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Form 8-K Duke Energy CORP For: Nov 18

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November 19, 2015 4:36 PM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2015
Commission file
number
 
Registrant, State of Incorporation or Organization,
 Address of Principal Executive Offices, and Telephone Number
 
IRS Employer
Identification No.
1-32853
 
 
 
DUKE ENERGY CORPORATION
(a Delaware corporation)
550 South Tryon Street
Charlotte, North Carolina 28202-1803
704-382-6200
 
20-2777218
Commission file number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number and IRS Employer Identification Number
 
Commission file number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number and IRS Employer Identification Number
1-4928
DUKE ENERGY CAROLINAS, LLC
(a North Carolina limited liability company)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
56-0205520
 
1-1232
DUKE ENERGY OHIO, INC.
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
704-382-3853
31-0240030
1-3382
DUKE ENERGY PROGRESS, LLC
(formerly DUKE ENERGY PROGRESS, INC.)
(a North Carolina limited liability company)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853
56-0165465
 
1-3543
DUKE ENERGY INDIANA, INC.
(an Indiana corporation)
1000 East Main Street
Plainfield, Indiana 46168
704-382-3853
35-0594457
1-3274
DUKE ENERGY FLORIDA, LLC
(formerly DUKE ENERGY FLORIDA, INC.)
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
704-382-3853
59-0247770
 
 
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))




Item 2.02.  Results of Operations and Financial Conditions.

The information attached hereto as exhibit 99.1 provides supplemental financial information for Duke Energy Corporation.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

99.1 Third Quarter 2015 Statistical Supplement




SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
DUKE ENERGY CORPORATION
 
 
DUKE ENERGY CAROLINAS, LLC
 
 
DUKE ENERGY PROGRESS, LLC
 
 
DUKE ENERGY FLORIDA, LLC
 
 
DUKE ENERGY OHIO, INC.
 
 
DUKE ENERGY INDIANA, INC.
 
 
 
 
 
 
 
 
Date:
November 19, 2015
By:
/s/ Brian D. Savoy
 
 
Name:
Brian D. Savoy
 
 
Title:
Senior Vice President, Chief Accounting Officer and Controller





EXHIBIT INDEX

Exhibit
 
Description
 
 
 
99.1

 
Third Quarter 2015 Statistical Supplement










3rd Quarter 2015 Statistical Supplement




Table of Contents
 
 
 
 
 
 
 
 
DUKE ENERGY CORPORATION (Unaudited)
 
DUKE ENERGY OHIO SUPPLEMENT (Unaudited)
Consolidating Statements of Operations
 
Consolidating Statements of Operations
Consolidating Balance Sheets
 
 
 
 
 
 
 
 
REGULATED UTILITIES (Unaudited)
 
 
 
Consolidating Segment Income
 
 
 
Consolidating Balance Sheets
 
 
 
Operating Statistics (Regulated Utilities)
 
 
 
Operating Statistics (Duke Energy Carolinas)
 
 
 
Operating Statistics (Duke Energy Progress)
 
 
 
Operating Statistics (Duke Energy Florida)
 
 
 
Operating Statistics (Duke Energy Ohio - Electric)
 
 
 
Operating Statistics (Duke Energy Ohio - Natural Gas)
 
 
 
Operating Statistics (Duke Energy Indiana)
 
 
 





DUKE ENERGY CORPORATION
Consolidating Statements of Operations
(Unaudited)
 
Nine Months Ended September 30, 2015
(in millions)
Regulated Utilities

International Energy

Commercial Portfolio (a)

Other

Eliminations / Adjustments

Duke Energy

Operating Revenues
 
 
 
 
 
 
Regulated electric
$
16,670

$
—

$
—

$
3

$
(109
)
$
16,564

Nonregulated electric and other
—

841

214

75

27

1,157

Regulated natural gas
420

—

—

—

(4
)
416

Total operating revenues
17,090

841

214

78

(86
)
18,137

Operating Expenses
 
 
 
 
 
 
Fuel used in electric generation and purchased power - regulated
5,775

—

—

—

—

5,775

Fuel used in electric generation and purchased power - nonregulated
—

262

14

7

—

283

Cost of natural gas and other
117

42

—

—

(1
)
158

Operation, maintenance and other
3,910

247

149

47

(79
)
4,274

Depreciation and amortization
2,096

69

77

99

—

2,341

Property and other taxes
798

5

15

19

(1
)
836

Impairment charges(b)
93

14

—

5

(1
)
111

Total operating expenses
12,789

639

255

177

(82
)
13,778

Gains (Loss) on Sales of Other Assets and Other, net
10

(1
)
6

16

—

31

Operating Income (Loss)
4,311

201

(35
)
(83
)
(4
)
4,390

Other Income and Expenses
187

69

(3
)
8

(5
)
256

Interest Expense
829

66

33

285

(5
)
1,208

Income (Loss) from Continuing Operations Before Income Taxes
3,669

204

(71
)
(360
)
(4
)
3,438

Income Tax Expense (Benefit) from Continuing Operations(c)
1,358

44

(35
)
(249
)
—

1,118

Income (Loss) from Continuing Operations
2,311

160

(36
)
(111
)
(4
)
2,320

Less: Net Income (Loss) Attributable to Noncontrolling Interest
—

3

(1
)
8

—

10

Segment Income (Loss) / Net Expense
$
2,311

$
157

$
(35
)
$
(119
)
$
(4
)
$
2,310

Income from Discontinued Operations, net of tax(d)
 
 
 
 
 
29

Net Income Attributable to Duke Energy Corporation
 
 
 
 
 
$
2,339


(a)
Subsequent to the sale of the nonregulated Midwest generation business, certain immaterial results of operations previously presented in Commercial Portfolio are presented in Regulated Utilities and Other.
(b)
The amount for Regulated Utilities includes a pretax charge of $85 million related to the Edwardsport settlement.
(c)
The amount for Regulated Utilities includes a tax benefit of $34 million related to the Edwardsport settlement. The amount for Commercial Portfolio includes state tax expense of $41 million, resulting from changes to state apportionment factors due to the sale of the nonregulated Midwest generation business, that does not qualify for discontinued operations.
(d)
Includes the after-tax impact of $53 million for the settlement agreement reached in a lawsuit related to the nonregulated Midwest generation business.


3


DUKE ENERGY CORPORATION
Consolidating Statements of Operations
(Unaudited)
 
Nine Months Ended September 30, 2014
(in millions)
Regulated Utilities

International Energy

Commercial Portfolio

Other

Eliminations / Adjustments

Duke Energy

Operating Revenues
 
 
 
 
 
 
Regulated electric
$
16,656

$
—

$
—

$
(3
)
$
(104
)
$
16,549

Nonregulated electric and other
—

1,111

195

82

15

1,403

Regulated natural gas
418

—

—

—

(4
)
414

Total operating revenues
17,074

1,111

195

79

(93
)
18,366

Operating Expenses
 
 
 
 
 
 
Fuel used in electric generation and purchased power - regulated
5,940

—

—

—

—

5,940

Fuel used in electric generation and purchased power - nonregulated
—

365

24

26

(5
)
410

Cost of natural gas and other
129

51

—

1

—

181

Operation, maintenance and other
3,748

263

154

168

(79
)
4,254

Depreciation and amortization
2,075

74

70

86

—

2,305

Property and other taxes
913

7

13

3

—

936

Impairment charges(a)
2

—

94

(15
)
—

81

Total operating expenses
12,807

760

355

269

(84
)
14,107

Gains on Sales of Other Assets and Other, net
2

7

—

2

—

11

Operating Income (Loss)
4,269

358

(160
)
(188
)
(9
)
4,270

Other Income and Expenses
206

152

15

33

(16
)
390

Interest Expense
816

71

41

302

(18
)
1,212

Income (Loss) from Continuing Operations Before Income Taxes
3,659

439

(186
)
(457
)
(7
)
3,448

Income Tax Expense (Benefit) from Continuing Operations
1,313

74

(116
)
(190
)
—

1,081

Income (Loss) from Continuing Operations
2,346

365

(70
)
(267
)
(7
)
2,367

Less: Net Income Attributable to Noncontrolling Interest
—

9

—

2

—

11

Segment Income (Loss) / Net Expense
$
2,346

$
356

$
(70
)
$
(269
)
$
(7
)
$
2,356

Loss from Discontinued Operations, net of tax
 
 
 
 
 
(570
)
Net Income Attributable to Duke Energy Corporation
 
 
 
 
 
$
1,786


(a)    The impairment charge for Commercial Portfolio relates to OVEC.

4


DUKE ENERGY CORPORATION
Consolidating Balance Sheets - Assets
(Unaudited)
 
September 30, 2015
(in millions)
Regulated Utilities

International Energy

Commercial Portfolio

Other

Eliminations / Adjustments

Duke Energy

Current Assets
 
 
 
 
 
 
Cash and cash equivalents
$
424

$
710

$
17

$
219

$
—

$
1,370

Receivables, net
447

236

3

36

—

722

Restricted receivables of variable interest entities, net
2,003

—

13

21

—

2,037

Receivables from affiliated companies
121

117

487

2,860

(3,585
)
—

Notes receivable from affiliated companies
840

—

—

49

(889
)
—

Inventory
3,438

66

8

25

—

3,537

Regulatory assets
890

—

—

73

—

963

Other
682

41

227

636

(20
)
1,566

Total current assets
8,845

1,170

755

3,919

(4,494
)
10,195

Investments and Other Assets
 
 
 
 
 
 
Investments in equity method unconsolidated affiliates
3

81

390

27

—

501

Investments and advances to (from) subsidiaries
50

(22
)
(61
)
50,081

(50,048
)
—

Nuclear decommissioning trust funds
5,566

—

—

—

—

5,566

Goodwill
15,950

274

88

—

—

16,312

Other
2,043

383

76

1,178

(475
)
3,205

Total investments and other assets
23,612

716

493

51,286

(50,523
)
25,584

Property, Plant and Equipment
 
 
 
 
 
 
Cost
102,890

2,854

3,394

1,657

—

110,795

Accumulated depreciation and amortization
(35,202
)
(921
)
(412
)
(944
)
—

(37,479
)
Generation facilities to be retired, net
460

—

—

—

—

460

Net property, plant and equipment
68,148

1,933

2,982

713

—

73,776

Regulatory Assets and Deferred Debits
 
 
 
 
 
 
Regulatory assets
10,836

—

—

454

—

11,290

Other
105

6

37

40

—

188

Total regulatory assets and deferred debits
10,941

6

37

494

—

11,478

Total Assets
111,546

3,825

4,267

56,412

(55,017
)
121,033

Segment reclassifications, intercompany balances and other
(1,026
)
(95
)
(426
)
(53,655
)
55,202

—

Reportable Segment Assets
$
110,520

$
3,730

$
3,841

$
2,757

$
185

$
121,033



5


DUKE ENERGY CORPORATION
Consolidating Balance Sheets - Liabilities and Equity
(Unaudited)
 
September 30, 2015
(in millions)
Regulated Utilities

International Energy

Commercial Portfolio

Other

Eliminations / Adjustments

Duke Energy

Current Liabilities
 
 
 
 
 
 
Accounts payable
$
1,681

$
50

$
33

$
314

$
—

$
2,078

Accounts payable to affiliated companies
3,203

6

34

237

(3,480
)
—

Notes payable to affiliated companies
49

—

—

840

(889
)
—

Notes payable and commercial paper
—

—

—

2,419

—

2,419

Taxes accrued
674

1,151

(218
)
(979
)
—

628

Interest accrued
375

17

—

91

—

483

Current maturities of long-term debt
2,089

47

73

327

—

2,536

Regulatory liabilities
312

—

—

8

—

320

Other
1,502

150

42

483

(125
)
2,052

Total current liabilities
9,885

1,421

(36
)
3,740

(4,494
)
10,516

Long-Term Debt
25,780

854

916

10,117

—

37,667

Notes Payable to Affiliated Companies
475

—

—

—

(475
)
—

Deferred Credits and Other Liabilities
 
 
 
 
 

Deferred income taxes
14,965

(603
)
525

(888
)
—

13,999

Investment tax credits
416

—

—

—

—

416

Accrued pension and other post-retirement benefit costs
724

1

—

405

—

1,130

Asset retirement obligations
9,657

6

49

1

—

9,713

Regulatory liabilities
6,147

—

—

(18
)
—

6,129

Other
1,082

75

64

376

(2
)
1,595

Total deferred credits and other liabilities
32,991

(521
)
638

(124
)
(2
)
32,982

Equity
 
 
 
 
 
 
Total Duke Energy Corporation stockholders' equity
42,415

2,033

2,749

42,692

(50,057
)
39,832

Noncontrolling interests
—

38

—

(13
)
11

36

Total equity
42,415

2,071

2,749

42,679

(50,046
)
39,868

Total Liabilities and Equity
111,546

3,825

4,267

56,412

(55,017
)
121,033

Segment reclassifications, intercompany balances and other
(1,026
)
(95
)
(426
)
(53,655
)
55,202

—

Reportable Segment Liabilities and Equity
$
110,520

$
3,730

$
3,841

$
2,757

$
185

$
121,033



6


REGULATED UTILITIES
Consolidating Segment Income
(Unaudited)
 
Nine Months Ended September 30, 2015
(in millions)
Duke Energy Carolinas

Duke Energy Progress

Duke Energy Florida

Duke Energy Ohio

Duke Energy Indiana

Eliminations / Adjustments

Regulated Utilities

Operating Revenues
 
 
 
 
 
 
 
Regulated electric
$
5,669

$
4,130

$
3,803

$
1,005

$
2,223

$
(160
)
$
16,670

Regulated natural gas
—

—

—

419

—

1

420

Total operating revenues
5,669

4,130

3,803

1,424

2,223

(159
)
17,090

Operating Expenses
 
 
 
 
 
 
 
Fuel used in electric generation and purchased power
1,553

1,608

1,665

350

779

(180
)
5,775

Cost of natural gas
—

—

—

116

—

1

117

Operation, maintenance and other
1,424

1,046

583

332

516

9

3,910

Depreciation and amortization
779

462

369

172

320

(6
)
2,096

Property and other taxes
204

102

265

187

41

(1
)
798

Impairment charges(a)
—

—

7

—

85

1

93

Total operating expenses
3,960

3,218

2,889

1,157

1,741

(176
)
12,789

Gains on Sales of Other Assets and Other, net
—

2

—

8

—

—

10

Operating Income
1,709

914

914

275

482

17

4,311

Other Income and Expenses(b)
125

49

12

(2
)
9

(6
)
187

Interest Expense
313

175

149

58

132

2

829

Income from Continuing Operations Before Income Taxes
1,521

788

777

215

359

9

3,669

Income Tax Expense(c)
553

279

274

80

131

41

1,358

Segment Income
$
968

$
509

$
503

$
135

$
228

$
(32
)
$
2,311


(a)
The amount for Duke Energy Indiana relates to the Edwardsport settlement.
(b)
Includes an equity component of allowance for funds used during construction of $73 million for Duke Energy Carolinas, $35 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio, and $9 million for Duke Energy Indiana.
(c)
The amount for Duke Energy Indiana includes a $34 million tax benefit related to the Edwardsport settlement.


7


REGULATED UTILITIES
Consolidating Segment Income
(Unaudited)
 
Nine Months Ended September 30, 2014
(in millions)
Duke Energy Carolinas

Duke Energy Progress

Duke Energy Florida

Duke Energy Ohio

Duke Energy Indiana

Eliminations / Adjustments

Regulated Utilities

Operating Revenues
 
 
 
 
 
 
 
Regulated electric
$
5,697

$
3,982

$
3,832

$
999

$
2,383

$
(237
)
$
16,656

Regulated natural gas
—

—

—

418

—

—

418

Total operating revenues
5,697

3,982

3,832

1,417

2,383

(237
)
17,074

Operating Expenses
 
 
 
 
 
 
 
Fuel used in electric generation and purchased power
1,669

1,566

1,655

360

945

(255
)
5,940

Cost of natural gas
—

—

—

129

—

—

129

Operation, maintenance and other
1,329

1,033

600

310

469

7

3,748

Depreciation and amortization
750

441

410

165

309

—

2,075

Property and other taxes
263

150

266

167

69

(2
)
913

Impairment charges
—

—

2

—

—

—

2

Total operating expenses
4,011

3,190

2,933

1,131

1,792

(250
)
12,807

Gains on Sales of Other Assets and Other, net
—

1

—

—

—

1

2

Operating Income
1,686

793

899

286

591

14

4,269

Other Income and Expenses(a)
137

34

17

9

16

(7
)
206

Interest Expense
307

172

150

60

127

—

816

Income from Continuing Operations Before Income Taxes
1,516

655

766

235

480

7

3,659

Income Tax Expense
516

241

295

84

169

8

1,313

Segment Income
$
1,000

$
414

$
471

$
151

$
311

$
(1
)
$
2,346


(a)
Contains equity component of allowance for funds used during construction of $68 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $1 million for Duke Energy Florida, $3 million for Duke Energy Ohio, and $10 million for Duke Energy Indiana.


8


REGULATED UTILITIES
Consolidating Balance Sheets - Assets
(Unaudited)
 
September 30, 2015
(in millions)
Duke Energy Carolinas

Duke Energy Progress

Duke Energy Florida

Duke Energy Ohio

Duke Energy Indiana

Eliminations / Adjustments(a)

Regulated Utilities

Current Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
198

$
123

$
16

$
24

$
62

$
1

$
424

Receivables, net
110

63

107

76

90

1

447

Restricted receivables of variable interest entities, net
687

468

395

—

—

453

2,003

Receivables from affiliated companies
75

6

98

24

66

(148
)
121

Notes receivable from affiliated companies
699

307

—

—

166

(332
)
840

Inventory
1,167

986

618

103

564

—

3,438

Regulatory assets
322

333

108

23

97

7

890

Other
164

51

197

77

167

26

682

Total current assets
3,422

2,337

1,539

327

1,212

8

8,845

Investments and Other Assets
 
 
 
 
 
 
 
Investments in equity method unconsolidated affiliates
—

1

2

—

—

—

3

Investments and advances to subsidiaries
13

36

2

—

—

(1
)
50

Nuclear decommissioning trust funds
2,953

1,943

669

—

—

1

5,566

Goodwill
—

—

—

920

—

15,030

15,950

Other
1,018

482

306

28

239

(30
)
2,043

Total investments and other assets
3,984

2,462

979

948

239

15,000

23,612

Property, Plant and Equipment

 
 
 
 
 

Cost
38,653

26,919

15,011

7,649

13,765

893

102,890

Accumulated depreciation and amortization
(13,445
)
(10,207
)
(4,648
)
(2,474
)
(4,425
)
(3
)
(35,202
)
Generation facilities to be retired, net
—

460

—

—

—

—

460

Net property, plant and equipment
25,208

17,172

10,363

5,175

9,340

890

68,148

Regulatory Assets and Deferred Debits
 
 
 
 
 
 
 
Regulatory assets
2,741

2,773

2,719

503

645

1,455

10,836

Other
44

41

35

8

22

(45
)
105

Total regulatory assets and deferred debits
2,785

2,814

2,754

511

667

1,410

10,941

Total Assets
35,399

24,785

15,635

6,961

11,458

17,308

111,546

Intercompany balances and other
(152
)
(150
)
(80
)
—

(40
)
(604
)
(1,026
)
Reportable Segment Assets
$
35,247

$
24,635

$
15,555

$
6,961

$
11,418

$
16,704

$
110,520


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

9


REGULATED UTILITIES
Consolidating Balance Sheets - Liabilities and Equity
(Unaudited)
 
September 30, 2015
(in millions)
Duke Energy Carolinas

Duke Energy Progress

Duke Energy Florida

Duke Energy Ohio

Duke Energy Indiana

Eliminations / Adjustments(a)

Regulated Utilities

Current Liabilities
 
 
 
 
 
 
 
Accounts payable
$
623

$
381

$
316

$
211

$
149

$
1

$
1,681

Accounts payable to affiliated companies
139

138

78

14

2

2,832

3,203

Notes payable to affiliated companies
—

—

245

134

—

(330
)
49

Taxes accrued
337

83

111

93

43

7

674

Interest accrued
146

86

62

28

53

—

375

Current maturities of long-term debt
506

402

563

56

480

82

2,089

Regulatory liabilities
36

80

113

17

67

(1
)
312

Other
416

376

553

68

89

—

1,502

Total current liabilities
2,203

1,546

2,041

621

883

2,591

9,885

Long-Term Debt
8,078

6,449

4,287

1,524

3,160

2,282

25,780

Long-Term Debt Payable to Affiliated Companies
300

—

—

25

150

—

475

Deferred Credits and Other Liabilities
 
 
 
 
 
 
 
Deferred income taxes
6,081

3,089

2,598

1,384

1,774

39

14,965

Investment tax credits
200

74

—

4

138

—

416

Accrued pension and other post-retirement benefit costs
107

277

249

49

83

(41
)
724

Asset retirement obligations
3,599

4,489

732

143

449

245

9,657

Regulatory liabilities
2,747

1,825

556

258

758

3

6,147

Other
619

47

156

162

107

(9
)
1,082

Total deferred credits and other liabilities
13,353

9,801

4,291

2,000

3,309

237

32,991

Equity
11,465

6,989

5,016

2,791

3,956

12,198

42,415

Total Liabilities and Equity
35,399

24,785

15,635

6,961

11,458

17,308

111,546

Intercompany balances and other
(152
)
(150
)
(80
)
—

(40
)
(604
)
(1,026
)
Reportable Segment Liabilities and Equity
$
35,247

$
24,635

$
15,555

$
6,961

$
11,418

$
16,704

$
110,520


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


10


REGULATED UTILITIES
Operating Statistics (Regulated Utilities)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
62,433

69,281

Nuclear
 
52,580

51,239

Hydro
 
1,025

1,701

Oil and natural gas
 
46,054

38,060

Renewable energy
 
10

11

Total generation (b)
 
162,102

160,292

Purchased power and net interchange (c)
 
24,461

22,210

Total sources of energy
 
186,563

182,502

Less: Line loss and company usage
 
9,128

8,841

Total GWh Sources
 
177,435

173,661

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
66,195

65,064

General service
 
59,124

58,366

Industrial
 
39,370

38,973

Other energy and wholesale
 
29,001

27,633

Change in unbilled
 
(476
)
(920
)
Total GWh Sales
 
193,214

189,116

Owned MW Capacity (a)
 
 
 
Summer
 
50,081

49,471

Winter
 
53,346

52,790

Nuclear Capacity Factor (%) (e)
 
95

93


(a)
Statistics reflect Duke Energy's ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(e)
Statistics reflect 100% of jointly owned stations.

Note: Total GWh Sources will not equal Total GWh Sales. Sales include Duke Energy Ohio's retail sales fulfilled through auction purchases under the current ESP.

11


REGULATED UTILITIES
Operating Statistics (Regulated Utilities)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
7,325

$
7,213

General service
 
4,844

4,876

Industrial
 
2,383

2,397

Other energy and wholesale (a)
 
1,645

1,716

Change in unbilled
 
(68
)
(67
)
Total Revenues
 
$
16,129

$
16,135

 
 
 
 
Average Number of Customers
 
 
 
Residential
 
6,351,973

6,271,001

General service
 
951,350

941,839

Industrial
 
18,150

18,315

Other energy and wholesale
 
23,087

22,641

Total Average Number of Customers
 
7,344,560

7,253,796


(a)
Net of Joint Dispatch Agreement intercompany sales.

12


REGULATED UTILITIES
Operating Statistics (Duke Energy Carolinas)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
22,127

25,684

Nuclear
 
34,110

32,710

Hydro
 
436

939

Oil and natural gas
 
7,936

6,029

Renewable energy
 
10

11

Total generation (b)
 
64,619

65,373

Purchased power and net interchange (c)
 
6,988

5,884

Total sources of energy
 
71,607

71,257

Less: Line loss and company usage
 
4,096

3,907

Total GWh Sources
 
67,511

67,350

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
22,445

21,937

General service
 
22,074

21,685

Industrial
 
16,730

16,230

Other energy and wholesale
 
6,955

7,990

Change in unbilled
 
(693
)
(492
)
Total GWh Sales
 
67,511

67,350

Owned MW Capacity (a)
 
 
 
Summer
 
19,645

19,789

Winter
 
20,360

20,496

Nuclear Capacity Factor (%) (e)
 
97

94


(a)
Statistics reflect Duke Energy Carolinas' ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(e)
Statistics reflect 100% of jointly owned stations.

13


REGULATED UTILITIES
Operating Statistics (Duke Energy Carolinas)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
2,389

$
2,306

General service
 
1,756

1,744

Industrial
 
1,007

960

Other energy and wholesale
 
432

478

Change in unbilled
 
(50
)
(38
)
Total Revenues
 
$
5,534

$
5,450

 
 
 
 
Average Number of Customers
 
 
 
Residential
 
2,113,735

2,085,703

General service
 
344,699

341,246

Industrial
 
6,444

6,524

Other energy and wholesale
 
15,039

14,642

Total Average Number of Customers
 
2,479,917

2,448,115



14


REGULATED UTILITIES
Operating Statistics (Duke Energy Progress)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
11,454

12,074

Nuclear
 
18,470

18,529

Hydro
 
389

560

Oil and natural gas
 
17,183

13,365

Total generation (b)
 
47,496

44,528

Purchased power and net interchange (c)
 
4,627

4,841

Total sources of energy
 
52,123

49,369

Less: Line loss and company usage
 
2,123

1,975

Total GWh Sources
 
50,000

47,394

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
14,547

14,275

General service
 
12,000

11,767

Industrial
 
7,790

7,816

Other energy and wholesale
 
16,015

13,854

Change in unbilled
 
(352
)
(318
)
Total GWh Sales
 
50,000

47,394

Owned MW Capacity (a)
 
 
 
Summer
 
12,923

12,221

Winter
 
14,042

13,334

Nuclear Capacity Factor (%) (e)
 
89

93


(a)
Statistics reflect Duke Energy Progress' ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(e)
Statistics reflect 100% of jointly owned stations.

15


REGULATED UTILITIES
Operating Statistics (Duke Energy Progress)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
1,565

$
1,497

General service
 
1,036

1,004

Industrial
 
508

510

Other energy and wholesale
 
915

867

Change in unbilled
 
(16
)
(19
)
Total Revenues
 
$
4,008

$
3,859

 
 
 
 
Average Number of Customers
 
 
 
Residential
 
1,272,450

1,254,632

General service
 
225,721

222,980

Industrial
 
4,221

4,278

Other energy and wholesale
 
1,702

1,744

Total Average Number of Customers
 
1,504,094

1,483,634



16


REGULATED UTILITIES
Operating Statistics (Duke Energy Florida)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
8,106

9,212

Oil and natural gas
 
19,128

18,013

Total generation (b)
 
27,234

27,225

Purchased power and net interchange (c)
 
5,280

4,589

Total sources of energy
 
32,514

31,814

Less: Line loss and company usage
 
1,726

1,763

Total GWh Sources
 
30,788

30,051

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
15,200

14,654

General service
 
11,401

11,270

Industrial
 
2,442

2,444

Other energy and wholesale
 
1,178

1,222

Change in unbilled
 
567

461

Total GWh Sales
 
30,788

30,051

Owned MW Capacity (a)
 
 
 
Summer
 
8,958

8,929

Winter
 
9,909

9,948


(a)
Statistics reflect Duke Energy Florida's ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

17


REGULATED UTILITIES
Operating Statistics (Duke Energy Florida)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
2,028

$
2,026

General service
 
1,156

1,183

Industrial
 
219

225

Other energy and wholesale
 
188

341

Change in unbilled
 
15

32

Total Revenues
 
$
3,606

$
3,807

 
 
 
 
Average Number of Customers
 
 
 
Residential
 
1,521,345

1,497,535

General service
 
193,161

190,897

Industrial
 
2,250

2,280

Other energy and wholesale
 
1,551

1,568

Total Average Number of Customers
 
1,718,307

1,692,280



18


REGULATED UTILITIES
Operating Statistics (Duke Energy Ohio - Electric)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
3,453

1,961

Natural gas
 
43

16

Total generation (b)
 
3,496

1,977

Purchased power and net interchange (c)
 
725

1,648

Total sources of energy
 
4,221

3,625

Less: Line loss and company usage
 
302

312

Total GWh Sources
 
3,919

3,313

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
6,891

6,924

General service
 
7,281

7,273

Industrial
 
4,507

4,501

Other energy and wholesale
 
1,027

312

Change in unbilled
 
(8
)
(242
)
Total GWh Sales
 
19,698

18,768

Owned MW Capacity (a)
 
 
 
Summer
 
1,062

1,039

Winter
 
1,164

1,141


(a)
Statistics reflect Duke Energy Ohio's ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

Note: Total GWh Sources will not equal Total GWh Sales. Sources include only Duke Energy Kentucky's regulated generation for all periods. Sales include Duke Energy Ohio's and its subsidiary Duke Energy Kentucky's retail sales. Ohio retail sales are fulfilled through auction purchases under the current ESP.


19


REGULATED UTILITIES
Operating Statistics (Duke Energy Ohio - Electric)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
558

$
552

General service
 
328

334

Industrial
 
87

86

Other energy and wholesale
 
34

22

Change in unbilled
 
2

(15
)
Total Revenues
 
$
1,009

$
979

 
 
 
 
Average Number of Electric Customers
 
 
 
Residential
 
746,183

741,316

General service
 
87,203

86,402

Industrial
 
2,531

2,522

Other energy and wholesale
 
3,216

3,176

Total Average Number of Customers
 
839,133

833,416



20


REGULATED UTILITIES
Operating Statistics (Duke Energy Ohio - Natural Gas)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

MCF Sales (a)
 
 
 
Residential
 
28,986,782

31,354,403

General service
 
18,463,853

19,335,821

Industrial
 
5,604,282

5,425,634

Other energy and wholesale
 
15,194,003

15,616,728

Change in unbilled
 
(3,221,000
)
(5,027,000
)
Total MCF Sales
 
65,027,920

66,705,586

 
 
 
 
Revenues from Distribution of Natural Gas (in millions)
 
 
 
Residential
 
$
286

$
284

General service
 
118

116

Industrial
 
17

16

Other energy and wholesale
 
15

15

Change in unbilled
 
(13
)
(20
)
Total Revenues
 
$
423

$
411

 
 
 
 
Average Number of Natural Gas Customers
 
 
 
Residential
 
474,704

472,600

General service
 
43,212

43,379

Industrial
 
1,618

1,627

Other energy and wholesale
 
143

154

Total Average Number of Customers
 
519,677

517,760


(a)
Represents non-weather normalized billed sales, with gas delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

21


REGULATED UTILITIES
Operating Statistics (Duke Energy Indiana)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Sources of Electric Energy (GWh)
 
 
 
Generated - net output (a)
 
 
 
Coal
 
17,293

20,350

Hydro
 
200

202

Natural gas
 
1,764

637

Total generation (b)
 
19,257

21,189

Purchased power and net interchange (c)
 
6,841

5,248

Total sources of energy
 
26,098

26,437

Less: Line loss and company usage
 
881

884

Total GWh Sources
 
25,217

25,553

Electric Energy Sales (GWh) (d)
 
 
 
Residential
 
7,112

7,274

General service
 
6,368

6,371

Industrial
 
7,901

7,982

Other energy and wholesale
 
3,826

4,255

Change in unbilled
 
10

(329
)
Total GWh Sales
 
25,217

25,553

Owned MW Capacity (a)
 
 
 
Summer
 
7,493

7,493

Winter
 
7,871

7,871


(a)
Statistics reflect Duke Energy Indiana's ownership share of jointly owned stations.
(b)
Generation by source is reported net of auxiliary power.
(c)
Purchased power includes renewable energy purchases.
(d)
Represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

22


REGULATED UTILITIES
Operating Statistics (Duke Energy Indiana)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2015

2014

Revenues from Generation, Transmission and Distribution of Electricity (in millions)
 
 
 
Residential
 
$
785

$
832

General service
 
568

611

Industrial
 
562

616

Other energy and wholesale
 
233

246

Change in unbilled
 
(19
)
(27
)
Total Revenues
 
$
2,129

$
2,278

 
 
 
 
Average Number of Customers
 
 
 
Residential
 
698,260

691,815

General service
 
100,566

100,314

Industrial
 
2,704

2,711

Other energy and wholesale
 
1,579

1,511

Total Average Number of Customers
 
803,109

796,351



23


DUKE ENERGY OHIO SUPPLEMENT
Consolidating Statements of Operations
(Unaudited)
 
Nine Months Ended September 30, 2015
 
Regulated Utilities
 
 
Commercial Portfolio

 
Other

 
Duke Energy
Ohio

(in millions)
Ohio Transmission& Distribution

Duke Energy Kentucky

 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
Regulated electric
$
725

$
280

 
$
—

 
$
—

 
$
1,005

Nonregulated electric and other
—

—

 
14

 
15

 
29

Regulated natural gas
339

80

 
—

 
—

 
419

Total operating revenues
1,064

360

 
14

 
15

 
1,453

Operating Expenses
 
 
 
 
 
 
 
 
Fuel used in electric generation and purchased power - regulated
235

115

 
—

 
—

 
350

Fuel used in electric generation and purchased power - nonregulated
—

—

 
14

 
22

 
36

Cost of natural gas
82

34

 
—

 
—

 
116

Operation, maintenance and other
233

99

 
13

 
25

 
370

Depreciation and amortization
137

35

 
—

 
—

 
172

Property and other taxes
177

10

 
1

 
(1
)
 
187

Total operating expenses
864

293

 
28

 
46

 
1,231

Gain on Sales of Other Assets and Other, net
7

1

 
—

 
—

 
8

Operating Income (Loss)
207

68

 
(14
)
 
(31
)
 
230

Other Income and Expenses
(3
)
1

 
—

 
—

 
(2
)
Interest Expense
47

11

 
—

 
—

 
58

Income (Loss) from Continuing Operations Before Income Taxes
157

58

 
(14
)
 
(31
)
 
170

Income Tax Expense (Benefit) from Continuing Operations
59

21

 
(5
)
 
(11
)
 
64

Segment Income (Loss) / Net Expense
$
98

$
37

 
$
(9
)
 
$
(20
)
 
$
106

Income from Discontinued Operations, net of tax (a)
 
 
 
 
 
 
 
23

Net Income
 
 
 
 
 
 
 
$
129


(a)
Includes the after-tax impact of $53 million for the settlement agreement reached in a lawsuit related to the nonregulated Midwest generation business.




24


DUKE ENERGY OHIO SUPPLEMENT
Consolidating Statements of Operations
(Unaudited)
 
Nine Months Ended September 30, 2014
 
Regulated Utilities
 
 
Commercial Portfolio

 
Other

 
Duke Energy
Ohio

(in millions)
Ohio Transmission & Distribution

Duke Energy Kentucky

 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
Regulated electric
$
716

$
283

 
$
—

 
$
(1
)
 
$
998

Nonregulated electric and other
—

—

 
17

 
—

 
17

Regulated natural gas
329

89

 
—

 
—

 
418

Total operating revenues
1,045

372

 
17

 
(1
)
 
1,433

Operating Expenses
 
 
 
 
 
 
 
 
Fuel used in electric generation and purchased power - regulated
221

139

 
—

 
—

 
360

Fuel used in electric generation and purchased power - nonregulated
—

—

 
24

 
—

 
24

Cost of natural gas
86

43

 
—

 
—

 
129

Operation, maintenance and other
210

100

 
52

 
16

 
378

Depreciation and amortization
132

33

 
2

 
—

 
167

Property and other taxes
158

9

 
3

 
—

 
170

Impairment charges(a)
—

—

 
94

 
—

 
94

Total operating expenses
807

324

 
175

 
16

 
1,322

Operating Income (Loss)
238

48

 
(158
)
 
(17
)
 
111

Other Income and Expenses
7

2

 
—

 
—

 
9

Interest Expense
48

12

 
—

 
—

 
60

Income (Loss) from Continuing Operations before Income Taxes
197

38

 
(158
)
 
(17
)
 
60

Income Tax Expense (Benefit) from Continuing Operations
70

14

 
(57
)
 
(6
)
 
21

Segment Income (Loss) / Net Expense
$
127

$
24

 
$
(101
)
 
$
(11
)
 
$
39

Loss from Discontinued Operations, net of tax
 
 
 
 
 
 
 
(597
)
Net Loss
 
 
 
 
 
 
 
$
(558
)

(a)
The impairment charge Commercial Portfolio relates to OVEC.

25

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