Form 8-K Duke Energy CORP For: Aug 04

Article Stock Quotes (1)

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 4/23/2024

1. TSLA
2. SPY
3. GM
4. SPOT
5. AMZN

6. SHW
7. AAPL
8. IBM
9. NVDA
10. MINN

Top News Most Read Special Reports

August 4, 2022 6:03 AM EDT

E-mail

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): August 4, 2022


Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification Number

1-32853	DUKE ENERGY CORPORATION	20-2777218

(a Delaware corporation)

526 South Church Street

Charlotte, North Carolina 28202-1803

704-382-3853

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:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Duke Energy

Common Stock, $0.001 par value

DUK

New York Stock Exchange LLC

Duke Energy

5.625% Junior Subordinated Debentures

DUKB

New York Stock Exchange LLC

due September 15, 2078

Duke Energy

Depositary Shares

DUK PR A

New York Stock Exchange LLC

each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share

Duke Energy

3.10% Senior Notes due 2028

DUK 28A

New York Stock Exchange LLC

Duke Energy

3.85% Senior Notes due 2034

DUK34

New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Conditions.

On August 4, 2022, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the second quarter ended June 30, 2022. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 News Release to be issued by Duke Energy Corporation on August 4 , 2022 (furnished pursuant to Item 2.02).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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
		/s/ CYNTHIA S. LEE
		Cynthia S. Lee
		Vice President, Chief Accounting Officer and Controller
Dated:	August 4, 2022


News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan

Office: 980.373.3564

August 4, 2022

Duke Energy reports second-quarter 2022 financial results

▪Second-quarter 2022 reported and adjusted EPS of $1.14, driven by continued strength in Electric Utilities and Infrastructure

▪Reaffirmed 2022 adjusted EPS guidance range of $5.30 to $5.60 and adjusted EPS growth rate of 5% to 7% through 2026 off 2021 original midpoint of $5.15

▪Announced a strategic review of the Commercial Renewables business

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2022 reported EPS of $1.14, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.14. This is compared to reported EPS of $0.96 and adjusted EPS of $1.15 for the second quarter of 2021.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. Reported EPS is equal to adjusted EPS for second quarter 2022 due to offsetting special items. Reported EPS includes the net impact of offsetting special items related to the 2022 Indiana Supreme Court ruling on coal ash and derivative instruments that do not qualify for hedge accounting or regulatory treatment.

Lower second-quarter 2022 adjusted results were led by higher O&M expense due to plant outage timing in the Electric Utilities and Infrastructure segment along with higher interest expense and the impact of GIC minority interest. These items were partially offset by favorable weather, higher volumes and positive rate case contributions.

“We’ve had an excellent first half of the year, delivering strong results driven by continued growth in our regulated operations as we execute the industry's largest clean energy transition,” said Lynn Good, Duke Energy chair, president and chief executive officer. “We’re making great progress across our jurisdictions - enhancing reliability and resiliency through grid modernization, transitioning our fleet to cleaner energy technologies, and advancing regulatory and legislative priorities. We are reaffirming our full year earnings guidance range of $5.30 to $5.60 and long-term adjusted EPS growth rate of 5% to 7% through 2026 off the 2021 original midpoint of $5.15.”

"Commercial renewables has played an important role in our business strategy for over 15 years, establishing a core competency in renewable energy development and operations that will continue to serve us well as we advance our strategy. But as we look forward to the remainder of this decade and beyond, we see significant investment opportunities in our regulated operations and believe now is the time to review the strategic fit of our commercial portfolio.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of second-quarter 2022 business segment performance, comprehensive tables with detailed EPS drivers for the second quarter compared to prior year are provided at the end of this news release.

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized second-quarter 2022 segment income of $974 million, compared to segment income of $935 million in the second quarter of 2021. In addition to the drivers outlined below, second-quarter 2022 results include impacts related to the 2022 Indiana Supreme Court ruling on coal ash, which was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized second-quarter 2022 segment income of $958 million, compared to segment income of $935 million in the second quarter of 2021, an increase of $0.03 per share. Higher quarterly results were primarily due to favorable weather (+$0.09 per share) and rate case contributions (+$0.04 per share), partially offset by higher O&M expenses (-$0.07 per share) and GIC minority interest impact (-$0.03 per share).

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized second-quarter 2022 segment income of $19 million, compared to reported and adjusted income of $17 million and $29 million, respectively, in the second quarter of 2021. On an adjusted basis, this represents a decrease of $0.02 per share. Lower quarterly results were primarily driven by higher O&M expenses (-$0.01 per share), higher interest expense (-$0.01 per share) and lower AFUDC Equity (-$0.01 per share), partially offset by riders and other retail margin (+$0.01 per share). Second-quarter 2021 results included costs related to the cancellation of the ACP investment. These charges were treated as special items and excluded from adjusted earnings.

Commercial Renewables

On a reported basis, Commercial Renewables recognized second-quarter 2022 segment income of $30 million, compared to segment income of $47 million in the second quarter of 2021. Second-quarter 2022 results include the net impact of derivative instruments that do not qualify for hedge accounting or regulatory treatment. These charges were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Commercial Renewables recognized second-quarter 2022 segment income of $46 million, compared to segment income of $47 million in the second quarter of 2021. Quarterly results were flat to prior year.

Duke Energy News Release 3

Other

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

On a reported and adjusted basis, Other recognized a second-quarter 2022 net loss of $130 million, compared to reported and adjusted net losses of $248 million and $113 million, respectively, in the second quarter of 2021. On an adjusted basis, this represents a decrease of $0.02 per share. Lower quarterly results were primarily due to lower returns on investments (-$0.05 per share) and higher interest expense (-$0.01 per share), partially offset by higher results at National Methanol Corporation (NMC) (+$0.03 per share). Second-quarter 2021 results included workplace and workforce realignment costs. These amounts were treated as special items and excluded from earnings.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the second quarter of 2022 was 8.0% compared to 4.9% in the second quarter of 2021. The increase in the effective tax rate was primarily due to a decrease in the amortization of excess deferred taxes in relation to higher pretax income.

The effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the second quarter of 2022 was 9.8% compared to 8.2% in the second quarter of 2021. The increase was primarily due to a decrease in the amortization of excess deferred taxes.

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

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss second-quarter 2022 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.510.2359 in the U.S. or 646.960.0215 outside the U.S. The confirmation code is 2999899. Please call in 10 to 15 minutes prior to the scheduled start time.

A recording of the webcast with transcript will be available on the investors' section of the company’s website by August 5.

Duke Energy News Release 4

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for second-quarter 2022 and 2021 financial results:


(In millions, except per share amounts)	After-Tax Amount		2Q 2022 EPS		2Q 2021 EPS
EPS, as reported			$	1.14	$	0.96
Adjustments to reported EPS:
Second Quarter 2022

Regulatory Matters	$	(16)	(0.02)
Mark-to-Market	16		0.02


Second Quarter 2021

Gas pipeline investments	$	12			0.01
Workplace and Workforce Realignment	135				0.18


Total adjustments			$	—	$	0.19
EPS, adjusted			$	1.14	$	1.15

Non-GAAP financial measures

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

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

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

•Regulatory Matters represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash.

•Mark-to-Market represents the income statement impact of derivative instruments that do not qualify for hedge accounting or regulatory accounting.

Duke Energy News Release 5

•Gas pipeline investments represents additional exit obligations related to ACP.

•Workplace and Workforce Realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.

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

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

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

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

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in

Duke Energy News Release 6

major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-Looking Information

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

◦The impact of the COVID-19 pandemic;

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

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

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

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

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

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

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

◦Advancements in technology;

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

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

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

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

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

Duke Energy News Release 7

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

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

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

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

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

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

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

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

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

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

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

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

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

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

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

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

◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock; and

◦The ability to implement our business strategy, including its carbon emission reduction goals.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended June 30, 2022

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			Mark-to-Market			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	974	$	(16)	A	$	—		$	(16)	$	958
Gas Utilities and Infrastructure	19		—			—			—		19
Commercial Renewables	30		—			16		B	16		46
Total Reportable Segment Income	1,023		(16)			16			—		1,023
Other	(130)		—			—			—		(130)


Net Income Available to Duke Energy Corporation Common Stockholders	$	893	$	(16)		$	16		$	—	$	893
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.14	$	(0.02)		$	0.02		$	—	$	1.14

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

A – Net of $2 million recorded within Noncontrolling Interests. $18 million tax benefit related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.

B – Net of $5 million tax benefit. $21 million recorded within Nonregulated electric and other (Operating revenues) related to derivative contracts that do not qualify for hedge accounting or regulatory treatment on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Six Months Ended June 30, 2022

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			Mark-to-Market			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	1,697	$	157	A	$	—		$	157	$	1,854
Gas Utilities and Infrastructure	273		—			—			—		273
Commercial Renewables	41		—			16		B	16		57
Total Reportable Segment Income	2,011		157			16			173		2,184
Other	(300)		—						—		(300)

Net Income Available to Duke Energy Corporation Common Stockholders	$	1,711	$	157		$	16		$	173	$	1,884
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	2.22	$	0.21		$	0.02		$	0.23	$	2.45

A – Net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended June 30, 2021

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Gas Pipeline Investments			Workplace and Workforce Realignment			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	935	$	—		$	—		$	—	$	935
Gas Utilities and Infrastructure	17		12		A	—			12		29
Commercial Renewables	47		—			—			—		47
Total Reportable Segment Income	999		12			—			12		1,011

Other	(248)		—			135		B	135		(113)


Net Income Available to Duke Energy Corporation Common Stockholders	$	751	$	12		$	135		$	147	$	898
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	0.96	$	0.01		$	0.18		$	0.19	$	1.15

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

A – Net of $4 million tax benefit. $16 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.

B – Net of $40 million tax benefit. $131 million recorded within Impairment of assets and other charges, $27 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Six Months Ended June 30, 2021

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Gas Pipeline Investments			Workplace and Workforce Realignment			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	1,755	$	—		$	—		$	—	$	1,755
Gas Utilities and Infrastructure	262		17		A	—			17		279
Commercial Renewables	74		—			—			—		74
Total Reportable Segment Income	2,091		17			—			17		2,108
Other	(387)		—			135		B	135		(252)


Net Income Available to Duke Energy Corporation Common Stockholders	$	1,704	$	17		$	135		$	152	$	1,856
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	2.21	$	0.02		$	0.18		$	0.20	$	2.41

A – Net of $5 million tax benefit. $22 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

June 2022

(Dollars in millions)


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income Before Income Taxes	$	957			$	1,763
Regulatory Matters	—				257
Mark-to-Market	21				21


Noncontrolling Interests	26				39
Preferred Dividends	(14)				(53)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	990			$	2,027

Reported Income Tax Expense	$	77	8.0	%	$	63	3.6	%



Regulatory Matters	18				80
Mark-to-Market	5				5
Noncontrolling Interest Portion of Income Taxes(a)	(3)				(5)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	97	9.8	%	$	143	7.1	%

(a) Income tax related to non-pass through entities for tax purposes.


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income Before Income Taxes	734				$	1,759
Gas Pipeline Investments	16				22
Workplace and Workforce Realignment	175				175

Noncontrolling Interests	67				118
Preferred Dividends	(14)				(53)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	978			$	2,021

Reported Income Tax Expense	36		4.9	%	120		6.8	%
Gas Pipeline Investments	4				5
Workplace and Workforce Realignment	40				40


Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	80	8.2	%	$	165	8.2	%

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

June 2022 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Consolidated
2021 QTD Reported Earnings Per Share	$	1.22	$	0.03	$	0.06	$	(0.35)		$	0.96




Gas Pipeline Investments	—		0.01		—		—			0.01
Workplace and Workforce Realignment	—		—		—		0.18			0.18
2021 QTD Adjusted Earnings Per Share	$	1.22	$	0.04	$	0.06	$	(0.17)		$	1.15
Weather	0.09		—		—		—			0.09
Volume	0.03		—		—		—			0.03
Riders and Other Retail Margin	—		0.01		—		—			0.01
Rate case impacts, net(a)	0.04		—		—		—			0.04
Wholesale	(0.03)		—		—		—			(0.03)
Operations and maintenance, net of recoverables(b)	(0.07)		(0.01)		—		—			(0.08)

Duke Energy Renewables	—		—		—		—			—
Interest Expense	(0.01)		(0.01)		—		(0.01)			(0.03)
AFUDC Equity	0.02		(0.01)		—		—			0.01
Depreciation and amortization(c)	(0.02)		—		—		—			(0.02)

Other(d)	(0.02)		—		—		(0.01)			(0.03)
Total variance	$	0.03	$	(0.02)	$	—	$	(0.02)		$	(0.01)

2022 QTD Adjusted Earnings Per Share	$	1.25	$	0.02	$	0.06	$	(0.19)		$	1.14

Mark-to-Market	—		—		(0.02)		—			(0.02)
Regulatory Matters	0.02		—		—		—			0.02
2022 QTD Reported Earnings Per Share	$	1.27	$	0.02	$	0.04	$	(0.19)		$	1.14

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million.

(a) Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates, which became effective June 2021 (+$0.02) and the DEF SBRA and multiyear rate plan (+$0.02).

(b) Primarily due to timing of plant outage and maintenance work in the current year and a prior year favorable allowance for doubtful accounts adjustment at Electric Utilities and Infrastructure.

(d) Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments, partially offset by higher earnings at NMC.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

June 2022 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Consolidated
2021 YTD Reported Earnings Per Share	$	2.28	$	0.34	$	0.10	$	(0.51)		$	2.21
Gas Pipeline Investments	—		0.02		—		—			0.02






Workplace and Workforce Realignment	—		—		—		0.18			0.18
2021 YTD Adjusted Earnings Per Share	$	2.28	$	0.36	$	0.10	$	(0.33)		$	2.41
Weather	0.08		—		—		—			0.08
Volume(a)	0.27		—		—		—			0.27
Riders and Other Retail Margin(b)	(0.04)		0.03		—		—			(0.01)
Rate case impacts, net(c)	0.04		0.04		—		—			0.08
Wholesale	(0.01)		—		—		—			(0.01)
Operations and maintenance, net of recoverables(d)	(0.18)		(0.03)		—		—			(0.21)

Duke Energy Renewables(e)	—		—		(0.02)		—			(0.02)
Interest Expense	(0.02)		(0.01)		—		(0.02)			(0.05)
AFUDC Equity	0.03		(0.01)		—		—			0.02
Depreciation and amortization	—		(0.01)		—		—			(0.01)

Other(f)	(0.04)		(0.02)		—		(0.04)			(0.10)
Total variance	$	0.13	$	(0.01)	$	(0.02)	$	(0.06)		$	0.04

2022 YTD Adjusted Earnings Per Share	$	2.41	$	0.35	$	0.08	$	(0.39)		$	2.45


Regulatory Matters	(0.21)		—		—		—			(0.21)
Mark-to-Market	—		—		(0.02)		—			(0.02)
2022 YTD Reported Earnings Per Share	$	2.20	$	0.35	$	0.06	$	(0.39)		$	2.22

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million.

(a) Includes block and seasonal pricing (+$0.04).

(b) Electric Utilities and Infrastructure includes higher reliability and capacity purchases and lower late payment revenues.

(c) Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates which became effective June 2021 (+$0.02) and DEF SBRA and multiyear rate plan (+$0.02). Gas Utilities and Infrastructure includes the net impact of the PNG NC rate case, effective November 2021.

(d) Electric Utilities and Infrastructure includes higher storm costs (-$0.06), timing of plant outage and maintenance work and a prior year favorable allowance for doubtful accounts adjustment.

(e) Primarily due to fewer renewable projects placed in service in the current year (-$0.07), partially offset by Texas Storm Uri impacts in the prior year (+$0.04).

(f) Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments, partially offset by higher earnings at NMC.


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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating Revenues
Regulated electric	$	6,074	$	5,258	$	12,007	$	10,477
Regulated natural gas	425		302		1,427		1,051
Nonregulated electric and other	186		198		383		380
Total operating revenues	6,685		5,758		13,817		11,908
Operating Expenses
Fuel used in electric generation and purchased power	1,972		1,415		3,789		2,858
Cost of natural gas	189		79		670		355
Operation, maintenance and other	1,447		1,410		3,077		2,812
Depreciation and amortization	1,302		1,207		2,622		2,433
Property and other taxes	379		349		771		702
Impairment of assets and other charges	(9)		131		206		131
Total operating expenses	5,280		4,591		11,135		9,291
Gains on Sales of Other Assets and Other, net	8		2		10		2
Operating Income	1,413		1,169		2,692		2,619
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	36		9		61		(8)
Other income and expenses, net	115		128		204		255
Total other income and expenses	151		137		265		247
Interest Expense	607		572		1,194		1,107
Income Before Income Taxes	957		734		1,763		1,759
Income Tax Expense	77		36		63		120


Net Income	880		698		1,700		1,639
Add: Net Loss Attributable to Noncontrolling Interests	27		67		64		118
Net Income Attributable to Duke Energy Corporation	907		765		1,764		1,757
Less: Preferred Dividends	14		14		53		53
Net Income Available to Duke Energy Corporation Common Stockholders	$	893	$	751	$	1,711	$	1,704

Earnings Per Share – Basic and Diluted






Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.14	$	0.96	$	2.22	$	2.21

Weighted average shares outstanding
Basic and Diluted	770		769		770		769

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	June 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	428	$	343

Receivables (net of allowance for doubtful accounts of $44 at 2022 and $46 at 2021)	907		1,173
Receivables of VIEs (net of allowance for doubtful accounts of $92 at 2022 and $76 at 2021)	3,021		2,437
Inventory	3,208		3,199

Regulatory assets (includes $105 at 2022 and 2021 related to VIEs)	2,834		2,150
Other (includes $284 at 2022 and $256 at 2021 related to VIEs)	1,163		638
Total current assets	11,561		9,940
Property, Plant and Equipment
Cost	166,004		161,819
Accumulated depreciation and amortization	(52,252)		(50,555)
Facilities to be retired, net	99		144
Net property, plant and equipment	113,851		111,408
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,774 at 2022 and $1,823 at 2021 related to VIEs)	12,863		12,487
Nuclear decommissioning trust funds	8,574		10,401
Operating lease right-of-use assets, net	1,222		1,266
Investments in equity method unconsolidated affiliates	983		970

Other (includes $120 at 2022 and $92 at 2021 related to VIEs)	4,026		3,812
Total other noncurrent assets	46,971		48,239
Total Assets	$	172,383	$	169,587
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,971	$	3,629
Notes payable and commercial paper	3,875		3,304
Taxes accrued	682		749
Interest accrued	554		533
Current maturities of long-term debt (includes $633 at 2022 and $243 at 2021 related to VIEs)	3,171		3,387

Asset retirement obligations	649		647
Regulatory liabilities	1,383		1,211
Other	2,259		2,471
Total current liabilities	16,544		15,931
Long-Term Debt (includes $4,435 at 2022 and $4,854 at 2021 related to VIEs)	63,147		60,448
Other Noncurrent Liabilities
Deferred income taxes	9,948		9,379
Asset retirement obligations	12,080		12,129
Regulatory liabilities	14,519		16,152
Operating lease liabilities	1,039		1,074
Accrued pension and other post-retirement benefit costs	799		855
Investment tax credits	855		833

Other (includes $213 at 2022 and $319 at 2021 related to VIEs)	1,868		1,650
Total other noncurrent liabilities	41,108		42,072
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021	989		989
Common Stock, $0.001 par value, 2 billion shares authorized; 770 million shares outstanding at 2022 and 769 million shares outstanding at 2021	1		1
Additional paid-in capital	44,373		44,371
Retained earnings	3,457		3,265
Accumulated other comprehensive loss	(73)		(303)
Total Duke Energy Corporation stockholders' equity	49,720		49,296
Noncontrolling interests	1,864		1,840
Total equity	51,584		51,136
Total Liabilities and Equity	$	172,383	$	169,587


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

	Six Months Ended June 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,700	$	1,639
Adjustments to reconcile net income to net cash provided by operating activities	2,335		2,234
Net cash provided by operating activities	4,035		3,873

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(5,492)		(5,614)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,576		1,750



Net increase in cash, cash equivalents and restricted cash	119		9
Cash, cash equivalents and restricted cash at beginning of period	520		556
Cash, cash equivalents and restricted cash at end of period	$	639	$	565

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,082	$	—	$	—	$	—	$	(8)	$	6,074
Regulated natural gas	—		448		—		—		(23)		425
Nonregulated electric and other	53		5		121		30		(23)		186
Total operating revenues	6,135		453		121		30		(54)		6,685
Operating Expenses
Fuel used in electric generation and purchased power	1,991		—		—		—		(19)		1,972
Cost of natural gas	—		189		—		—		—		189
Operation, maintenance and other	1,328		113		82		(46)		(30)		1,447
Depreciation and amortization	1,110		82		60		58		(8)		1,302
Property and other taxes	331		33		10		4		1		379
Impairment of assets and other charges	(8)		—		—		—		(1)		(9)
Total operating expenses	4,752		417		152		16		(57)		5,280
Gains on Sales of Other Assets and Other, net	3		4		—		—		1		8
Operating Income (Loss)	1,386		40		(31)		14		4		1,413
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	2		4		(2)		32		—		36
Other income and expenses, net	151		15		2		(39)		(14)		115
Total Other Income and Expenses	153		19		—		(7)		(14)		151
Interest Expense	391		42		19		165		(10)		607
Income (Loss) Before Income Taxes	1,148		17		(50)		(158)		—		957
Income Tax Expense (Benefit)	158		(2)		(36)		(43)		—		77
Net Income (Loss)	990		19		(14)		(115)		—		880
Add: Net (Income) Loss Attributable to Noncontrolling Interest	(16)		—		44		(1)		—		27
Net Income (Loss) Attributable to Duke Energy Corporation	974		19		30		(116)		—		907
Less: Preferred Dividends	—		—		—		14		—		14




Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	974	$	19	$	30	$	(130)	$	—	$	893
Special Items	(16)		—		16		—		—		—
Adjusted Earnings(a)	$	958	$	19	$	46	$	(130)	$	—	$	893

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Six Months Ended June 30, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	12,022	$	—	$	—	$	—	$	(15)	$	12,007
Regulated natural gas	—		1,473		—		—		(46)		1,427
Nonregulated electric and other	115		12		242		60		(46)		383
Total operating revenues	12,137		1,485		242		60		(107)		13,817
Operating Expenses
Fuel used in electric generation and purchased power	3,828		—		—		—		(39)		3,789
Cost of natural gas	—		670		—		—		—		670
Operation, maintenance and other	2,754		295		164		(74)		(62)		3,077
Depreciation and amortization	2,241		161		120		115		(15)		2,622
Property and other taxes	668		74		20		8		1		771
Impairment of assets and other charges	206		—		—		—		—		206
Total operating expenses	9,697		1,200		304		49		(115)		11,135
Gains (Losses) on Sales of Other Assets and Other, net	5		4		(1)		1		1		10
Operating Income (Loss)	2,445		289		(63)		12		9		2,692
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	4		8		(3)		52		—		61
Other income and expenses, net	263		28		3		(65)		(25)		204
Total Other Income and Expenses	267		36		—		(13)		(25)		265
Interest Expense	767		82		37		324		(16)		1,194
Income (Loss) Before Income Taxes	1,945		243		(100)		(325)		—		1,763
Income Tax Expense (Benefit)	241		(30)		(69)		(79)		—		63
Net Income (Loss)	1,704		273		(31)		(246)		—		1,700
Add: Net (Income) Loss Attributable to Noncontrolling Interest	(7)		—		72		(1)		—		64
Net Income (Loss) Attributable to Duke Energy Corporation	1,697		273		41		(247)		—		1,764
Less: Preferred Dividends	—		—		—		53		—		53




Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	1,697	$	273	$	41	$	(300)	$	—	$	1,711
Special Items	157		—		16		—		—		173
Adjusted Earnings(a)	$	1,854	$	273	$	57	$	(300)	$	—	$	1,884

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,335	$	—	$	—	$	—	$	(77)	$	5,258
Regulated natural gas	—		324		—		—		(22)		302
Nonregulated electric and other	—		3		119		27		49		198
Total operating revenues	5,335		327		119		27		(50)		5,758
Operating Expenses
Fuel used in electric generation and purchased power	1,434		—		—		—		(19)		1,415
Cost of natural gas	—		79		—		—		—		79
Operation, maintenance and other	1,262		98		78		1		(29)		1,410
Depreciation and amortization	1,013		74		56		71		(7)		1,207
Property and other taxes	308		27		9		5		—		349
Impairment of assets and other charges	1		—		—		131		(1)		131
Total operating expenses	4,018		278		143		208		(56)		4,591
Gains on Sales of Other Assets and Other, net	2		—		—		—		—		2
Operating Income (Loss)	1,319		49		(24)		(181)		6		1,169
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	2		(8)		(1)		16		—		9
Other income and expenses, net	95		18		4		16		(5)		128
Total Other Income and Expenses	97		10		3		32		(5)		137
Interest Expense	361		35		20		156		—		572
Income (Loss) Before Income Taxes	1,055		24		(41)		(305)		1		734
Income Tax Expense (Benefit)	120		7		(21)		(71)		1		36
Net Income (Loss)	935		17		(20)		(234)		—		698
Add: Net Loss Attributable to Noncontrolling Interest	—		—		67		—		—		67
Net Income (Loss) Attributable to Duke Energy Corporation	935		17		47		(234)		—		765
Less: Preferred Dividends	—		—		—		14		—		14
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	935	$	17	$	47	$	(248)	$	—	$	751




Special Items	—		12		—		135		—		147
Adjusted Earnings(a)	$	935	$	29	$	47	$	(113)	$	—	$	898

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Six Months Ended June 30, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	10,616	$	—	$	—	$	—	$	(139)	$	10,477
Regulated natural gas	—		1,096		—		—		(45)		1,051
Nonregulated electric and other	—		6		238		53		83		380
Total operating revenues	10,616		1,102		238		53		(101)		11,908
Operating Expenses
Fuel used in electric generation and purchased power	2,896		—		—		—		(38)		2,858
Cost of natural gas	—		355		—		—		—		355
Operation, maintenance and other	2,544		200		150		(23)		(59)		2,812
Depreciation and amortization	2,070		142		109		126		(14)		2,433
Property and other taxes	619		62		18		2		1		702
Impairment of assets and other charges	1		—		—		131		(1)		131
Total operating expenses	8,130		759		277		236		(111)		9,291
Gains on Sales of Other Assets and Other, net	2		—		—		—		—		2
Operating Income (Loss)	2,488		343		(39)		(183)		10		2,619
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	5		(8)		(28)		23		—		(8)
Other income and expenses, net	196		35		6		30		(12)		255
Total Other Income and Expenses	201		27		(22)		53		(12)		247
Interest Expense	701		68		33		307		(2)		1,107
Income (Loss) Before Income Taxes	1,988		302		(94)		(437)		—		1,759
Income Tax Expense (Benefit)	233		40		(50)		(103)		—		120
Net Income (Loss)	1,755		262		(44)		(334)		—		1,639
Add: Net Loss Attributable to Noncontrolling Interest	—		—		118		—		—		118
Net Income (Loss) Attributable to Duke Energy Corporation	1,755		262		74		(334)		—		1,757
Less: Preferred Dividends	—		—		—		53		—		53




Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders	$	1,755	$	262	$	74	$	(387)	$	—	$	1,704
Special Items	—		17		—		135		—		152
Adjusted Earnings(a)	$	1,755	$	279	$	74	$	(252)	$	—	$	1,856

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	194	$	16	$	10	$	208	$	—	$	428

Receivables, net	620		158		117		12		—		907
Receivables of variable interest entities, net	3,021		—		—		—		—		3,021
Receivables from affiliated companies	44		386		619		989		(2,038)		—
Notes receivable from affiliated companies	62		—		—		1,065		(1,127)		—
Inventory	3,003		78		85		42		—		3,208

Regulatory assets	2,563		173		—		98		—		2,834
Other	546		105		189		367		(44)		1,163
Total current assets	10,053		916		1,020		2,781		(3,209)		11,561
Property, Plant and Equipment
Cost	141,553		14,494		7,523		2,527		(93)		166,004
Accumulated depreciation and amortization	(46,284)		(2,973)		(1,568)		(1,427)		—		(52,252)
Facilities to be retired, net	90		10		—		—		(1)		99
Net property, plant and equipment	95,359		11,531		5,955		1,100		(94)		113,851
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		—		19,303
Regulatory assets	11,634		762		—		467		—		12,863
Nuclear decommissioning trust funds	8,574		—		—		—		—		8,574
Operating lease right-of-use assets, net	830		14		126		252		—		1,222
Investments in equity method unconsolidated affiliates	99		227		513		144		—		983
Investment in consolidated subsidiaries	605		3		(7)		67,803		(68,404)		—

Other	2,236		379		282		2,796		(1,667)		4,026
Total other noncurrent assets	41,357		3,309		914		71,462		(70,071)		46,971
Total Assets	146,769		15,756		7,889		75,343		(73,374)		172,383
Segment reclassifications, intercompany balances and other	(895)		(336)		(613)		(71,522)		73,366		—
Segment Assets	$	145,874	$	15,420	$	7,276	$	3,821	$	(8)	$	172,383

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	2,992	$	353	$	94	$	532	$	—	$	3,971
Accounts payable to affiliated companies	680		34		460		809		(1,983)		—
Notes payable to affiliated companies	942		141		28		49		(1,160)		—
Notes payable and commercial paper	—		—		—		3,875		—		3,875
Taxes accrued	728		44		21		(110)		(1)		682
Interest accrued	379		48		3		124		—		554
Current maturities of long-term debt	1,532		—		285		1,359		(5)		3,171

Asset retirement obligations	649		—		—		—		—		649
Regulatory liabilities	1,265		118		—		—		—		1,383
Other	1,576		133		95		519		(64)		2,259
Total current liabilities	10,743		871		986		7,157		(3,213)		16,544
Long-Term Debt	39,154		4,138		1,255		18,689		(89)		63,147
Long-Term Debt Payable to Affiliated Companies	1,659		7		—		—		(1,666)		—
Other Noncurrent Liabilities
Deferred income taxes	10,898		1,142		(556)		(1,536)		—		9,948
Asset retirement obligations	11,825		77		178		—		—		12,080
Regulatory liabilities	13,167		1,323		—		29		—		14,519
Operating lease liabilities	735		12		131		161		—		1,039
Accrued pension and other post-retirement benefit costs	250		36		(30)		543		—		799
Investment tax credits	853		2		—		—		—		855

Other	825		297		427		509		(190)		1,868
Total other noncurrent liabilities	38,553		2,889		150		(294)		(190)		41,108
Equity
Total Duke Energy Corporation stockholders' equity	56,238		7,848		4,062		49,788		(68,216)		49,720
Noncontrolling interests	422		3		1,436		3		—		1,864
Total equity	56,660		7,851		5,498		49,791		(68,216)		51,584
Total Liabilities and Equity	146,769		15,756		7,889		75,343		(73,374)		172,383
Segment reclassifications, intercompany balances and other	(895)		(336)		(613)		(71,522)		73,366		—
Segment Liabilities and Equity	$	145,874	$	15,420	$	7,276	$	3,821	$	(8)	$	172,383

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended June 30, 2022
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	1,781	$	1,581	$	1,628	$	401	$	918	$	(174)	$	6,135
Operating Expenses
Fuel used in electric generation and purchased power	431		593		665		127		359		(184)		1,991
Operation, maintenance and other	463		359		239		83		180		4		1,328
Depreciation and amortization	384		271		237		58		155		5		1,110
Property and other taxes	77		41		109		73		22		9		331
Impairment of assets and other charges	(12)		4		—		—		—		—		(8)
Total operating expenses	1,343		1,268		1,250		341		716		(166)		4,752
Gains on Sales of Other Assets and Other, net	—		—		1		1		—		1		3
Operating Income	438		313		379		61		202		(7)		1,386
Other Income and Expenses, net(b)	60		34		44		4		8		3		153
Interest Expense	143		90		90		22		45		1		391
Income Before Income Taxes	355		257		333		43		165		(5)		1,148
Income Tax Expense	27		37		67		6		15		6		158
Less: Income Attributable to Noncontrolling Interest	—		—		—		—		—		16		16
Segment Income	$	328	$	220	$	266	$	37	$	150	$	(27)	$	974

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

(b) Includes an equity component of allowance for funds used during construction of $25 million for Duke Energy Carolinas, $15 million for Duke Energy Progress, $5 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $3 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Six Months Ended June 30, 2022
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	3,669	$	3,213	$	2,983	$	813	$	1,740	$	(281)	$	12,137
Operating Expenses
Fuel used in electric generation and purchased power	879		1,167		1,155		254		678		(305)		3,828
Operation, maintenance and other	970		746		486		172		371		9		2,754
Depreciation and amortization	763		577		468		113		311		9		2,241
Property and other taxes	170		90		212		149		47		—		668
Impairment of assets and other charges	(9)		4		—		—		211		—		206
Total operating expenses	2,773		2,584		2,321		688		1,618		(287)		9,697
Gains on Sales of Other Assets and Other, net	—		1		2		—		—		2		5
Operating Income	896		630		664		125		122		8		2,445
Other Income and Expenses, net(b)	115		59		62		8		18		5		267
Interest Expense	284		175		174		43		90		1		767
Income Before Income Taxes	727		514		552		90		50		12		1,945
Income Tax Expense (Benefit)	54		72		110		12		(22)		15		241

Less: Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		7		7
Segment Income Attributable to Duke Energy Corporation	$	673	$	442	$	442	$	78	$	72	$	(10)	$	1,697

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

(b) Includes an equity component of allowance for funds used during construction of $47 million for Duke Energy Carolinas, $22 million for Duke Energy Progress, $10 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $10 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2022
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	37	$	75	$	44	$	12	$	26	$	—	$	194

Receivables, net	269		63		126		75		85		2		620
Receivables of variable interest entities, net	893		705		647		—		—		776		3,021
Receivables from affiliated companies	241		20		5		141		221		(584)		44
Notes receivable from affiliated companies	—		154		—		—		—		(92)		62
Inventory	1,033		948		478		103		441		—		3,003

Regulatory assets	757		621		785		29		373		(2)		2,563
Other	128		123		58		4		237		(4)		546
Total current assets	3,358		2,709		2,143		364		1,383		96		10,053
Property, Plant and Equipment
Cost	53,074		37,885		24,714		7,915		17,709		256		141,553
Accumulated depreciation and amortization	(18,205)		(13,977)		(6,097)		(2,180)		(5,824)		(1)		(46,284)
Facilities to be retired, net	90		—		—		—		—		—		90
Net property, plant and equipment	34,959		23,908		18,617		5,735		11,885		255		95,359
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	3,339		4,161		1,920		342		1,092		780		11,634
Nuclear decommissioning trust funds	4,729		3,374		470		—		—		1		8,574
Operating lease right-of-use assets, net	84		397		280		18		50		1		830
Investments in equity method unconsolidated affiliates	—		—		1		—		—		98		99
Investment in consolidated subsidiaries	56		13		3		311		1		221		605

Other	1,304		787		406		66		265		(592)		2,236
Total other noncurrent assets	9,512		8,732		3,080		1,333		1,408		17,292		41,357
Total Assets	47,829		35,349		23,840		7,432		14,676		17,643		146,769
Segment reclassifications, intercompany balances and other	(306)		(291)		(19)		(195)		240		(324)		(895)
Reportable Segment Assets	$	47,523	$	35,058	$	23,821	$	7,237	$	14,916	$	17,319	$	145,874

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

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2022
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	1,158	$	469	$	750	$	283	$	317	$	15	$	2,992
Accounts payable to affiliated companies	189		342		147		32		216		(246)		680
Notes payable to affiliated companies	29		—		504		193		275		(59)		942

Taxes accrued	177		115		186		159		76		15		728
Interest accrued	135		101		72		23		48		—		379
Current maturities of long-term debt	1,018		66		327		—		31		90		1,532

Asset retirement obligations	254		261		1		12		122		(1)		649
Regulatory liabilities	460		342		238		46		178		1		1,265
Other	470		424		394		109		180		(1)		1,576
Total current liabilities	3,890		2,120		2,619		857		1,443		(186)		10,743
Long-Term Debt	12,844		10,446		8,120		2,599		4,156		989		39,154
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		1,041		1,659
Other Noncurrent Liabilities
Deferred income taxes	3,966		2,335		2,508		779		1,271		39		10,898
Asset retirement obligations	5,065		5,414		392		71		845		38		11,825
Regulatory liabilities	6,300		4,342		752		308		1,485		(20)		13,167
Operating lease liabilities	70		365		235		18		48		(1)		735
Accrued pension and other post-retirement benefit costs	42		215		155		80		167		(409)		250
Investment tax credits	285		126		262		3		176		1		853

Other	558		101		72		53		74		(33)		825
Total other noncurrent liabilities	16,286		12,898		4,376		1,312		4,066		(385)		38,553



Equity
Total Duke Energy Corporation stockholders equity	14,509		9,735		8,725		2,646		4,861		15,762		56,238
Noncontrolling interests(c)	—		—		—		—		—		422		422
Total equity	14,509		9,735		8,725		2,646		4,861		16,184		56,660
Total Liabilities and Equity	47,829		35,349		23,840		7,432		14,676		17,643		146,769
Segment reclassifications, intercompany balances and other	(306)		(291)		(19)		(195)		240		(324)		(895)
Reportable Segment Liabilities and Equity	$	47,523	$	35,058	$	23,821	$	7,237	$	14,916	$	17,319	$	145,874

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended June 30, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	144	$	310	$	—	$	(1)	$	453
Operating Expenses
Cost of natural gas	46		143		—		—		189
Operation, maintenance and other	24		88		1		—		113
Depreciation and amortization	25		56		—		1		82
Property and other taxes	19		15		—		(1)		33

Total operating expenses	114		302		1		—		417
Gains on Sales of Other Assets and Other, net	—		4		—		—		4
Operating Income (Loss)	30		12		(1)		(1)		40
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—		4		—		4
Other income and expenses, net	2		14		—		(1)		15
Total other income and expenses	2		14		4		(1)		19
Interest Expense	9		34		—		(1)		42
Income (Loss) Before Income Taxes	23		(8)		3		(1)		17
Income Tax Expense (Benefit)	4		(7)		2		(1)		(2)
Segment Income (Loss)	$	19	$	(1)	$	1	$	—	$	19

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

(b) Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Six Months Ended June 30, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	370	$	1,115	$	—	$	—	$	1,485
Operating Expenses
Cost of natural gas	153		517		—		—		670
Operation, maintenance and other	111		181		2		1		295
Depreciation and amortization	50		110		—		1		161
Property and other taxes	44		31		—		(1)		74

Total operating expenses	358		839		2		1		1,200
Gains on Sales of Other Assets and Other, net	—		4		—		—		4
Operating Income (Loss)	12		280		(2)		(1)		289
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates	—		—		8		—		8
Other income and expenses, net	4		24		—		—		28
Other Income and Expenses, net	4		24		8		—		36
Interest Expense	17		66		—		(1)		82
(Loss) Income Before Income Taxes	(1)		238		6		—		243
Income Tax (Benefit) Expense	(58)		26		3		(1)		(30)
Segment Income	$	57	$	212	$	3	$	1	$	273

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

(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	3	$	—	$	12	$	1	$	16

Receivables, net	8		150		—		—		158

Receivables from affiliated companies	13		84		361		(72)		386

Inventory	10		68		—		—		78

Regulatory assets	19		154		—		—		173
Other	44		60		2		(1)		105
Total current assets	97		516		375		(72)		916
Property, Plant and Equipment
Cost	4,118		10,316		61		(1)		14,494
Accumulated depreciation and amortization	(987)		(1,987)		—		1		(2,973)
Facilities to be retired, net	—		10		—		—		10
Net property, plant and equipment	3,131		8,339		61		—		11,531
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	283		373		—		106		762
Operating lease right-of-use assets, net	—		14		—		—		14
Investments in equity method unconsolidated affiliates	—		—		222		5		227
Investment in consolidated subsidiaries	—		—		—		3		3

Other	22		324		32		1		379
Total other noncurrent assets	629		760		254		1,666		3,309
Total Assets	3,857		9,615		690		1,594		15,756
Segment reclassifications, intercompany balances and other	42		(85)		(361)		68		(336)
Reportable Segment Assets	$	3,899	$	9,530	$	329	$	1,662	$	15,420

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Liabilities
Accounts payable	$	96	$	254	$	3	$	—	$	353
Accounts payable to affiliated companies	2		67		44		(79)		34
Notes payable to affiliated companies	108		33		—		—		141

Taxes accrued	12		29		3		—		44
Interest accrued	9		39		—		—		48



Regulatory liabilities	29		89		—		—		118
Other	3		77		53		—		133
Total current liabilities	259		588		103		(79)		871
Long-Term Debt	619		3,363		64		92		4,138
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	320		831		(9)		—		1,142
Asset retirement obligations	54		23		—		—		77
Regulatory liabilities	272		1,038		—		13		1,323
Operating lease liabilities	—		12		—		—		12
Accrued pension and other post-retirement benefit costs	28		7		—		1		36
Investment tax credits	1		1		—		—		2

Other	43		202		50		2		297
Total other noncurrent liabilities	718		2,114		41		16		2,889
Equity
Total Duke Energy Corporation stockholders' equity	2,254		3,550		479		1,565		7,848
Noncontrolling interests	—		—		3		—		3
Total equity	2,254		3,550		482		1,565		7,851
Total Liabilities and Equity	3,857		9,615		690		1,594		15,756
Segment reclassifications, intercompany balances and other	42		(85)		(361)		68		(336)
Reportable Segment Liabilities and Equity	$	3,899	$	9,530	$	329	$	1,662	$	15,420

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

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


Electric Utilities and Infrastructure
Quarterly Highlights
June 2022

		Three Months Ended June 30,						Six Months Ended June 30,
		2022	2021	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022	2021	% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	19,594	18,742	4.5	%	1.2	%	42,623	42,511	0.3	%	3.3	%
	General Service	18,449	17,657	4.5	%	1.7	%	36,502	34,965	4.4	%	4.5	%
	Industrial	11,715	11,931	(1.8	%)	1.7	%	24,216	23,700	2.2	%	2.9	%
	Other Energy Sales	143	134	6.7	%	n/a		280	273	2.6	%	n/a
	Unbilled Sales	3,369	2,343	43.8	%	n/a		3,262	261	1,149.8	%	n/a
	Total Retail Sales	53,270	50,807	4.8	%	1.5	%	106,883	101,710	5.1	%	3.6	%
	Wholesale and Other	11,215	9,652	16.2	%			21,969	19,532	12.5	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	64,485	60,459	6.7	%			128,852	121,242	6.3	%

Average Number of Customers (Electric)
	Residential	7,104,616	6,978,972	1.8	%			7,089,954	6,963,531	1.8	%
	General Service	1,038,653	1,022,668	1.6	%			1,036,420	1,020,364	1.6	%
	Industrial	16,348	16,454	(0.6	%)			16,371	16,467	(0.6	%)
	Other Energy Sales	24,409	24,305	0.4	%			24,416	24,265	0.6	%
	Total Retail Customers	8,184,026	8,042,399	1.8	%			8,167,161	8,024,627	1.8	%
	Wholesale and Other	37	38	(2.6	%)			38	39	(2.6	%)
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,184,063	8,042,437	1.8	%			8,167,199	8,024,666	1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	10,231	11,028	(7.2	%)			20,214	24,099	(16.1	%)
	Nuclear	17,826	18,513	(3.7	%)			35,993	37,485	(4.0	%)
	Hydro	542	663	(18.3	%)			1,132	1,626	(30.4	%)
	Natural Gas and Oil	20,594	18,343	12.3	%			42,796	35,927	19.1	%
	Renewable Energy	706	469	50.5	%			1,134	770	47.3	%
	Total Generation(d)	49,899	49,016	1.8	%			101,269	99,907	1.4	%
	Purchased Power and Net Interchange(e)	17,866	18,745	(4.7	%)			32,713	32,435	0.9	%
	Total Sources of Energy	67,765	67,761	—	%			133,982	132,342	1.2	%
	Less: Line Loss and Other	3,280	7,302	(55.1	%)			5,130	11,100	(53.8	%)
	Total GWh Sources	64,485	60,459	6.7	%			128,852	121,242	6.3	%

Owned Megawatt (MW) Capacity(c)
	Summer							49,789	50,137
	Winter							53,015	53,545
Nuclear Capacity Factor (%)(f)								94	96

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

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2022

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,308		6,069		3.9	%			14,365		14,423		(0.4	%)
	General Service	7,195		6,542		10.0	%			14,041		13,112		7.1	%
	Industrial	5,281		4,734		11.6	%			10,264		9,492		8.1	%
	Other Energy Sales	75		71		5.6	%			152		146		4.1	%
	Unbilled Sales	1,009		622		62.2	%			1,244		267		365.9	%
	Total Retail Sales	19,868		18,038		10.1	%	5.2	%	40,066		37,440		7.0	%	5.0	%
	Wholesale and Other	2,154		2,324		(7.3	%)			4,505		4,884		(7.8	%)
	Total Consolidated Electric Sales – Duke Energy Carolinas	22,022		20,362		8.2	%			44,571		42,324		5.3	%

Average Number of Customers
	Residential	2,371,493		2,325,357		2.0	%			2,366,535		2,319,076		2.0	%
	General Service	401,994		396,990		1.3	%			401,098		396,029		1.3	%
	Industrial	6,059		6,060		—	%			6,057		6,066		(0.1	%)
	Other Energy Sales	11,247		11,307		(0.5	%)			11,247		11,305		(0.5	%)
	Total Retail Customers	2,790,793		2,739,714		1.9	%			2,784,937		2,732,476		1.9	%
	Wholesale and Other	17		19		(10.5	%)			17		19		(10.5	%)
	Total Average Number of Customers – Duke Energy Carolinas	2,790,810		2,739,733		1.9	%			2,784,954		2,732,495		1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	2,209		4,000		(44.8	%)			4,597		8,118		(43.4	%)
	Nuclear	10,099		11,692		(13.6	%)			21,246		23,343		(9.0	%)
	Hydro	299		393		(23.9	%)			637		1,012		(37.1	%)
	Natural Gas and Oil	6,066		3,923		54.6	%			12,305		8,419		46.2	%
	Renewable Energy	152		88		72.7	%			246		155		58.7	%
	Total Generation(d)	18,825		20,096		(6.3	%)			39,031		41,047		(4.9	%)
	Purchased Power and Net Interchange(e)	3,917		1,851		111.6	%			6,923		4,010		72.6	%
	Total Sources of Energy	22,742		21,947		3.6	%			45,954		45,057		2.0	%
	Less: Line Loss and Other	720		1,585		(54.6	%)			1,383		2,733		(49.4	%)
	Total GWh Sources	22,022		20,362		8.2	%			44,571		42,324		5.3	%

Owned MW Capacity(c)
	Summer									19,491		20,001
	Winter									20,350		20,877
Nuclear Capacity Factor (%)(f)										94		98

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	182		225		(19.1	%)			1,795		1,908		(5.9	%)
	Cooling Degree Days	590		466		26.6	%			600		471		27.4	%

	Variance from Normal
	Heating Degree Days	(13.4	%)	8.0	%					(6.9	%)	(0.9	%)
	Cooling Degree Days	17.4	%	(7.5	%)					17.8	%	(7.8	%)

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2022

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	3,964		3,796		4.4	%			9,197		9,277		(0.9	%)
	General Service	3,672		3,448		6.5	%			7,468		6,889		8.4	%
	Industrial	2,593		2,471		4.9	%			5,727		4,923		16.3	%
	Other Energy Sales	34		20		70.0	%			46		39		17.9	%
	Unbilled Sales	318		801		(60.3	%)			(296)		210		(241.0	%)
	Total Retail Sales	10,581		10,536		0.4	%	(2.6	%)	22,142		21,338		3.8	%	3.1	%
	Wholesale and Other	6,334		5,263		20.3	%			12,742		10,998		15.9	%
	Total Consolidated Electric Sales – Duke Energy Progress	16,915		15,799		7.1	%			34,884		32,336		7.9	%

Average Number of Customers
	Residential	1,430,619		1,405,164		1.8	%			1,427,896		1,401,904		1.9	%
	General Service	249,109		242,542		2.7	%			248,315		241,778		2.7	%
	Industrial	3,325		3,343		(0.5	%)			3,331		3,345		(0.4	%)
	Other Energy Sales	2,563		2,598		(1.3	%)			2,567		2,598		(1.2	%)
	Total Retail Customers	1,685,616		1,653,647		1.9	%			1,682,109		1,649,625		2.0	%
	Wholesale and Other	8		8		—	%			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,685,624		1,653,655		1.9	%			1,682,117		1,649,633		2.0	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,972		663		197.4	%			3,744		2,870		30.5	%
	Nuclear	7,727		6,821		13.3	%			14,747		14,142		4.3	%
	Hydro	171		189		(9.5	%)			396		469		(15.6	%)
	Natural Gas and Oil	4,441		5,476		(18.9	%)			11,189		10,908		2.6	%
	Renewable Energy	82		78		5.1	%			134		127		5.5	%
	Total Generation(d)	14,393		13,227		8.8	%			30,210		28,516		5.9	%
	Purchased Power and Net Interchange(e)	2,978		2,932		1.6	%			5,068		4,743		6.9	%
	Total Sources of Energy	17,371		16,159		7.5	%			35,278		33,259		6.1	%
	Less: Line Loss and Other	456		356		28.1	%			394		923		(57.3	%)
	Total GWh Sources	16,915		15,803		7.0	%			34,884		32,336		7.9	%

Owned MW Capacity(c)
	Summer									12,464		12,468
	Winter									13,605		13,609
Nuclear Capacity Factor (%)(f)										95		91

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	151		199		(24.1	%)			1,604		1,747		(8.2	%)
	Cooling Degree Days	677		545		24.2	%			705		559		26.1	%

	Variance from Normal
	Heating Degree Days	(15.1	%)	13.5	%					(8.9	%)	(0.8	%)
	Cooling Degree Days	22.3	%	(1.9	%)					24.8	%	(1.3	%)

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2022

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	5,367		5,203		3.2	%			9,894		9,691		2.1	%
	General Service	3,891		3,739		4.1	%			7,236		6,955		4.0	%
	Industrial	962		852		12.9	%			1,767		1,664		6.2	%
	Other Energy Sales	8		5		60.0	%			17		11		54.5	%
	Unbilled Sales	753		525		—	%			1,199		123		874.8	%
	Total Retail Sales	10,981		10,324		6.4	%	3.1	%	20,113		18,444		9.0	%	6.8	%
	Wholesale and Other	1,359		870		56.2	%			2,129		1,304		63.3	%
	Total Electric Sales – Duke Energy Florida	12,340		11,194		10.2	%			22,242		19,748		12.6	%

Average Number of Customers
	Residential	1,715,895		1,685,526		1.8	%			1,713,661		1,681,641		1.9	%
	General Service	207,626		204,877		1.3	%			207,380		204,455		1.4	%
	Industrial	1,881		1,948		(3.4	%)			1,894		1,952		(3.0	%)
	Other Energy Sales	3,751		3,781		(0.8	%)			3,757		3,784		(0.7	%)
	Total Retail Customers	1,929,153		1,896,132		1.7	%			1,926,692		1,891,832		1.8	%
	Wholesale and Other	8		6		33.3	%			9		7		28.6	%
	Total Average Number of Customers – Duke Energy Florida	1,929,161		1,896,138		1.7	%			1,926,701		1,891,839		1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,360		1,879		(27.6	%)			2,183		2,915		(25.1	%)


	Natural Gas and Oil	9,179		8,203		11.9	%			17,143		15,379		11.5	%
	Renewable Energy	463		295		56.9	%			742		479		54.9	%
	Total Generation(d)	11,002		10,377		6.0	%			20,068		18,773		6.9	%
	Purchased Power and Net Interchange(e)	1,609		1,227		31.1	%			2,214		2,064		7.3	%
	Total Sources of Energy	12,611		11,604		8.7	%			22,282		20,837		6.9	%
	Less: Line Loss and Other	271		410		(33.9	%)			40		1,089		(96.3	%)
	Total GWh Sources	12,340		11,194		10.2	%			22,242		19,748		12.6	%

Owned MW Capacity(c)
	Summer									10,412		10,246
	Winter									11,115		11,114

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	4		15		(73.3	%)			301		310		(2.9	%)
	Cooling Degree Days	1,188		1,092		8.8	%			1,481		1,360		8.9	%

	Variance from Normal
	Heating Degree Days	(55.1	%)	68.5	%					(19.4	%)	(18.2	%)
	Cooling Degree Days	12.8	%	4.0	%					18.1	%	9.6	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2022

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,964		1,829		7.4	%			4,425		4,416		0.2	%
	General Service	1,717		2,111		(18.7	%)			3,868		4,283		(9.7	%)
	Industrial	959		1,366		(29.8	%)			2,255		2,701		(16.5	%)
	Other Energy Sales	13		26		(50.0	%)			39		52		(25.0	%)
	Unbilled Sales	747		206		262.6	%			644		(115)		660.0	%
	Total Retail Sales	5,400		5,538		(2.5	%)	(3.8	%)	11,231		11,337		(0.9	%)	(1.7	%)
	Wholesale and Other	164		200		(18.0	%)			330		405		(18.5	%)
	Total Electric Sales – Duke Energy Ohio	5,564		5,738		(3.0	%)			11,561		11,742		(1.5	%)

Average Number of Customers
	Residential	815,709		803,842		1.5	%			812,995		803,025		1.2	%
	General Service	74,631		73,732		1.2	%			74,442		73,655		1.1	%
	Industrial	2,419		2,431		(0.5	%)			2,423		2,431		(0.3	%)
	Other Energy Sales	2,840		2,623		8.3	%			2,829		2,587		9.4	%
	Total Retail Customers	895,599		882,628		1.5	%			892,689		881,698		1.2	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	895,600		882,629		1.5	%			892,690		881,699		1.2	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	792		872		(9.2	%)			1,690		1,838		(8.1	%)


	Natural Gas and Oil	19		26		(26.9	%)			24		28		(14.3	%)

	Total Generation(d)	811		898		(9.7	%)			1,714		1,866		(8.1	%)
	Purchased Power and Net Interchange(e)	5,869		5,402		8.6	%			11,698		11,183		4.6	%
	Total Sources of Energy	6,680		6,300		6.0	%			13,412		13,049		2.8	%
	Less: Line Loss and Other	1,116		562		98.6	%			1,851		1,307		41.6	%
	Total GWh Sources	5,564		5,738		(3.0	%)			11,561		11,742		(1.5	%)

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

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	440		514		(14.4	%)			2,959		3,014		(1.8	%)
	Cooling Degree Days	411		360		14.2	%			411		360		14.2	%

	Variance from Normal
	Heating Degree Days	(0.8	%)	16.4	%					(1.6	%)	0.5	%
	Cooling Degree Days	22.9	%	8.1	%					21.8	%	7.1	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2022

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,991		1,845		7.9	%			4,742		4,704		0.8	%
	General Service	1,974		1,817		8.6	%			3,889		3,726		4.4	%
	Industrial	1,920		2,508		(23.4	%)			4,203		4,920		(14.6	%)
	Other Energy Sales	13		12		8.3	%			26		25		4.0	%
	Unbilled Sales	542		189		186.8	%			471		(224)		310.3	%
	Total Retail Sales	6,440		6,371		1.1	%	(0.4	%)	13,331		13,151		1.4	%	0.4	%
	Wholesale and Other	1,204		995		21.0	%			2,263		1,941		16.6	%
	Total Electric Sales – Duke Energy Indiana	7,644		7,366		3.8	%			15,594		15,092		3.3	%

Average Number of Customers
	Residential	770,900		759,083		1.6	%			768,867		757,885		1.4	%
	General Service	105,293		104,527		0.7	%			105,185		104,447		0.7	%
	Industrial	2,664		2,672		(0.3	%)			2,666		2,673		(0.3	%)
	Other Energy Sales	4,008		3,996		0.3	%			4,016		3,991		0.6	%
	Total Retail Customers	882,865		870,278		1.4	%			880,734		868,996		1.4	%
	Wholesale and Other	3		4		(25.0	%)			3		4		(25.0	%)
	Total Average Number of Customers – Duke Energy Indiana	882,868		870,282		1.4	%			880,737		869,000		1.4	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	3,898		3,614		7.9	%			8,000		8,358		(4.3	%)

	Hydro	72		81		(11.1	%)			99		145		(31.7	%)
	Natural Gas and Oil	889		715		24.3	%			2,135		1,193		79.0	%
	Renewable Energy	9		8		12.5	%			12		9		33.3	%
	Total Generation(d)	4,868		4,418		10.2	%			10,246		9,705		5.6	%
	Purchased Power and Net Interchange(e)	3,493		7,333		(52.4	%)			6,810		10,435		(34.7	%)
	Total Sources of Energy	8,361		11,751		(28.8	%)			17,056		20,140		(15.3	%)
	Less: Line Loss and Other	717		4,385		(83.6	%)			1,462		5,048		(71.0	%)
	Total GWh Sources	7,644		7,366		3.8	%			15,594		15,092		3.3	%

Owned MW Capacity(c)
	Summer									6,346		6,346
	Winter									6,781		6,781

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	499		556		(10.3	%)			3,297		3,261		1.1	%
	Cooling Degree Days	417		355		17.5	%			417		355		17.5	%

	Variance from Normal
	Heating Degree Days	1.8	%	13.4	%					1.8	%	0.7	%
	Cooling Degree Days	24.4	%	6.0	%					23.3	%	5.1	%

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

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

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
June 2022

		Three Months Ended June 30,				Six Months Ended June 30,
		2022	2021	% Inc. (Dec.)		2022	2021	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	126,530,274	106,034,615	19.3	%	306,717,375	255,661,197	20.0	%
	Duke Energy Midwest LDC throughput (Mcf)	16,531,986	14,842,857	11.4	%	53,762,623	51,951,909	3.5	%

Average Number of Customers – Piedmont Natural Gas
	Residential	1,039,928	1,024,921	1.5	%	1,039,641	1,023,389	1.6	%
	Commercial	106,391	105,602	0.7	%	106,628	105,829	0.8	%
	Industrial	957	959	(0.2	%)	957	962	(0.5	%)
	Power Generation	19	19	—	%	19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,147,295	1,131,501	1.4	%	1,147,245	1,130,199	1.5	%

Average Number of Customers – Duke Energy Midwest
	Residential	516,973	511,276	1.1	%	516,037	510,703	1.0	%
	General Service	42,551	34,565	23.1	%	38,822	34,495	12.5	%
	Industrial	1,602	1,747	(8.3	%)	1,618	1,748	(7.4	%)
	Other	103	130	(20.8	%)	111	130	(14.6	%)
	Total Average Number of Gas Customers – Duke Energy Midwest	561,229	547,718	2.5	%	556,588	547,076	1.7	%

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


Commercial Renewables
Quarterly Highlights
June 2022

		Three Months Ended June 30,				Six Months Ended June 30,
		2022	2021	% Inc. (Dec.)		2022	2021	% Inc. (Dec.)
	Renewable Plant Production, GWh	3,430	2,787	23.1	%	6,418	5,375	19.4	%
	Net Proportional MW Capacity in Operation(a)	n/a	n/a			4,759	4,474	6.4	%

(a) Includes 100% tax equity project capacity.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

SEC Filings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!

Form 8-K Duke Energy CORP For: Aug 04

You May Also Be Interested In

Create E-mail Alert Related Categories

Sign up for StreetInsider Free!

Free News Feed