7,895			2,670			3,762			1,588			2,174			552			911			—
Industrial			3,416			1,334			1,105			733			372			191			786			—
Wholesale			2,175			492			1,388			1,240			148			46			248			—
Other revenues			962			318			590			325			265			93			157			—
Total Electric Utilities and Infrastructure revenue from contracts with customers			$	26,546		$	8,223		$	13,355		$	6,426		$	6,929		$	1,829		$	3,335		$	—
Gas Utilities and Infrastructure
Residential			$	1,226		$	—		$	—		$	—		$	—		$	435		$	—		$	792
Commercial			605			—			—			—			—			154			—			450
Industrial			141			—			—			—			—			26			—			115
Power Generation			—			—			—			—			—			—			—			31
Other revenues			119			—			—			—			—			24			—			95
Total Gas Utilities and Infrastructure revenue from contracts with customers			$	2,091		$	—		$	—		$	—		$	—		$	639		$	—		$	1,483
Other
Revenue from contracts with customers			$	37		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total revenue from contracts with customers			$	28,674		$	8,223		$	13,355		$	6,426		$	6,929		$	2,468		$	3,335		$	1,483
Other revenue sources (a)			$	386		$	65		$	189		$	62		$	107		$	39		$	64		$	145
Total revenues			$	29,060		$	8,288		$	13,544		$	6,488		$	7,036		$	2,507		$	3,399		$	1,628

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			Year Ended December 31, 2022
						Duke						Duke			Duke			Duke			Duke
(in millions)			Duke			Energy			Progress			Energy			Energy			Energy			Energy
By market or type of customer			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Electric Utilities and Infrastructure
Residential			$	11,377		$	3,275		$	5,812		$	2,378		$	3,434		$	862		$	1,430		$	—
Commercial			7,356			2,396			3,396			1,480			1,916			517			1,049			—
Industrial			3,504			1,251			1,095			770			325			202			956			—
Wholesale			2,856			561			1,785			1,346			439			127			383			—
Other revenues			795			372			994			768			226			61			19			—
Total Electric Utilities and Infrastructure revenue from contracts with customers			$	25,888		$	7,855		$	13,082		$	6,742		$	6,340		$	1,769		$	3,837		$	—
Gas Utilities and Infrastructure
Residential			$	1,462		$	—		$	—		$	—		$	—		$	488		$	—		$	974
Commercial			765			—			—			—			—			180			—			585
Industrial			170			—			—			—			—			24			—			144
Power Generation			—			—			—			—			—			—			—			94
Other revenues			360			—			—			—			—			25			—			271
Total Gas Utilities and Infrastructure revenue from contracts with customers			$	2,757		$	—		$	—		$	—		$	—		$	717		$	—		$	2,068
Other
Revenue from contracts with customers			$	30		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total revenue from contracts with customers			$	28,675		$	7,855		$	13,082		$	6,742		$	6,340		$	2,486		$	3,837		$	2,068
Other revenue sources (a)			$	93		$	2		$	43		$	11		$	13		$	28		$	85		$	56
Total revenues			$	28,768		$	7,857		$	13,125		$	6,753		$	6,353		$	2,514		$	3,922		$	2,124

(a)    Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

The following table presents the reserve for credit losses for trade and other receivables.

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Balance at December 31, 2021			$	121		$	42		$	36		$	21		$	16		$	4		$	3		$	15
Write-Offs			( 158 )			( 73 )			( 70 )			( 36 )			( 34 )			—			—			( 12 )
Credit Loss Expense			160			40			72			17			55			2			1			11
Other Adjustments			93			59			43			42			( 1 )			—			—			—
Balance at December 31, 2022			$	216		$	68		$	81		$	44		$	36		$	6		$	4		$	14
Write-Offs			( 164 )			( 71 )			( 84 )			( 41 )			( 42 )			—			—			( 10 )
Credit Loss Expense			101			35			48			12			37			3			1			7
Other Adjustments			52			24			29			29			—			—			—			—
Balance at December 31, 2023			$	205		$	56		$	74		$	44		$	31		$	9		$	5		$	11
Write-Offs			( 132 )			( 55 )			( 73 )			( 45 )			( 28 )			—			—			( 4 )
Credit Loss Expense			98			39			51			25			26			3			2			3
Other Adjustments			38			29			21			20			—			31			8			—
Balance at December 31, 2024			$	209		$	69		$	73		$	44		$	29		$	43		$	15		$	10

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Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are RSUs that are entitled to dividends declared on Duke Energy common stock during the RSUs vesting periods. Dividends declared on preferred stock are recorded on the Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

			Years Ended December 31,
(in millions, except per share amounts)			2024						2023						2022
Net Income available to Duke Energy common stockholders			$	4,402					$	2,735					$	2,444
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders			7						( 1,391 )						( 1,215 )
Accumulated preferred stock dividends adjustment			14						—						—
Less: Impact of participating securities			6						6						2
Income from continuing operations available to Duke Energy common stockholders			$	4,403					$	4,120					$	3,657
Income (Loss) from discontinued operations, net of tax			$	10					$	( 1,455 )					$	( 1,323 )
Add: (Income) Loss attributable to NCI			( 3 )						64						108
Income (Loss) from discontinued operations attributable to Duke Energy common stockholders			$	7					$	( 1,391 )					$	( 1,215 )
Weighted average common shares outstanding – basic and diluted			772						771						770
EPS from continuing operations available to Duke Energy common stockholders
Basic and Diluted (a)			$	5.70					$	5.35					$	4.74
Earnings (Loss) Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and Diluted (a)			$	0.01					$	( 1.81 )					$	( 1.57 )
Potentially dilutive items excluded from the calculation (b)			2						2						2
Dividends declared per common share			$	4.14					$	4.06					$	3.98
Dividends declared on Series A preferred stock per depositary share (c)			$	1.437					$	1.437					$	1.437
Dividends declared on Series B preferred stock per share (d)			$	48.750					$	48.750					$	48.750

(a)    For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted

EPS because the effect was antidilutive.

(b)    Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(c) 5.75 % Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $ 25 liquidation preference per depositary share.

(d) 4.875 % Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024.

Common Stock

In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $ 1.5 billion of its common stock through an ATM offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025.

The following table shows ATM equity issuances pursuant to forward contracts executed during the year ended December 31, 2024.

Tranche						Shares Priced			Initial Forward Price
1						802,371			$	92.77
2						729,674			$	101.10
3						737,280			$	100.99
4						662,266			$	111.45
Total						2,931,591

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In December 2024, Duke Energy physically settled the equity forwards by delivering approximately 2.9 million shares of common stock in exchange for net cash proceeds of $ 297 million. Additionally, in December 2024, a fifth and final tranche of ATM equity issuances delivered 671,216 shares of common stock in exchange for net cash proceeds of $ 74 million, resulting in a total of 3.6 million shares of common stock issued in exchange for total cash proceeds of $ 371 million for the year ended December 31, 2024.

Preferred Stock

On September 16, 2024, Duke Energy redeemed all 1 million outstanding shares of Series B Preferred Stock for a redemption price of $ 1,000 per share or $ 1 billion in total. Following the redemption, dividends ceased to accrue on the shares of Series B Preferred Stock, shares of the Series B Preferred Stock were no longer deemed outstanding and all rights of the holders of such shares of Series B Preferred Stock terminated. In conjunction with the redemption, Duke Energy recorded $ 16 million in preferred stock redemption costs, calculated as the difference of $ 11 million between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, and including the recognition of an excise tax liability under the IRA of $ 5 million. The preferred stock redemption costs were recorded as a reduction to Retained earnings on Duke Energy Corporation's Consolidated Balance Sheets during the year ended December 31, 2024.

The Series A Preferred Stock has no maturity or mandatory redemption date, is not redeemable at the option of the holders and Duke E nergy may call the preferred stock, in whole or in part, at any time at a redemption price of $ 25 per depositary share. Duke Energy is also required to redeem all accumulated and unpaid dividends if the call option is exercised.

Dividends issued on its Series A Preferred Stock are subject to approval by the Board of Directors. However, the deferral of dividend payments on the preferred stock prohibits the declaration of common stock dividends.

The Series A Preferred Stock rank, with respect to dividends and distributions upon liquidation or dissolution:

• senior to Common Stock and to each other class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made subordinated to the Series A Preferred Stock;

• on a parity with any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is not expressly made senior or subordinated to the Series A Preferred Stock;

• junior to any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made senior to the Series A Preferred Stock;

• junior to all existing and future indebtedness (including indebtedness outstanding under Duke Energy's credit facilities, unsecured senior notes, junior subordinated debentures and commercial paper) and other liabilities with respect to assets available to satisfy claims against Duke Energy; and

• structurally subordinated to existing and future indebtedness and other liabilities of Duke Energy's subsidiaries and future preferred stock of subsidiaries.

Holders of Series A Preferred Stock have no voting rights with respect to matters that generally require the approval of voting stockholders. The limited voting rights of holders of Series A Preferred Stock include the right to vote as a single class, respectively, on certain matters that may affect the preference or special rights of the preferred stock, except in the instance that Duke Energy elects to defer the payment of dividends for a total of six quarterly full dividend periods for Series A Preferred Stock. If dividends are deferred for a cumulative total of six quarterly full dividend periods for Series A Preferred Stock, whether or not for consecutive dividend periods, holders of the preferred stock have the right to elect two additional Board members to the Board of Directors.

During 2023, as Duke Energy transitioned from the foundational work of energy transition strategy planning to the launch of the largest power generation build period in its history, it streamlined certain functions and changed how it was structured and staffed to ensure the resulting organization reflected best-in-class standards, was optimally aligned with its jurisdictions, and was best positioned to serve its customers, stakeholders and investors. As a result, Duke Energy extended involuntary severance benefits to certain employees in specific areas as a part of its organizational optimization. For the year ended December 31, 2023, Duke Energy recorded severance charges of approximately $ 97 million within Operations, maintenance and other on the Consolidated Statements of Operations. These charges, along with amortization of severance regulatory deferrals and reversals of certain prior period severance costs, resulted in a total severance charge of $ 102 million in 2023.

During 2022, Duke Energy identified opportunities to eliminate work and create sustainable savings through a workload reduction initiative with a focus on process improvement through digital technology, governance simplification and elimination of low-value work. As a result, Duke Energy extended involuntary severance benefits to certain employees in specific areas as a part of this initiative.

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The following table presents the direct and allocated severance and related charges accrued for 341 employees in 2024, 682 employees in 2023 and 233 employees in 2022 by the Duke Energy Registrants within Operation, maintenance and other on the Consolidated Statements of Operations.

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Year Ended December 31, 2024 (a)(b)			$	( 28 )		$	( 11 )		$	( 9 )		$	( 5 )		$	( 4 )		$	( 2 )		$	( 4 )		$	( 2 )
Year Ended December 31, 2023 (c)(d)(e)			102			53			33			21			12			3			6			4
Year Ended December 31, 2022 (f)(g)			65			40			20			17			3			1			2			2

(a)    Includes adjustments associated with 2022 severance charges of approximately $( 1 ) million and $( 1 ) million for Duke Energy and Duke Energy Carolinas, respectively.

(b)    Includes adjustments associated with 2023 severance charges of approximately $( 27 ) million, $( 11 ) million, $( 9 ) million, $( 5 ) million, $( 4 ) million, $( 2 ) million, $( 4 ) million and $( 2 ) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont, respectively.

(c)    Includes amortization of deferred severance charges of approximately $ 22 million, $ 14 million, $ 8 million and $ 8 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(d)    Includes adjustments associated with 2021 severance charges of approximately $( 6 ) million, $( 2 ) million, $( 3 ) million, $( 2 ) million, $( 1 ) million and $( 1 ) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively.

(e)    Includes adjustments associated with 2022 severance charges of approximately $( 14 ) million, $( 7 ) million, $( 5 ) million, $( 3 ) million, $( 2 ) million, $( 1 ) million and $( 1 ) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana, respectively.

(f)    Includes amortization of deferred severance charges of approximately $ 33 million, $ 22 million, $ 11 million and $ 11 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(g)    Includes adjustments associated with 2021 severance charges of approximately $( 19 ) million, $( 6 ) million, $( 8 ) million, $( 4 ) million, $( 4 ) million, $( 1 ) million, $( 2 ) million and $( 1 ) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont, respectively.

The table below presents the severance liability for past and ongoing severance plans including the plans described above.

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Balance at December 31, 2022			$	64		$	15		$	6		$	4		$	2		$	—		$	—		$	1
Provision/Adjustments			80			30			13			6			7			1			4			2
Cash Reductions			( 42 )			( 10 )			( 3 )			( 2 )			( 1 )			—			—			( 1 )
Balance at December 31, 2023			$	102		$	35		$	16		$	8		$	8		$	1		$	4		$	2
Provision/Adjustments			( 28 )			( 6 )			( 3 )			( 1 )			( 2 )			( 1 )			( 3 )			( 1 )
Cash Reductions			( 55 )			( 21 )			( 11 )			( 6 )			( 5 )			—			( 1 )			( 1 )
Balance at December 31, 2024			$	19		$	8		$	2		$	1		$	1		$	—		$	—		$	—

The Duke Energy Corporation 2023 Long-Term Incentive Plan (the 2023 Plan) provides for the grant of stock-based compensation awards to employees and outside directors. The 2023 Plan superseded the Duke Energy Corporation 2015 Long-Term Incentive Plan (the 2015 Plan). No additional grants will be made from the 2015 Plan. The 2023 Plan reserves 15 million shares of common stock for issuance. Duke Energy has historically issued new shares upon exercising or vesting of share-based awards. However, Duke Energy may use a combination of new share issuances and open market repurchases for share-based awards that are exercised or vest in the future. Duke Energy has not determined with certainty the amount of such new share issuances or open market repurchases.

The following table summarizes the total expense recognized by the Duke Energy Registrants, net of tax, for stock-based compensation.

			Years Ended December 31,
(in millions)			2024						2023						2022
Duke Energy			$	70					$	71					$	74
Duke Energy Carolinas			25						25						27
Progress Energy			28						28						27
Duke Energy Progress			17						17						17
Duke Energy Florida			11						11						10
Duke Energy Ohio			5						5						5
Duke Energy Indiana			7						7						7
Piedmont			4						4						4

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Duke Energy's pretax stock-based compensation costs, the tax benefit associated with stock-based compensation expense and stock-based compensation costs capitalized are included in the following table.

			Years Ended December 31,
(in millions)			2024						2023						2022
RSU awards			$	49					$	54					$	58
Performance awards			47						43						42
Pretax stock-based compensation cost			$	96					$	97					$	100
Stock-based compensation costs capitalized			6						6						5
Stock-based compensation expense			$	90					$	91					$	95
Tax benefit associated with stock-based compensation expense			$	20					$	20					$	21

RESTRICTED STOCK UNIT AWARDS

RSU awards generally vest over periods from immediate to three years . Fair value amounts are based on the market price of Duke Energy's common stock on the grant date. The following table includes information related to RSU awards.

			Years Ended December 31,
			2024						2023						2022
Shares granted (in thousands)			598						670						654
Fair value (in millions)			$	59					$	65					$	64

The following table summarizes information about RSU awards outstanding.

									Weighted Average
			Shares						Grant Date Fair Value
			(in thousands)						(per share)
Outstanding at December 31, 2023			1,115						$	96
Granted			598						99
Vested			( 581 )						95
Forfeited			( 73 )						98
Outstanding at December 31, 2024			1,059						98
RSU awards expected to vest			1,014						98

The total grant date fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $ 55 million, $ 52 million and $ 49 million, respectively. At December 31, 2024, Duke Energy had $ 37 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 24 months.

PERFORMANCE AWARDS

Stock-based performance awards generally vest after three years to the extent performance targets are met. The actual number of shares issued will range from zero to 200 % of target shares, depending on the level of performance achieved.

Performance awards contain performance conditions and a market condition. The performance conditions are based on Duke Energy's cumulative adjusted EPS and total incident case rate (total incident case rate is one of our key employee safety metrics). The market condition is based on TSR of Duke Energy relative to a predefined peer group.

Relative TSR is valued using a path-dependent model that incorporates expected relative TSR into the fair value determination of Duke Energy’s performance-based share awards. The model uses three-year historical volatilities and correlations for all companies in the predefined peer group, including Duke Energy, to simulate Duke Energy’s relative TSR as of the end of the performance period. For each simulation, Duke Energy’s relative TSR associated with the simulated stock price at the end of the performance period plus expected dividends within the period results in a value per share for the award portfolio. The average of these simulations is the expected portfolio value per share. Actual life to date results of Duke Energy’s relative TSR for each grant are incorporated within the model. For performance awards granted in 2024, the model used a risk-free interest rate of 4.49 %, which reflects the yield on three-year Treasury bonds as of the grant date, and an expected volatility of 18.7 % based on Duke Energy's historical volatility over three years using daily stock prices.

The following table includes information related to stock-based performance awards.

			Years Ended December 31,
			2024						2023						2022
Shares granted assuming target performance (in thousands)			440						422						408
Fair value (in millions)			$	42					$	42					$	40

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The following table summarizes information about stock-based performance awards outstanding and assumes payout at the target level.

									Weighted Average
			Shares						Grant Date Fair Value
			(in thousands)						(per share)
Outstanding at December 31, 2023			1,115						$	96
Granted			440						95
Vested			( 338 )						88
Forfeited			( 30 )						96
Outstanding at December 31, 2024			1,187						98
Stock-based performance awards expected to vest			1,156						98

The total grant date fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $ 30 million, $ 31 million and $ 25 million, respectively. At December 31, 2024, Duke Energy had $ 24 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 22 months.

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified, non-contributory defined benefit retirement plans, which consist of the Duke Energy Retirement Cash Balance Plan (RCBP) and the Duke Energy Legacy Pension Plan (DELPP) These plans cover most employees using a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits based upon a percentage of current eligible earnings, age or age and years of service and interest credits. Certain employees are eligible for benefits that use a final average earnings formula. Under these final average earnings formulas, a plan participant accumulates a retirement benefit equal to the sum of percentages of their (i) highest three -, four- or five-year average earnings, (ii) highest three-, four- or five-year average earnings in excess of covered compensation per year of participation (maximum of 35 years) or (iii) highest three-year average earnings times years of participation in excess of 35 years. Duke Energy also maintains, and the Subsidiary Registrants participate in, non-qualified, non-contributory defined benefit retirement plans that cover certain executives. The qualified and non-qualified, non-contributory defined benefit plans are closed to new participants.

Duke Energy uses a December 31 measurement date for its defined benefit retirement plan assets and obligations. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2024, were primarily attributable to the increase in the discount rate used to measure plan obligations. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2024, were primarily attributable to actual investment performance that was less than expected investment performance. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan assets on December 31, 2023, were primarily attributable to actual investment performance that exceeded expected investment performance. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2023, were primarily attributable to the decrease in the discount rate used to measure plan obligations.

As a result of the application of settlement accounting due to total lump-sum benefit payments exceeding the settlement threshold (defined as the sum of service cost and interest cost on projected benefit obligation components of net periodic benefit costs) for one of its qualified pension plans, Duke Energy recognized settlement charges of $ 72 million, of which $ 60 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets and $ 12 million was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of, and for the year ended, December 31, 2024. No settlement charges were recorded in 2023. Duke Energy recognized settlement charges of $ 117 million, of which $ 95 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets and $ 22 million was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of, and for the year ended, December 31, 2022.

Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, which represents amounts allocated by Duke Energy for employees of the Subsidiary Registrants and allocated charges for their proportionate share of settlement charges for employees of Duke Energy's shared service affiliate, and recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets were $ 31 million for Duke Energy Carolinas, $ 23 million for Progress Energy, $ 16 million for Duke Energy Progress, $ 7 million for Duke Energy Florida, $ 3 million for Duke Energy Indiana, and $ 4 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, recorded to Other income and expenses, net, within the 2024 Consolidated Statements of Operations were $ 3 million for Duke Energy Carolinas, $ 5 million for Progress Energy, $ 5 million for Duke Energy Progress, $ 2 million for Duke Energy Ohio and $ 1 million for Piedmont.

Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, which represent amounts allocated by Duke Energy for employees of the Subsidiary Registrants and allocated charges for their proportionate share of settlement charges for employees of Duke Energy's shared services affiliate, and recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets were $ 35 million for Duke Energy Carolinas, $ 23 million for Progress Energy, $ 16 million for Duke Energy Progress, $ 7 million for Duke Energy Florida, $ 8 million for Duke Energy Indiana and $ 29 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, recorded to Other income and expenses, net, within the 2022 Consolidated Statements of Operations were $ 3 million for Duke Energy Carolinas, $ 5 million for Progress Energy, $ 5 million for Duke Energy Progress, $ 1 million for Duke Energy Florida, $ 5 million for Duke Energy Ohio and $ 6 million for Piedmont.

The settlement charges reflect the recognition of a pro-rata portion of previously unrecognized actuarial losses, equal to the percentage of reduction in the projected benefit obligation resulting from total lump-sum benefit payments. Settlement charges recognized as a regulatory asset within Other Noncurrent Assets on the Consolidated Balance Sheets are amortized over the average remaining service period for participants in the plan. Amortization of settlement charges is disclosed in the tables below as a component of net periodic pension costs.

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Effective December 31, 2022, Duke Energy Florida changed its method for calculating the market related value of plan assets (MRVA) from the fair value method to a method that recognizes changes in fair value of its plan assets over a five-year period. This represents a change in regulatory treatment that will serve to mitigate the impact of market volatility on retail customer rates, resulting in the timing of net periodic pension cost recognition that is more consistent with treatment of the related cost in the ratemaking process. The three-year retrospective impact of this method change of $ 24 million was recognized by Duke Energy, Progress Energy and Duke Energy Florida, respectively, and was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of December 31, 2022, and has been disclosed in the tables below as a component of net periodic pension costs.

Net periodic benefit costs disclosed in the tables below represent the cost of the respective benefit plan for the periods presented prior to capitalization of amounts reflected as Net property, plant and equipment, on the Consolidated Balance Sheets. Only the service cost component of net periodic benefit costs is eligible to be capitalized. The remaining non-capitalized portions of net periodic benefit costs are classified as either: (1) service cost, which is recorded in Operations, maintenance and other on the Consolidated Statements of Operations; or as (2) components of non-service cost, which is recorded in Other income and expenses, net on the Consolidated Statements of Operations. Amounts presented in the tables below for the Subsidiary Registrants represent the amounts of pension and other post-retirement benefit cost allocated by Duke Energy for employees of the Subsidiary Registrants. Additionally, the Consolidated Statements of Operations of the Subsidiary Registrants also include allocated net periodic benefit costs for their proportionate share of pension and post-retirement benefit cost for employees of Duke Energy’s shared services affiliate that provide support to the Subsidiary Registrants. However, in the tables below, these amounts are only presented within the Duke Energy column (except for amortization of settlement charges). These allocated amounts are included in the governance and shared service costs discussed in Note 14.

Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans.

									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Contributions Made:
2024			$	100					$	26					$	23					$	14					$	9					$	5					$	8					$	3
2023			100						26						22						13						9						5						8						3
2022			58						15						13						8						5						3						5						2

QUALIFIED PENSION PLANS

Components of Net Periodic Pension Costs

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	114					$	37					$	32					$	19					$	13					$	3					$	6					$	4
Interest cost on projected benefit obligation			325						78						103						47						56						17						26						9
Expected return on plan assets			( 613 )						( 161 )						( 217 )						( 99 )						( 116 )						( 25 )						( 42 )						( 20 )
Amortization of actuarial loss			36						8						10						6						5						1						4						3
Amortization of prior service credit			( 13 )						( 1 )						—						—						—						—						( 2 )						( 7 )
Amortization of settlement charges (c)			32						12						10						9						2						2						2						5
Net periodic pension costs (a)(b)			$	( 119 )					$	( 27 )					$	( 62 )					$	( 18 )					$	( 40 )					$	( 2 )					$	( 6 )					$	( 6 )

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	117					$	38					$	33					$	19					$	13					$	3					$	6					$	4
Interest cost on projected benefit obligation			344						84						107						49						57						18						27						9
Expected return on plan assets			( 588 )						( 160 )						( 198 )						( 93 )						( 104 )						( 24 )						( 40 )						( 20 )
Amortization of actuarial loss			10						2						4						2						2						—						2						—
Amortization of prior service credit			( 14 )						( 1 )						—						—						—						—						( 2 )						( 7 )
Amortization of settlement charges			19						9						5						3						1						—						1						4
Net periodic pension costs (a)(b)			$	( 112 )					$	( 28 )					$	( 49 )					$	( 20 )					$	( 31 )					$	( 3 )					$	( 6 )					$	( 10 )

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			Year Ended December 31, 2022
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	152					$	48					$	43					$	25					$	17					$	4					$	9					$	5
Interest cost on projected benefit obligation			249						59						77						35						41						13						20						8
Expected return on plan assets			( 558 )						( 152 )						( 183 )						( 88 )						( 94 )						( 23 )						( 37 )						( 24 )
Amortization of actuarial loss			81						16						23						12						12						4						9						5
Amortization of prior service credit			( 18 )						( 3 )						—						—						—						—						( 2 )						( 7 )
Amortization of settlement charges (c)			32						9						8						7						1						5						1						7
MRVA method change			24						—						24						—						24						—						—						—
Net periodic pension costs (a)(b)			$	( 38 )					$	( 23 )					$	( 8 )					$	( 9 )					$	1					$	3					$	—					$	( 6 )

(a)    Duke Energy amounts exclude $ 2 million, $ 3 million and $ 3 million for the years ended December 2024, 2023 and 2022, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b)    Duke Energy Ohio amounts exclude $ 1 million, $ 1 million and $ 1 million for the years ended December 2024, 2023 and 2022, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(c)    Includes settlement charges not deferred as a regulatory asset.

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net increase			$	147					$	39					$	33					$	1					$	31					$	11					$	6					$	16
Accumulated other comprehensive loss (income)
Deferred income tax benefit			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Amortization of prior year service credit			1						—						—						—						—						—						—						—
Amortization of prior year actuarial losses			( 12 )						—						1						—						—						—						( 2 )						—
Net amount recognized in accumulated other comprehensive income			$	( 8 )					$	—					$	1					$	—					$	—					$	—					$	( 2 )					$	—

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net increase (decrease)			$	5					$	( 14 )					$	8					$	—					$	9					$	( 3 )					$	( 2 )					$	13
Accumulated other comprehensive loss (income)
Amortization of prior year actuarial losses			( 2 )						—						—						—						—						—						—						—
Net amount recognized in accumulated other comprehensive income			$	( 2 )					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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Reconciliation of Funded Status to Net Amount Recognized

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date			$	6,299					$	1,514					$	1,990					$	911					$	1,069					$	325					$	496					$	175
Service cost			107						36						30						18						12						3						6						4
Interest cost			325						78						103						47						56						17						26						9
Actuarial (gain)/loss			( 106 )						( 13 )						( 50 )						( 27 )						( 22 )						( 3 )						( 16 )						5
Benefits paid			( 645 )						( 177 )						( 198 )						( 111 )						( 88 )						( 33 )						( 41 )						( 12 )
Transfers			—						6						—						—						—						—						—						—
Obligation at measurement date			$	5,980					$	1,444					$	1,875					$	838					$	1,027					$	309					$	471					$	181
Accumulated Benefit Obligation at measurement date			$	5,948					$	1,444					$	1,861					$	838					$	1,013					$	304					$	466					$	181
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	7,162					$	1,853					$	2,453					$	1,120					$	1,316					$	326					$	514					$	213
Employer contributions			100						26						23						14						9						5						8						3
Actual return on plan assets			270						73						98						46						53						11						17						10
Benefits paid			( 645 )						( 177 )						( 198 )						( 111 )						( 88 )						( 33 )						( 41 )						( 12 )
Transfers			—						6						—						—						—						—						—						—
Plan assets at measurement date			$	6,887					$	1,781					$	2,376					$	1,069					$	1,290					$	309					$	498					$	214
Funded status of plan			$	907					$	337					$	501					$	231					$	263					$	—					$	27					$	33

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date			$	6,358					$	1,554					$	1,975					$	909					$	1,055					$	333					$	499					$	170
Service cost			110						36						30						18						12						3						6						3
Interest cost			344						84						107						49						57						18						27						9
Actuarial loss			94						11						47						18						29						2						4						9
Benefits paid			( 607 )						( 177 )						( 159 )						( 80 )						( 78 )						( 31 )						( 40 )						( 16 )
Transfers			—						6						( 10 )						( 3 )						( 6 )						—						—						—
Obligation at measurement date			$	6,299					$	1,514					$	1,990					$	911					$	1,069					$	325					$	496					$	175
Accumulated Benefit Obligation at measurement date			$	6,267					$	1,517					$	1,975					$	912					$	1,053					$	317					$	494					$	176
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	6,993					$	1,815					$	2,371					$	1,083					$	1,271					$	323					$	501					$	203
Employer contributions			100						26						22						13						9						5						8						3
Actual return on plan assets			676						183						229						107						120						29						45						23
Benefits paid			( 607 )						( 177 )						( 159 )						( 80 )						( 78 )						( 31 )						( 40 )						( 16 )
Transfers			—						6						( 10 )						( 3 )						( 6 )						—						—						—
Plan assets at measurement date			$	7,162					$	1,853					$	2,453					$	1,120					$	1,316					$	326					$	514					$	213
Funded status of plan			$	863					$	339					$	463					$	209					$	247					$	1					$	18					$	38

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Amounts Recognized in the Consolidated Balance Sheets

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded pension (a)			$	907					$	337					$	501					$	231					$	263					$	74					$	101					$	33
Noncurrent pension liability (b)			$	—					$	—					$	—					$	—					$	—					$	74					$	74					$	—
Net asset (liability) recognized			$	907					$	337					$	501					$	231					$	263					$	—					$	27					$	33
Regulatory assets			$	2,168					$	570					$	711					$	354					$	356					$	100					$	182					$	113
Accumulated other comprehensive income (loss)
Deferred income tax benefit			$	( 24 )					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—
Net actuarial loss			115						—						4						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	91					$	—					$	3					$	—					$	—					$	—					$	—					$	—

			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded pension (a)			$	863					$	339					$	463					$	209					$	247					$	74					$	105					$	38
Noncurrent pension liability (b)			$	—					$	—					$	—					$	—					$	—					$	73					$	87					$	—
Net asset (liability) recognized			$	863					$	339					$	463					$	209					$	247					$	1					$	18					$	38
Regulatory assets			$	2,021					$	531					$	678					$	353					$	325					$	89					$	176					$	97
Accumulated other comprehensive (income) loss
Deferred income tax benefit			$	( 27 )					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—
Prior service credit			( 1 )						—						—						—						—						—						—						—
Net actuarial loss			127						—						3						—						—						—						2						—
Net amounts recognized in accumulated other comprehensive loss			$	99					$	—					$	2					$	—					$	—					$	—					$	2					$	—

(a)    Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

(b)    Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets

																		December 31, 2024
																					Duke						Duke
																					Energy						Energy
(in millions)																					Ohio						Indiana
Projected benefit obligation																					$	106					$	203
Accumulated benefit obligation																					101						197
Fair value of plan assets																					32						128

						December 31, 2023
																					Duke						Duke
																					Energy						Energy
(in millions)																					Ohio						Indiana
Projected benefit obligation																					$	105					$	208
Accumulated benefit obligation																					100						203
Fair value of plan assets																					31						121

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Assumptions Used for Pension Benefits Accounting

The discount rate used to determine the current year pension obligation and following year’s pension expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected.

The RCBP contains a mostly active participant population while the DELPP contains a mostly inactive participant population. The average remaining service period for RCBP participants is nine years and the average life expectancy of DELPP participants is 15 years. Unrecognized net actuarial gains/losses and prior service credit are amortized over 12 years for Duke Energy and Duke Energy Florida, 14 years for Duke Energy Ohio, 13 years for Duke Energy Indiana, 11 years for Duke Energy Carolinas, Progress Energy and Duke Energy Progress and nine years for Piedmont.

The following tables present the assumptions or range of assumptions used for pension benefit accounting.

						December 31,
						2024												2023												2022
Benefit Obligations
Discount rate												5.70 %												5.40 %												5.60 %
Interest crediting rate												4.78 %												4.15 %												4.35 %
Salary increase						3.50		%	–			4.00 %						3.50		%	–			4.00 %						3.50		%	–			4.00 %
Net Periodic Benefit Cost
Discount rate						5.00		%	–			5.40 %												5.60 %						2.90		%	–			5.70 %
Interest crediting rate												4.15 %												4.35 %												4.00 %
Salary increase						3.50		%	–			4.00 %						3.50		%	–			4.00 %						3.50		%	–			4.00 %
Expected long-term rate of return on plan assets						8.50		%	–			7.00		%				6.50			–			8.25 %												6.50 %

Expected Benefit Payments

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Years ending December 31,
2025			$	628		$	173		$	183		$	98		$	84		$	31		$	43		$	19
2026			606			161			179			91			87			30			42			18
2027			586			153			175			87			87			29			42			17
2028			572			149			173			85			87			29			41			17
2029			546			138			167			79			87			29			42			16
2030-2034			2,407			567			762			338			420			129			197			73

NON-QUALIFIED PENSION PLANS

The accumulated benefit obligation, which equals the projected benefit obligation for non-qualified pension plans, was $ 203 million for Duke Energy, $ 8 million for Duke Energy Carolinas, $ 72 million for Progress Energy, $ 22 million for Duke Energy Progress, $ 27 million for Duke Energy Florida, $ 2 million for Duke Energy Ohio, $ 1 million for Duke Energy Indiana and $ 2 million for Piedmont as of December 31, 2024.

Employer contributions, which equal benefits paid for non-qualified pension plans, were $ 30 million for Duke Energy, $ 2 million for Duke Energy Carolinas, $ 8 million for Progress Energy, $ 3 million for Duke Energy Progress and $ 3 million for Duke Energy Florida for the year ended December 31, 2024. Employer contributions were not material for Duke Energy Ohio, Duke Energy Indiana or Piedmont for the year ended December 31, 2024.

Net periodic pension costs for non-qualified pension plans were not material for the years ended December 31, 2024, 2023 or 2022.

OTHER POST-RETIREMENT BENEFIT PLANS

Duke Energy provides, and the Subsidiary Registrants participate in, some health care and life insurance benefits for retired employees on a contributory and non-contributory basis. Employees are eligible for these benefits if they have satisfied the applicable eligibility requirements (e.g., age and service) at retirement, as defined in the plans. The health care benefits include medical, dental, vision and prescription drug coverage and are subject to certain limitations, such as deductibles and copayments.

Duke Energy did not make any prefunding contributions to its other post-retirement benefit plans during the years ended December 31, 2024, 2023 or 2022.

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Components of Net Periodic Other Post-Retirement Benefit Costs

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			17						3						7						4						3						1						1						1
Expected return on plan assets			( 11 )						( 8 )						—						—						—						—						—						( 2 )
Amortization of actuarial (gain) loss			( 6 )						( 2 )						8						6						2						( 2 )						( 4 )						—
Amortization of prior service credit			( 21 )						( 4 )						( 11 )						( 6 )						( 5 )						—						( 5 )						—
Net periodic post-retirement benefit costs (a)(b)			$	( 19 )					$	( 11 )					$	4					$	4					$	—					$	( 1 )					$	( 8 )					$	( 1 )

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	2					$	1					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			22						5						9						5						4						1						1						1
Expected return on plan assets			( 11 )						( 7 )						—						—						—						—						—						( 2 )
Amortization of actuarial (gain) loss			( 6 )						( 3 )						8						5						2						( 2 )						( 3 )						—
Amortization of prior service credit			( 23 )						( 5 )						( 11 )						( 6 )						( 5 )						—						( 5 )						—
Net periodic post-retirement benefit costs (a)(b)			$	( 16 )					$	( 9 )					$	6					$	4					$	1					$	( 1 )					$	( 7 )					$	( 1 )

			Year Ended December 31, 2022
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	3					$	1					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			17						4						7						4						3						1						1						1
Expected return on plan assets			( 10 )						( 6 )						—						—						—						—						—						( 2 )
Amortization of actuarial loss			2						—						1						1						1						—						—						—
Amortization of prior service credit			( 8 )						( 3 )						( 2 )						( 1 )						( 1 )						—						—						( 2 )
Net periodic post-retirement benefit costs (a)(b)			$	4					$	( 4 )					$	6					$	4					$	3					$	1					$	1					$	( 3 )

(a) Duke Energy amounts exclude $ 4 million, $ 4 million and $ 4 million for the years ended December 2024, 2023 and 2022, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b)    Duke Energy Ohio amounts exclude $ 1 million, $ 1 million and $ 1 million for the years ended December 2024, 2023 and 2022, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

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Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net (decrease) increase			$	( 42 )					$	( 62 )					$	23					$	17					$	5					$	( 1 )					$	( 3 )					$	—
Regulatory liabilities, net (decrease) increase			$	( 76 )					$	( 71 )					$	12					$	12					$	—					$	( 3 )					$	( 12 )					$	—
Accumulated other comprehensive (income) loss
Amortization of prior year actuarial gain			1						—						—						—						—						—						—						—
Net amount recognized in accumulated other comprehensive income			$	1					$	—					$	—					$	—					$	—					$	—					$	—					$	—

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net increase (decrease)			$	73					$	79					$	( 7 )					$	( 5 )					$	—					$	( 2 )					$	( 2 )					$	1
Regulatory liabilities, net increase (decrease)			$	41					$	62					$	—					$	—					$	—					$	( 4 )					$	( 8 )					$	—
Accumulated other comprehensive (income) loss
Amortization of prior year service credit			$	1					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Amortization of prior year actuarial gain			$	—					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—
Net amount recognized in accumulated other comprehensive income			$	1					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—

Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date			$	347					$	69					$	146					$	84					$	60					$	19					$	24					$	15
Service cost			2						—						—						—						—						—						—						—
Interest cost			17						3						7						4						3						1						1						1
Plan participants' contributions			3						1						1						—						—						—						—						—
Actuarial losses (gains)			2						( 2 )						7						5						3						—						( 2 )						—
Benefits paid			( 37 )						( 8 )						( 15 )						( 6 )						( 6 )						( 2 )						( 3 )						( 1 )
Accumulated post-retirement benefit obligation at measurement date			$	334					$	63					$	146					$	87					$	60					$	18					$	20					$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	156					$	102					$	( 1 )					$	( 1 )					$	( 1 )					$	7					$	3					$	27
Actual return on plan assets			7						4						—						—						—						—						—						3
Benefits paid			( 37 )						( 8 )						( 15 )						( 6 )						( 6 )						( 2 )						( 3 )						( 1 )
Tax refund			5						4						—						—						—						—						—						—
Employer contributions			27						4						14						7						7						2						—						—
Plan participants' contributions			3						1						1						—						—						—						—						—
Plan assets at measurement date			$	161					$	107					$	( 1 )					$	—					$	—					$	7					$	—					$	29
Funded status of plan			$	( 173 )					$	44					$	( 147 )					$	( 87 )					$	( 60 )					$	( 11 )					$	( 20 )					$	14

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			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date			$	437					$	112					$	168					$	95					$	69					$	20					$	30					$	21
Service cost			2						1						—						—						—						—						—						—
Interest cost			22						5						9						5						4						1						1						1
Plan participants' contributions			4						1						1						1						1						—						—						—
Actuarial (gains) losses			( 10 )						( 2 )						( 10 )						( 6 )						( 4 )						1						( 1 )						1
Transfers			( 50 )						( 34 )						—						—						—						—						—						( 6 )
Benefits paid			( 58 )						( 14 )						( 22 )						( 11 )						( 10 )						( 3 )						( 6 )						( 2 )
Accumulated post-retirement benefit obligation at measurement date			$	347					$	69					$	146					$	84					$	60					$	19					$	24					$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	162					$	105					$	—					$	( 2 )					$	( 2 )					$	7					$	3					$	31
401(h) asset transfers			—						( 8 )						—						—						—						—						—						—
Actual return on plan assets			19						8						—						—						—						1						—						4
Benefits paid			( 58 )						( 14 )						( 22 )						( 11 )						( 10 )						( 3 )						( 6 )						( 2 )
Transfers			( 13 )						4						—						—						—						—						—						( 7 )
Employer contributions			42						6						20						11						10						2						6						1
Plan participants' contributions			4						1						1						1						1						—						—						—
Plan assets at measurement date			$	156					$	102					$	( 1 )					$	( 1 )					$	( 1 )					$	7					$	3					$	27
Funded status of plan			$	( 191 )					$	33					$	( 147 )					$	( 85 )					$	( 61 )					$	( 12 )					$	( 21 )					$	12

Amounts Recognized in the Consolidated Balance Sheets

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded post-retirement benefit (a)			$	—					$	44					$	—					$	—					$	—					$	1					$	—					$	14
Current post-retirement liability (b)			8						—						5						3						2						1						—						—
Noncurrent post-retirement liability (c)			165						—						142						84						58						11						20						—
Net liability (asset) recognized			$	173					$	( 44 )					$	147					$	87					$	60					$	11					$	20					$	( 14 )
Regulatory assets			$	81					$	17					$	62					$	46					$	16					$	1					$	20					$	1
Regulatory liabilities			$	154					$	35					$	12					$	12					$	—					$	14					$	62					$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Net actuarial gain			( 12 )						—						( 1 )						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	( 9 )					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—

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			December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded post-retirement benefit (a)			$	—					$	61					$	—					$	—					$	—					$	1					$	—					$	12
Current post-retirement liability (b)			12						3						5						3						2						1						—						—
Noncurrent post-retirement liability (c)			179						25						142						82						59						12						21						—
Net liability (asset) recognized			$	191					$	( 33 )					$	147					$	85					$	61					$	12					$	21					$	( 12 )
Regulatory assets			$	123					$	79					$	39					$	29					$	11					$	2					$	23					$	1
Regulatory liabilities			$	230					$	106					$	—					$	—					$	—					$	17					$	74					$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Net actuarial gain			( 13 )						—						( 1 )						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	( 10 )					$	—					$	( 1 )					$	—					$	—					$	—					$	—					$	—

(a)    Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

(b)    Included in Other within Current Liabilities on the Consolidated Balance Sheets.

(c)    Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Assumptions Used for Other Post-Retirement Benefits Accounting

The discount rate used to determine the current year other post-retirement benefits obligation and following year’s other post-retirement benefits expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected.

The average remaining service period of active covered employees is seven years for Duke Energy, Duke Energy Carolinas and Duke Energy Florida, six years for Duke Energy Ohio, Duke Energy Indiana and Piedmont and five years for Progress Energy and Duke Energy Progress.

The following tables present the assumptions used for other post-retirement benefits accounting.

						December 31,
						2024												2023												2022
Benefit Obligations
Discount rate												5.70		%										5.40		%				5.60		%
Net Periodic Benefit Cost
Discount rate												5.40		%										5.60		%				2.90		%
Expected long-term rate of return on plan assets						6.50		%	–			8.25		%				6.50		%	–			8.25		%				6.50		%

Assumed Health Care Cost Trend Rate

			December 31,
			2024						2023
Health care cost trend rate assumed for next year – pre-65 trend			7.00		%				6.50		%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)			4.75		%				4.75		%
Year that rate reaches ultimate trend			2034-2035						2031-2032

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Expected Benefit Payments

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Years ending December 31,
2025			$	52		$	13		$	18		$	11		$	8		$	3		$	4		$	2
2026			45			11			16			10			7			3			3			2
2027			41			9			16			9			7			2			3			2
2028			38			8			15			9			6			2			3			2
2029			35			7			14			8			6			2			2			2
2030-2034			124			21			59			35			24			6			8			6

PLAN ASSETS

Description and Allocations

Duke Energy Corporation Master Retirement Trust

Assets for both the qualified pension and other post-retirement benefits are maintained in the Duke Energy Corporation Master Retirement Trust. Approximately 98 % of the Duke Energy Corporation Master Retirement Trust assets were allocated to qualified pension plans and approximately 2 % were allocated to other post-retirement plans (comprised of 401(h) accounts), as of December 31, 2024, and 2023. The investment objective of the Duke Energy Corporation Master Retirement Trust is to invest in a diverse portfolio of assets that is expected to generate positive surplus return over time (i.e., asset growth greater than liability growth) subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for plan participants.

As of December 31, 2024, Duke Energy assumes qualified pension and other post-retirement plan assets will generate a long-term rate of return of 8.50 % for the RCBP pension and RCBP 401(h) account assets and 7.00 % for the DELPP pension and DELPP 401(h) account assets. The expected long-term rate of return was developed using a weighted average calculation of expected returns based primarily on future expected returns across asset classes considering the use of active asset managers, where applicable. The asset allocation targets were set after considering the investment objective and the risk profile. Equity securities are held for their higher expected returns. Debt securities are primarily held to hedge the qualified pension plan. Return seeking debt securities, hedge funds and other global securities are held for diversification. Investments within asset classes are diversified to achieve broad market participation and reduce the impact of individual managers or investments.

Effective January 1, 2025, the target asset allocation for the RCBP assets is 35 % liability hedging and 65 % return-seeking assets and the target asset allocation for the DELPP assets is 80 % liability hedging assets and 20 % return-seeking assets. Duke Energy periodically reviews its asset allocation targets, and over time, as the funded status of the benefit plans increase, the level of asset risk relative to plan liabilities may be reduced to better manage Duke Energy's benefit plan liabilities and reduce funded status volatility.

Qualified pension and other post-retirement benefits for the Subsidiary Registrants are derived from the Duke Energy Corporation Master Retirement Trust, as such, each are allocated their proportionate share of the assets discussed below.

The following table includes the target asset allocations by asset class at December 31, 2024, and the actual asset allocations for the RCBP assets.

									Actual Allocation at
			Target						December 31,
			Allocation						2024						2023
Global equity securities			45		%				44		%				45		%
Global private equity securities			2		%				1		%				2		%
Debt securities			35		%				33		%				35		%
Return seeking debt securities			7		%				7		%				6		%
Hedge funds			4		%				5		%				4		%
Real estate and cash			7		%				10		%				8		%
Total			100		%				100		%				100		%

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The following table includes the target asset allocations by asset class at December 31, 2024, and the actual asset allocations for the DELPP assets.

									Actual Allocation at
			Target						December 31,
			Allocation						2024						2023
Global equity securities			14		%				15		%				14		%
Global private equity securities			1		%				—		%				—		%
Debt securities			80		%				79		%				79		%
Return seeking debt securities			2		%				2		%				2		%
Hedge funds			1		%				—		%				2		%
Real estate and cash			2		%				4		%				3		%
Total			100		%				100		%				100		%

Other post-retirement assets

Duke Energy's other post-retirement assets are comprised of Voluntary Employees' Beneficiary Association (VEBA) trusts and 401(h) accounts held within the Duke Energy Corporation Master Retirement Trust. Duke Energy's investment objective is to achieve sufficient returns, subject to a prudent level of portfolio risk, for the purpose of promoting the security of plan benefits for participants.

The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2024.

									Actual Allocation at
			Target						December 31,
			Allocation						2024						2023
U.S. equity securities			29		%				34		%				30		%
Non-U.S. equity securities			15		%				15		%				15		%
Real estate			5		%				7		%				7		%
Debt securities			47		%				31		%				30		%
Cash			4		%				13		%				18		%
Total			100		%				100		%				100		%

Fair Value Measurements

Duke Energy classifies recurring and nonrecurring fair value measurements based on the fair value hierarchy as discussed in Note 17.

Valuation methods of the primary fair value measurements disclosed below are as follows:

Investments in equity securities

Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the reporting period. Principal active markets for equity prices include published exchanges such as NASDAQ and NYSE. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. Prices have not been adjusted to reflect after-hours market activity. The majority of investments in equity securities are valued using Level 1 measurements. When the price of an institutional commingled fund is unpublished, it is not categorized in the fair value hierarchy, even though the funds are readily available at the fair value.

Investments in corporate debt securities and U.S. government securities

Most debt investments are valued based on a calculation using interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. Most debt valuations are Level 2 measurements. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. U.S. Treasury debt is typically Level 2.

Investments in short-term investment funds

Investments in short-term investment funds are valued at the net asset value of units held at year end and are readily redeemable at the measurement date. Investments in short-term investment funds with published prices are valued as Level 1. Investments in short-term investment funds with unpublished prices are valued as Level 2.

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Duke Energy Corporation Master Retirement Trust

The following tables provide the fair value measurement amounts for the Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets.

			December 31, 2024
			Total Fair																								Not
(in millions)			Value						Level 1						Level 2						Level 3						Categorized (b)
Equity securities			$	2,461					$	2,216					$	231					$	—					$	14
Corporate debt securities			2,415						—						2,415						—						—
Short-term investment funds			310						—						310						—						—
Partnership interests			68						—						—						68						—
Hedge funds			164						—						—						—						164
U.S. government securities			1,398						—						1,398						—						—
Governments bonds – foreign			128						—						128						—						—
Cash			15						15						—						—						—
Government and commercial mortgage-backed securities			1						—						1						—						—
Net pending transactions and other investments			9						11						( 2 )						—						—
Total assets (a)			$	6,969					$	2,242					$	4,481					$	68					$	178

(a)    Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27 %, 33 %, 15 %, 18 %, 5 %, 7 % and 3 %, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2024. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b)    Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

			December 31, 2023
			Total Fair																								Not
(in millions)			Value						Level 1						Level 2						Level 3						Categorized (b)
Equity securities			$	2,221					$	1,995					$	211					$	—					$	15
Corporate debt securities			2,807						—						2,807						—						—
Short-term investment funds			233						—						233						—						—
Partnership interests			76						—						—						76						—
Hedge funds			164						—						—						—						164
U.S. government securities			1,571						—						1,571						—						—
Governments bonds – foreign			107						—						107						—						—
Cash			7						7						—						—						—
Government and commercial mortgage-backed securities			1						—						1						—						—
Net pending transactions and other investments			54						40						14						—						—
Total assets (a)			$	7,241					$	2,042					$	4,944					$	76					$	179

(a)    Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27 %, 33 %, 15 %, 18 %, 5 %, 7 % and 3 %, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2023. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b)    Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).

(in millions)			2024						2023
Balance at January 1			$	76					$	62
Sales			( 10 )						( 8 )
Total gains and other, net			2						22
Balance at December 31			$	68					$	76

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Other post-retirement assets

The following tables provide the fair value measurement amounts for VEBA trust assets.

			December 31, 2024
			Total Fair
(in millions)			Value												Level 2
Cash and cash equivalents			$	3											$	3
Real estate			1												1
Equity securities			10												10
Debt securities			6												6
Total assets			$	20											$	20

			December 31, 2023
			Total Fair
(in millions)			Value												Level 2
Cash and cash equivalents			$	4											$	4
Real estate			1												1
Equity securities			9												9
Debt securities			6												6
Total assets			$	20											$	20

EMPLOYEE SAVINGS PLANS

Retirement Savings Plan

Duke Energy Corporation sponsors, and the Subsidiary Registrants participate in, employee savings plans that cover substantially all U.S. employees. Most employees participate in a matching contribution formula where Duke Energy provides a matching contribution generally equal to 100 % of employee before-tax and Roth 401(k) contributions of up to 6 % of eligible pay per pay period. Dividends on Duke Energy shares held by the savings plans are charged to retained earnings when declared and shares held in the plans are considered outstanding in the calculation of basic and diluted EPS. For new and rehired employees who are not eligible to participate in Duke Energy’s defined benefit plans, an additional employer contribution of 4 % of eligible pay per pay period, which is subject to a three-year vesting schedule, is provided to the employee’s savings plan account.

The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.

									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Years ended December 31,
2024			$	257					$	81					$	72					$	43					$	29					$	6					$	13					$	14
2023			238						75						62						40						22						6						13						13
2022			246						76						65						43						22						6						12						13

Inflation Reduction Act

In August 2022, the IRA was signed into law. Among other provisions, the IRA implemented a new 15% corporate alternative minimum tax based on GAAP net income, with certain adjustments as defined by the IRA, and clean energy-related provisions. The IRA's clean energy provisions included, among other provisions, the extension and modification of existing investment and PTCs for projects placed in service through 2024 and introduced new technology-neutral clean energy-related credits beginning in 2025. In addition, the IRA created a new, zero-emission nuclear power PTC and a clean hydrogen PTC.

For the year ended December 31, 2024, Duke Energy Carolinas and Duke Energy Progress have recorded nuclear PTCs of approximately $ 449 million and $ 73 million, respectively. These amounts represent the estimated net realizable value of the PTCs, which were deferred to a regulatory liability. The Company will continue to assess its calculations and interpretations as new information and guidance becomes available. The Subsidiary Registrants are working with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. In 2024, net proceeds of $ 558 million was received related to the sale of tax credits, which includes primarily $ 428 million of nuclear power PTCs at Duke Energy Carolinas, $ 65 million of nuclear power PTCs at Duke Energy Progress, and $ 43 million of solar PTCs at Duke Energy Florida. See Note 4 for further details on the IRA as it relates to Duke Energy Florida and Duke Energy Carolinas' approval for a stand-alone rider starting January 1, 2025.

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