0001326160--12-312021Q2false0000030371--12-310001094093--12-310000017797--12-310000037637--12-310000020290--12-310000081020--12-310000078460--12-31http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613MemberP3Y611116111161111611116111100013261602021-01-012021-06-300001326160duk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:ProgressEnergyMember2021-01-012021-06-300001326160duk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMember2021-01-012021-06-300001326160us-gaap:CommonStockMember2021-01-012021-06-300001326160duk:JuniorSubordinatedDebentures5.125CouponDueJanuary2073Member2021-01-012021-06-300001326160duk:JuniorSubordinatedDebentures5.625CouponDueSeptember2078Member2021-01-012021-06-300001326160duk:DepositaryShareMember2021-01-012021-06-30xbrli:shares00013261602021-07-31iso4217:USD00013261602021-04-012021-06-3000013261602020-04-012020-06-3000013261602020-01-012020-06-300001326160us-gaap:ElectricityMember2021-04-012021-06-300001326160us-gaap:ElectricityMember2020-04-012020-06-300001326160us-gaap:ElectricityMember2021-01-012021-06-300001326160us-gaap:ElectricityMember2020-01-012020-06-300001326160srt:NaturalGasReservesMember2021-04-012021-06-300001326160srt:NaturalGasReservesMember2020-04-012020-06-300001326160srt:NaturalGasReservesMember2021-01-012021-06-300001326160srt:NaturalGasReservesMember2020-01-012020-06-30iso4217:USDxbrli:shares00013261602021-06-3000013261602020-12-310001326160duk:VariableInterestEntityMember2021-06-300001326160duk:VariableInterestEntityMember2020-12-310001326160us-gaap:SeriesAPreferredStockMember2021-06-300001326160us-gaap:SeriesAPreferredStockMember2020-12-310001326160us-gaap:SeriesAPreferredStockMember2020-06-300001326160us-gaap:SeriesBPreferredStockMember2021-06-300001326160us-gaap:SeriesBPreferredStockMember2020-12-3100013261602019-12-3100013261602020-06-300001326160us-gaap:PreferredStockMember2020-03-310001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-03-310001326160us-gaap:AdditionalPaidInCapitalMember2020-03-310001326160us-gaap:RetainedEarningsMember2020-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310001326160us-gaap:ParentMember2020-03-310001326160us-gaap:NoncontrollingInterestMember2020-03-3100013261602020-03-310001326160us-gaap:RetainedEarningsMember2020-04-012020-06-300001326160us-gaap:ParentMember2020-04-012020-06-300001326160us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonStockMember2020-04-012020-06-300001326160us-gaap:CommonStockMemberus-gaap:ParentMember2020-04-012020-06-300001326160us-gaap:CommonStockMember2020-04-012020-06-300001326160us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001326160us-gaap:PreferredStockMember2020-06-300001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-06-300001326160us-gaap:AdditionalPaidInCapitalMember2020-06-300001326160us-gaap:RetainedEarningsMember2020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001326160us-gaap:ParentMember2020-06-300001326160us-gaap:NoncontrollingInterestMember2020-06-300001326160us-gaap:PreferredStockMember2021-03-310001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-03-310001326160us-gaap:AdditionalPaidInCapitalMember2021-03-310001326160us-gaap:RetainedEarningsMember2021-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001326160us-gaap:ParentMember2021-03-310001326160us-gaap:NoncontrollingInterestMember2021-03-3100013261602021-03-310001326160us-gaap:RetainedEarningsMember2021-04-012021-06-300001326160us-gaap:ParentMember2021-04-012021-06-300001326160us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001326160us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonStockMember2021-04-012021-06-300001326160us-gaap:CommonStockMemberus-gaap:ParentMember2021-04-012021-06-300001326160us-gaap:CommonStockMember2021-04-012021-06-300001326160us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001326160us-gaap:PreferredStockMember2021-06-300001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-06-300001326160us-gaap:AdditionalPaidInCapitalMember2021-06-300001326160us-gaap:RetainedEarningsMember2021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001326160us-gaap:ParentMember2021-06-300001326160us-gaap:NoncontrollingInterestMember2021-06-300001326160us-gaap:PreferredStockMember2019-12-310001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-12-310001326160us-gaap:AdditionalPaidInCapitalMember2019-12-310001326160us-gaap:RetainedEarningsMember2019-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001326160us-gaap:ParentMember2019-12-310001326160us-gaap:NoncontrollingInterestMember2019-12-310001326160us-gaap:RetainedEarningsMember2020-01-012020-06-300001326160us-gaap:ParentMember2020-01-012020-06-300001326160us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-01-012020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonStockMember2020-01-012020-06-300001326160us-gaap:CommonStockMemberus-gaap:ParentMember2020-01-012020-06-300001326160us-gaap:CommonStockMember2020-01-012020-06-300001326160us-gaap:PreferredStockMember2020-12-310001326160us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-12-310001326160us-gaap:AdditionalPaidInCapitalMember2020-12-310001326160us-gaap:RetainedEarningsMember2020-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001326160us-gaap:ParentMember2020-12-310001326160us-gaap:NoncontrollingInterestMember2020-12-310001326160us-gaap:RetainedEarningsMember2021-01-012021-06-300001326160us-gaap:ParentMember2021-01-012021-06-300001326160us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001326160us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonStockMember2021-01-012021-06-300001326160us-gaap:CommonStockMemberus-gaap:ParentMember2021-01-012021-06-300001326160us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001326160duk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160duk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160duk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160duk:DukeEnergyCarolinasMember2021-06-300001326160duk:DukeEnergyCarolinasMember2020-12-310001326160duk:DukeEnergyCarolinasMember2019-12-310001326160duk:DukeEnergyCarolinasMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2020-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2020-03-310001326160duk:DukeEnergyCarolinasMember2020-03-310001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2021-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2021-03-310001326160duk:DukeEnergyCarolinasMember2021-03-310001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2019-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2019-12-310001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:DukeEnergyCarolinasMember2020-12-310001326160duk:MembersEquityMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:ProgressEnergyMember2021-04-012021-06-300001326160duk:ProgressEnergyMember2020-04-012020-06-300001326160duk:ProgressEnergyMember2020-01-012020-06-300001326160duk:ProgressEnergyMember2021-06-300001326160duk:ProgressEnergyMember2020-12-310001326160duk:VariableInterestEntityMemberduk:ProgressEnergyMember2021-06-300001326160duk:VariableInterestEntityMemberduk:ProgressEnergyMember2020-12-310001326160duk:ProgressEnergyMember2019-12-310001326160duk:ProgressEnergyMember2020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2020-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2020-03-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2020-03-310001326160us-gaap:ParentMemberduk:ProgressEnergyMember2020-03-310001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2020-03-310001326160duk:ProgressEnergyMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:ParentMemberduk:ProgressEnergyMember2021-03-310001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2021-03-310001326160duk:ProgressEnergyMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:ParentMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:ParentMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:ParentMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:NoncontrollingInterestMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:DukeEnergyProgressMember2021-06-300001326160duk:DukeEnergyProgressMember2020-12-310001326160duk:VariableInterestEntityMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:VariableInterestEntityMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:DukeEnergyProgressMember2019-12-310001326160duk:DukeEnergyProgressMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2020-03-310001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2021-03-310001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2019-12-310001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:MembersEquityMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:DukeEnergyFloridaMember2021-06-300001326160duk:DukeEnergyFloridaMember2020-12-310001326160duk:VariableInterestEntityMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:VariableInterestEntityMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:DukeEnergyFloridaMember2019-12-310001326160duk:DukeEnergyFloridaMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2020-03-310001326160duk:DukeEnergyFloridaMember2020-03-310001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2020-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2021-03-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2021-03-310001326160duk:DukeEnergyFloridaMember2021-03-310001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2019-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2019-12-310001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:MembersEquityMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:DukeEnergyOhioMember2020-01-012020-06-300001326160us-gaap:ElectricityMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160us-gaap:ElectricityMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160us-gaap:ElectricityMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160us-gaap:ElectricityMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160srt:NaturalGasReservesMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160srt:NaturalGasReservesMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160srt:NaturalGasReservesMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160srt:NaturalGasReservesMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:DukeEnergyOhioMember2021-06-300001326160duk:DukeEnergyOhioMember2020-12-310001326160duk:DukeEnergyOhioMember2019-12-310001326160duk:DukeEnergyOhioMember2020-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2020-03-310001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2020-03-310001326160duk:DukeEnergyOhioMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2020-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2020-06-300001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2020-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2021-03-310001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2021-03-310001326160duk:DukeEnergyOhioMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2019-12-310001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160us-gaap:CommonStockMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:AdditionalPaidInCapitalMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:DukeEnergyIndianaMember2021-06-300001326160duk:DukeEnergyIndianaMember2020-12-310001326160duk:DukeEnergyIndianaMember2019-12-310001326160duk:DukeEnergyIndianaMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2020-03-310001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2021-03-310001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2019-12-310001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2020-12-310001326160duk:MembersEquityMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMember2021-06-300001326160duk:PiedmontNaturalGasMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2020-03-310001326160duk:PiedmontNaturalGasMember2020-03-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2020-06-300001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2020-06-300001326160duk:PiedmontNaturalGasMember2020-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2021-03-310001326160duk:PiedmontNaturalGasMember2021-03-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2021-06-300001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2019-12-310001326160duk:PiedmontNaturalGasMember2019-12-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2020-12-310001326160us-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CommonStockMember2021-01-012021-06-300001326160duk:AtlanticCoastPipelineACPMember2021-06-300001326160duk:AtlanticCoastPipelineACPMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:PublicUtilitiesInventorySuppliesMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:ProgressEnergyMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:DukeEnergyProgressMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:DukeEnergyFloridaMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:DukeEnergyOhioMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-06-300001326160us-gaap:PublicUtilitiesInventorySuppliesMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:PublicUtilitiesInventorySuppliesMemberduk:DukeEnergyIndianaMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:PublicUtilitiesInventorySuppliesMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryCoalMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:ProgressEnergyMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:DukeEnergyProgressMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:DukeEnergyFloridaMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:DukeEnergyOhioMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:PublicUtilitiesInventoryFuelMember2020-12-310001326160srt:ScenarioForecastMember2021-01-012021-12-310001326160duk:AssetImpairmentChargesMember2021-04-012021-06-300001326160duk:UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpensesMember2021-04-012021-06-300001326160duk:CostDepreciationAmortizationAndDepletionMember2021-04-012021-06-3000013261602019-01-012019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMemberduk:DukeEnergyCarolinasMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMemberduk:ProgressEnergyMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMemberduk:DukeEnergyProgressMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMemberduk:DukeEnergyFloridaMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMemberduk:PiedmontNaturalGasMember2019-12-310001326160us-gaap:UnregulatedOperationMemberduk:WindandSolarPlantMember2021-06-30xbrli:pure0001326160duk:ElectricUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:CommercialRenewablesMember2021-04-012021-06-300001326160duk:TotalReportableSegmentsMember2021-04-012021-06-300001326160us-gaap:AllOtherSegmentsMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001326160us-gaap:IntersegmentEliminationMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001326160us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001326160us-gaap:IntersegmentEliminationMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:CommercialRenewablesMember2021-04-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMember2021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMember2021-06-300001326160us-gaap:OperatingSegmentsMemberduk:CommercialRenewablesMember2021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMember2021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMember2021-06-300001326160us-gaap:IntersegmentEliminationMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:GasUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:CommercialRenewablesMember2020-04-012020-06-300001326160duk:TotalReportableSegmentsMember2020-04-012020-06-300001326160us-gaap:AllOtherSegmentsMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001326160us-gaap:IntersegmentEliminationMemberduk:GasUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001326160us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001326160us-gaap:IntersegmentEliminationMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMember2020-04-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:CommercialRenewablesMember2020-04-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001326160us-gaap:AssetImpairmentForRegulatoryActionMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:ImpairmentChargesMember2021-04-012021-06-300001326160duk:OperationMaintenanceandOtherMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:CommercialRenewablesMember2021-01-012021-06-300001326160duk:TotalReportableSegmentsMember2021-01-012021-06-300001326160us-gaap:AllOtherSegmentsMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001326160us-gaap:IntersegmentEliminationMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001326160us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2021-01-012021-06-300001326160us-gaap:IntersegmentEliminationMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:CommercialRenewablesMember2021-01-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:CommercialRenewablesMember2020-01-012020-06-300001326160duk:TotalReportableSegmentsMember2020-01-012020-06-300001326160us-gaap:AllOtherSegmentsMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001326160us-gaap:IntersegmentEliminationMemberduk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001326160us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001326160us-gaap:IntersegmentEliminationMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:CommercialRenewablesMember2020-01-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001326160us-gaap:AssetImpairmentForRegulatoryActionMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:TexasStormUriMemberduk:CommercialRenewablesMember2021-01-012021-06-300001326160duk:ImpairmentChargesMember2021-01-012021-06-300001326160duk:OperationMaintenanceandOtherMember2021-01-012021-06-300001326160duk:CostDepreciationAmortizationAndDepletionMember2021-01-012021-06-300001326160us-gaap:CorporateNonSegmentMember2020-01-012020-06-30duk:segment0001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:IntersegmentEliminationMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160us-gaap:OperatingSegmentsMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:TotalReportableSegmentsMemberus-gaap:OperatingSegmentsMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160us-gaap:AllOtherSegmentsMemberus-gaap:CorporateNonSegmentMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:CCRSettlementAgreementMemberduk:DukeEnergyCarolinasandDukeEnergyProgressMember2021-01-220001326160duk:CCRSettlementAgreementMemberduk:DukeEnergyCarolinasandDukeEnergyProgressMember2021-01-222021-01-220001326160duk:NCUCMemberduk:CCRSettlementAgreementMemberduk:DukeEnergyCarolinasandDukeEnergyProgressMember2021-01-222021-01-220001326160duk:DukeEnergyCarolinasMemberduk:CCRSettlementAgreementMember2020-10-012020-12-310001326160duk:CCRSettlementAgreementMemberduk:DukeEnergyProgressMember2020-10-012020-12-310001326160duk:TwentyYearStormRecoveryBondMemberduk:DukeEnergyCarolinasMember2021-01-272021-01-270001326160duk:TwentyYearStormRecoveryBondMemberduk:DukeEnergyProgressMember2021-01-272021-01-270001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyCarolinasMemberus-gaap:StormCostsMemberduk:A2020NorthCarolinaStormSecuritizationFilingsMember2021-01-270001326160duk:NorthCarolinaUtilitiesCommissionMemberus-gaap:StormCostsMemberduk:A2020NorthCarolinaStormSecuritizationFilingsMemberduk:DukeEnergyProgressMember2021-01-270001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyCarolinasMemberduk:A2017NCRateCaseMember2017-08-252017-08-250001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyCarolinasMemberduk:A2017NCRateCaseMember2018-02-282018-02-280001326160duk:NorthCarolinaRateCase2019Memberduk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyCarolinasMember2019-09-302019-09-300001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:DukeEnergyCarolinasMember2021-03-312021-03-310001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:DukeEnergyCarolinasMemberduk:GridImprovementMember2021-03-310001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:DukeEnergyCarolinasMemberus-gaap:StormCostsMember2021-03-310001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:DukeEnergyCarolinasMember2021-05-212021-05-210001326160duk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2018-11-082018-11-080001326160duk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160us-gaap:DeferredProjectCostsMemberduk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-210001326160us-gaap:DeferredProjectCostsMemberduk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160duk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Memberduk:AssetretirementobligationscoalashMember2019-05-210001326160duk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Memberduk:AssetretirementobligationscoalashMember2019-05-212019-05-210001326160duk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:AssetRetirementObligationsUnprotectedEDITPropertyPlantandEquipmentMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160duk:PSCSCMemberduk:AssetretirementobligationsUnprotectedEDITMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160duk:AssetRetirementObligationsDeferredRevenueMemberduk:PSCSCMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160duk:PSCSCMemberduk:NorthCarolinaDepartmentofRevenueMemberus-gaap:StateAndLocalJurisdictionMemberduk:DukeEnergyCarolinasMemberduk:SouthCarolinaRateCase2018Member2019-05-212019-05-210001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyProgressMemberduk:A2017NCRateCaseMember2017-06-012017-06-010001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyProgressMemberduk:A2017NCRateCaseMember2017-11-222017-11-220001326160duk:NorthCarolinaRateCase2019Memberduk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyProgressMember2019-10-302019-10-300001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:DukeEnergyProgressMember2021-04-162021-04-160001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberduk:GridImprovementMemberduk:DukeEnergyProgressMember2021-04-160001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2019NorthCarolinaRateCaseAdditionalAgreementandStipulationofPartialSettlementMemberus-gaap:StormCostsMemberduk:DukeEnergyProgressMember2021-04-160001326160duk:NorthCarolinaRateCase2019Memberduk:NorthCarolinaUtilitiesCommissionMemberduk:DukeEnergyProgressMember2021-05-212021-05-210001326160duk:PSCSCMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2018-11-082018-11-080001326160duk:PSCSCMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2019-05-212019-05-210001326160duk:PSCSCMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMemberduk:AssetretirementobligationscoalashMember2019-05-210001326160duk:PSCSCMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMemberduk:AssetretirementobligationscoalashMember2019-05-212019-05-210001326160duk:PSCSCMemberduk:AssetRetirementObligationsUnprotectedEDITPropertyPlantandEquipmentMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2019-05-212019-05-210001326160duk:PSCSCMemberduk:AssetretirementobligationsUnprotectedEDITMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2019-05-212019-05-210001326160duk:AssetRetirementObligationsDeferredRevenueMemberduk:PSCSCMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2019-05-212019-05-210001326160duk:PSCSCMemberduk:NorthCarolinaDepartmentofRevenueMemberus-gaap:StateAndLocalJurisdictionMemberduk:SouthCarolinaRateCase2018Memberduk:DukeEnergyProgressMember2019-05-212019-05-21utr:MW0001326160duk:WesternCarolinasModernizationPlanMemberduk:DukeEnergyProgressMember2020-07-270001326160duk:FederalEnergyRegulatoryCommissionMemberduk:FERCReturnonEquityComplaintNorthCarolinaEasternMunicipalPowerAgencyMemberduk:DukeEnergyProgressMember2019-10-112019-10-110001326160duk:FederalEnergyRegulatoryCommissionMemberduk:FERCReturnonEquityComplaintNorthCarolinaElectricMembershipCorporationMemberduk:DukeEnergyProgressMember2020-10-162020-10-160001326160duk:A2021SettlementMemberus-gaap:SubsequentEventMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2022-01-012022-12-310001326160duk:A2021SettlementMemberus-gaap:SubsequentEventMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2023-01-012023-12-310001326160duk:A2021SettlementMemberus-gaap:SubsequentEventMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2024-01-012024-12-310001326160srt:MinimumMemberduk:A2021SettlementMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMembersrt:MaximumMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMembersrt:WeightedAverageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMemberus-gaap:USTreasurySecuritiesMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160srt:MinimumMemberduk:A2021SettlementMemberus-gaap:USTreasurySecuritiesMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMembersrt:MaximumMemberus-gaap:USTreasurySecuritiesMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-042021-05-040001326160duk:A2021SettlementMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2021-05-040001326160duk:HurricaneMichaelStormDamageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2019-04-300001326160duk:HurricaneMichaelStormDamageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2019-11-220001326160duk:HurricaneMichaelStormDamageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2020-05-190001326160duk:HurricaneMichaelStormDamageMemberduk:DukeEnergyFloridaMember2020-06-300001326160duk:HurricaneMichaelStormDamageMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:HurricaneDorianStormDamageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2019-12-190001326160duk:HurricaneDorianStormDamageMemberduk:FPSCMemberduk:DukeEnergyFloridaMember2020-09-30duk:plant0001326160duk:FPSCMemberduk:DukeEnergyFloridaMember2020-07-010001326160duk:SolarPlantMemberduk:DukeEnergyFloridaMember2020-07-012020-07-010001326160duk:DukeEnergyOhioMember2020-01-01duk:order0001326160duk:EnergyEfficiencyCostRecoveryMemberduk:DukeEnergyOhioMember2020-11-180001326160srt:MinimumMemberduk:NaturalGasPipelineExtensionMemberduk:OhioPowerSitingBoardMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:NaturalGasPipelineExtensionMembersrt:MaximumMemberduk:OhioPowerSitingBoardMemberduk:DukeEnergyOhioMember2021-06-30duk:condition0001326160srt:MinimumMemberduk:NaturalGasPipelineExtensionMemberduk:OhioPowerSitingBoardMemberduk:DukeEnergyOhioMember2019-11-21duk:site0001326160duk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostRecovery2009Through2012Memberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostRecovery2009Through2012Memberduk:DukeEnergyOhioMember2021-06-300001326160duk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostRecovery2013Through2017Memberduk:MGPCostsRegulatoryDisallowanceMemberduk:DukeEnergyOhioMember2018-09-280001326160duk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostRecovery2013Through2017Memberduk:DukeEnergyOhioMember2018-09-280001326160duk:MGPCostRecovery2018Memberduk:PublicUtilitiesCommissionOfOhioMemberduk:DukeEnergyOhioMember2019-03-290001326160duk:MGPCostRecovery2018Memberduk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostsRegulatoryDisallowanceMemberduk:DukeEnergyOhioMember2019-07-120001326160duk:MGPCostRecovery2019Memberduk:PublicUtilitiesCommissionOfOhioMemberduk:DukeEnergyOhioMember2020-03-310001326160duk:MGPCostRecovery2019Memberduk:PublicUtilitiesCommissionOfOhioMemberduk:MGPCostsRegulatoryDisallowanceMemberduk:DukeEnergyOhioMember2020-07-230001326160duk:KPSCMemberduk:DukeEnergyKentuckyMemberduk:DukeEnergyKentuckyGasBaseRateCaseMember2021-06-012021-06-010001326160duk:IndianaUtilityRegulatoryCommissionMemberduk:DukeEnergyIndianaMemberduk:IndianaRateCase2019Member2019-07-022019-07-020001326160duk:IndianaUtilityRegulatoryCommissionMemberduk:DukeEnergyIndianaMemberduk:IndianaRateCase2019Member2019-12-042019-12-040001326160duk:IndianaUtilityRegulatoryCommissionMemberduk:DukeEnergyIndianaMemberduk:IndianaRateCase2019Member2020-06-292020-06-290001326160duk:IndianaUtilityRegulatoryCommissionMemberduk:DukeEnergyIndianaMemberduk:IndianaRateCase2019Member2020-06-290001326160duk:IndianaUtilityRegulatoryCommissionMemberduk:DukeEnergyIndianaMemberus-gaap:SubsequentEventMemberduk:IndianaRateCase2019Member2021-07-282021-07-280001326160duk:PiedmontNaturalGasMemberduk:TPUCMemberduk:A2020TennesseeRateCaseMember2020-07-022020-07-020001326160duk:PiedmontNaturalGasMemberduk:TPUCMemberduk:A2020TennesseeRateCaseMember2020-12-012020-12-310001326160duk:PiedmontNaturalGasMemberduk:TPUCMemberduk:A2020TennesseeRateCaseMember2021-05-062021-05-060001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2021NorthCarolinaRateCaseMemberduk:PiedmontNaturalGasMember2021-03-222021-03-220001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2021NorthCarolinaRateCaseMemberduk:PiedmontNaturalGasMember2021-03-220001326160duk:NorthCarolinaUtilitiesCommissionMemberduk:A2021NorthCarolinaRateCaseMemberduk:PiedmontNaturalGasMemberus-gaap:SubsequentEventMember2021-07-282021-07-280001326160duk:AtlanticCoastPipelineACPMember2021-06-300001326160duk:AtlanticCoastPipelineACPMemberduk:AtlanticCoastPipelineACPMember2020-06-012020-06-300001326160duk:AtlanticCoastPipelineACPMemberus-gaap:OtherCurrentLiabilitiesMemberduk:AtlanticCoastPipelineACPMember2021-02-280001326160duk:AtlanticCoastPipelineACPMemberduk:AtlanticCoastPipelineACPMember2021-06-300001326160duk:AtlanticCoastPipelineACPMemberus-gaap:OtherCurrentLiabilitiesMemberduk:AtlanticCoastPipelineACPMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:AllenSteamStationUnits12Memberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:AllenSteamStationUnits12Memberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:DukeEnergyCarolinasMemberduk:AllenSteamStationUnits45Member2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:DukeEnergyCarolinasMemberduk:AllenSteamStationUnits45Member2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CliffsideUnit5Memberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CliffsideUnit5Memberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:MayoUnit1Memberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:MayoUnit1Memberduk:DukeEnergyProgressMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:RoxboroUnits34Memberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:RoxboroUnits34Memberduk:DukeEnergyProgressMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CrystalRiverUnits45Memberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CrystalRiverUnits45Memberduk:DukeEnergyFloridaMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:GibsonUnits1Through5Memberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:GibsonUnits1Through5Memberduk:DukeEnergyIndianaMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CayugaUnits1And2Memberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:CayugaUnits1And2Memberduk:DukeEnergyIndianaMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMember2021-01-012021-06-300001326160duk:GenerationFacilitiesToBeRetiredMember2021-06-300001326160duk:GenerationFacilitiesToBeRetiredMemberduk:DukeEnergyCarolinasMemberduk:AllenSteamStation3Member2020-01-012020-12-310001326160duk:GenerationFacilitiesToBeRetiredMemberduk:DukeEnergyCarolinasMemberduk:AllenSteamStation3Member2020-12-31duk:asset0001326160duk:GenerationFacilitiesToBeRetiredMembersrt:ScenarioForecastMemberduk:CrystalRiverUnits4And5Memberduk:DukeEnergyFloridaMember2034-12-310001326160duk:GenerationFacilitiesToBeRetiredMembersrt:ScenarioForecastMemberduk:CrystalRiverUnits4And5Memberduk:DukeEnergyFloridaMember2034-01-012034-12-310001326160duk:GenerationFacilitiesToBeRetiredMemberduk:GallagherUnits2and4Memberduk:DukeEnergyIndianaMember2020-01-012020-12-310001326160duk:GenerationFacilitiesToBeRetiredMemberduk:GallagherUnits2and4Memberduk:DukeEnergyIndianaMember2020-12-31duk:case0001326160duk:TexasStormUriTortLitigationMember2021-01-012021-06-300001326160duk:CoalAshInsuranceCoverageLitigationMember2021-06-30duk:claim0001326160us-gaap:AsbestosIssueMemberduk:DukeEnergyCarolinasMemberduk:NonMalignantAsbestosClaimMember2021-06-300001326160us-gaap:AsbestosIssueMemberduk:DukeEnergyCarolinasMemberduk:MalignantAsbestosClaimMember2021-06-300001326160us-gaap:AsbestosIssueMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:AsbestosIssueMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:AsbestosIssueMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:DukeEnergyandDukeEnergyCarolinasMemberus-gaap:AccountingStandardsUpdate201613Member2021-06-300001326160duk:DukeEnergyandDukeEnergyCarolinasMemberus-gaap:AccountingStandardsUpdate201613Member2020-12-310001326160duk:SpentNuclearFuelMattersMemberduk:DukeEnergyProgressMember2018-06-180001326160duk:SpentNuclearFuelMattersMemberduk:DukeEnergyFloridaMember2018-06-180001326160duk:March2021NotesDueMarch2031Memberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:PiedmontNaturalGasMemberduk:March2021NotesDueMarch2031Memberus-gaap:UnsecuredDebtMember2021-06-300001326160us-gaap:UnsecuredDebtMemberduk:June2021NotesDueJune2023Member2021-06-300001326160duk:DukeEnergyParentMemberus-gaap:UnsecuredDebtMemberduk:June2021NotesDueJune2023Member2021-06-300001326160duk:June2021NotesDueJune2031Memberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:DukeEnergyParentMemberduk:June2021NotesDueJune2031Memberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:June2021NotesDueJune2041Memberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:DukeEnergyParentMemberduk:June2021NotesDueJune2041Memberus-gaap:UnsecuredDebtMember2021-06-300001326160us-gaap:UnsecuredDebtMemberduk:June2021NotesDueJune2051Member2021-06-300001326160duk:DukeEnergyParentMemberus-gaap:UnsecuredDebtMemberduk:June2021NotesDueJune2051Member2021-06-300001326160us-gaap:FirstMortgageMemberduk:April2021NotesDueApril2031Member2021-06-300001326160us-gaap:FirstMortgageMemberduk:DukeEnergyCarolinasMemberduk:April2021NotesDueApril2031Member2021-06-300001326160duk:April2021NotesDueApril2051Memberus-gaap:FirstMortgageMember2021-06-300001326160duk:April2021NotesDueApril2051Memberus-gaap:FirstMortgageMemberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:DukeEnergyParentMember2021-06-300001326160us-gaap:UnsecuredDebtMember2021-01-012021-06-300001326160duk:DukeEnergyParentMember2021-01-012021-06-300001326160duk:BondsMaturingJune20213.900CouponMemberus-gaap:FirstMortgageMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:DukeEnergyParentMemberduk:DebtMaturingAugust20211800CouponMemberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:DebtMaturingNovember20210391Memberus-gaap:UnsecuredDebtMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:UnsecuredDebtMemberduk:DebtMaturingFebruary20220335CouponMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:DukeEnergyParentMemberus-gaap:UnsecuredDebtMemberduk:DebtMaturingMarch20223227CouponMember2021-06-300001326160duk:DukeEnergyParentMemberduk:DebtMaturingMarch20220775CouponMemberus-gaap:UnsecuredDebtMember2021-06-300001326160duk:DebtMaturingApril20223150CouponMemberus-gaap:UnsecuredDebtMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FirstMortgageMemberduk:BondsMaturingAugust20213.100CouponMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:DebtMaturingSeptember20213.000CouponMemberus-gaap:FirstMortgageMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:DebtMaturingSeptember20218.625CouponMemberus-gaap:FirstMortgageMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FirstMortgageMemberduk:DebtMaturingJanuary20228850CouponMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:DebtMaturingMay20223350CouponMemberus-gaap:FirstMortgageMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FirstMortgageMemberduk:DebtMaturingMay20222800CouponMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMember2021-03-310001326160us-gaap:RevolvingCreditFacilityMember2021-06-300001326160duk:DukeEnergyParentMembersrt:ParentCompanyMemberus-gaap:RevolvingCreditFacilityMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:RevolvingCreditFacilityMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:RevolvingCreditFacilityMember2021-06-300001326160srt:ParentCompanyMemberus-gaap:RevolvingCreditFacilityMemberduk:ProceedsLoanedToSubsidiaryRegistrantsMember2021-06-300001326160duk:DukeEnergyParentMemberduk:DukeEnergyThreeYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300001326160duk:DukeEnergyParentMemberduk:DukeEnergyThreeYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMember2020-12-310001326160duk:GasUtilitiesandInfrastructureMember2021-06-300001326160duk:GasUtilitiesandInfrastructureMember2020-12-310001326160duk:CommercialRenewablesMember2020-12-310001326160duk:CommercialRenewablesMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2020-12-310001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2020-12-310001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMemberduk:IndemnificationCoveragesMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMemberduk:IndemnificationCoveragesMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMemberduk:IndemnificationCoveragesMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMemberduk:IndemnificationCoveragesMember2020-01-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyProgressMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyProgressMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyProgressMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyProgressMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:JointDispatchAgreementMemberduk:DukeEnergyCarolinasMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IndemnificationCoveragesMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMemberduk:IndemnificationCoveragesMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMemberduk:IndemnificationCoveragesMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMemberduk:IndemnificationCoveragesMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMemberduk:IndemnificationCoveragesMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:PiedmontNaturalGasMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:PiedmontNaturalGasMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:PiedmontNaturalGasMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:CorporateGovernanceAndSharedServiceExpensesMemberduk:PiedmontNaturalGasMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:IndemnificationCoveragesMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:IndemnificationCoveragesMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:IndemnificationCoveragesMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:PiedmontNaturalGasMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:PiedmontNaturalGasMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:PiedmontNaturalGasMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:IntercompanyNaturalGasTransactionsMemberduk:PiedmontNaturalGasMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:NaturalGasStorageAndTransportationCostsMember2021-04-012021-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:NaturalGasStorageAndTransportationCostsMember2020-04-012020-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:NaturalGasStorageAndTransportationCostsMember2021-01-012021-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMemberduk:NaturalGasStorageAndTransportationCostsMember2020-01-012020-06-300001326160srt:AffiliatedEntityMemberduk:ProgressEnergyMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyFloridaMember2021-06-300001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyProgressMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyOhioMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMember2021-06-300001326160srt:AffiliatedEntityMemberduk:DukeEnergyIndianaMember2020-12-310001326160srt:AffiliatedEntityMemberduk:PiedmontNaturalGasMember2020-12-310001326160srt:AffiliatedEntityMemberduk:DukeEnergyCarolinasMember2020-12-310001326160srt:AffiliatedEntityMemberduk:ProgressEnergyMember2020-12-310001326160srt:AffiliatedEntityMemberduk:DukeEnergyProgressMember2020-12-310001326160srt:AffiliatedEntityMemberduk:DukeEnergyFloridaMember2020-12-310001326160srt:AffiliatedEntityMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberduk:ProgressEnergyMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:InterestRateContractMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:InterestRateContractMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:InterestRateContractMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:NondesignatedMemberduk:ProgressEnergyMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:InterestRateContractMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:InterestRateContractMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-31utr:GWh0001326160us-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMember2021-01-012021-06-300001326160us-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMember2021-01-012021-06-30utr:Mcf0001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2021-01-012021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2021-01-012021-06-300001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2021-01-012021-06-300001326160us-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMember2020-01-012020-12-310001326160us-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMemberduk:DukeEnergyOhioMember2020-01-012020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:PriceRiskDerivativeMemberus-gaap:ElectricTransmissionMember2020-01-012020-12-310001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2020-01-012020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2020-01-012020-12-310001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMemberduk:ProgressEnergyMember2020-01-012020-12-310001326160us-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMemberduk:DukeEnergyProgressMember2020-01-012020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2020-01-012020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:PriceRiskDerivativeMemberus-gaap:GasDistributionMember2020-01-012020-12-310001326160us-gaap:CashFlowHedgingMemberus-gaap:PriceRiskDerivativeMember2021-01-012021-06-300001326160us-gaap:CashFlowHedgingMemberus-gaap:PriceRiskDerivativeMember2020-01-012020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberduk:PiedmontNaturalGasMemberus-gaap:NondesignatedMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CommodityContractMember2021-06-300001326160us-gaap:CommodityContractMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:CommodityContractMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:CommodityContractMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CommodityContractMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:CommodityContractMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:CommodityContractMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-06-300001326160us-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberduk:ProgressEnergyMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberduk:PiedmontNaturalGasMemberus-gaap:NondesignatedMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMember2020-12-310001326160us-gaap:CommodityContractMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:CommodityContractMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:CommodityContractMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:CommodityContractMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberduk:DukeEnergyIndianaMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CommodityContractMemberduk:PiedmontNaturalGasMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310001326160us-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:NondesignatedMemberduk:DukeEnergyCarolinasMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:OtherCurrentAssetsMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:OtherCurrentAssetsMemberduk:PiedmontNaturalGasMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherNoncurrentAssetsMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:OtherCurrentLiabilitiesMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001326160us-gaap:OtherCurrentLiabilitiesMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherCurrentLiabilitiesMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:OtherCurrentLiabilitiesMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-06-300001326160us-gaap:OtherCurrentAssetsMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:OtherCurrentAssetsMemberduk:PiedmontNaturalGasMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherNoncurrentAssetsMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:OtherCurrentLiabilitiesMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherCurrentLiabilitiesMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:OtherCurrentLiabilitiesMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:OtherNoncurrentLiabilitiesMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-12-310001326160duk:NdtfMember2021-06-300001326160duk:NdtfMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMember2020-12-310001326160us-gaap:MunicipalBondsMemberduk:NdtfMember2021-06-300001326160us-gaap:MunicipalBondsMemberduk:NdtfMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMember2020-12-310001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMember2020-12-310001326160duk:OtherClassificationMember2021-06-300001326160duk:OtherClassificationMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:OtherClassificationMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:OtherClassificationMember2020-12-310001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMember2021-06-300001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:OtherClassificationMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:OtherClassificationMember2020-12-310001326160us-gaap:OtherDebtSecuritiesMemberduk:OtherClassificationMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMemberduk:OtherClassificationMember2020-12-310001326160duk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160duk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:MunicipalBondsMemberduk:NdtfMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:MunicipalBondsMemberduk:NdtfMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160us-gaap:OtherDebtSecuritiesMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMemberduk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160duk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160duk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:MunicipalBondsMemberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:MunicipalBondsMemberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160duk:OtherClassificationMemberduk:ProgressEnergyMember2021-06-300001326160duk:OtherClassificationMemberduk:ProgressEnergyMember2020-12-310001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:ProgressEnergyMember2021-06-300001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:ProgressEnergyMember2020-12-310001326160duk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:MunicipalBondsMemberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:MunicipalBondsMemberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:OtherDebtSecuritiesMemberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:OtherClassificationMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:OtherClassificationMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:NdtfMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:NdtfMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:NdtfMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:NdtfMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:OtherClassificationMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:OtherClassificationMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:OtherClassificationMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:OtherClassificationMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:CorporateDebtSecuritiesMemberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:CorporateDebtSecuritiesMemberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2020-12-310001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:OtherClassificationMemberus-gaap:MunicipalBondsMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:USTreasuryAndGovernmentMemberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:USTreasuryAndGovernmentMemberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMember2021-06-300001326160duk:NDTFEquitySecuritiesMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMember2021-06-300001326160us-gaap:FairValueInputsLevel1Member2021-06-300001326160us-gaap:FairValueInputsLevel2Member2021-06-300001326160us-gaap:FairValueInputsLevel3Member2021-06-300001326160us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMember2020-12-310001326160duk:NDTFEquitySecuritiesMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMember2020-12-310001326160us-gaap:FairValueInputsLevel1Member2020-12-310001326160us-gaap:FairValueInputsLevel2Member2020-12-310001326160us-gaap:FairValueInputsLevel3Member2020-12-310001326160us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyCarolinasMemberduk:NdtfMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyCarolinasMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyCarolinasMemberduk:NdtfMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberduk:ProgressEnergyMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:ProgressEnergyMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberduk:ProgressEnergyMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyProgressMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:NdtfMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyFloridaMember2021-06-300001326160duk:NDTFEquitySecuritiesMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:NDTFEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:NdtfMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:OtherClassificationMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FairValueInputsLevel3Memberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FairValueInputsLevel3Memberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:DukeEnergyIndianaMember2020-12-310001326160duk:DukeEnergyIndianaMember2021-03-310001326160duk:DukeEnergyIndianaMember2020-03-310001326160us-gaap:FairValueInputsLevel1Memberduk:PiedmontNaturalGasMember2021-06-300001326160us-gaap:FairValueInputsLevel1Memberduk:PiedmontNaturalGasMember2020-12-310001326160us-gaap:FairValueInputsLevel2Memberduk:PiedmontNaturalGasMember2021-06-300001326160us-gaap:FairValueInputsLevel2Memberduk:PiedmontNaturalGasMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-30iso4217:USDutr:MWh0001326160srt:MinimumMemberduk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MinimumMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MaximumMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:WeightedAverageMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001326160srt:MinimumMemberduk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesCommodityPowerContractsMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MinimumMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:MaximumMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310001326160duk:DerivativeFinancialInstrumentsLiabilitiesFinancialTransmissionRightsMembersrt:WeightedAverageMemberduk:DukeEnergyIndianaMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310001326160us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001326160us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001326160us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:ProgressEnergyMember2021-06-300001326160duk:ProgressEnergyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:ProgressEnergyMember2020-12-310001326160duk:ProgressEnergyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:DukeEnergyProgressMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:DukeEnergyProgressMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:DukeEnergyFloridaMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:DukeEnergyFloridaMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DukeEnergyOhioMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160us-gaap:CarryingReportedAmountFairValueDisclosureMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DukeEnergyOhioMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001326160duk:PiedmontNaturalGasAndProgressEnergyMember2020-12-310001326160duk:PiedmontNaturalGasAndProgressEnergyMember2021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-12-310001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:CinergyReceivablesMember2021-06-300001326160duk:DERFMemberduk:DukeEnergyCarolinasMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DeprMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DukeEnergyFloridaMemberduk:DefrMember2021-06-300001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:CinergyReceivablesMember2020-12-310001326160duk:DERFMemberduk:DukeEnergyCarolinasMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DeprMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DukeEnergyFloridaMemberduk:DefrMember2020-12-310001326160duk:DEFPFMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-06-300001326160duk:DEFPFMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:DEFPFMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:CommercialRenewablesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-06-300001326160duk:CommercialRenewablesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-06-300001326160duk:CommercialRenewablesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:PipelineInvestmentsMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:CommercialRenewablesMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:CommercialRenewablesMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:PipelineInvestmentsMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:AtlanticCoastPipelineACPMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:AtlanticCoastPipelineACPMember2020-04-012020-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:AtlanticCoastPipelineACPMember2020-01-012020-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:OVECMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:CinergyReceivablesMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2020-12-310001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2021-04-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2020-04-012020-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyOhioMemberduk:CinergyReceivablesMember2020-01-012020-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2021-04-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2020-04-012020-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2021-01-012021-06-300001326160us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberduk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2020-01-012020-06-3000013261602021-07-01duk:ProgressEnergyMember2021-06-3000013261602022-01-01duk:ProgressEnergyMember2021-06-300001326160duk:ProgressEnergyMember2023-01-012021-06-3000013261602024-01-01duk:ProgressEnergyMember2021-06-3000013261602025-01-01duk:ProgressEnergyMember2021-06-3000013261602026-01-01duk:ProgressEnergyMember2021-06-3000013261602021-07-01duk:DukeEnergyProgressMember2021-06-3000013261602022-01-01duk:DukeEnergyProgressMember2021-06-3000013261602023-01-01duk:DukeEnergyProgressMember2021-06-3000013261602024-01-01duk:DukeEnergyProgressMember2021-06-3000013261602021-07-01duk:DukeEnergyFloridaMember2021-06-3000013261602022-01-01duk:DukeEnergyFloridaMember2021-06-3000013261602023-01-01duk:DukeEnergyFloridaMember2021-06-3000013261602024-01-01duk:DukeEnergyFloridaMember2021-06-3000013261602025-01-01duk:DukeEnergyFloridaMember2021-06-3000013261602026-01-01duk:DukeEnergyFloridaMember2021-06-300001326160duk:DukeEnergyIndianaMember2023-01-012021-06-3000013261602024-01-01duk:DukeEnergyIndianaMember2021-06-3000013261602025-01-01duk:DukeEnergyIndianaMember2021-06-3000013261602026-01-01duk:DukeEnergyIndianaMember2021-06-300001326160duk:PiedmontNaturalGasMember2021-07-012021-06-3000013261602022-01-01duk:PiedmontNaturalGasMember2021-06-300001326160duk:PiedmontNaturalGasMember2023-01-012021-06-300001326160duk:PiedmontNaturalGasMember2024-01-012021-06-3000013261602025-01-01duk:PiedmontNaturalGasMember2021-06-3000013261602026-01-01duk:PiedmontNaturalGasMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMemberduk:WholesaleMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMemberduk:WholesaleMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:IndustrialMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:PowerGenerationMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:OtherRevenuesMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2021-04-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMemberduk:WholesaleMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMemberduk:WholesaleMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:IndustrialMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:PowerGenerationMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:OtherRevenuesMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2020-04-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2020-04-012020-06-3000013261602025-01-01duk:DukeEnergyProgressMember2021-06-3000013261602026-01-01duk:DukeEnergyProgressMember2021-06-300001326160duk:DukeEnergyIndianaMember2021-07-012021-06-3000013261602022-01-01duk:DukeEnergyIndianaMember2021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMemberduk:WholesaleMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMemberduk:WholesaleMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:IndustrialMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:PowerGenerationMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:OtherRevenuesMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2021-01-012021-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ResidentialMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:GeneralMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:ProgressEnergyMemberduk:WholesaleMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:WholesaleMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberus-gaap:ElectricityUsRegulatedMemberduk:DukeEnergyIndianaMemberduk:WholesaleMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:ElectricUtilitiesandInfrastructureMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:ResidentialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberduk:CommercialMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:IndustrialMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMemberus-gaap:NaturalGasUsRegulatedMemberduk:PowerGenerationMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:OtherRevenuesMemberduk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:GasUtilitiesandInfrastructureMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160duk:PiedmontNaturalGasMemberduk:GasUtilitiesandInfrastructureMember2020-01-012020-06-300001326160duk:DukeEnergyProgressMember2020-03-310001326160duk:DukeEnergyProgressMember2021-03-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberduk:DukeEnergyCarolinasMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberduk:ProgressEnergyMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberduk:DukeEnergyProgressMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberduk:DukeEnergyFloridaMember2019-12-310001326160srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberduk:PiedmontNaturalGasMember2019-12-310001326160us-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001326160duk:DukeEnergyCarolinasMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DukeEnergyIndianaMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001326160duk:PiedmontNaturalGasMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyCarolinasMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:ProgressEnergyMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyProgressMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyFloridaMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyOhioMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyIndianaMember2021-06-300001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:PiedmontNaturalGasMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyCarolinasMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:ProgressEnergyMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyProgressMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyFloridaMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyIndianaMember2021-06-300001326160duk:PiedmontNaturalGasMemberduk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMember2021-06-300001326160us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001326160duk:DukeEnergyCarolinasMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FinancingReceivables30To59DaysPastDueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DukeEnergyIndianaMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001326160duk:PiedmontNaturalGasMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyCarolinasMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:ProgressEnergyMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyProgressMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyFloridaMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyOhioMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:DukeEnergyIndianaMember2020-12-310001326160us-gaap:FinancingReceivables60To89DaysPastDueMemberduk:PiedmontNaturalGasMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyCarolinasMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:ProgressEnergyMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyProgressMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyFloridaMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMemberduk:DukeEnergyIndianaMember2020-12-310001326160duk:PiedmontNaturalGasMemberduk:FinancialAssetEqualtoorGreaterthan60DaysPastDueMember2020-12-310001326160duk:CinergyReceivablesMemberduk:DukeEnergyOhioMember2021-06-300001326160duk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2021-06-300001326160duk:CinergyReceivablesMemberduk:DukeEnergyOhioMember2020-12-310001326160duk:DukeEnergyIndianaMemberduk:CinergyReceivablesMember2020-12-310001326160us-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001326160us-gaap:SeriesAPreferredStockMember2020-04-012020-06-300001326160us-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001326160us-gaap:SeriesAPreferredStockMember2020-01-012020-06-300001326160us-gaap:SeriesBPreferredStockMember2021-01-012021-06-300001326160us-gaap:SeriesBPreferredStockMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyCarolinasMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:ProgressEnergyMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyProgressMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyFloridaMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyOhioMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyIndianaMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:PiedmontNaturalGasMember2021-04-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyCarolinasMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:ProgressEnergyMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyProgressMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyFloridaMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyOhioMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyIndianaMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:PiedmontNaturalGasMember2020-04-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyCarolinasMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:ProgressEnergyMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyProgressMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyFloridaMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyOhioMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyIndianaMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:PiedmontNaturalGasMember2021-01-012021-06-300001326160us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyCarolinasMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:ProgressEnergyMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyProgressMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyFloridaMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyOhioMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:DukeEnergyIndianaMember2020-01-012020-06-300001326160us-gaap:PensionPlansDefinedBenefitMemberduk:PiedmontNaturalGasMember2020-01-012020-06-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to_________
Commission file number Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number
IRS Employer Identification Number
DUK-20210630_G1.JPG
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
550 South Tryon Street
Charlotte, North Carolina 28202-1803
704-382-3853
1-4928
DUKE ENERGY CAROLINAS, LLC
56-0205520
(a North Carolina limited liability company)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
1-15929
PROGRESS ENERGY, INC.
56-2155481
(a North Carolina corporation)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853
1-3382
DUKE ENERGY PROGRESS, LLC
56-0165465
(a North Carolina limited liability company)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853
1-3274
DUKE ENERGY FLORIDA, LLC
59-0247770
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
704-382-3853
1-1232
DUKE ENERGY OHIO, INC.
31-0240030
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
704-382-3853
1-3543
DUKE ENERGY INDIANA, LLC
35-0594457
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
704-382-3853
1-6196
PIEDMONT NATURAL GAS COMPANY, INC.
56-0556998
(a North Carolina corporation)
4720 Piedmont Row Drive
Charlotte, North Carolina 28210
704-364-3120





SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of each exchange on
Registrant    Title of each class    Trading symbols        which registered
Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.125% Junior Subordinated Debentures due    DUKH    New York Stock Exchange LLC
January 15, 2073
Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC
September 15, 2078
Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC
interest in a share of 5.75% Series A Cumulative
Redeemable Perpetual Preferred Stock, par value
$0.001 per share
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Duke Energy Corporation (Duke Energy) Yes No Duke Energy Florida, LLC (Duke Energy Florida) Yes No
Duke Energy Carolinas, LLC (Duke Energy Carolinas) Yes No Duke Energy Ohio, Inc. (Duke Energy Ohio) Yes No
Progress Energy, Inc. (Progress Energy) Yes No Duke Energy Indiana, LLC (Duke Energy Indiana) Yes No
Duke Energy Progress, LLC (Duke Energy Progress) Yes No Piedmont Natural Gas Company, Inc. (Piedmont) Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Duke Energy Yes No Duke Energy Florida Yes No
Duke Energy Carolinas Yes No Duke Energy Ohio Yes No
Progress Energy Yes No Duke Energy Indiana Yes No
Duke Energy Progress Yes No Piedmont Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Duke Energy Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Duke Energy Carolinas Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Progress Energy Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Duke Energy Progress Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Duke Energy Florida Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Duke Energy Ohio Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Duke Energy Indiana Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company Emerging growth company
Piedmont Large Accelerated Filer Accelerated filer Non-accelerated Filer Smaller reporting company 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Duke Energy Yes
No Duke Energy Florida Yes
No
Duke Energy Carolinas Yes
No Duke Energy Ohio Yes
No
Progress Energy Yes
No Duke Energy Indiana Yes
No
Duke Energy Progress Yes
No Piedmont Yes
No



Number of shares of common stock outstanding at July 31, 2021:
Registrant Description Shares
Duke Energy Common stock, $0.001 par value 769,337,598
This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.



TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
9
15
19
23
27
31
35
Piedmont Natural Gas Company, Inc. Financial Statements
39
Note 1 – Organization and Basis of Presentation
43
Note 2 – Business Segments
45
Note 3 – Regulatory Matters
48
Note 4 – Commitments and Contingencies
56
Note 5 – Debt and Credit Facilities
60
Note 6 – Goodwill
61
Note 7 – Related Party Transactions
62
Note 8 – Derivatives and Hedging
63
Note 9 – Investments in Debt and Equity Securities
68
Note 10 – Fair Value Measurements
72
Note 11 – Variable Interest Entities
77
Note 12 – Revenue
81
Note 13 – Stockholders' Equity
87
Note 14 – Employee Benefit Plans
88
Note 15 – Income Taxes
89
Note 16 – Subsequent Events
89
90
107
107
PART II. OTHER INFORMATION
108
108
108
109
112



FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
The impact of the COVID-19 pandemic;
State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;
Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;
Advancements in technology;
Additional competition in electric and natural gas markets and continued industry consolidation;
The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
Changing customer expectations and demands including heightened emphasis on environmental, social and governance concerns;
The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
Operational interruptions to our natural gas distribution and transmission activities;
The availability of adequate interstate pipeline transportation capacity and natural gas supply;
The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;
Credit ratings of the Duke Energy Registrants may be different from what is expected;
Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
The ability to control operation and maintenance costs;
The level of creditworthiness of counterparties to transactions;
The ability to obtain adequate insurance at acceptable costs;
Employee workforce factors, including the potential inability to attract and retain key personnel;


FORWARD-LOOKING STATEMENTS

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


GLOSSARY OF TERMS

Glossary of Terms 
The following terms or acronyms used in this Form 10-Q are defined below:
Term or Acronym Definition
2013 Settlement Revised and Restated Stipulation and Settlement Agreement approved in November 2013 among Duke Energy Florida, the Florida Office of Public Counsel and other customer representatives
2017 Settlement Second Revised and Restated Settlement Agreement in 2017 among Duke Energy Florida, the Florida Office of Public Counsel and other customer representatives, which replaces and supplants the 2013 Settlement
2021 Settlement Settlement Agreement in 2021 among Duke Energy Florida, the Florida Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PSC Phosphate and NUCOR Steel Florida, Inc.
ACP Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Inc. and Duke Energy
ACP pipeline The approximately 600-mile canceled interstate natural gas pipeline
AFS Available for Sale
AFUDC Allowance for funds used during construction
ARO Asset retirement obligations
Bison Bison Insurance Company Limited
Board Duke Energy Board of Directors
CCR Coal Combustion Residuals
Coal Ash Act North Carolina Coal Ash Management Act of 2014
the company Duke Energy Corporation and its subsidiaries
COVID-19 Coronavirus Disease 2019
CRC Cinergy Receivables Company, LLC
Crystal River Unit 3 Crystal River Unit 3 Nuclear Plant
DEFPF Duke Energy Florida Project Finance, LLC
DEFR Duke Energy Florida Receivables, LLC
DEPR Duke Energy Progress Receivables, LLC
DERF Duke Energy Receivables Finance Company, LLC
Duke Energy Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio Duke Energy Ohio, Inc.
Duke Energy Progress Duke Energy Progress, LLC
Duke Energy Carolinas Duke Energy Carolinas, LLC
Duke Energy Florida Duke Energy Florida, LLC
Duke Energy Indiana Duke Energy Indiana, LLC
Duke Energy Kentucky Duke Energy Kentucky, Inc.
Duke Energy Registrants Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT Excess deferred income tax
Elliott Elliott Investment Management, L.P.
EPS Earnings Per Share
ETR Effective tax rate
Exchange Act Securities Exchange Act of 1934
FERC Federal Energy Regulatory Commission
FPSC Florida Public Service Commission
FTR Financial transmission rights
GAAP Generally accepted accounting principles in the U.S.


GLOSSARY OF TERMS

GAAP Reported Earnings Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GIC GIC Private Limited
GWh Gigawatt-hours
IMR Integrity Management Rider
IRS Internal Revenue Service
Investment Trusts NDTF investments and grantor trusts of Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana
IURC Indiana Utility Regulatory Commission
KPSC Kentucky Public Service Commission
LLC Limited Liability Company
MGP Manufactured gas plant
MW Megawatt
MWh Megawatt-hour
NCUC North Carolina Utilities Commission
NDTF Nuclear decommissioning trust funds
NPNS Normal purchase/normal sale
OPEB Other Post-Retirement Benefit Obligations
OVEC Ohio Valley Electric Corporation
Piedmont Piedmont Natural Gas Company, Inc.
PJM Pennsylvania-New Jersey-Maryland Interconnection
PPA Purchase Power Agreement
Progress Energy Progress Energy, Inc.
PSCSC Public Service Commission of South Carolina
PUCO Public Utilities Commission of Ohio
RTO Regional Transmission Organization
Subsidiary Registrants Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
the Tax Act Tax Cuts and Jobs Act
TPUC Tennessee Public Utility Commission
U.S. United States
VIE Variable Interest Entity
WACC Weighted Average Cost of Capital



FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except per share amounts) 2021 2020 2021 2020
Operating Revenues
Regulated electric $ 5,258  $ 4,963  $ 10,477  $ 10,087 
Regulated natural gas 302  263  1,051  901 
Nonregulated electric and other 198  195  380  382 
Total operating revenues 5,758  5,421  11,908  11,370 
Operating Expenses
Fuel used in electric generation and purchased power 1,415  1,349  2,858  2,796 
Cost of natural gas 79  59  355  258 
Operation, maintenance and other 1,410  1,353  2,812  2,692 
Depreciation and amortization 1,207  1,150  2,433  2,280 
Property and other taxes 349  334  702  679 
Impairment of assets and other charges 131  131 
Total operating expenses 4,591  4,251  9,291  8,713 
Gains on Sales of Other Assets and Other, net 2  2 
Operating Income 1,169  1,177  2,619  2,665 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates 9  (1,968) (8) (1,924)
Other income and expenses, net 128  137  255  183 
Total other income and expenses 137  (1,831) 247  (1,741)
Interest Expense 572  554  1,107  1,105 
Income (Loss) Before Income Taxes 734  (1,208) 1,759  (181)
Income Tax Expense (Benefit) 36  (316) 120  (179)
Net Income (Loss) 698  (892) 1,639  (2)
Add: Net Loss Attributable to Noncontrolling Interests 67  90  118  138 
Net Income (Loss) Attributable to Duke Energy Corporation 765  (802) 1,757  136 
Less: Preferred Dividends 14  15  53  54 
Net Income (Loss) Available to Duke Energy Corporation Common Stockholders $ 751  $ (817) $ 1,704  $ 82 
Earnings (Loss) Per Share – Basic and Diluted
Net income (loss) available to Duke Energy Corporation common stockholders
Basic and Diluted $ 0.96  $ (1.13) $ 2.21  $ 0.11 
Weighted Average Shares Outstanding
Basic 769  735  769  734 
Diluted 769  735  769  735 

See Notes to Condensed Consolidated Financial Statements
9

FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Net Income (Loss) $ 698  $ (892) $ 1,639  $ (2)
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments   (1) 2  — 
Net unrealized (losses) gains on cash flow hedges (97) (68) (76)
Reclassification into earnings from cash flow hedges 4  7 
Unrealized gains (losses) on available-for-sale securities 4  (4)
Other Comprehensive (Loss) Income, net of tax (89) 12  (63) (65)
Comprehensive Income (Loss) 609  (880) 1,576  (67)
Add: Comprehensive Loss Attributable to Noncontrolling Interests 68  88  112  150 
Comprehensive Income (Loss) Attributable to Duke Energy 677  (792) 1,688  83 
Less: Preferred Dividends 14  15  53  54 
Comprehensive Income (Loss) Available to Duke Energy Corporation Common Stockholders $ 663  $ (807) $ 1,635  $ 29 
(a)Net of income tax impacts of approximately $27 million for the three months ended June 30, 2021, and $19 million and $20 million for the six months ended June 30, 2021, and 2020, respectively. All other periods presented include immaterial income tax impacts.
See Notes to Condensed Consolidated Financial Statements
10

FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 367  $ 259 
Receivables (net of allowance for doubtful accounts of $45 at 2021 and $29 at 2020)
868  1,009 
Receivables of VIEs (net of allowance for doubtful accounts of $78 at 2021 and $117 at 2020)
2,220  2,144 
Inventory 3,015  3,167 
Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs)
1,793  1,641 
Other (includes $356 at 2021 and $296 at 2020 related to VIEs)
722  462 
Total current assets 8,985  8,682 
Property, Plant and Equipment
Cost 158,272  155,580 
Accumulated depreciation and amortization (49,752) (48,827)
Facilities to be retired, net 121  29 
Net property, plant and equipment 108,641  106,782 
Other Noncurrent Assets
Goodwill 19,303  19,303 
Regulatory assets (includes $914 at 2021 and $937 at 2020 related to VIEs)
12,485  12,421 
Nuclear decommissioning trust funds 9,886  9,114 
Operating lease right-of-use assets, net 1,495  1,524 
Investments in equity method unconsolidated affiliates 938  961 
Other (includes $89 at 2021 and $81 at 2020 related to VIEs)
3,652  3,601 
Total other noncurrent assets 47,759  46,924 
Total Assets $ 165,385  $ 162,388 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 2,716  $ 3,144 
Notes payable and commercial paper 3,296  2,873 
Taxes accrued 692  482 
Interest accrued 537  537 
Current maturities of long-term debt (includes $219 at 2021 and $472 at 2020 related to VIEs)
4,976  4,238 
Asset retirement obligations 691  718 
Regulatory liabilities 1,309  1,377 
Other 1,994  2,936 
Total current liabilities 16,211  16,305 
Long-Term Debt (includes $3,796 at 2021 and $3,535 at 2020 related to VIEs)
57,410  55,625 
Other Noncurrent Liabilities
Deferred income taxes 9,644  9,244 
Asset retirement obligations 12,272  12,286 
Regulatory liabilities 15,414  15,029 
Operating lease liabilities 1,315  1,340 
Accrued pension and other post-retirement benefit costs 995  969 
Investment tax credits 770  687 
Other (includes $352 at 2021 and $316 at 2020 related to VIEs)
1,809  1,719 
Total other noncurrent liabilities 42,219  41,274 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020
973  973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020
989  989 
Common stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 2020
1 
Additional paid-in capital 43,788  43,767 
Retained earnings 2,687  2,471 
Accumulated other comprehensive loss (306) (237)
Total Duke Energy Corporation stockholders' equity 48,132  47,964 
Noncontrolling interests 1,413  1,220 
Total equity 49,545  49,184 
Total Liabilities and Equity $ 165,385  $ 162,388 

See Notes to Condensed Consolidated Financial Statements
11

FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 1,639  $ (2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel) 2,753  2,651 
Equity in losses of unconsolidated affiliates 8  1,924 
Equity component of AFUDC (83) (76)
Impairment of assets and other charges 131 
Deferred income taxes 119  105 
Payments for asset retirement obligations (263) (287)
Provision for rate refunds (13) (12)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 15  (24)
Receivables 85  281 
Inventory 153  (56)
Other current assets (297) (124)
Increase (decrease) in
Accounts payable (297) (638)
Taxes accrued 219  273 
Other current liabilities (326) (344)
Other assets 77  (201)
Other liabilities (47) (121)
Net cash provided by operating activities 3,873  3,357 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (4,636) (5,103)
Contributions to equity method investments (21) (164)
Purchases of debt and equity securities (3,182) (3,818)
Proceeds from sales and maturities of debt and equity securities 3,217  3,755 
Disbursements to canceled equity method investments (855) — 
Other (137) (141)
Net cash used in investing activities (5,614) (5,471)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt 4,627  3,788 
Issuance of common stock 5  57 
Payments for the redemption of long-term debt (2,002) (1,951)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days 75  1,866 
Payments for the redemption of short-term debt with original maturities greater than 90 days (959) (113)
Notes payable and commercial paper 1,299  (129)
Contributions from noncontrolling interests 318  163 
Dividends paid (1,541) (1,391)
Other (72) (108)
Net cash provided by financing activities 1,750  2,182 
Net increase in cash, cash equivalents and restricted cash 9  68 
Cash, cash equivalents and restricted cash at beginning of period 556  573 
Cash, cash equivalents and restricted cash at end of period $ 565  $ 641 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 990  $ 945 
Non-cash dividends   54 

See Notes to Condensed Consolidated Financial Statements
12

FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

Three Months Ended June 30, 2020 and 2021
Accumulated Other Comprehensive
 (Loss) Income
Net Unrealized Total
Net Gains (Losses) Gains Duke Energy
Common Additional (Losses) on on Available- Pension and Corporation
Preferred Stock Common Paid-in Retained Cash Flow for-Sale- OPEB Stockholders' Noncontrolling Total
(in millions) Stock Shares Stock Capital Earnings Hedges Securities Adjustments Equity Interests Equity
Balance at March 31, 2020 $ 1,962  735  $ $ 40,930  $ 4,221  $ (116) $ $ (81) $ 46,921  $ 1,162  $ 48,083 
Net income (loss) —  —  —  —  (817) —  —  —  (817) (90) (907)
Other comprehensive income (loss) —  —  —  —  —  (1) 10  12 
Common stock issuances, including dividend reinvestment and employee benefits —  —  —  66  —  —  —  —  66  —  66 
Common stock dividends —  —  —  —  (696) —  —  —  (696) —  (696)
Contribution from noncontrolling interests, net of transaction costs(a)
—  —  —  —  —  —  —  —  —  60  60 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (7) (7)
Other —  —  —  (1) —  —  —  —  —  — 
Balance at June 30, 2020 $ 1,962  $ 735  $ $ 40,997  $ 2,707  $ (111) $ 10  $ (82) $ 45,484  $ 1,127  $ 46,611 
Balance at March 31, 2021 $ 1,962  769  $ $ 43,761  $ 2,680  $ (142) $ (2) $ (74) $ 48,186  $ 1,472  $ 49,658 
Net income (loss)         751        751  (67) 684 
Other comprehensive (loss) income           (92) 4    (88) (1) (89)
Common stock issuances, including dividend reinvestment and employee benefits       26          26    26 
Common stock dividends         (744)       (744)   (744)
Contribution from noncontrolling interests, net of transaction costs(a)
                  15  15 
Distributions to noncontrolling interest in subsidiaries                   (5) (5)
Other       1          1  (1)  
Balance at June 30, 2021 $ 1,962  $ 769  $ 1  $ 43,788  $ 2,687  $ (234) $ 2  $ (74) $ 48,132  $ 1,413  $ 49,545 

See Notes to Condensed Consolidated Financial Statements
13

FINANCIAL STATEMENTS



DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 2020 and 2021
Accumulated Other Comprehensive
 (Loss) Income
Net Unrealized Total
Net Gains Gains (Losses) Duke Energy
Common Additional (Losses) on on Available- Pension and Corporation
Preferred Stock Common Paid-in Retained Cash Flow for-Sale- OPEB Stockholders' Noncontrolling Total
(in millions) Stock Shares Stock Capital Earnings Hedges Securities Adjustments Equity Interests Equity
Balance at December 31, 2019 $ 1,962  733  $ $ 40,881  $ 4,108  $ (51) $ $ (82) $ 46,822  $ 1,129  $ 47,951 
Net income (loss) —  —  —  —  82  —  —  —  82  (138) (56)
Other comprehensive (loss) income —  —  —  —  —  (60) —  (53) (12) (65)
Common stock issuances, including dividend reinvestment and employee benefits —  —  116  —  —  —  —  116  —  116 
Common stock dividends —  —  —  —  (1,391) —  —  —  (1,391) —  (1,391)
Contributions from noncontrolling interests, net of transaction costs(a)
—  —  —  —  —  —  —  —  —  163  163 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (14) (14)
Other(b)
—  —  —  —  (92) —  —  —  (92) (1) (93)
Balance at June 30, 2020 $ 1,962  735  $ $ 40,997  $ 2,707  $ (111) $ 10  $ (82) $ 45,484  $ 1,127  $ 46,611 
Balance at December 31, 2020 $ 1,962  769  $ $ 43,767  $ 2,471  $ (167) $ $ (76) $ 47,964  $ 1,220  $ 49,184 
Net income (loss)         1,704        1,704  (118) 1,586 
Other comprehensive (loss) income           (67) (4) 2  (69) 6  (63)
Common stock issuances, including dividend reinvestment and employee benefits       23          23    23 
Common stock dividends         (1,488)       (1,488)   (1,488)
Contributions from noncontrolling interests, net of transaction costs(a)
      (3)         (3) 318  315 
Distributions to noncontrolling interest in subsidiaries                   (12) (12)
Other       1          1  (1)  
Balance at June 30, 2021 $ 1,962  769  $ 1  $ 43,788  $ 2,687  $ (234) $ 2  $ (74) $ 48,132  $ 1,413  $ 49,545 
(a)    Relates to tax equity financing activity in the Commercial Renewables segment.
(b)    Amounts in Retained earnings primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion.
See Notes to Condensed Consolidated Financial Statements
14

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 1,610  $ 1,610  $ 3,326  $ 3,358 
Operating Expenses
Fuel used in electric generation and purchased power 344  376  766  829 
Operation, maintenance and other 435  430  876  816 
Depreciation and amortization 363  375  722  718 
Property and other taxes 74  75  157  156 
Impairment of assets and other charges 75  —  75 
Total operating expenses 1,291  1,256  2,596  2,521 
Gains (Losses) on Sales of Other Assets and Other, net 2  (1) 2  — 
Operating Income 321  353  732  837 
Other Income and Expenses, net 44  43  92  86 
Interest Expense 139  125  263  248 
Income Before Income Taxes 226  271  561  675 
Income Tax Expense 1  37  24  102 
Net Income and Comprehensive Income $ 225  $ 234  $ 537  $ 573 

See Notes to Condensed Consolidated Financial Statements
15

FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 36  $ 21 
Receivables (net of allowance for doubtful accounts of $2 at 2021 and $1 at 2020)
180  247 
Receivables of VIEs (net of allowance for doubtful accounts of $40 at 2021 and $22 at 2020)
769  696 
Receivables from affiliated companies 111  124 
Inventory 1,013  1,010 
Regulatory assets 458  473 
Other 88  20 
Total current assets 2,655  2,591 
Property, Plant and Equipment
Cost 51,220  50,640 
Accumulated depreciation and amortization (17,709) (17,453)
Facilities to be retired, net 93  — 
Net property, plant and equipment 33,604  33,187 
Other Noncurrent Assets
Regulatory assets 2,970  2,996 
Nuclear decommissioning trust funds 5,446  4,977 
Operating lease right-of-use assets, net 100  110 
Other 1,238  1,187 
Total other noncurrent assets 9,754  9,270 
Total Assets $ 46,013  $ 45,048 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 675  $ 1,000 
Accounts payable to affiliated companies 195  199 
Notes payable to affiliated companies 471  506 
Taxes accrued 203  76 
Interest accrued 125  117 
Current maturities of long-term debt 356  506 
Asset retirement obligations 251  264 
Regulatory liabilities 489  473 
Other 425  546 
Total current liabilities 3,190  3,687 
Long-Term Debt 12,250  11,412 
Long-Term Debt Payable to Affiliated Companies 300  300 
Other Noncurrent Liabilities
Deferred income taxes 3,937  3,842 
Asset retirement obligations 5,116  5,086 
Regulatory liabilities 6,810  6,535 
Operating lease liabilities 87  97 
Accrued pension and other post-retirement benefit costs 67  73 
Investment tax credits 259  236 
Other 605  626 
Total other noncurrent liabilities 16,881  16,495 
Commitments and Contingencies
Equity
Member's equity 13,399  13,161 
Accumulated other comprehensive loss (7) (7)
Total equity 13,392  13,154 
Total Liabilities and Equity $ 46,013  $ 45,048 

See Notes to Condensed Consolidated Financial Statements
16

FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 537  $ 573 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel) 861  854 
Equity component of AFUDC (30) (29)
Impairment of assets and other charges 75 
Deferred income taxes (41) 31 
Payments for asset retirement obligations (93) (86)
Provision for rate refunds (11)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 4  — 
Receivables   40 
Receivables from affiliated companies 13  36 
Inventory (3) (84)
Other current assets (45) 170 
Increase (decrease) in
Accounts payable (266) (249)
Accounts payable to affiliated companies (4) (63)
Taxes accrued 127  120 
Other current liabilities (152) (134)
Other assets 8  (83)
Other liabilities 18  (35)
Net cash provided by operating activities 998  1,065 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,251) (1,271)
Purchases of debt and equity securities (1,847) (1,017)
Proceeds from sales and maturities of debt and equity securities 1,847  1,017 
Other (80) (73)
Net cash used in investing activities (1,331) (1,344)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 1,298  938 
Payments for the redemption of long-term debt (614) (454)
Notes payable to affiliated companies (35) 102 
Distributions to parent (300) (300)
Other (1) (1)
Net cash provided by financing activities 348  285 
Net increase in cash and cash equivalents 15 
Cash and cash equivalents at beginning of period 21  18 
Cash and cash equivalents at end of period $ 36  $ 24 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 315  $ 256 

See Notes to Condensed Consolidated Financial Statements
17

FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2020 and 2021
Accumulated Other
Comprehensive
Loss
Member's Net Losses on Total
(in millions) Equity Cash Flow Hedges Equity
Balance at March 31, 2020 $ 12,844  $ (7) $ 12,837 
Net income 234  —  234 
Other — 
Balance at June 30, 2020 $ 13,079  $ (7) $ 13,072 
Balance at March 31, 2021 $ 13,473  $ (7) $ 13,466 
Net income 225    225 
Distributions to parent (300)   (300)
Other 1    1 
Balance at June 30, 2021 $ 13,399  $ (7) $ 13,392 
Six Months Ended June 30, 2020 and 2021
Accumulated Other
Comprehensive
Loss
Member's Net Losses on Total
(in millions) Equity Cash Flow Hedges Equity
Balance at December 31, 2019 $ 12,818  $ (7) $ 12,811 
Net income 573  —  573 
Distributions to parent (300) —  (300)
Other(a)
(12) —  (12)
Balance at June 30, 2020 $ 13,079  $ (7) $ 13,072 
Balance at December 31, 2020 $ 13,161  $ (7) $ 13,154 
Net income 537    537 
Distributions to parent (300)   (300)
Other 1    1 
Balance at June 30, 2021 $ 13,399  $ (7) $ 13,392 
(a)Amounts primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion.
See Notes to Condensed Consolidated Financial Statements
18

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 2,679  $ 2,498  $ 5,184  $ 4,920 
Operating Expenses
Fuel used in electric generation and purchased power 833  777  1,628  1,540 
Operation, maintenance and other 626  589  1,227  1,143 
Depreciation and amortization 441  432  926  884 
Property and other taxes 133  137  275  272 
Impairment of assets and other charges 37  —  37  — 
Total operating expenses 2,070  1,935  4,093  3,839 
Gains on Sales of Other Assets and Other, net 1  1 
Operating Income 610  570  1,092  1,087 
Other Income and Expenses, net 38  33  81  65 
Interest Expense 200  199  392  405 
Income Before Income Taxes 448  404  781  747 
Income Tax Expense 37  60  80  120 
Net Income 411  344  $ 701  $ 627 
Net Income $ 411  $ 344  $ 701  $ 627 
Other Comprehensive Income, net of tax
Pension and OPEB adjustments 1  1 
Net unrealized gains on cash flow hedges   1 
Unrealized gains (losses) on available-for-sale securities 1  (1)   — 
Other Comprehensive Income, net of tax 2  2 
Comprehensive Income 413  345  $ 703  $ 630 

See Notes to Condensed Consolidated Financial Statements
19

FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 75  $ 59 
Receivables (net of allowance for doubtful accounts of $11 at 2021 and $8 at 2020)
223  228 
Receivables of VIEs (net of allowance for doubtful accounts of $25 at 2021 and $29 at 2020)
924  901 
Receivables from affiliated companies 69  157 
Inventory 1,299  1,375 
Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs)
909  758 
Other (includes $33 at 2021 and $39 at 2020 related to VIEs)
270  109 
Total current assets 3,769  3,587 
Property, Plant and Equipment
Cost 59,234  57,892 
Accumulated depreciation and amortization (18,887) (18,368)
Facilities to be retired, net 28  29 
Net property, plant and equipment 40,375  39,553 
Other Noncurrent Assets
Goodwill 3,655  3,655 
Regulatory assets (includes $914 at 2021 and $937 at 2020 related to VIEs)
5,757  5,775 
Nuclear decommissioning trust funds 4,440  4,137 
Operating lease right-of-use assets, net 700  690 
Other 1,115  1,227 
Total other noncurrent assets 15,667  15,484 
Total Assets $ 59,811  $ 58,624 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 903  $ 919 
Accounts payable to affiliated companies 331  289 
Notes payable to affiliated companies 3,003  2,969 
Taxes accrued 217  121 
Interest accrued 191  202 
Current maturities of long-term debt (includes $55 at 2021 and $305 at 2020 related to VIEs)
2,831  1,426 
Asset retirement obligations 251  283 
Regulatory liabilities 558  640 
Other 814  793 
Total current liabilities 9,099  7,642 
Long-Term Debt (includes $1,492 at 2021 and $1,252 at 2020 related to VIEs)
16,269  17,688 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 4,655  4,396 
Asset retirement obligations 5,853  5,866 
Regulatory liabilities 5,244  5,051 
Operating lease liabilities 634  623 
Accrued pension and other post-retirement benefit costs 496  505 
Other 469  462 
Total other noncurrent liabilities 17,351  16,903 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2021 and 2020
  — 
Additional paid-in capital 9,143  9,143 
Retained earnings 7,809  7,109 
Accumulated other comprehensive loss (13) (15)
Total Progress Energy, Inc. stockholders' equity 16,939  16,237 
Noncontrolling interests 3 
Total equity 16,942  16,241 
Total Liabilities and Equity $ 59,811  $ 58,624 
See Notes to Condensed Consolidated Financial Statements
20

FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 701  $ 627 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel) 1,104  1,118 
Equity component of AFUDC (23) (24)
Impairment of assets and other charges 37  — 
Deferred income taxes 163  94 
Payments for asset retirement obligations (139) (173)
Provision for rate refunds (7)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 16  (22)
Receivables (12) (15)
Receivables from affiliated companies 88  34 
Inventory 76  (42)
Other current assets (247) 102 
Increase (decrease) in
Accounts payable 44  (238)
Accounts payable to affiliated companies 42  (88)
Taxes accrued 97  155 
Other current liabilities (79) (64)
Other assets (33) (57)
Other liabilities (156) (97)
Net cash provided by operating activities 1,672  1,312 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,745) (1,812)
Purchases of debt and equity securities (1,160) (2,602)
Proceeds from sales and maturities of debt and equity securities 1,201  2,588 
Notes receivable from affiliated companies   164 
Other (69) (81)
Net cash used in investing activities (1,773) (1,743)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 19  514 
Payments for the redemption of long-term debt (41) (550)
Notes payable to affiliated companies 34  552 
Other (3) — 
Net cash provided by financing activities 9  516 
Net (decrease) increase in cash, cash equivalents and restricted cash (92) 85 
Cash, cash equivalents and restricted cash at beginning of period 200  126 
Cash, cash equivalents and restricted cash at end of period $ 108  $ 211 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 329  $ 287 
See Notes to Condensed Consolidated Financial Statements
21

FINANCIAL STATEMENTS


PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2020 and 2021
Accumulated Other Comprehensive Loss
Net Gains Net Unrealized Total Progress
Additional (Losses) on Gains (Losses) on Pension and Energy, Inc.
Paid-in Retained Cash Flow Available-for- OPEB Stockholders' Noncontrolling Total
(in millions) Capital Earnings Hedges Sale Securities Adjustments Equity Interests Equity
Balance at March 31, 2020 $ 9,143  $ 6,747  $ (9) $ —  $ (7) $ 15,874  $ $ 15,877 
Net income —  344  —  —  —  344  —  344 
Other comprehensive income (loss) —  —  (1) — 
Distributions to noncontrolling interests —  —  —  —  —  —  (1) (1)
Other —  (1) —  —  —  (1) — 
Balance at June 30, 2020 $ 9,143  $ 7,090  $ (8) $ (1) $ (6) $ 16,218  $ $ 16,221 
Balance at March 31, 2021 $ 9,143  $ 7,400  $ (4) $ (3) $ (8) $ 16,528  $ $ 16,530 
Net income   411        411    411 
Other comprehensive income       1  1  2    2 
Other   (2)       (2) 1  (1)
Balance at June 30, 2021 $ 9,143  $ 7,809  $ (4) $ (2) $ (7) $ 16,939  $ 3  $ 16,942 
Six Months Ended June 30, 2020 and 2021
Accumulated Other Comprehensive Loss
Net Gains Net Unrealized Total Progress
Additional (Losses) on Gains (Losses) on Pension and Energy, Inc.
Paid-in Retained Cash Flow Available-for- OPEB Stockholders' Noncontrolling Total
Capital Earnings Hedges Sale Securities Adjustments Equity Interests Equity
Balance at December 31, 2019 $ 9,143  $ 6,465  $ (10) $ (1) $ (7) $ 15,590  $ $ 15,593 
Net income —  627  —  —  —  627  —  627 
Other comprehensive income —  —  —  — 
Distributions to noncontrolling interests —  —  —  —  —  —  (1) (1)
Other —  (2) —  —  —  (2) (1)
Balance at June 30, 2020 $ 9,143  $ 7,090  $ (8) $ (1) $ (6) $ 16,218  $ $ 16,221 
Balance at December 31, 2020 $ 9,143  $ 7,109  $ (5) $ (2) $ (8) $ 16,237  $ $ 16,241 
Net income   701        701    701 
Other comprehensive income     1    1  2    2 
Distributions to noncontrolling interests             (1) (1)
Other   (1)       (1)   (1)
Balance at June 30, 2021 $ 9,143  $ 7,809  $ (4) $ (2) $ (7) $ 16,939  $ 3  $ 16,942 
See Notes to Condensed Consolidated Financial Statements
22

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 1,349  $ 1,243  $ 2,750  $ 2,581 
Operating Expenses
Fuel used in electric generation and purchased power 409  395  845  800 
Operation, maintenance and other 367  317  724  622 
Depreciation and amortization 236  257  521  544 
Property and other taxes 41  44  90  91 
Impairment of assets and other charges 18  —  18  — 
Total operating expenses 1,071  1,013  2,198  2,057 
Gains on Sales of Other Assets and Other, net 1  1 
Operating Income 279  236  553  529 
Other Income and Expenses, net 20  19  44  41 
Interest Expense 78  68  147  137 
Income Before Income Taxes 221  187  450  433 
Income Tax Expense 6  26  25  68 
Net Income and Comprehensive Income $ 215  $ 161  $ 425  $ 365 

See Notes to Condensed Consolidated Financial Statements
23

FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 46  $ 39 
Receivables (net of allowance for doubtful accounts of $4 at 2021 and 2020)
129  132 
Receivables of VIEs (net of allowance for doubtful accounts of $17 at 2021 and $19 at 2020)
473  500 
Receivables from affiliated companies 63  50 
Inventory 858  911 
Regulatory assets 502  492 
Other 141  60 
Total current assets 2,212  2,184 
Property, Plant and Equipment
Cost 36,291  35,759 
Accumulated depreciation and amortization (13,134) (12,801)
Facilities to be retired, net 28  29 
Net property, plant and equipment 23,185  22,987 
Other Noncurrent Assets
Regulatory assets 4,056  3,976 
Nuclear decommissioning trust funds 3,842  3,500 
Operating lease right-of-use assets, net 377  346 
Other 722  740 
Total other noncurrent assets 8,997  8,562 
Total Assets $ 34,394  $ 33,733 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 416  $ 454 
Accounts payable to affiliated companies 214  215 
Notes payable to affiliated companies 270  295 
Taxes accrued 87  85 
Interest accrued 90  99 
Current maturities of long-term debt 1,806  603 
Asset retirement obligations 250  283 
Regulatory liabilities 472  530 
Other 413  411 
Total current liabilities 4,018  2,975 
Long-Term Debt 7,321  8,505 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 2,455  2,298 
Asset retirement obligations 5,387  5,352 
Regulatory liabilities 4,578  4,394 
Operating lease liabilities 354  323 
Accrued pension and other post-retirement benefit costs 237  242 
Investment tax credits 130  132 
Other 79  102 
Total other noncurrent liabilities 13,220  12,843 
Commitments and Contingencies
Equity
Member's Equity 9,685  9,260 
Total Liabilities and Equity $ 34,394  $ 33,733 

See Notes to Condensed Consolidated Financial Statements
24

FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 425  $ 365 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel) 610  635 
Equity component of AFUDC (15) (19)
Impairment of assets and other charges 18  — 
Deferred income taxes 28  60 
Payments for asset retirement obligations (88) (164)
Provision for rate refunds (7)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 9  (5)
Receivables 31  96 
Receivables from affiliated companies (13) 10 
Inventory 52  (46)
Other current assets (52) 87 
Increase (decrease) in
Accounts payable 28  (260)
Accounts payable to affiliated companies (1) (50)
Taxes accrued 2  71 
Other current liabilities (45) (16)
Other assets (40) (92)
Other liabilities (43) (5)
Net cash provided by operating activities 899  669 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (869) (795)
Purchases of debt and equity securities (926) (569)
Proceeds from sales and maturities of debt and equity securities 915  548 
Other (2) (21)
Net cash used in investing activities (882) (837)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 19  20 
Payments for the redemption of long-term debt (3) (13)
Notes payable to affiliated companies (25) 191 
Other (1) (1)
Net cash (used in) provided by financing activities (10) 197 
Net increase in cash and cash equivalents 7  29 
Cash and cash equivalents at beginning of period 39  22 
Cash and cash equivalents at end of period $ 46  $ 51 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 97  $ 95 

See Notes to Condensed Consolidated Financial Statements
25

FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30, 2020 and 2021
Member's
(in millions) Equity
Balance at March 31, 2020 $ 9,450 
Net income 161 
Other (1)
Balance at June 30, 2020 $ 9,610 
Balance at March 31, 2021 $ 9,470 
Net income 215 
Balance at June 30, 2021 $ 9,685 
Six Months Ended
June 30, 2020 and 2021
Member's
(in millions) Equity
Balance at December 31, 2019 $ 9,246 
Net income 365 
Other (1)
Balance at June 30, 2020 $ 9,610 
Balance at December 31, 2020 $ 9,260 
Net income 425 
Balance at June 30, 2021 $ 9,685 

See Notes to Condensed Consolidated Financial Statements
26

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 1,325  $ 1,250  $ 2,426  $ 2,330 
Operating Expenses
Fuel used in electric generation and purchased power 424  382  783  740 
Operation, maintenance and other 255  269  497  514 
Depreciation and amortization 205  175  405  340 
Property and other taxes 92  92  185  180 
Impairment of assets and other charges 19  —  19  — 
Total operating expenses 995  918  1,889  1,774 
Operating Income 330  332  537  556 
Other Income and Expenses, net 18  15  36  25 
Interest Expense 80  80  160  164 
Income Before Income Taxes 268  267  413  417 
Income Tax Expense 51  51  79  81 
Net Income $ 217  $ 216  $ 334  $ 336 
Other Comprehensive Income, net of tax
Unrealized gains (losses) on available-for-sale securities 1  (1)   — 
Comprehensive Income $ 218  $ 215  $ 334  $ 336 

See Notes to Condensed Consolidated Financial Statements
27

FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 22  $ 11 
Receivables (net of allowance for doubtful accounts of $8 at 2021 and $4 at 2020)
91  94 
Receivables of VIEs (net of allowance for doubtful accounts of $8 at 2021 and $10 at 2020)
451  401 
Receivables from affiliated companies 8 
Inventory 440  464 
Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs)
407  265 
Other (includes $33 at 2021 and $39 at 2020 related to VIEs)
59  41 
Total current assets 1,478  1,279 
Property, Plant and Equipment
Cost 22,933  22,123 
Accumulated depreciation and amortization (5,746) (5,560)
Net property, plant and equipment 17,187  16,563 
Other Noncurrent Assets
Regulatory assets (includes $914 at 2021 and $937 at 2020 related to VIEs)
1,701  1,799 
Nuclear decommissioning trust funds 598  637 
Operating lease right-of-use assets, net 323  344 
Other 342  335 
Total other noncurrent assets 2,964  3,115 
Total Assets $ 21,629  $ 20,957 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 487  $ 465 
Accounts payable to affiliated companies 129  85 
Notes payable to affiliated companies 363  196 
Taxes accrued 144  82 
Interest accrued 67  69 
Current maturities of long-term debt (includes $55 at 2021 and $305 at 2020 related to VIEs)
575  823 
Regulatory liabilities 85  110 
Other 395  374 
Total current liabilities 2,245  2,204 
Long-Term Debt (includes $1,223 at 2021 and $1,002 at 2020 related to VIEs)
7,306  7,092 
Other Noncurrent Liabilities
Deferred income taxes 2,286  2,191 
Asset retirement obligations 467  514 
Regulatory liabilities 665  658 
Operating lease liabilities 280  300 
Accrued pension and other post-retirement benefit costs 227  231 
Other 262  209 
Total other noncurrent liabilities 4,187  4,103 
Commitments and Contingencies
Equity
Member's equity 7,893  7,560 
Accumulated other comprehensive loss (2) (2)
Total equity 7,891  7,558 
Total Liabilities and Equity $ 21,629  $ 20,957 

See Notes to Condensed Consolidated Financial Statements
28

FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 334  $ 336 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 491  478 
Equity component of AFUDC (8) (6)
Impairment of assets and other charges 19  — 
Deferred income taxes 130  37 
Payments for asset retirement obligations (52) (9)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 5  (20)
Receivables (42) (110)
Receivables from affiliated companies (5) (2)
Inventory 24 
Other current assets (132) (11)
Increase (decrease) in
Accounts payable 15  23 
Accounts payable to affiliated companies 44  (51)
Taxes accrued 62  134 
Other current liabilities (35) (50)
Other assets 11  37 
Other liabilities (94) (91)
Net cash provided by operating activities 767  699 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (876) (1,016)
Purchases of debt and equity securities (234) (2,033)
Proceeds from sales and maturities of debt and equity securities 286  2,040 
Notes receivable from affiliated companies   173 
Other (67) (60)
Net cash used in investing activities (891) (896)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt   495 
Payments for the redemption of long-term debt (38) (537)
Notes payable to affiliated companies 167  232 
Other  
Net cash provided by financing activities 129  192 
Net increase (decrease) in cash, cash equivalents and restricted cash 5  (5)
Cash, cash equivalents and restricted cash at beginning of period 50  56 
Cash, cash equivalents and restricted cash at end of period $ 55  $ 51 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 232  $ 192 

See Notes to Condensed Consolidated Financial Statements
29

FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2020 and 2021
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Losses on
Member's Available-for-Sale Total
(in millions) Equity Securities Equity
Balance at March 31, 2020 $ 6,909  $ —  $ 6,909 
Net income 216  —  216 
Other comprehensive loss —  (1) (1)
Balance at June 30, 2020 $ 7,125  $ (1) $ 7,124 
Balance at March 31, 2021 $ 7,677  $ (3) $ 7,674 
Net income 217    217 
Other comprehensive income   1  1 
Other (1)   (1)
Balance at June 30, 2021 $ 7,893  $ (2) $ 7,891 
Six Months Ended June 30, 2020 and 2021
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Losses on
Member's Available-for-Sale Total
(in millions) Equity Securities Equity
Balance at December 31, 2019 $ 6,789  $ (1) $ 6,788 
Net income 336  —  336 
Balance at June 30, 2020 $ 7,125  $ (1) $ 7,124 
Balance at December 31, 2020 $ 7,560  $ (2) $ 7,558 
Net income 334    334 
Other (1)   (1)
Balance at June 30, 2021 $ 7,893  $ (2) $ 7,891 

See Notes to Condensed Consolidated Financial Statements
30

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues
Regulated electric $ 343  $ 330  $ 706  $ 676 
Regulated natural gas 113  93  282  245 
Total operating revenues 456  423  988  921 
Operating Expenses
Fuel used in electric generation and purchased power 93  77  175  164 
Cost of natural gas 16  67  43 
Operation, maintenance and other 111  95  219  218 
Depreciation and amortization 75  68  149  136 
Property and other taxes 83  78  175  161 
Impairment of assets and other charges 5  —  5  — 
Total operating expenses 383  324  790  722 
Operating Income 73  99  198  199 
Other Income and Expenses, net 5  10 
Interest Expense 28  25  53  49 
Income Before Income Taxes 50  78  155  157 
Income Tax Expense 11  12  25  26 
Net Income and Comprehensive Income $ 39  $ 66  $ 130  $ 131 

See Notes to Condensed Consolidated Financial Statements
31

FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 12  $ 14 
Receivables (net of allowance for doubtful accounts of $4 at 2021 and 2020)
96  98 
Receivables from affiliated companies 83  102 
Inventory 111  110 
Regulatory assets 56  39 
Other 26  31 
Total current assets 384  394 
Property, Plant and Equipment
Cost 11,351  11,022 
Accumulated depreciation and amortization (3,068) (3,013)
Net property, plant and equipment 8,283  8,009 
Other Noncurrent Assets
Goodwill 920  920 
Regulatory assets 636  610 
Operating lease right-of-use assets, net 20  20 
Other 79  72 
Total other noncurrent assets 1,655  1,622 
Total Assets $ 10,322  $ 10,025 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 255  $ 279 
Accounts payable to affiliated companies 72  68 
Notes payable to affiliated companies 390  169 
Taxes accrued 189  247 
Interest accrued 31  31 
Current maturities of long-term debt 50  50 
Asset retirement obligations 12 
Regulatory liabilities 65  65 
Other 70  70 
Total current liabilities 1,134  982 
Long-Term Debt 3,016  3,014 
Long-Term Debt Payable to Affiliated Companies 25  25 
Other Noncurrent Liabilities
Deferred income taxes 1,014  981 
Asset retirement obligations 99  108 
Regulatory liabilities 741  748 
Operating lease liabilities 19  20 
Accrued pension and other post-retirement benefit costs 113  113 
Other 96  99 
Total other noncurrent liabilities 2,082  2,069 
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2021 and 2020
762  762 
Additional paid-in capital 2,776  2,776 
Retained earnings 527  397 
Total equity 4,065  3,935 
Total Liabilities and Equity $ 10,322  $ 10,025 

See Notes to Condensed Consolidated Financial Statements
32

FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 130  $ 131 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 151  138 
Equity component of AFUDC (4) (2)
Impairment of assets and other charges 5  — 
Deferred income taxes 17  24 
Payments for asset retirement obligations (1) — 
Provision for rate refunds 8 
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions (1) — 
Receivables 2 
Receivables from affiliated companies (11) 45 
Inventory (1)
Other current assets (12)
Increase (decrease) in
Accounts payable (8) (22)
Accounts payable to affiliated companies 4  (10)
Taxes accrued (58) (9)
Other current liabilities (7)
Other assets (33) (24)
Other liabilities 4  (3)
Net cash provided by operating activities 185  292 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (415) (403)
Notes receivable from affiliated companies 30  (35)
Other (23) (27)
Net cash used in investing activities (408) (465)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt   397 
Payments for the redemption of long-term debt   (233)
Notes payable to affiliated companies 221  — 
Net cash provided by financing activities 221  164 
Net decrease in cash and cash equivalents (2) (9)
Cash and cash equivalents at beginning of period 14  17 
Cash and cash equivalents at end of period $ 12  $
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 88  $ 94 

See Notes to Condensed Consolidated Financial Statements
33

FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2020 and 2021
Additional
Common Paid-in Retained Total
(in millions) Stock Capital Earnings Equity
Balance at March 31, 2020 $ 762  $ 2,776  $ 210  $ 3,748 
Net income —  —  66  66 
Balance at June 30, 2020 $ 762  $ 2,776  $ 276  $ 3,814 
Balance at March 31, 2021 $ 762  $ 2,776  $ 488  $ 4,026 
Net income     39  39 
Balance at June 30, 2021 $ 762  $ 2,776  $ 527  $ 4,065 
Six Months Ended June 30, 2020 and 2021
Additional
Common Paid-in Retained Total
(in millions) Stock Capital Earnings Equity
Balance at December 31, 2019 $ 762  $ 2,776  $ 145  $ 3,683 
Net income —  —  131  131 
Balance at June 30, 2020 $ 762  $ 2,776  $ 276  $ 3,814 
Balance at December 31, 2020 $ 762  $ 2,776  $ 397  $ 3,935 
Net income     130  130 
Balance at June 30, 2021 $ 762  $ 2,776  $ 527  $ 4,065 

See Notes to Condensed Consolidated Financial Statements
34

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 735  $ 617  $ 1,480  $ 1,309 
Operating Expenses
Fuel used in electric generation and purchased power 201  161  418  355 
Operation, maintenance and other 192  171  370  357 
Depreciation and amortization 152  134  304  266 
Property and other taxes 20  20  41  42 
Impairment of assets and other charges 8  —  8  — 
Total operating expenses 573  486  1,141  1,020 
Losses on Sales of Other Assets and Other, net (1) —  (1) — 
Operating Income 161  131  338  289 
Other Income and Expenses, net 10  19  19 
Interest Expense 49  42  99  85 
Income Before Income Taxes 122  98  258  223 
Income Tax Expense 19  17  43  43 
Net Income and Comprehensive Income $ 103  $ 81  $ 215  $ 180 

See Notes to Condensed Consolidated Financial Statements
35

FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 12  $
Receivables (net of allowance for doubtful accounts of $3 at 2021 and 2020)
69  55 
Receivables from affiliated companies 95  112 
Notes receivable from affiliated companies 18  — 
Inventory 412  473 
Regulatory assets 173  125 
Other 46  37 
Total current assets 825  809 
Property, Plant and Equipment
Cost 17,213  17,382 
Accumulated depreciation and amortization (5,514) (5,661)
Net property, plant and equipment 11,699  11,721 
Other Noncurrent Assets
Regulatory assets 1,310  1,203 
Operating lease right-of-use assets, net 53  55 
Other 268  253 
Total other noncurrent assets 1,631  1,511 
Total Assets $ 14,155  $ 14,041 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 209  $ 188 
Accounts payable to affiliated companies 59  88 
Notes payable to affiliated companies   131 
Taxes accrued 64  62 
Interest accrued 52  51 
Current maturities of long-term debt 123  70 
Asset retirement obligations 176  168 
Regulatory liabilities 141  111 
Other 104  83 
Total current liabilities 928  952 
Long-Term Debt 3,819  3,871 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 1,262  1,228 
Asset retirement obligations 980  1,008 
Regulatory liabilities 1,593  1,627 
Operating lease liabilities 52  53 
Accrued pension and other post-retirement benefit costs 172  171 
Investment tax credits 168  168 
Other 32  30 
Total other noncurrent liabilities 4,259  4,285 
Commitments and Contingencies
Equity
Member's Equity 4,999  4,783 
Total Liabilities and Equity $ 14,155  $ 14,041 

See Notes to Condensed Consolidated Financial Statements
36

FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 215  $ 180 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 306  267 
Equity component of AFUDC (12) (12)
Impairment of assets and other charges 8  — 
Deferred income taxes 1  38 
Payments for asset retirement obligations (30) (28)
(Increase) decrease in
Receivables (15) 19 
Receivables from affiliated companies (8) 20 
Inventory 61  28 
Other current assets (31) 13 
Increase (decrease) in
Accounts payable 35  22 
Accounts payable to affiliated companies (29) (13)
Taxes accrued 10 
Other current liabilities 20  (22)
Other assets (3) (29)
Other liabilities 6  (6)
Net cash provided by operating activities 534  481 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (394) (456)
Purchases of debt and equity securities (9) (14)
Proceeds from sales and maturities of debt and equity securities 6 
Notes receivable from affiliated companies 7  (425)
Other (8) (16)
Net cash used in investing activities (398) (904)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt   544 
Notes payable to affiliated companies (131) (30)
Distributions to parent   (100)
Net cash (used in) provided by financing activities (131) 414 
Net increase (decrease) in cash and cash equivalents 5  (9)
Cash and cash equivalents at beginning of period 7  25 
Cash and cash equivalents at end of period $ 12  $ 16 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 85  $ 83 

See Notes to Condensed Consolidated Financial Statements
37

FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30, 2020 and 2021
Member's
(in millions) Equity
Balance at March 31, 2020 $ 4,674 
Net income 81 
Distributions to parent (100)
Balance at June 30, 2020 $ 4,655 
Balance at March 31, 2021 $ 4,896 
Net income 103 
Balance at June 30, 2021 $ 4,999 
Six Months Ended
June 30, 2020 and 2021
Member's
(in millions) Equity
Balance at December 31, 2019 $ 4,575 
Net income 180 
Distributions to parent (100)
Balance at June 30, 2020 $ 4,655 
Balance at December 31, 2020 $ 4,783 
Net income 215 
Other 1 
Balance at June 30, 2021 $ 4,999 

See Notes to Condensed Consolidated Financial Statements
38

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2021 2020 2021 2020
Operating Revenues $ 215  $ 197  $ 821  $ 709 
Operating Expenses
Cost of natural gas 63  53  288  215 
Operation, maintenance and other 76  79  154  159 
Depreciation and amortization 51  43  99  88 
Property and other taxes 14  12  28  24 
Impairment of assets and other charges 5  —  5  — 
Total operating expenses 209  187  574  486 
Operating Income 6  10  247  223 
Other Income and Expenses, net 18  16  35  28 
Interest Expense 30  33  59  60 
(Loss) Income Before Income Taxes (6) (7) 223  191 
Income Tax (Benefit) Expense (2) (9) 24  11 
Net (Loss) Income and Comprehensive (Loss) Income $ (4) $ $ 199  $ 180 

See Notes to Condensed Consolidated Financial Statements
39

FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) June 30, 2021 December 31, 2020
ASSETS
Current Assets
Receivables (net of allowance for doubtful accounts of $13 at 2021 and $12 at 2020)
106  250 
Receivables from affiliated companies 10  10 
Inventory 43  68 
Regulatory assets 108  153 
Other 48  20 
Total current assets 315  501 
Property, Plant and Equipment
Cost 9,556  9,134 
Accumulated depreciation and amortization (1,838) (1,749)
Net property, plant and equipment 7,718  7,385 
Other Noncurrent Assets
Goodwill 49  49 
Regulatory assets 337  302 
Operating lease right-of-use assets, net 18  20 
Investments in equity method unconsolidated affiliates 89  88 
Other 277  270 
Total other noncurrent assets 770  729 
Total Assets $ 8,803  $ 8,615 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 165  $ 230 
Accounts payable to affiliated companies 44  79 
Notes payable to affiliated companies 93  530 
Taxes accrued 27  23 
Interest accrued 36  34 
Current maturities of long-term debt   160 
Regulatory liabilities 57  88 
Other 80  69 
Total current liabilities 502  1,213 
Long-Term Debt 2,967  2,620 
Other Noncurrent Liabilities
Deferred income taxes 861  821 
Asset retirement obligations 20  20 
Regulatory liabilities 1,007  1,044 
Operating lease liabilities 16  19 
Accrued pension and other post-retirement benefit costs 6 
Other 185  155 
Total other noncurrent liabilities 2,095  2,067 
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2021 and 2020
1,635  1,310 
Retained earnings 1,604  1,405 
Total equity 3,239  2,715 
Total Liabilities and Equity $ 8,803  $ 8,615 

See Notes to Condensed Consolidated Financial Statements
40

FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions) 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 199  $ 180 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 101  89 
Equity component of AFUDC (14) (9)
Impairment of assets and other charges 5  — 
Deferred income taxes 3  17 
Equity in earnings from unconsolidated affiliates (4) (4)
Provision for rate refunds (3) (24)
(Increase) decrease in
Receivables 137  154 
Receivables from affiliated companies   (4)
Inventory 26  42 
Other current assets 30  (69)
Increase (decrease) in
Accounts payable (70) (68)
Accounts payable to affiliated companies (35) 33 
Taxes accrued 3 
Other current liabilities (30) (4)
Other assets 6  (13)
Other liabilities (2)
Net cash provided by operating activities 352  332 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (411) (438)
Return of investment capital 1 
Other (17) (12)
Net cash used in investing activities (427) (449)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 347  394 
Payments for the redemption of long-term debt (160) — 
Notes payable to affiliated companies (437) (277)
Capital contributions from parent 325  — 
Net cash provided by financing activities 75  117 
Net increase in cash and cash equivalents   — 
Cash and cash equivalents at beginning of period   — 
Cash and cash equivalents at end of period $   $ — 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 111  $ 98 

See Notes to Condensed Consolidated Financial Statements
41

FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2020 and 2021
Common Retained Total
(in millions) Stock Earnings Equity
Balance at March 31, 2020 $ 1,310  $ 1,310  $ 2,620 
Net income — 
Balance at June 30, 2020 $ 1,310  $ 1,312  $ 2,622 
Balance at March 31, 2021 $ 1,635  $ 1,608  $ 3,243 
Net loss   (4) (4)
Balance at June 30, 2021 $ 1,635  $ 1,604  $ 3,239 
Six Months Ended June 30, 2020 and 2021
Common Retained Total
(in millions) Stock Earnings Equity
Balance at December 31, 2019 $ 1,310  $ 1,133  $ 2,443 
Net income —  180  180 
Other —  (1) (1)
Balance at June 30, 2020 $ 1,310  $ 1,312  $ 2,622 
Balance at December 31, 2020 $ 1,310  $ 1,405  $ 2,715 
Net income   199  199 
Contribution from parent 325    325 
Balance at June 30, 2021 $ 1,635  $ 1,604  $ 3,239 

See Notes to Condensed Consolidated Financial Statements
42

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements
The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.
Applicable Notes
Registrant 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Duke Energy
Duke Energy Carolinas
Progress Energy
Duke Energy Progress
Duke Energy Florida
Duke Energy Ohio
Duke Energy Indiana
Piedmont
Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.
1. ORGANIZATION AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy Registrants’ combined Annual Report on Form 10-K for the year ended December 31, 2020.
The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.
These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
BASIS OF CONSOLIDATION
These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 11 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.
OTHER CURRENT LIABILITIES
Included in Other within Current Liabilities on the Duke Energy Condensed Consolidated Balance Sheet is a current liability of $41 million and $936 million as of June 30, 2021, and December 31, 2020, respectively. The current liability, initially recorded in 2020, primarily represented Duke Energy's share of ACP's obligations of outstanding debt and to satisfy ARO requirements to restore construction sites. See Notes 3 and 11 for further information.
NONCONTROLLING INTEREST
Duke Energy maintains a controlling financial interest in certain less than wholly owned nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheet.
Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period.
43

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Other operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.
The following table presents cash received for the sale of noncontrolling interest and allocated losses to noncontrolling interest for the three and six months ended June 30, 2021, and 2020.
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 2021 2020
Noncontrolling Interest Capital Contributions
Cash received for the sale of noncontrolling interest to tax equity members $ 15  $ 60  $ 318  $ 163 
Noncontrolling Interest Allocation of Income
Allocated losses to noncontrolling tax equity members utilizing the HLBV method 55  79  98  128 
Allocated losses to noncontrolling members based on pro rata shares of ownership 12  11  20  10 
Total Noncontrolling Interest Allocated Losses $ 67  $ 90  $ 118  $ 138 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Duke Energy, Progress Energy and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 9 and 11 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
Duke Duke
Duke Progress Energy Duke Progress Energy
Energy Energy Florida Energy Energy Florida
Current Assets
Cash and cash equivalents $ 367  $ 75  $ 22  $ 259  $ 59  $ 11 
Other 197  33  33  194  39  39 
Other Noncurrent Assets
Other 1      103  102  — 
Total cash, cash equivalents and restricted cash $ 565  $ 108  $ 55  $ 556  $ 200  $ 50 
INVENTORY
Provisions for inventory write-offs were not material at June 30, 2021, and December 31, 2020. The components of inventory are presented in the tables below.
  June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Materials and supplies $ 2,368  $ 820  $ 1,014  $ 680  $ 334  $ 82  $ 305  $ 11 
Coal 397  158  123  78  44  10  106   
Natural gas, oil and other fuel 250  35  162  100  62  19  1  32 
Total inventory $ 3,015  $ 1,013  $ 1,299  $ 858  $ 440  $ 111  $ 412  $ 43 
  December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Materials and supplies $ 2,312  $ 785  $ 999  $ 673  $ 325  $ 78  $ 307  $ 12 
Coal 561  186  193  131  63  16  165  — 
Natural gas, oil and other fuel 294  39  183  107  76  16  56 
Total inventory $ 3,167  $ 1,010  $ 1,375  $ 911  $ 464  $ 110  $ 473  $ 68 
44

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

PROPERTY, PLANT & EQUIPMENT AND LEASES
Duke Energy continues to execute on its business transformation strategy, including the evaluation of in-office work policies considering the experience with the COVID-19 pandemic and also workforce realignment of roles and responsibilities. In May 2021, Duke Energy management approved the sale of certain properties and entered into an agreement to exit certain leased space on December 31, 2021. The sale of the properties is subject to abandonment accounting and resulted in an impairment charge. Additionally, the exit of the leased space resulted in the impairment of related furniture, fixtures and equipment. The total 2021 charges related to the reduction in physical workspace, including these impairments, are expected to be approximately $200 million. During the three months ended June 30, 2021, Duke Energy recorded a pretax charge to earnings of $175 million on the Condensed Consolidated Statements of Operations, which includes $131 million within Impairment of assets and other charges, $27 million within Operations, maintenance and other and $17 million within Depreciation and amortization.
NEW ACCOUNTING STANDARDS
The following new accounting standard was adopted by the Duke Energy Registrants in 2021.
Leases with Variable Lease Payments. In July 2021, the Financial Accounting Standards Board (FASB) issued new accounting guidance requiring lessors to classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if both of the following are met: (1) the lease would have to be classified as a sales-type or direct financing lease under prior guidance, and (2) the lessor would have recognized a day-one loss. Duke Energy elected to adopt the guidance immediately upon issuance of the new standard and will be applying the new standard prospectively to new lease arrangements meeting the criteria. Duke Energy does not currently have any lease arrangements that this new accounting guidance will materially impact.
The following accounting standard was adopted by the Duke Energy Registrants in 2020.
Current Expected Credit Losses. In June 2016, the FASB issued new accounting guidance for credit losses. Duke Energy adopted the new accounting guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year results. Duke Energy did not adopt any practical expedients.
Duke Energy recognizes allowances for credit losses based on management's estimate of losses expected to be incurred over the lives of certain assets or guarantees. Management monitors credit quality, changes in expected credit losses and the appropriateness of the allowance for credit losses on a forward-looking basis. Management reviews the risk of loss periodically as part of the existing assessment of collectability of receivables.
Duke Energy reviews the credit quality of its counterparties as part of its regular risk management process and requires credit enhancements, such as deposits or letters of credit, as appropriate and as allowed by regulators.
Duke Energy recorded cumulative effects of changes in accounting principles related to the adoption of the new credit loss standard for allowances for credit losses of trade and other receivables, insurance receivables and financial guarantees. These amounts are included in the Condensed Consolidated Balance Sheets in Receivables, Receivables of VIEs, Other Noncurrent Assets and Other Noncurrent Liabilities. See Notes 4 and 12 for more information.
Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below:
  January 1, 2020
Duke Duke Duke
Duke Energy Progress Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Piedmont
Total pretax impact to Retained Earnings $ 120  $ 16  $ 2  $ 1  $ 1  $ 1 
The following new accounting standard has been issued but not yet adopted by the Duke Energy Registrants as of June 30, 2021.
Reference Rate Reform. In March 2020, the FASB issued new accounting guidance for reference rate reform. This guidance is elective and provides expedients to facilitate financial reporting for the anticipated transition away from the London Inter-bank Offered Rate (LIBOR) and other interbank reference rates by the end of 2022. The optional expedients are effective for modification of existing contracts or new arrangements executed between March 12, 2020, through December 31, 2022.
Duke Energy has variable-rate debt and manages interest rate risk by entering into financial contracts including interest rate swaps that are generally indexed to LIBOR. Impacted financial arrangements extending beyond 2022 may require contractual amendment or termination to fully adapt to a post-LIBOR environment. Duke Energy is assessing these financial arrangements and is evaluating the use of optional expedients outlined in the new accounting guidance. Alternative index provisions are also being assessed and incorporated into new financial arrangements that extend beyond 2022. The full outcome of the transition away from LIBOR cannot be determined at this time, but is not expected to have a material impact on the financial statements.
2. BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The Gas Utilities and Infrastructure segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.
45

FINANCIAL STATEMENTS BUSINESS SEGMENTS

The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. In 2021, Duke Energy continues to monitor recoverability of its renewable merchant plants located in the Electric Reliability Council of Texas West market and in the PJM West market due to declining market pricing and declining long-term forecasted energy prices. The assets were not impaired as of June 30, 2021, because the carrying value of approximately $208 million continues to approximate the aggregate estimated future undiscounted cash flows. Duke Energy has a 50% ownership interest in these assets. A continued decline in energy market pricing would likely result in a future impairment.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended June 30, 2021
Electric Gas Total
Utilities and Utilities and Commercial Reportable
(in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total
Unaffiliated revenues $ 5,328  $ 305  $ 119  $ 5,752  $ 6  $   $ 5,758 
Intersegment revenues 7  22    29  21  (50)  
Total revenues $ 5,335  $ 327  $ 119  $ 5,781  $ 27  $ (50) $ 5,758 
Segment income (loss)(a)
$ 935  $ 17  $ 47  $ 999  $ (248) $   $ 751 
Less: Noncontrolling interests 67 
Add: Preferred stock dividend 14 
Net Income $ 698 
Segment assets $ 140,591  $ 14,321  $ 6,956  $ 161,868  $ 3,524  $ (7) $ 165,385 
Three Months Ended June 30, 2020
Electric Gas Total
Utilities and Utilities and Commercial Reportable
(in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total
Unaffiliated revenues $ 5,026  $ 265  $ 123  $ 5,414  $ $ —  $ 5,421 
Intersegment revenues 24  —  32  19  (51) — 
Total revenues $ 5,034  $ 289  $ 123  $ 5,446  $ 26  $ (51) $ 5,421 
Segment income (loss)(b)
$ 753  $ (1,576) $ 90  $ (733) $ (84) $ —  $ (817)
Less: Noncontrolling interests 90 
Add: Preferred stock dividend 15 
Net Income $ (892)
(a)    Gas Utilities and Infrastructure includes $16 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information. Other includes $131 million recorded within Impairment of assets and other charges, $27 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workforce realignment. See Note 1 for additional information.
(b)    Gas Utilities and Infrastructure includes $2 billion recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information.
Six Months Ended June 30, 2021
Electric Gas Total
Utilities and Utilities and Commercial Reportable
(in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total
Unaffiliated revenues $ 10,601  $ 1,057  $ 238  $ 11,896  $ 12  $   $ 11,908 
Intersegment revenues 15  45    60  41  (101)  
Total revenues $ 10,616  $ 1,102  $ 238  $ 11,956  $ 53  $ (101) $ 11,908 
Segment income (loss)(a)
$ 1,755  $ 262  $ 74  $ 2,091  $ (387) $   $ 1,704 
Less: Noncontrolling interests 118 
Add: Preferred stock dividend 53 
Net Income $ 1,639 
46

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Six Months Ended June 30, 2020
Electric Gas Total
Utilities and Utilities and Commercial Reportable
(in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total
Unaffiliated revenues $ 10,200  $ 905  $ 252  $ 11,357  $ 13  $ —  $ 11,370 
Intersegment revenues 17  48  —  65  36  (101) — 
Total revenues $ 10,217  $ 953  $ 252  $ 11,422  $ 49  $ (101) $ 11,370 
Segment income (loss)(b)
$ 1,458  $ (1,327) $ 147  $ 278  $ (196) $ —  $ 82 
Less: Noncontrolling interests 138 
Add: Preferred stock dividend 54 
Net Income $ (2)
(a)    Gas Utilities and Infrastructure includes $22 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information. Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which ($8 million) is recorded within Nonregulated electric and other revenues, $2 million within Operations, maintenance and other, $29 million within Equity in earnings (losses) of unconsolidated affiliates and $12 million within Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. See Note 4 for additional information. Other includes $131 million recorded within Impairment of assets and other charges, $27 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workplace realignment. See Note 1 for additional information.
(b)    Gas Utilities and Infrastructure includes $2 billion recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information. Other includes a $98 million reversal, included in Operations, maintenance and other on the Condensed Consolidated Statements of Operations, of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 3 for additional information.
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended June 30, 2021
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Total revenues $ 343  $ 113  $ 456  $   $   $ 456 
Segment income/Net income $ 24  $ 23  $ 47  $ (8) $   $ 39 
Segment assets $ 6,645  $ 3,668  $ 10,313  $ 28  $ (19) $ 10,322 
Three Months Ended June 30, 2020
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 330  $ 93  $ 423  $ —  $ 423 
Segment income/Net income $ 44  $ 23  $ 67  $ (1) $ 66 
Six Months Ended June 30, 2021
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 706  $ 282  $ 988  $   $ 988 
Segment income/Net (loss) income $ 74  $ 66  $ 140  $ (10) $ 130 
Six Months Ended June 30, 2020
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 676  $ 245  $ 921  $ —  $ 921 
Segment income/Net (loss) income $ 74  $ 59  $ 133  $ (2) $ 131 
47

FINANCIAL STATEMENTS REGULATORY MATTERS

3. REGULATORY MATTERS
RATE-RELATED INFORMATION
The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects.
Duke Energy Carolinas and Duke Energy Progress
2021 Coal Ash Settlement
On January 22, 2021, Duke Energy Carolinas and Duke Energy Progress entered into the Coal Combustion Residuals Settlement Agreement (the “CCR Settlement Agreement”) with the North Carolina Public Staff (Public Staff), the North Carolina Attorney General’s Office and the Sierra Club (collectively, the "Settling Parties"), which was filed with the NCUC on January 25, 2021. The CCR Settlement Agreement resolves all coal ash prudence and cost recovery issues in connection with 2019 rate cases filed by Duke Energy Carolinas and Duke Energy Progress with the NCUC, as well as the equitable sharing issue on remand from the 2017 Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases as a result of the December 11, 2020 North Carolina Supreme Court opinion. The settlement also provides clarity on coal ash cost recovery in North Carolina for Duke Energy Carolinas and Duke Energy Progress through January 2030 and February 2030 (the "Term"), respectively.
Duke Energy Carolinas and Duke Energy Progress agreed not to seek recovery of approximately $1 billion of systemwide deferred coal ash expenditures, but will retain the ability to earn a debt and equity return during the amortization period, which shall be five years under the 2019 North Carolina rate cases and will be set by the NCUC in future rate case proceedings. The equity return and the amortization period on deferred coal ash costs under the 2017 Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases will remain unaffected. The equity return on deferred coal ash costs under the 2019 North Carolina rate cases and future rate cases in North Carolina will be set at 150 basis points lower than the authorized return on equity (ROE) then in effect, with a capital structure composed of 48% debt and 52% equity. Duke Energy Carolinas and Duke Energy Progress retain the ability to earn a full WACC return during the deferral period, which is the period from when costs are incurred until they are recovered in rates.
The Settling Parties agreed that execution by Duke Energy Carolinas and Duke Energy Progress of a settlement agreement between themselves and the NCDEQ dated December 31, 2019, (the “DEQ Settlement”) and the coal ash management plans included therein or subsequently approved by DEQ are reasonable and prudent. The Settling Parties retain the right to challenge the reasonableness and prudence of actions taken by Duke Energy Carolinas and Duke Energy Progress and costs incurred to implement the scope of work agreed upon in the DEQ Settlement, after February 1, 2020, and March 1, 2020, for Duke Energy Carolinas and Duke Energy Progress, respectively. The Settling Parties further agreed to waive rights through the Term to challenge the reasonableness or prudence of Duke Energy Carolinas’ and Duke Energy Progress’ historical coal ash management practices, and to waive the right to assert any arguments that future coal ash costs, including financing costs, shall be shared between either company and customers through equitable sharing or any other rate base or return adjustment that shares the revenue requirement burden of coal ash costs not otherwise disallowed due to imprudence.
The Settling Parties agreed to a sharing arrangement for future coal ash insurance litigation proceeds between Duke Energy Carolinas and Duke Energy Progress and North Carolina customers, if achieved.
As a result of the CCR Settlement Agreement, Duke Energy Carolinas and Duke Energy Progress recorded a pretax charge of approximately $454 million and $494 million, respectively, in the fourth quarter of 2020 to Impairment charges and a reversal of approximately $50 million and $102 million, respectively, to Regulated electric operating revenues on the respective Consolidated Statements of Operations.
The Coal Ash Settlement was approved without modification in the NCUC Orders in the 2019 rate cases on March 31, 2021, and April 16, 2021, for Duke Energy Carolinas and Duke Energy Progress, respectively. The NCUC issued an Order on Remand Accepting CCR Settlement and Affirming Previous Orders Setting Rates and Imposing Penalties in the 2017 rate cases on June 25, 2021.
2020 North Carolina Storm Securitization Filings
On October 26, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the NCUC, as agreed to in partial settlements reached in the 2019 North Carolina Rate Cases for Duke Energy Carolinas and Duke Energy Progress, seeking authorization for the financing of the costs of each utility's storm recovery activities required as a result of Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. Specifically, Duke Energy Carolinas and Duke Energy Progress requested that the NCUC find that their storm recovery costs and related financing costs are appropriately financed by debt secured by storm recovery property, and that the commission issue financing orders by which each utility may accomplish such financing using a securitization structure. On January 27, 2021, Duke Energy Carolinas, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain accounting issues, including agreement to support an 18- to 20-year bond period. The total revenue requirement over a proposed 20-year bond period for the storm recovery charges is approximately $287 million for Duke Energy Carolinas and $920 million for Duke Energy Progress and will be finalized upon issuance of the bonds. A remote evidentiary hearing ended on January 29, 2021. In the NCUC Orders in the 2019 rate cases issued on March 31, 2021, and April 16, 2021, for Duke Energy Carolinas and Duke Energy Progress, respectively, the reasonableness and prudence of the deferred storm costs was approved. On May 10, 2021, the NCUC issued financing orders authorizing the companies to issue storm recovery bonds, subject to the terms of the financing orders, and approving the Agreement and Stipulation of Partial Settlement in its entirety. Duke Energy Carolinas and Duke Energy Progress are currently in the process of structuring and marketing the bonds that will be presented to the market.
48

FINANCIAL STATEMENTS REGULATORY MATTERS

COVID-19 Filings
North Carolina
Duke Energy Carolinas and Duke Energy Progress filed a joint petition on August 7, 2020, with the NCUC for deferral treatment of incremental costs and the cost of waived customer fees due to the COVID-19 pandemic. Comments on the joint petition were filed on November 5, 2020, and reply comments were filed on November 30, 2020. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
South Carolina
Duke Energy Carolinas and Duke Energy Progress filed a report on June 30, 2020, as required by PSCSC order, reporting revenue impact, costs and savings related to COVID-19 to date. On August 14, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the PSCSC for approval of an accounting order to defer incremental COVID-19 related costs incurred through June 30, 2020, and for the ongoing months during the duration of the COVID-19 pandemic. Duke Energy Carolinas and Duke Energy Progress withdrew their joint petition on May 17, 2021.
Duke Energy Carolinas
2017 North Carolina Rate Case
On August 25, 2017, Duke Energy Carolinas filed an application with the NCUC for a rate increase for retail customers of approximately $647 million. On February 28, 2018, Duke Energy Carolinas and the Public Staff filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included an ROE of 9.9% and a capital structure of 52% equity and 48% debt. On June 22, 2018, the NCUC issued an order approving the Stipulation of Partial Settlement and requiring a revenue reduction.
The North Carolina Attorney General and other parties separately filed Notices of Appeal to the North Carolina Supreme Court. The North Carolina Supreme Court consolidated the Duke Energy Carolinas and Duke Energy Progress appeals. On December 11, 2020, the North Carolina Supreme Court issued an opinion, which affirmed, in part, and reversed and remanded, in part, the NCUC’s decisions. In the Opinion, the court upheld the NCUC's decision to include coal ash costs in the cost of service, as well as the NCUC’s discretion to allow a return on the unamortized balance of coal ash costs. The court also remanded to the NCUC a single issue to consider the assessment of support for the Public Staff’s equitable sharing argument. In response to an NCUC order seeking comments on the proposed procedure on remand, on January 11, 2021, Duke Energy Carolinas, Duke Energy Progress, the Public Staff, the North Carolina Attorney General, Sierra Club and Carolina Industrial Group for Fair Utility Rates II and III filed joint comments proposing that the NCUC not hold additional evidentiary hearings, but instead rely upon existing records in the 2017 North Carolina rate cases, or in the alternative, the records in the 2019 North Carolina rate cases, in deciding the issue on remand. On January 22, 2021, Duke Energy Carolinas and Duke Energy Progress entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021, and approved by the NCUC on March 31, 2021. The NCUC issued an Order on Remand Accepting CCR Settlement and Affirming Previous Orders Setting Rates and Imposing Penalties on June 25, 2021.
2019 North Carolina Rate Case
On September 30, 2019, Duke Energy Carolinas filed an application with the NCUC for a net rate increase for retail customers of approximately $291 million, which represented an approximate 6% increase in annual base revenues. The gross rate case revenue increase request was $445 million, which was offset by an EDIT rider of $154 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for a rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Carolinas requested rates be effective no later than August 1, 2020. The NCUC established a procedural schedule with an evidentiary hearing to begin on March 23, 2020. On March 16, 2020, in consideration of public health and safety as a result of the COVID-19 pandemic, Duke Energy Carolinas filed a motion with the NCUC seeking a suspension of the procedural schedule in the rate case, including issuing discovery requests, and postponement of the evidentiary hearing for 60 days. Also on March 16, 2020, the NCUC issued an Order Postponing Hearing and Addressing Procedural Matters, which postponed the evidentiary hearing until further order by the commission.
On March 25, 2020, Duke Energy Carolinas and the Public Staff filed an Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. On July 24, 2020, Duke Energy Carolinas filed its request for approval of its notice to customers required to implement temporary rates. On July 27, 2020, Duke Energy Carolinas filed a joint motion with Duke Energy Progress and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff. Also on July 27, 2020, Duke Energy Carolinas filed a letter stating that it intended to update its temporary rates calculation to reflect the terms of the partial settlement. On July 31, 2020, Duke Energy Carolinas and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement (Second Partial Settlement), subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting, implementation of new depreciation rates and the amortization period of the loss on the hydro station sale.
On August 4, 2020, Duke Energy Carolinas filed an amended motion for approval of its amended notice to customers, seeking to exercise its statutory right to implement temporary rates subject to refund on or after August 24, 2020. The revenue requirement to be recovered, subject to refund, through the temporary rates was based on and consistent with the base rate component of the Second Partial Settlement and excluded the items to be litigated noted above. The NCUC approved the August 4, 2020 amended temporary rates motion on August 6, 2020, and temporary rates went into effect on August 24, 2020.
The Duke Energy Carolinas evidentiary hearing concluded on September 18, 2020, and post-hearing filings were made with the NCUC from all parties by November 4, 2020. On January 22, 2021, Duke Energy Carolinas and Duke Energy Progress entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021.
49

FINANCIAL STATEMENTS REGULATORY MATTERS

On March 31, 2021, the NCUC issued an order approving the March 25, 2020, and July 31, 2020, partial settlements. The order includes approval of 1) an ROE of 9.6% based upon a capital structure of 52% equity and 48% debt; 2) deferral treatment of approximately $800 million of grid improvement projects with a return; 3) a flow back period of five years for unprotected federal EDIT; and 4) the reasonableness and prudence of $213 million of deferred storm costs, which were removed from the rate case and for which Duke Energy Carolinas filed a petition seeking securitization in October 2020. Additionally, the order approved without modification the CCR Settlement Agreement.
The order denied Duke Energy Carolinas' proposal to shorten the remaining depreciable lives of certain Duke Energy Carolinas coal-fired generating units, indicating the appropriate proceeding for the review of generating plant retirements is Duke Energy Carolinas' integrated resource planning (IRP) proceeding.
On May 21, 2021, the NCUC issued an Order Approving Rate Schedules, which resulted in a net increase of approximately $33 million. Revised customer rates became effective on June 1, 2021. The deadline to appeal has passed and no parties appealed the NCUC's order.
2018 South Carolina Rate Case
On November 8, 2018, Duke Energy Carolinas filed an application with the PSCSC for a rate increase for retail customers of approximately $168 million.
After hearings in March 2019, the PSCSC issued an order on May 21, 2019, which included an ROE of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components:
Approval of cancellation of the Lee Nuclear Project, with Duke Energy Carolinas maintaining the Combined Operating License;
Approval of recovery of $125 million (South Carolina retail portion) of Lee Nuclear Project development costs (including AFUDC through December 2017) over a 12-year period, but denial of a return on the deferred balance of costs;
Approval of recovery of $96 million of coal ash costs over a five-year period with a return at Duke Energy Carolinas' WACC;
Denial of recovery of $115 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule;
Approval of a $66 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%;
Approval of a $45 million decrease through the EDIT Rider to return EDIT resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with the Average Rate Assumption Method (ARAM) for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a five-year period for the deferred revenues; and
Approval of a $17 million decrease through the EDIT Rider related to reductions in the North Carolina state income tax rate from 6.9% to 2.5% to be returned over a five-year period.
As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Carolinas filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Carolinas were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Carolinas' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, ROE and the recovery of a return on deferred operation and maintenance expenses. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Carolinas filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. On November 20, 2019, the South Carolina Energy Users Committee filed a Notice of Appeal with the Supreme Court of South Carolina. Initial briefs were filed on April 21, 2020, which included the South Carolina Energy User's Committee brief arguing that the PSCSC erred in allowing Duke Energy Carolinas' recovery of costs related to the Lee Nuclear Station. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments were heard before the Supreme Court of South Carolina on May 26, 2021. Based on legal analysis and the filing of the appeal, Duke Energy Carolinas has not recorded an adjustment for its deferred coal ash costs in this matter. Duke Energy Carolinas cannot predict the outcome of this matter.
Duke Energy Progress
2017 North Carolina Rate Case
On June 1, 2017, Duke Energy Progress filed an application with the NCUC for a rate increase for retail customers of approximately $477 million, which was subsequently adjusted to $420 million. On November 22, 2017, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included an ROE of 9.9% and a capital structure of 52% equity and 48% debt. On February 23, 2018, the NCUC issued an order approving the stipulation. The Public Staff, the North Carolina Attorney General and the Sierra Club filed notices of appeal to the North Carolina Supreme Court.
50

FINANCIAL STATEMENTS REGULATORY MATTERS

The North Carolina Supreme Court consolidated the Duke Energy Carolinas and Duke Energy Progress appeals. On December 11, 2020, the North Carolina Supreme Court issued an opinion, which affirmed, in part, and reversed and remanded, in part, the NCUC’s decisions. In the Opinion, the court upheld the NCUC's decision to include coal ash costs in the cost of service, as well as the NCUC’s discretion to allow a return on the unamortized balance of coal ash costs. The court also remanded to the NCUC a single issue to consider the assessment of support for the Public Staff’s equitable sharing argument. In response to an NCUC order seeking comments on the proposed procedure on remand, on January 11, 2021, Duke Energy Carolinas, Duke Energy Progress, the Public Staff, the North Carolina Attorney General, Sierra Club and Carolina Industrial Group for Fair Utility Rates II and III filed joint comments proposing that the NCUC not hold additional evidentiary hearings, but instead rely upon existing records in the 2017 North Carolina rate cases or in the alternative the records in the 2019 North Carolina rate cases, in deciding the issue on remand. On January 22, 2021, Duke Energy Progress and Duke Energy Carolinas entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021, and approved by the NCUC on April 16, 2021. The NCUC issued an Order on Remand Accepting CCR Settlement and Affirming Previous Orders Setting Rates and Imposing Penalties on June 25, 2021.
2019 North Carolina Rate Case
On October 30, 2019, Duke Energy Progress filed an application with the NCUC for a net rate increase for retail customers of approximately $464 million, which represented an approximate 12.3% increase in annual base revenues. The gross rate case revenue increase request was $586 million, which was offset by riders of $122 million, primarily an EDIT rider of $120 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for a rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Progress sought to defer and recover incremental Hurricane Dorian storm costs in this proceeding and requested rates be effective no later than September 1, 2020. As a result of the COVID-19 pandemic, on March 24, 2020, the NCUC suspended the procedural schedule and postponed the previously scheduled evidentiary hearing on this matter indefinitely. On April 7, 2020, the NCUC issued an order partially resuming the procedural schedule requiring intervenors to file direct testimony on April 13, 2020. Public Staff filed supplemental direct testimony on April 23, 2020. Duke Energy Progress filed rebuttal testimony on May 4, 2020.
On June 2, 2020, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. On July 27, 2020, Duke Energy Progress filed a joint motion with Duke Energy Carolinas and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff. On July 31, 2020, Duke Energy Progress and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting and implementation of new depreciation rates.
On August 7, 2020, Duke Energy Progress filed a motion for approval of notice required to implement temporary rates, seeking to exercise its statutory right to implement temporary rates subject to refund on or after September 1, 2020. The revenue requirement to be recovered subject to refund through the temporary rates was based on and consistent with the terms of the base rate component of the settlement agreements with the Public Staff and excluded items to be litigated noted above. In addition, Duke Energy Progress also sought authorization to place a temporary decrement EDIT Rider into effect, concurrent with the temporary base rate change. The NCUC approved the August 7, 2020 temporary rates motion on August 11, 2020, and temporary rates went into effect on September 1, 2020.
The Duke Energy Progress evidentiary hearing concluded on October 6, 2020, and post-hearing filings were filed with the NCUC from all parties by December 4, 2020. On January 22, 2021, Duke Energy Progress and Duke Energy Carolinas entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021.
On April 16, 2021, the NCUC issued an order approving the June 2, 2020, and July 31, 2020, partial settlements. The order includes approval of 1) an ROE of 9.6% based upon a capital structure of 52% equity and 48% debt; 2) deferral treatment of approximately $400 million of grid improvement projects with a return; 3) a flow back period of five years for unprotected federal EDIT; and 4) the reasonableness and prudence of approximately $714 million of deferred storm costs, which were removed from the rate case and for which Duke Energy Progress filed a petition seeking securitization in October 2020. Additionally, the order approved without modification the CCR Settlement Agreement.
The order denied Duke Energy Progress' proposal to shorten the remaining depreciable lives of certain Duke Energy Progress coal-fired generating units, indicating the appropriate proceeding for the review of generating plant retirements is Duke Energy Progress' IRP proceeding.
On May 21, 2021, the NCUC issued an Order Approving Rate Schedules, which resulted in a net increase of approximately $178 million. Revised customer rates became effective on June 1, 2021. The deadline to appeal has passed and no parties appealed the NCUC's order.
2018 South Carolina Rate Case
On November 8, 2018, Duke Energy Progress filed an application with the PSCSC for a rate increase for retail customers of approximately $59 million.
After hearings in April 2019, the PSCSC issued an order on May 21, 2019, which included an ROE of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components:
Approval of recovery of $4 million of coal ash costs over a five-year period with a return at Duke Energy Progress' WACC;
Denial of recovery of $65 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule;
Approval of a $17 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%;
51

FINANCIAL STATEMENTS REGULATORY MATTERS

Approval of a $12 million decrease through the EDIT Tax Savings Rider resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with ARAM for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a three-year period for the deferred revenues; and
Approval of a $12 million increase due to the expiration of EDIT related to reductions in the North Carolina state income tax rate from 6.9% to 2.5%.
As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Progress filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Progress were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Progress' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, ROE and the recovery of a return on deferred operation and maintenance expenses, but allowing additional litigation-related costs. As a result of the Directive allowing litigation-related costs, customer rates were revised effective July 1, 2019. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Progress filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. Initial briefs were filed on April 21, 2020. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments were heard before the Supreme Court of South Carolina on May 26, 2021. Based on legal analysis and the filing of the appeal, Duke Energy Progress has not recorded an adjustment for its deferred coal ash costs in this matter. Duke Energy Progress cannot predict the outcome of this matter.
Western Carolinas Modernization Plan
On October 8, 2018, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Hot Springs Microgrid Solar and Battery Storage Facility, which was approved with certain conditions on May 10, 2019. A hearing to update the NCUC on the status of the project was held on March 5, 2020. Construction began in May 2020 with commercial operation expected to begin in October 2021.
On July 27, 2020, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Woodfin Solar Facility, a 5-MW solar generating facility to be constructed on a closed landfill in Buncombe County. The expert hearing was held on November 18, 2020. The application was approved and a CPCN was granted by order of the NCUC on April 20, 2021.
FERC Return on Equity Complaints
On October 11, 2019, North Carolina Eastern Municipal Power Agency (NCEMPA) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the Federal Power Act (FPA), alleging that the 11% stated ROE component contained in the demand formula rate in the Full Requirements Power Purchase Agreement (FRPPA) between NCEMPA and Duke Energy Progress is unjust and unreasonable. On July 16, 2020, the FERC set this matter for hearing and settlement judge procedures and established a refund effective date of October 11, 2019. In its order setting the matter for settlement, the FERC allowed for the consideration of variations to the base transmission-related ROE methodology developed in its Order No. 569-A, through the introduction of “specific facts and circumstances” involving issues specific to the case. The parties reached a settlement in principle at a settlement conference on January 7, 2021, and filed a settlement package on March 10, 2021. The FERC Trial Staff filed comments in support of the settlement. On April 19, 2021, the Settlement Judge certified the settlement to the FERC as an uncontested settlement. The FERC approved the settlement on May 25, 2021, and Duke Energy Progress filed compliance documents on June 10, 2021.
On October 16, 2020, North Carolina Electric Membership Corporation (NCEMC) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the FPA, alleging that the 11% stated ROE component in the demand formula rate in the Power Supply and Coordination Agreement between NCEMC and Duke Energy Progress is unjust and unreasonable. Under FPA Section 206, the earliest refund effective date that the FERC can establish is the date of the filing of the complaint. Duke Energy Progress responded to the complaint on November 20, 2020, seeking dismissal, demonstrating that the 11% ROE is just and reasonable for the service provided. The parties filed responsive pleadings and are awaiting an order from the FERC. Duke Energy Progress cannot predict the outcome of this matter.
Duke Energy Florida
2021 Settlement Agreement
On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).
Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. Duke Energy Florida will also be able to retain the DOE award of approximately $173 million for spent nuclear fuel, which is expected to be received in 2022, in order to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida will be able to recognize the $173 million into earnings from 2022 through 2024.
In addition to these terms, the 2021 Settlement contains provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolves remaining unrecovered storm costs for Hurricane Dorian and Hurricane Michael.
The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates will be effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.
52

FINANCIAL STATEMENTS REGULATORY MATTERS

Storm Restoration Cost Recovery
Duke Energy Florida filed a petition with the FPSC on April 30, 2019, to recover $223 million of estimated retail incremental storm restoration costs for Hurricane Michael, consistent with the provisions in the 2017 Settlement, and the FPSC approved the petition on June 11, 2019. The FPSC also approved allowing Duke Energy Florida to use the tax savings resulting from the Tax Act to recover these storm costs in lieu of implementing a storm surcharge. Approved storm costs are currently expected to be fully recovered by year-end 2021. On November 22, 2019, Duke Energy Florida filed a petition for approval of actual retail recoverable storm restoration costs related to Hurricane Michael in the amount of $191 million plus interest. On May 19, 2020, Duke Energy Florida filed a supplemental true up reducing the actual retail recoverable storm restoration costs related to Hurricane Michael by approximately $3 million, resulting in a total request to recover $188 million actual retail recoverable storm restoration costs, plus interest. Approximately $3 million and $80 million of these costs are included in Regulatory assets within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of June 30, 2021, and December 31, 2020, respectively.
Duke Energy Florida filed a petition with the FPSC on December 19, 2019, to recover $169 million of estimated retail incremental storm restoration costs for Hurricane Dorian, consistent with the provisions in the 2017 Settlement and the FPSC approved the petition on February 24, 2020. The final actual amount of $145 million was filed on September 30, 2020. The 2021 Settlement resolved all matters regarding storm cost recovery relating to Hurricane Michael and Hurricane Dorian.
Clean Energy Connection
On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt-subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion over the next four years, and this investment will be included in base rates offset by the revenue from the subscription fees. The credits will be included for recovery in the fuel cost recovery clause. A remote hearing was held on November 17, 2020, and post-hearing briefs were filed with the FPSC from all parties by December 9, 2020. The FPSC voted to approve the program on January 5, 2021, and issued its written order on January 26, 2021.
On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. LULAC's initial brief was filed on May 26, 2021, and Appellees' response briefs were filed on July 26, 2021. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter.
Duke Energy Ohio
Ohio House Bill 6
On July 23, 2019, House Bill 6 was signed into law and became effective January 1, 2020. Among other things, the bill allows for funding, through a rider mechanism referred to as the Clean Air Fund (Rider CAF), of two nuclear generating facilities located in Northern Ohio owned by Energy Harbor (f/k/a FirstEnergy Solutions), repeal of energy efficiency mandates and recovery of prudently incurred costs, net of any revenues, for Ohio investor-owned utilities that are participants under the OVEC power agreement. The recovery is through a non-bypassable rider that replaced any existing recovery mechanism approved by the PUCO and will remain in place through 2030. As such, Duke Energy Ohio created the Legacy Generation Rider (Rider LGR) that replaced Rider PSR effective January 1, 2020. The amounts recoverable from customers are subject to an annual cap, with incremental costs that exceed such cap eligible for deferral and recovery subject to review. See Note 11 for additional discussion of Duke Energy Ohio's ownership interest in OVEC. House Bill 128 was signed into law on March 31, 2021, and became effective June 30, 2021. The bill removes nuclear plant funding from Rider CAF and does not impact OVEC cost recovery.
Energy Efficiency Cost Recovery
On February 26, 2020, the PUCO issued an order directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020, in response to changes in Ohio law that eliminated Ohio's energy efficiency mandates. On March 27, 2020, Duke Energy Ohio filed an Application for Rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued two orders on the application for rehearing. The first order was a Third Entry on Rehearing on the Duke Energy Ohio portfolio holding the cost cap previously imposed was unlawful, a shared savings cap of $8 million pretax should be imposed and lost distribution revenues could not be recovered after December 31, 2020. The second order directs all utilities set the rider to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. On December 18, 2020, Duke Energy Ohio filed an application for rehearing. On January 13, 2021, the application for rehearing was granted for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.
On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposes a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. The application remains under review. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs due to changes in Ohio law. On June 14, 2021, the PUCO issued an entry for each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021. Duke Energy Ohio cannot predict the outcome of this matter.
53

FINANCIAL STATEMENTS REGULATORY MATTERS

Natural Gas Pipeline Extension
Duke Energy Ohio is installing a new natural gas pipeline (the Central Corridor Project) in its Ohio service territory to increase system reliability and enable the retirement of older infrastructure. Duke Energy Ohio currently estimates the pipeline development costs and construction activities will range from $163 million to $245 million in direct costs (excluding overheads and AFUDC) and that construction of the pipeline extension will be completed before the 2021/2022 winter season. An evidentiary hearing on Duke Energy Ohio's application for a Certificate of Environmental Compatibility and Public Need concluded on April 11, 2019. On November 21, 2019, the Ohio Power Siting Board (OPSB) approved Duke Energy Ohio's application subject to 41 conditions on construction. Applications for rehearing were filed by several stakeholders on December 23, 2019, arguing that the OPSB approval was incorrect. On February 20, 2020, the OPSB denied the rehearing requests. On April 15, 2020, Those stakeholders filed a notice of appeal at the Supreme Court of Ohio of the OPSB’s decision approving Duke Energy Ohio’s Central Corridor project application. The appeal was fully briefed and the Ohio Supreme Court oral argument was held on March 31, 2021.er.
On September 22, 2020, Duke Energy Ohio filed an application with the OPSB for approval to amend the certificated pipeline route due to changes in the route negotiated with property owners and municipalities. On January 21, 2021, the OPSB approved the amended filing with recommended conditions that reaffirm previous conditions and provide guidance regarding local permitting and construction supervision. Duke Energy Ohio cannot predict the outcome of this matter.
MGP Cost Recovery
In an order issued in 2013, the PUCO approved Duke Energy Ohio's deferral and recovery of costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio has collected approximately $55 million in environmental remediation costs incurred between 2009 through 2012 through Rider MGP, which is currently suspended. Duke Energy Ohio has made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas base rate case. To date, the PUCO has not ruled on Duke Energy Ohio’s annual applications for the calendar years 2013 through 2019. On September 28, 2018, the staff of the PUCO issued a report recommending a disallowance of approximately $12 million of the $26 million in MGP remediation costs incurred between 2013 through 2017 that staff believes are not eligible for recovery. Staff interprets the PUCO’s 2012 order granting Duke Energy Ohio recovery of MGP remediation as limiting the recovery to work directly on the East End and West End sites. On October 30, 2018, Duke Energy Ohio filed reply comments objecting to the staff’s recommendations and explaining, among other things, the obligation Duke Energy Ohio has under Ohio law to remediate all areas impacted by the former MGPs and not just physical property that housed the former plants and equipment. On March 29, 2019, Duke Energy Ohio filed its annual application to recover incremental remediation expense for the calendar year 2018 seeking recovery of approximately $20 million in remediation costs. On July 12, 2019, the staff recommended a disallowance of approximately $11 million for work that staff believes occurred in areas not authorized for recovery. Additionally, staff recommended that any discussion pertaining to Duke Energy Ohio's recovery of ongoing MGP costs should be directly tied to or netted against insurance proceeds collected by Duke Energy Ohio. An evidentiary hearing concluded on November 21, 2019. Initial briefs were filed on January 17, 2020, and reply briefs were filed on February 14, 2020. Duke Energy Ohio cannot predict the outcome of this matter.
On March 31, 2020, Duke Energy Ohio filed its annual application to recover incremental MGP remediation expense, seeking recovery of approximately $39 million in remediation costs incurred during 2019. On July 23, 2020, the staff of the PUCO recommended a disallowance of approximately $4 million for work the staff believes occurred in areas not authorized for recovery. Additionally, the staff recommended insurance proceeds, net of litigation costs and attorney fees, should be paid to customers and not be held by Duke Energy Ohio until all investigation and remediation is complete. Duke Energy Ohio filed comments in response to the staff report on August 21, 2020, and intervenor comments were filed on November 9, 2020. Duke Energy Ohio cannot predict the outcome of this matter.
The 2012 PUCO order also contained conditional deadlines for completing the MGP environmental remediation and the deferral of related remediation costs. Subsequent to the order, the deadline was extended to December 31, 2019. On May 10, 2019, Duke Energy Ohio filed an application requesting a continuation of its existing deferral authority for MGP remediation that must occur after December 31, 2019. On July 12, 2019, staff recommended the commission deny the deferral authority request. On September 13, 2019, intervenor comments were filed opposing Duke Energy Ohio's request for continuation of existing deferral authority and on October 2, 2019, Duke Energy Ohio filed reply comments. Duke Energy Ohio cannot predict the outcome of this matter.
Tax Act – Ohio
On December 21, 2018, Duke Energy Ohio filed an application to change its base rate tariffs and establish a new rider to implement the benefits of the Tax Act for natural gas customers. Duke Energy Ohio requested commission approval to implement the tariff changes and rider effective April 1, 2019. The new rider will flow through to customers the benefit of the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, all future benefits of the lower tax rates and a full refund of deferred income taxes collected at the higher tax rates in prior years. Deferred income taxes subject to normalization rules will be refunded consistent with federal law and deferred income taxes not subject to normalization rules will be refunded over a 10-year period. The PUCO established a procedural schedule and testimony was filed on July 31, 2019. An evidentiary hearing occurred on August 7, 2019. Initial briefs were filed on September 11, 2019. Reply briefs were filed on September 25, 2019. Duke Energy Ohio cannot predict the outcome of this matter.
Duke Energy Kentucky Natural Gas Base Rate Case
On June 1, 2021, Duke Energy Kentucky filed an application with the KPSC requesting an increase in natural gas base rates of approximately $15 million, an approximate 13% average increase across all customer classes. The drivers for this case are capital invested since Duke Energy Kentucky's last natural gas base rate case in 2018. Duke Energy Kentucky is also seeking implementation of a Governmental Mandate Adjustment mechanism (Rider GMA) in order to recover from or pay to customers the financial impact of governmental directives and mandates, including changes in federal or state tax rates and regulations issued by the Pipeline and Hazardous Materials Safety Administration. The KPSC accepted Duke Energy Kentucky’s filing as of June 3, 2021, as meeting all filing requirements and issued its first round of discovery. A procedural schedule was set with a hearing scheduled for October 18, 2021. Duke Energy Kentucky cannot predict the outcome of this matter.
54

FINANCIAL STATEMENTS REGULATORY MATTERS

Duke Energy Indiana
2019 Indiana Rate Case
On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6% or $396 million average retail rate increase, including the impacts of the Utility Receipts Tax. Hearings concluded on February 7, 2020. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% was due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates are estimated to be the remaining 25% of the total rate increase. Step two rates were approved July 28, 2021, and implemented in August 2021. Step two rates are based on a return on equity of 9.7% and actual December 31, 2020 capital structure with a 54% equity component. Step two rates will be reconciled to January 1, 2021. Several groups appealed the IURC order to the Indiana Court of Appeals. Appellate briefs were filed on October 14, 2020, focusing on three issues: wholesale sales allocations, coal ash basin cost recovery and the Edwardsport IGCC operating and maintenance expense level approved. The appeal was fully briefed in January 2021 and an oral argument was held on April 8, 2021. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. The Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group filed a joint petition to transfer the rate case appeal to the Indiana Supreme Court on June 28, 2021. Response briefs were filed July 19, 2021. Duke Energy Indiana cannot predict the outcome of this matter.
2020 Indiana Coal Ash Recovery Case
In Duke Energy Indiana’s 2019 rate case, the IURC approved coal ash basin closure costs expended through 2018 including financing costs as a regulatory asset and included in rate base. The IURC also opened a subdocket to deal with the post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020, and the parties agreed on a delayed briefing schedule that allows for the Indiana Rate Case appeal to proceed. Briefing will be completed by mid-September 2021. Duke Energy Indiana cannot predict the outcome of this matter.
Piedmont
2020 Tennessee Rate Case
On July 2, 2020, Piedmont filed an application with the TPUC, its first general rate case in Tennessee in nine years, for a rate increase for retail customers of approximately $30 million, which represents an approximate 15% increase in annual revenues. The rate increase is driven by significant infrastructure upgrade investments since Piedmont's previous rate case. Approximately half of the plant additions being added to rate base are categories of capital investment not covered under the IMR mechanism, which was approved in 2013. Piedmont amended its requested increase to approximately $26 million in December 2020. As authorized under Tennessee law, Piedmont implemented interim rates on January 2, 2021, at the level requested in its adjusted request. A settlement reached with the Tennessee Consumer Advocate in mid-January was filed with the TPUC on February 2, 2021. The settlement results in an increase of revenues of approximately $16 million and an ROE of 9.8%. On May 6, 2021, the TPUC issued an order approving the settlement. Revised customer rates became effective January 2, 2021. Piedmont refunded customers the difference between bills previously rendered under interim rates and such bills if rendered under approved rates, plus interest, in April 2021.
2021 North Carolina Rate Case
On March 22, 2021, Piedmont filed an application with the NCUC for a rate increase for retail customers of approximately $109 million, which represents an approximate 10% increase in retail revenues. The rate increase is driven by customer growth and significant infrastructure upgrade investments (plant additions) since the last general rate case. Approximately 30% of the plant additions being rolled into rate base are categories of plant investment that are covered under the IMR mechanism, which was originally approved as part of the 2013 North Carolina Rate Case. On July 28, 2021, Piedmont amended its requested increase to approximately $97 million. The NCUC has established a procedural schedule with an evidentiary hearing to commence on September 7, 2021. Piedmont cannot predict the outcome of this matter.
OTHER REGULATORY MATTERS
Atlantic Coast Pipeline, LLC
Atlantic Coast Pipeline (ACP pipeline) was planned to be an approximately 600-mile interstate natural gas pipeline running from West Virginia to North Carolina. Duke Energy indirectly owns a 47% interest, which is accounted for as an equity method investment through its Gas Utilities and Infrastructure segment.
As a result of the uncertainty created by various legal rulings, the potential impact on the cost and schedule for the project, the ongoing legal challenges and the risk of additional legal challenges and delays through the construction period and Dominion’s decision to sell substantially all of its gas transmission and storage segment assets, Duke Energy's Board of Directors and management decided that it was not prudent to continue to invest in the project. On July 5, 2020, Duke Energy and Dominion announced the cancellation of the ACP pipeline project.
55

FINANCIAL STATEMENTS REGULATORY MATTERS

As part of the pretax charges to earnings of approximately $2.1 billion recorded in June 2020, within Equity in (losses) earnings of unconsolidated affiliates on the Duke Energy Condensed Consolidated Statements of Operations, Duke Energy established liabilities related to the cancellation of the ACP pipeline project. In February 2021, Duke Energy paid approximately $855 million to fund ACP's outstanding debt, relieving Duke Energy of its guarantee. At June 30, 2021, there is $33 million and $69 million within Other Current Liabilities and Other Noncurrent Liabilities, respectively, in the Gas Utilities and Infrastructure segment. The liabilities represent Duke Energy's obligation of approximately $102 million to satisfy remaining ARO requirements to restore construction sites.
See Notes 1 and 11 for additional information regarding this transaction.
Potential Coal Plant Retirements
The Subsidiary Registrants periodically file integrated resource plans (IRPs) with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and options being considered to meet those needs. IRPs filed by the Subsidiary Registrants included planning assumptions to potentially retire certain coal-fired generating facilities in North Carolina and Indiana earlier than their current estimated useful lives. Duke Energy continues to evaluate the potential need to retire these coal-fired generating facilities earlier than the current estimated useful lives and plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired.
The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of June 30, 2021, and exclude capitalized asset retirement costs.
Remaining Net
Capacity Book Value
(in MW) (in millions)
Duke Energy Carolinas
Allen Steam Station Units 1-2(a)
324  $ 20 
Allen Steam Station Units 4-5(b)
516  376 
Cliffside Unit 5(b)
544  337 
Duke Energy Progress
Mayo Unit 1(b)
704  650 
Roxboro Units 3-4(b)
1,392  474 
Duke Energy Florida
Crystal River Units 4-5(c)
1,410  1,670 
Duke Energy Indiana (d)
Gibson Units 1-5(e)
2,822  1,840 
Cayuga Units 1-2(e)
995  736 
Total Duke Energy 8,707  $ 6,103 
(a)As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Units 1 through 3 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. Unit 3 with a capacity of 270 MW and a net book value of $26 million at December 31, 2020, was retired in March 2021.
(b)These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. In 2019, Duke Energy Carolinas and Duke Energy Progress filed North Carolina rate cases that included depreciation studies that accelerate end-of-life dates for these plants. The NCUC issued orders in the 2019 rate cases of Duke Energy Carolinas and Duke Energy Progress on March 31, 2021, and April 16, 2021, respectively, in which the proposals to shorten the remaining depreciable lives of these units were denied, while indicating the IRP proceeding was the appropriate proceeding for the review of generating plant retirements.
(c)On January 14, 2021, Duke Energy Florida filed a settlement agreement with the FPSC, which proposed depreciation rates reflecting retirement dates for Duke Energy Florida's last two coal-fired generating facilities, Crystal River Units 4-5, eight years ahead of schedule in 2034 rather than in 2042. The settlement was approved by the FPSC on May 4, 2021.
(d)Gallagher Units 2 and 4 with a total capacity of 280 MW and a total net book value of $102 million at December 31, 2020, were retired on June 1, 2021.
(e)On July 1, 2019, Duke Energy Indiana submitted its 2018 IRP with the IURC. The 2018 IRP included scenarios evaluating the potential retirement of coal-fired generating units at Gibson and Cayuga. The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020.
4. COMMITMENTS AND CONTINGENCIES
ENVIRONMENTAL
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.
56

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Remediation Activities
In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based upon site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.
The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
(in millions) June 30, 2021 December 31, 2020
Reserves for Environmental Remediation
Duke Energy $ 74  $ 75 
Duke Energy Carolinas 20  19 
Progress Energy 18  19 
Duke Energy Progress 6 
Duke Energy Florida 12  12 
Duke Energy Ohio 21  22 
Duke Energy Indiana 5 
Piedmont 11  10 
Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material except as presented in the table below.
(in millions)
Duke Energy $ 20 
Duke Energy Carolinas 12 
Duke Energy Ohio
LITIGATION
Duke Energy
Texas Storm Uri Tort Litigation
Duke Energy and several Duke Energy renewables project companies have been named in multiple lawsuits arising out of Texas Storm Uri in mid-February 2021, and particularly, in the deregulated market managed by the Electric Reliability Council of Texas. There are 24 state court actions that have been filed in counties across Texas and one case is pending in federal court in Texas. These lawsuits seek recovery for property damages, personal injury and for wrongful death allegedly incurred by the plaintiffs as a result of power losses, which the plaintiffs claim was the result of the defendants' failure to take appropriate precautions. The cases pending in state court have been consolidated into a Texas state court multidistrict litigation proceeding before a single judge to handle all pretrial coordination. Duke Energy cannot predict the outcomes of these state and federal litigation matters.
Duke Energy Carolinas and Duke Energy Progress
Coal Ash Insurance Coverage Litigation
In March 2017, Duke Energy Carolinas and Duke Energy Progress filed a civil action in the North Carolina Business Court against various insurance providers. The lawsuit seeks payment for coal ash related liabilities covered by third-party liability insurance policies. The insurance policies were issued between 1971 and 1986 and provide third-party liability insurance for property damage. The civil action seeks damages for breach of contract and indemnification for costs arising from the Coal Ash Act and the U.S. Environmental Protection Agency CCR rule at 15 coal-fired plants in North Carolina and South Carolina. Following completion of fact discovery, the parties' fully briefed and argued motions relating to multiple key legal matters. All but two insurer-defendants have reached settlements with Duke Energy Carolinas and Duke Energy Progress in advance of any rulings on these motions. Any coal ash litigation proceeds from these settlements will be distributed in accordance with the terms of the CCR Settlement Agreement with the North Carolina Attorney General and other parties, executed on January 22, 2021. For more information on the CCR Settlement Agreement, see Note 3. On August 4, 2021, the Court issued a favorable ruling denying dispositive motions from the two remaining defendants. Trial with the remaining defendants remains scheduled for January 24, 2022. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
57

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Duke Energy Carolinas
NTE Carolinas II, LLC Litigation
In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas is seeking a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims.
On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. Duke Energy Carolinas is cooperating with the Office of Enforcement but cannot predict the outcome of this investigation.
On August 17, 2020, the court denied both NTE’s and Duke Energy Carolinas’ Motion to Dismiss. The parties are in active discovery and trial is scheduled for June 20, 2022. Duke Energy Carolinas cannot predict the outcome of this matter.
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985. As of June 30, 2021, there were 84 asserted claims for non-malignant cases with cumulative relief sought of up to $18 million, and 55 asserted claims for malignant cases with cumulative relief sought of up to $20 million. Based on Duke Energy Carolinas’ experience, it is expected that the ultimate resolution of most of these claims likely will be less than the amount claimed.
Duke Energy Carolinas has recognized asbestos-related reserves of $555 million at June 30, 2021, and $572 million at December 31, 2020. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2040 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2040 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.
Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Duke Energy Carolinas’ cumulative payments began to exceed the self-insured retention in 2008. Future payments up to the policy limit will be reimbursed by the third-party insurance carrier. The insurance policy limit for potential future insurance recoveries indemnification and medical cost claim payments is $714 million in excess of the self-insured retention. Receivables for insurance recoveries were $704 million at June 30, 2021, and December 31, 2020. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.
As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The reserve for credit losses for insurance receivables based on adoption of the new standard is $15 million for Duke Energy and Duke Energy Carolinas as of June 30, 2021, and December 31, 2020. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.
Duke Energy Progress and Duke Energy Florida
Spent Nuclear Fuel Matters
On June 18, 2018, Duke Energy Progress and Duke Energy Florida sued the U.S. in the U.S. Court of Federal Claims for damages incurred for the period 2014 through 2018. The lawsuit claimed the Department of Energy breached a contract in failing to accept spent nuclear fuel under the Nuclear Waste Policy Act of 1982 and asserted damages for the cost of on-site storage in the amount of $100 million and $200 million for Duke Energy Progress and Duke Energy Florida, respectively. Discovery is ongoing and a trial is expected to occur in late 2021 or early 2022.
Duke Energy Florida
Power Purchase Dispute Arbitration
Duke Energy Florida, on behalf of its customers, entered into a PPA for the purchase of firm capacity and energy from a qualifying facility under the Public Utilities Regulatory Policies Act of 1978. Duke Energy Florida determined the qualifying facility did not perform in accordance with the PPA, and Duke Energy Florida terminated the PPA. The qualifying facility counterparty filed a confidential American Arbitration Association (AAA) arbitration demand, challenging the termination of the PPA and seeking damages.
The final arbitration hearing occurred during the week of December 7, 2020. An interim arbitral award was issued in March 2021, upholding Duke Energy Florida's positions on all issues and awarding the company termination costs. In May 2021, the final arbitral award was issued awarding Duke Energy Florida its claimed fees and costs.
58

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Duke Energy Indiana
Coal Ash Basin Closure Plan Appeal
On January 27, 2020, Hoosier Environmental Council (HEC) filed a Petition for Administrative Review with the Indiana Office of Environmental Adjudication challenging the Indiana Department of Environmental Management’s December 10, 2019, partial approval of Duke Energy Indiana’s ash pond closure plan. After hearing oral arguments in early April 2021 on Duke Energy Indiana's and HEC's competing Motions for Summary Judgment, on May 4, 2021, the administrative court rejected all of HEC’s claims and issued a ruling in favor of Duke Energy Indiana. On June 3, 2021, HEC filed an appeal in Superior Court to seek judicial review of the order. Duke Energy Indiana cannot predict the outcome of this matter.
Other Litigation and Legal Proceedings
The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position.
The table below presents recorded reserves based on management’s best estimate of probable loss for legal matters, excluding asbestos-related reserves discussed above. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. The reasonably possible range of loss in excess of recorded reserves is not material, other than as described above.
(in millions) June 30, 2021 December 31, 2020
Reserves for Legal Matters
Duke Energy $ 65  $ 68 
Duke Energy Carolinas 2 
Progress Energy 58  61 
Duke Energy Progress 12  13 
Duke Energy Florida 26  28 
Piedmont 1 
OTHER COMMITMENTS AND CONTINGENCIES
General
As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.
In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
59

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

5. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Six Months Ended June 30, 2021
Duke Duke
Maturity Interest Duke Energy Energy
Issuance Date Date Rate Energy (Parent) Carolinas Piedmont
Unsecured Debt
March 2021(a)
Mar 2031 2.500  % $ 350  $   $   $ 350 
June 2021(c)
Jun 2023 2.500  %
(b)
500  500     
June 2021(c)
Jun 2031 2.550  % 1,000  1,000     
June 2021(c)
Jun 2041 3.300  % 750  750     
June 2021(c)
Jun 2051 3.500  % 750  750     
First Mortgage Bonds
April 2021(d)
Apr 2031 2.550  % 550    550   
April 2021(d)
Apr 2051 3.450  % 450    450   
Total issuances $ 4,350  $ 3,000  $ 1,000  $ 350 
(a)Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes.
(b)Debt issuance has a floating interest rate.
(c)Debt issued to repay $1.75 billion of Duke Energy (Parent) 2021 debt maturities, to repay a portion of short-term debt and for general corporate purposes.
(d)Debt issued to repay at maturity $500 million first mortgage bonds due June 2021, pay down short-term debt and for general company purposes.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions) Maturity Date Interest Rate June 30, 2021
Unsecured Debt
Duke Energy (Parent)(a)
August 2021 1.800  % $ 750 
Duke Energy Florida November 2021 0.391  %
(b)
200 
Duke Energy Progress February 2022 0.335  %
(b)
700 
Duke Energy (Parent) March 2022 3.227  % 300 
Duke Energy (Parent) March 2022 0.775  %
(b)
300 
Progress Energy April 2022 3.150  % 450 
First Mortgage Bonds
Duke Energy Florida August 2021 3.100  % 300 
Duke Energy Progress September 2021 3.000  % 500 
Duke Energy Progress September 2021 8.625  % 100 
Duke Energy Indiana January 2022 8.850  % 53 
Duke Energy Carolinas May 2022 3.350  % 350 
Duke Energy Progress May 2022 2.800  % 500 
Other(c)
473 
Current maturities of long-term debt $ 4,976 
(a)    Debt was retired at par on August 1, 2021.
(b)    Debt has a floating interest rate.
(c)    Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
60

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2021, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2026. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
June 30, 2021
Duke Duke Duke Duke Duke Duke
Duke Energy Energy Energy Energy Energy Energy
(in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont
Facility size(a)
$ 8,000  $ 2,650  $ 1,325  $ 1,150  $ 850  $ 725  $ 600  $ 700 
Reduction to backstop issuances
Commercial paper(b)
(2,747) (549) (767) (418) (360) (411) (150) (92)
Outstanding letters of credit (31) (25) (4) (2)        
Tax-exempt bonds (81)           (81)  
Available capacity under the Master Credit Facility $ 5,141  $ 2,076  $ 554  $ 730  $ 490  $ 314  $ 369  $ 608 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
June 30, 2021
(in millions) Facility size Amount drawn
Duke Energy (Parent) Three-Year Revolving Credit Facility(a)
$ 1,000  $ 500 
(a)During March 2021, Duke Energy extended the maturity date of the Three-Year Revolving Credit Facility from May 2022 to May 2024.
6. GOODWILL
Duke Energy
The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at June 30, 2021, and December 31, 2020.
Electric Utilities Gas Utilities Commercial
(in millions) and Infrastructure and Infrastructure Renewables Total
Goodwill balance $ 17,379  $ 1,924  $ 122  $ 19,425 
Accumulated impairment charges     (122) (122)
Goodwill, adjusted for accumulated impairment charges $ 17,379  $ 1,924  $   $ 19,303 
Duke Energy Ohio
Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to Electric Utilities and Infrastructure and $324 million to Gas Utilities and Infrastructure, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at June 30, 2021, and December 31, 2020.
Progress Energy
Progress Energy's Goodwill is included in the Electric Utilities and Infrastructure segment and there are no accumulated impairment charges.
Piedmont
Piedmont's Goodwill is included in the Gas Utilities and Infrastructure segment and there are no accumulated impairment charges.
61

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

7. RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 2021 2020
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$ 243  $ 196  $ 446  $ 330 
Indemnification coverages(b)
6  12  10 
Joint Dispatch Agreement (JDA) revenue(c)
13  26  10 
JDA expense(c)
25  20  65  44 
Intercompany natural gas purchases(d)
15  10  29  16 
Progress Energy
Corporate governance and shared service expenses(a)
$ 233  $ 189  $ 414  $ 335 
Indemnification coverages(b)
11  21  18 
JDA revenue(c)
25  20  65  44 
JDA expense(c)
13  26  10 
Intercompany natural gas purchases(d)
18  19  37  38 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$ 141  $ 113  $ 246  $ 188 
Indemnification coverages(b)
5  10 
JDA revenue(c)
25  20  65  44 
JDA expense(c)
13  26  10 
Intercompany natural gas purchases(d)
18  19  37  38 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$ 92  $ 76  $ 168  $ 147 
Indemnification coverages(b)
6  11 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$ 79  $ 77  $ 158  $ 161 
Indemnification coverages(b)
1  2 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$ 93  $ 92  $ 206  $ 198 
Indemnification coverages(b)
2  4 
Piedmont
Corporate governance and shared service expenses(a)
$ 36  $ 37  $ 69  $ 71 
Indemnification coverages(b)
1  —  2 
Intercompany natural gas sales(d)
33  29  66  54 
Natural gas storage and transportation costs(e)
5  11  12 
(a)    The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)    The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(c)    Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(d)    Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.
(e)    Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.
62

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
As discussed in Note 11, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.
Duke Duke Duke Duke Duke
Energy Progress Energy Energy Energy Energy
(in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont
June 30, 2021
Intercompany income tax receivable $   $ 74  $   $ 1  $   $   $ 22 
Intercompany income tax payable 36    4    6  7   
December 31, 2020
Intercompany income tax receivable $ —  $ —  $ —  $ —  $ —  $ $ 10 
Intercompany income tax payable 31  33  46  35  —  — 
8. DERIVATIVES AND HEDGING
The Duke Energy Registrants use commodity and interest rate contracts to manage commodity price risk and interest rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings.
All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.
INTEREST RATE RISK
The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.
Cash Flow Hedges
For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2021, and 2020, were not material. Duke Energy's interest rate derivatives designated as hedges include interest rate swaps used to hedge existing debt within the Commercial Renewables segment and forward-starting interest rate swaps not accounted for under regulatory accounting.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.
63

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

The following table shows notional amounts of outstanding derivatives related to interest rate risk.
June 30, 2021
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio
Cash flow hedges $ 1,344  $   $   $   $   $  
Undesignated contracts 1,681  350  1,250  750  500  27 
Total notional amount(a)
$ 3,025  $ 350  $ 1,250  $ 750  $ 500  $ 27 
December 31, 2020
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio
Cash flow hedges $ 632  $ —  $ —  $ —  $ —  $ — 
Undesignated contracts 1,177  400  750  750  —  27 
Total notional amount(a)
$ 1,809  $ 400  $ 750  $ 750  $ —  $ 27 
(a)    Duke Energy includes amounts related to consolidated VIEs of $594 million in cash flow hedges and $54 million in undesignated contracts as of June 30, 2021, and $632 million in cash flow hedges as of December 31, 2020.
COMMODITY PRICE RISK
The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.
Cash Flow Hedges
For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2021, and 2020, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment.
Undesignated Contracts
For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas costs volatility for customers.
Volumes
The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.
June 30, 2021
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
Energy Carolinas Energy Progress Ohio Indiana Piedmont
Electricity (GWh)(a)
34,427        3,727  20,273   
Natural gas (millions of dekatherms) 744  206  180  180    4  354 
64

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

December 31, 2020
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
Energy Carolinas Energy Progress Ohio Indiana Piedmont
Electricity (GWh)(a)
35,409  —  —  —  2,559  10,802  — 
Natural gas (millions of dekatherms) 678  145  158  158  —  373 
(a)    Duke Energy includes 10,427 GWh and 22,048 GWh related to cash flow hedges as of June 30, 2021, and December 31, 2020, respectively.
LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.
Derivative Assets June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current $ 163  $ 69  $ 65  $ 54  $ 10  $ 3  $ 24  $ 2 
Noncurrent 67  38  29  30         
Total Derivative Assets – Commodity Contracts $ 230  $ 107  $ 94  $ 84  $ 10  $ 3  $ 24  $ 2 
Interest Rate Contracts
Not Designated as Hedging Instruments
Current $ 52  $   $ 48  $ 48  $   $   $   $  
Total Derivative Assets – Interest Rate Contracts $ 52  $   $ 48  $ 48  $   $   $   $  
Total Derivative Assets $ 282  $ 107  $ 142  $ 132  $ 10  $ 3  $ 24  $ 2 
Derivative Liabilities June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current $ 29  $   $   $   $   $   $    
Noncurrent 127               
Not Designated as Hedging Instruments
Current $ 27  $   $   $   $   $   $   $ 26 
Noncurrent 139    4  4        135 
Total Derivative Liabilities – Commodity Contracts $ 322  $   $ 4  $ 4  $   $   $   $ 161 
Interest Rate Contracts
Designated as Hedging Instruments
Current $ 14  $   $   $   $   $   $   $  
Noncurrent 62               
Not Designated as Hedging Instruments
Current 21  7  13    13  1     
Noncurrent 4          4     
Total Derivative Liabilities – Interest Rate Contracts $ 101  $ 7  $ 13  $   $ 13  $ 5  $   $  
Total Derivative Liabilities $ 423  $ 7  $ 17  $ 4  $ 13  $ 5  $   $ 161 
65

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Assets December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current $ 30  $ 14  $ $ $ —  $ $ $
Noncurrent 13  —  —  —  — 
Total Derivative Assets – Commodity Contracts $ 43  $ 20  $ 15  $ 15  $ —  $ $ $
Interest Rate Contracts
Not Designated as Hedging Instruments
Current $ 18  $ —  $ 18  $ 18  $ —  $ —  $ —  $ — 
Total Derivative Assets – Interest Rate Contracts $ 18  $ —  $ 18  $ 18  $ —  $ —  $ —  $ — 
Total Derivative Assets $ 61  $ 20  $ 33  $ 33  $ —  $ $ $
Derivative Liabilities December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current $ 14  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Noncurrent 70  —  —  —  —  —  —  — 
Not Designated as Hedging Instruments
Current $ 30  $ 13  $ $ $ —  $ —  $ $ 15 
Noncurrent 137  27  12  —  —  —  107 
Total Derivative Liabilities – Commodity Contracts $ 251  $ 16  $ 29  $ 14  $ —  $ —  $ $ 122 
Interest Rate Contracts
Designated as Hedging Instruments
Current $ 15  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Noncurrent 48  —  —  —  —  —  —  — 
Not Designated as Hedging Instruments
Current —  —  —  —  — 
Noncurrent —  —  —  —  —  — 
Total Derivative Liabilities – Interest Rate Contracts $ 73  $ $ —  $ —  $ —  $ $ —  $ — 
Total Derivative Liabilities $ 324  $ 20  $ 29  $ 14  $ —  $ $ $ 122 
66

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

OFFSETTING ASSETS AND LIABILITIES
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position, and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative Assets June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Current
Gross amounts recognized $ 215  $ 69  $ 113  $ 102  $ 10  $ 3  $ 24  $ 2 
Gross amounts offset (3) (3)            
Net amounts presented in Current Assets: Other $ 212  $ 66  $ 113  $ 102  $ 10  $ 3  $ 24  $ 2 
Noncurrent
Gross amounts recognized $ 67  $ 38  $ 29  $ 30  $   $   $   $  
Gross amounts offset (6) (1) (4) (4)        
Net amounts presented in Other Noncurrent Assets: Other $ 61  $ 37  $ 25  $ 26  $   $   $   $  
Derivative Liabilities June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Current
Gross amounts recognized $ 91  $ 7  $ 13  $   $ 13  $ 1  $   $ 26 
Gross amounts offset                
Net amounts presented in Current Liabilities: Other $ 91  $ 7  $ 13  $   $ 13  $ 1  $   $ 26 
Noncurrent
Gross amounts recognized $ 332  $   $ 4  $ 4  $   $ 4  $   $ 135 
Gross amounts offset (4)   (4) (4)        
Net amounts presented in Other Noncurrent Liabilities: Other $ 328  $   $   $   $   $ 4  $   $ 135 
Derivative Assets December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Current
Gross amounts recognized $ 48  $ 14  $ 27  $ 27  $ —  $ $ $
Gross amounts offset (3) (2) (2) (2) —  —  —  — 
Net amounts presented in Current Assets: Other $ 45  $ 12  $ 25  $ 25  $ —  $ $ $
Noncurrent
Gross amounts recognized $ 13  $ $ $ $ —  $ —  $ —  $ — 
Gross amounts offset (5) (1) (4) (4) —  —  —  — 
Net amounts presented in Other Noncurrent Assets: Other $ $ $ $ $ —  $ —  $ —  $ — 
67

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Current
Gross amounts recognized $ 64  $ 17  $ $ $ —  $ $ $ 15 
Gross amounts offset (3) (2) (2) (2) —  —  —  — 
Net amounts presented in Current Liabilities: Other $ 61  $ 15  $ —  $ —  $ —  $ $ $ 15 
Noncurrent
Gross amounts recognized $ 260  $ $ 27  $ 12  $ —  $ $ —  $ 107 
Gross amounts offset (5) (1) (4) (4) —  —  —  — 
Net amounts presented in Other Noncurrent Liabilities: Other $ 255  $ $ 23  $ $ —  $ $ —  $ 107 
9. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of June 30, 2021, and December 31, 2020.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
68

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $   $   $ 153  $ —  $ —  $ 177 
Equity securities 4,710  31  6,743  4,138  54  6,235 
Corporate debt securities 51  3  861  76  806 
Municipal bonds 17    298  22  —  370 
U.S. government bonds 36  8  1,665  51  —  1,361 
Other debt securities 6    188  —  180 
Total NDTF Investments $ 4,820  $ 42  $ 9,908  $ 4,295  $ 55  $ 9,129 
Other Investments
Cash and cash equivalents $   $   $ 83  $ —  $ —  $ 127 
Equity securities 98    166  79  —  146 
Corporate debt securities 4    118  —  110 
Municipal bonds 4  1  69  —  86 
U.S. government bonds 1    66  —  —  42 
Other debt securities     31  —  —  47 
Total Other Investments $ 107  $ 1  $ 533  $ 92  $ —  $ 558 
Total Investments $ 4,927  $ 43  $ 10,441  $ 4,387  $ 55  $ 9,687 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2021, and 2020, were as follows.
Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
FV-NI:
 Realized gains $ 146  $ 302  $ 286  $ 325 
 Realized losses 37  67  60  132 
AFS:
 Realized gains 16  27  34  47 
 Realized losses 18  13  31  19 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $   $   $ 68  $ —  $ —  $ 30 
Equity securities 2,729  14  3,910  2,442  23  3,685 
Corporate debt securities 32  2  495  49  510 
Municipal bonds 2    21  —  91 
U.S. government bonds 19  3  770  25  —  475 
Other debt securities 5    182  —  174 
Total NDTF Investments $ 2,787  $ 19  $ 5,446  $ 2,529  $ 24  $ 4,965 
69

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2021, and 2020, were as follows.
Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
FV-NI:
 Realized gains $ 90  $ 27  $ 218  $ 36 
 Realized losses 23  25  39  70 
AFS:
 Realized gains 12  18  25  30 
 Realized losses 13  22  13 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $   $   $ 85  $ —  $ —  $ 147 
Equity securities 1,981  17  2,833  1,696  31  2,550 
Corporate debt securities 19  1  366  27  —  296 
Municipal bonds 15    277  16  —  279 
U.S. government bonds 17  5  895  26  —  886 
Other debt securities 1    6  — 
Total NDTF Investments $ 2,033  $ 23  $ 4,462  $ 1,766  $ 31  $ 4,164 
Other Investments
Cash and cash equivalents $   $   $ 4  $ —  $ —  $ 106 
Municipal bonds 3    27  —  26 
Total Other Investments $ 3  $   $ 31  $ $ —  $ 132 
Total Investments $ 2,036  $ 23  $ 4,493  $ 1,769  $ 31  $ 4,296 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2021, and 2020, were as follows.
Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
FV-NI:
 Realized gains $ 56  $ 275  $ 68  $ 289 
 Realized losses 14  42  21  62 
AFS:
 Realized gains 3  7  11 
 Realized losses 3  6 
70

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $   $   $ 73  $ —  $ —  $ 76 
Equity securities 1,888  17  2,730  1,617  31  2,459 
Corporate debt securities 19  1  299  27  —  296 
Municipal bonds 15    277  16  —  279 
U.S. government bonds 17  2  479  26  —  412 
Other debt securities 1    6  — 
Total NDTF Investments $ 1,940  $ 20  $ 3,864  $ 1,687  $ 31  $ 3,528 
Other Investments
Cash and cash equivalents $   $   $ 1  $ —  $ —  $
Total Other Investments $   $   $ 1  $ —  $ —  $
Total Investments $ 1,940  $ 20  $ 3,865  $ 1,687  $ 31  $ 3,529 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2021, and 2020, were as follows.
Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
FV-NI:
 Realized gains $ 55  $ 26  $ 67  $ 40 
 Realized losses 13  27  20  47 
AFS:
 Realized gains 3  7  11 
 Realized losses 3  6 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $   $   $ 12  $ —  $ —  $ 71 
Equity securities 93    103  79  —  91 
Corporate debt securities     67  —  —  — 
U.S. government bonds   3  416  —  —  474 
Total NDTF Investments(a)
$ 93  $ 3  $ 598  $ 79  $ —  $ 636 
Other Investments
Cash and cash equivalents $   $   $ 1  $ —  $ —  $
Municipal bonds 3    27  —  26 
Total Other Investments $ 3  $   $ 28  $ $ —  $ 27 
Total Investments $ 96  $ 3  $ 626  $ 82  $ —  $ 663 
(a)During the six months ended June 30, 2021, and the year ended December 31, 2020, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
71

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI for the three and six months ended June 30, 2021, and 2020, were as follows:
Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
FV-NI:
Realized gains $ 1  $ 249  $ 1  $ 249 
Realized losses 1  15  1  15 
Realized gains and losses, which were determined on a specific identification basis, from sales of AFS securities for the three and six months ended June 30, 2021, and 2020, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
June 30, 2021 December 31, 2020
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
Investments
Cash and cash equivalents $   $   $ 1  $ —  $ —  $
Equity securities 70    110  58  —  97 
Corporate debt securities     4  —  — 
Municipal bonds 1  1  35  —  38 
U.S. government bonds     6  —  — 
Total Investments $ 71  $ 1  $ 156  $ 59  $ —  $ 143 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2021, and 2020, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
June 30, 2021
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Indiana
Due in one year or less $ 162  $ 10  $ 112  $ 16  $ 96  $ 4 
Due after one through five years 1,022  385  578  262  316  18 
Due after five through 10 years 683  301  302  243  59  8 
Due after 10 years 1,429  772  579  540  39  15 
Total $ 3,296  $ 1,468  $ 1,571  $ 1,061  $ 510  $ 45 
10. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.
Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value (NAV) per share practical expedient. The NAV is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.
Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.
72

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
Valuation methods of the primary fair value measurements disclosed below are as follows.
Investments in equity securities
The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.
Investments in debt securities
Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.
Commodity derivatives
Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.
Interest rate derivatives
Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.
Other fair value considerations
See Note 11 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2020, for a discussion of the valuation of goodwill and intangible assets.
DUKE ENERGY
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 8. See Note 9 for additional information related to investments by major security type for the Duke Energy Registrants.
June 30, 2021
(in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized
NDTF cash and cash equivalents $ 153  $ 153  $   $   $  
NDTF equity securities 6,743  6,695      48 
NDTF debt securities 3,012  1,066  1,946     
Other equity securities 166  166       
Other debt securities 284  60  224     
Other cash and cash equivalents 83  83       
Derivative assets 282  4  253  25   
Total assets 10,723  8,227  2,423  25  48 
Derivative liabilities (423)   (267) (156)  
Net assets (liabilities) $ 10,300  $ 8,227  $ 2,156  $ (131) $ 48 
73

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized
NDTF cash and cash equivalents $ 177  $ 177  $ —  $ —  $ — 
NDTF equity securities 6,235  6,189  —  —  46 
NDTF debt securities 2,717  874  1,843  —  — 
Other equity securities 146  146  —  —  — 
Other debt securities 285  37  248  —  — 
Other cash and cash equivalents 127  127  —  —  — 
Derivative assets 61  53  — 
Total assets 9,748  7,551  2,144  46 
Derivative liabilities (324) —  (240) (84) — 
Net assets (liabilities) $ 9,424  $ 7,551  $ 1,904  $ (77) $ 46 
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 2021 2020
Balance at beginning of period $ (126) $ (88) $ (77) $ (102)
Total pretax realized or unrealized losses included in comprehensive income (31) —  (75) — 
Purchases, sales, issuances and settlements:
Purchases 21  14  21  14 
Settlements (1) (6) (8) (15)
Total gains (losses) included on the Condensed Consolidated Balance Sheet 6  (12) 8  11 
Balance at end of period $ (131) $ (92) $ (131) $ (92)
DUKE ENERGY CAROLINAS
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021
(in millions) Total Fair Value Level 1 Level 2 Not Categorized
NDTF cash and cash equivalents $ 68  $ 68  $   $  
NDTF equity securities 3,910  3,862    48 
NDTF debt securities 1,468  408  1,060   
Derivative assets 107    107   
Total assets 5,553  4,338  1,167  48 
Derivative liabilities (7)   (7)  
Net assets $ 5,546  $ 4,338  $ 1,160  $ 48 
December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Not Categorized
NDTF cash and cash equivalents $ 30  $ 30  $ —  $ — 
NDTF equity securities 3,685  3,639  —  46 
NDTF debt securities 1,250  192  1,058  — 
Derivative assets 20  —  20  — 
Total assets 4,985  3,861  1,078  46 
Derivative liabilities (20) —  (20) — 
Net assets $ 4,965  $ 3,861  $ 1,058  $ 46 
74

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
PROGRESS ENERGY
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 85  $ 85  $   $ 147  $ 147  $ — 
NDTF equity securities 2,833  2,833    2,550  2,550  — 
NDTF debt securities 1,544  658  886  1,467  682  785 
Other debt securities 27    27  26  —  26 
Other cash and cash equivalents 4  4    106  106  — 
Derivative assets 142    142  33  —  33 
Total assets 4,635  3,580  1,055  4,329  3,485  844 
Derivative liabilities (17)   (17) (29) —  (29)
Net assets $ 4,618  $ 3,580  $ 1,038  $ 4,300  $ 3,485  $ 815 
DUKE ENERGY PROGRESS
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 73  $ 73  $   $ 76  $ 76  $ — 
NDTF equity securities 2,730  2,730    2,459  2,459  — 
NDTF debt securities 1,061  269  792  993  237  756 
Other cash and cash equivalents 1  1    — 
Derivative assets 132    132  33  —  33 
Total assets 3,997  3,073  924  3,562  2,773  789 
Derivative liabilities (4)   (4) (14) —  (14)
Net assets $ 3,993  $ 3,073  $ 920  $ 3,548  $ 2,773  $ 775 
DUKE ENERGY FLORIDA
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 12  $ 12  $   $ 71  $ 71  $ — 
NDTF equity securities 103  103    91  91  — 
NDTF debt securities 483  389  94  474  445  29 
Other debt securities 27    27  26  —  26 
Other cash and cash equivalents 1  1    — 
Derivative assets 10    10  —  —  — 
Total assets 636  505  131  663  608  55 
Derivative liabilities (13)   (13) —  —  — 
Net assets $ 623  $ 505  $ 118  $ 663  $ 608  $ 55 
DUKE ENERGY OHIO
The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at June 30, 2021, and December 31, 2020.
75

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
DUKE ENERGY INDIANA
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3
Other equity securities $ 110  $ 110  $   $   $ 97  $ 97  $ —  $ — 
Other debt securities 45    45    45  —  45  — 
Other cash and cash equivalents 1  1      —  — 
Derivative assets 24  2    22  —  — 
Total assets 180  113  45  22  149  98  45 
Derivative liabilities         (1) (1) —  — 
Net assets $ 180  $ 113  $ 45  $ 22  $ 148  $ 97  $ 45  $
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 2021 2020
Balance at beginning of period $ 2  $ $ 6  $ 11 
Purchases, sales, issuances and settlements:
Purchases 18  10  18  10 
Settlements (3) (4) (9) (10)
Total gains (losses) included on the Condensed Consolidated Balance Sheet 5  7  (1)
Balance at end of period $ 22  $ 10  $ 22  $ 10 
PIEDMONT
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2021 December 31, 2020
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
Derivative assets $ 2  $ 2  $   $ $ $ — 
Derivative liabilities (161)   (161) (122) —  (122)
Net (liabilities) assets $ (159) $ 2  $ (161) $ (121) $ $ (122)
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 2021 2020
Balance at beginning of period $   $ (91) $   $ (117)
Total (losses) gains and settlements   (14)   12 
Balance at end of period $   $ (105) $   $ (105)
76

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2021
Weighted
Fair Value Average
Investment Type (in millions) Valuation Technique Unobservable Input Range Range
Duke Energy            
Electricity contracts $ (156) RTO forward pricing Forward electricity curves – price per MWh $ 16.82  - $ 174.84  $ 37.87 
Duke Energy Ohio  
FTRs 3  RTO auction pricing FTR price – per MWh 0  - 1.65  0.88 
Duke Energy Indiana  
FTRs 22  RTO auction pricing FTR price – per MWh (2.07) - 7.38  1.12 
Duke Energy
Total Level 3 derivatives $ (131)
December 31, 2020
Weighted
Fair Value Average
Investment Type (in millions) Valuation Technique Unobservable Input Range Range
Duke Energy            
Electricity contracts $ (84) Discounted cash flow Forward electricity curves – price per MWh $ 14.68  - $151.84 $28.84
Duke Energy Ohio      
FTRs RTO auction pricing FTR price – per MWh 0.25  - 1.68  0.79 
Duke Energy Indiana        
FTRs RTO auction pricing FTR price – per MWh (2.40) - 7.41  1.05 
Duke Energy
Total Level 3 derivatives $ (77)
OTHER FAIR VALUE DISCLOSURES
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
June 30, 2021 December 31, 2020
(in millions) Book Value Fair Value Book Value Fair Value
Duke Energy(a)
$ 62,386  $ 69,222  $ 59,863  $ 69,292 
Duke Energy Carolinas 12,906  15,011  12,218  14,917 
Progress Energy 19,250  22,502  19,264  23,470 
Duke Energy Progress 9,277  10,405  9,258  10,862 
Duke Energy Florida 7,881  9,338  7,915  9,756 
Duke Energy Ohio 3,091  3,531  3,089  3,650 
Duke Energy Indiana 4,092  4,929  4,091  5,204 
Piedmont 2,967  3,337  2,780  3,306 
(a)    Book value of long-term debt includes $1.3 billion at June 30, 2021, and December 31, 2020, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
At both June 30, 2021, and December 31, 2020, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.
11. VARIABLE INTEREST ENTITIES
CONSOLIDATED VIEs
The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.
77

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

No financial support was provided to any of the consolidated VIEs during the six months ended June 30, 2021, and the year ended December 31, 2020, or is expected to be provided in the future that was not previously contractually required.
Receivables Financing – DERF/DEPR/DEFR
DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.
DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities for DERF and DEPR are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt. Amounts borrowed under the credit facilities for DEFR are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt.
The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.
Receivables Financing – CRC
CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.
The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.
CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC.
Receivables Financing – Credit Facilities
The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.
Duke Energy
Duke Energy Duke Energy Duke Energy
Carolinas Progress Florida
(in millions) CRC DERF DEPR DEFR
Expiration date February 2023 December 2022 April 2023 April 2023
Credit facility amount $ 350  $ 475  $ 350  $ 250 
Amounts borrowed at June 30, 2021 332  475  269  250 
Amounts borrowed at December 31, 2020 350  364  250  250 
Restricted Receivables at June 30, 2021 527  769  473  445 
Restricted Receivables at December 31, 2020 547  696  500  397 
Nuclear Asset-Recovery Bonds – DEFPF
DEFPF is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.
In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.
DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.
78

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.
(in millions) June 30, 2021 December 31, 2020
Receivables of VIEs $ 6  $
Regulatory Assets: Current 54  53 
Current Assets: Other 33  39 
Other Noncurrent Assets: Regulatory assets 914  937 
Current Liabilities: Other 9  10 
Current maturities of long-term debt 55  55 
Long-Term Debt 973  1,002 
Commercial Renewables
Certain of Duke Energy’s renewable energy facilities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Assets are restricted and cannot be pledged as collateral or sold to third parties without prior approval of debt holders. Additionally, Duke Energy has VIEs associated with tax equity arrangements entered into with third-party investors in order to finance the cost of renewable assets eligible for tax credits. The activities that most significantly impacted the economic performance of these renewable energy facilities were decisions associated with siting, negotiating PPAs and Engineering, Procurement and Construction agreements, and decisions associated with ongoing operations and maintenance-related activities. Duke Energy is considered the primary beneficiary and consolidates the entities as it is responsible for all of these decisions.
The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs.
(in millions) June 30, 2021 December 31, 2020
Current Assets: Other $ 323  $ 257 
Property, Plant and Equipment: Cost 6,876  6,394 
Accumulated depreciation and amortization (1,354) (1,242)
Other Noncurrent Assets: Other 73  67 
Current maturities of long-term debt 164  167 
Long-Term Debt 1,497  1,569 
Other Noncurrent Liabilities: AROs 155  148 
Other Noncurrent Liabilities: Other 352  316 
NON-CONSOLIDATED VIEs
The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.
June 30, 2021
Duke Energy Duke Duke
Pipeline Commercial Energy Energy
(in millions) Investments Renewables Total Ohio Indiana
Receivables from affiliated companies $   $   $   $ 54  $ 85 
Other current assets 17    17    $  
Investments in equity method unconsolidated affiliates 15  475  490     
Deferred tax asset 19    19     
Total assets $ 51  $ 475  $ 526  $ 54  $ 85 
Other current liabilities 33  4  37     
Other noncurrent liabilities 69  10  79     
Total liabilities $ 102  $ 14  $ 116  $   $  
Net (liabilities) assets $ (51) $ 461  $ 410  $ 54  $ 85 
79

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

December 31, 2020
Duke Energy Duke Duke
Pipeline Commercial Energy Energy
(in millions) Investments Renewables Total Ohio Indiana
Receivables from affiliated companies $ —  $ —  $ —  $ 83  $ 110 
Investments in equity method unconsolidated affiliates —  530  530  —  — 
Other noncurrent assets 31  —  31  —  — 
Total assets $ 31  $ 530  $ 561  $ 83  $ 110 
Other current liabilities 928  933  —  — 
Other noncurrent liabilities 10  18  —  — 
Total liabilities $ 936  $ 15  $ 951  $ —  $ — 
Net assets (liabilities) $ (905) $ 515  $ (390) $ 83  $ 110 
The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above except for certain renewable energy project entities guarantees for debt services and operations and maintenance, as discussed below.
Pipeline Investments
Duke Energy has investments in various joint ventures to construct and operate pipeline projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.
Duke Energy has a 47% ownership interest in ACP. For the three and six months ended June 30, 2020, the ACP investment was considered a significant subsidiary because its income exceeded 20% of Duke Energy’s income. ACP's net loss for the three and six months ended June 30, 2020, was $4,414 million and $4,342 million, respectively.
In 2020, Duke Energy determined that it would no longer invest in the construction of the ACP pipeline. In February 2021, Duke Energy paid approximately $855 million to fund ACP's outstanding debt, relieving Duke Energy of its guarantee. See Notes 1 and 3 for further information regarding this transaction.
Commercial Renewables
Duke Energy has investments in various renewable energy project entities. Some of these entities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate these VIEs because power to direct and control key activities is shared jointly by Duke Energy and other owners.
OVEC
Duke Energy Ohio’s 9% ownership interest in OVEC is considered a non-consolidated VIE due to OVEC having insufficient equity to finance its activities without subordinated financial support. The activities that most significantly impact OVEC's economic performance include fuel strategy and supply activities and decisions associated with ongoing operations and maintenance-related activities. Duke Energy Ohio does not have the unilateral power to direct these activities, and therefore, does not consolidate OVEC.
As a counterparty to an Inter-Company Power Agreement (ICPA), Duke Energy Ohio has a contractual arrangement to receive entitlements to capacity and energy from OVEC’s power plants through June 2040 commensurate with its power participation ratio, which is equivalent to Duke Energy Ohio's ownership interest. Costs, including fuel, operating expenses, fixed costs, debt amortization and interest expense, are allocated to counterparties to the ICPA based on their power participation ratio. The value of the ICPA is subject to variability due to fluctuation in power prices and changes in OVEC's cost of business. Duke Energy cannot predict the outcome in this matter. See Note 3 for additional information.
CRC
See discussion under Consolidated VIEs for additional information related to CRC.
Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value.
The following table shows the gross and net receivables sold.
Duke Energy Ohio Duke Energy Indiana
(in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020
Receivables sold $ 219  $ 270  $ 322  $ 344 
Less: Retained interests 54  83  85  110 
Net receivables sold $ 165  $ 187  $ 237  $ 234 
80

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table shows sales and cash flows related to receivables sold.
Duke Energy Ohio Duke Energy Indiana
Three Months Ended Six Months Ended Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Sales
Receivables sold $ 443  $ 429  $ 1,004  $ 966  $ 684  $ 583  $ 1,382  $ 1,230 
Loss recognized on sale 2  5  3  6 
Cash flows
Cash proceeds from receivables sold $ 433  $ 431  $ 1,029  $ 990  $ 655  $ 580  $ 1,401  $ 1,252 
Return received on retained interests 1  —  2  1  3 
Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.
12. REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.
Electric Utilities and Infrastructure
Electric Utilities and Infrastructure earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.
The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:
Remaining Performance Obligations
(in millions) 2021 2022 2023 2024 2025 Thereafter Total
Progress Energy $ 49  $ 107  $ 44  $ 45  $ $ 51  $ 303 
Duke Energy Progress 4  —  —  28 
Duke Energy Florida 45  99  36  37  51  275 
Duke Energy Indiana   —  12  12  24  55 
Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.
Gas Utilities and Infrastructure
Gas Utilities and Infrastructure earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.
Fixed-capacity payments under long-term contracts for the Gas Utilities and Infrastructure segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows:
Remaining Performance Obligations
(in millions) 2021 2022 2023 2024 2025 Thereafter Total
Piedmont $ 34  $ 67  $ 64  $ 61  $ 60  $ 336  $ 622 
Commercial Renewables
Commercial Renewables earns the majority of its revenues through long-term PPAs and generally sells all of its wind and solar facility output, electricity and Renewable Energy Certificates (RECs) to customers. The majority of these PPAs have historically been accounted for as leases. For PPAs that are not accounted for as leases, the delivery of electricity and the delivery of RECs are considered separate performance obligations.
Other
The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.
81

FINANCIAL STATEMENTS REVENUE

Disaggregated Revenues
Disaggregated revenues are presented as follows:
Three Months Ended June 30, 2021
Duke Duke Duke Duke Duke
(in millions) Duke Energy Progress Energy Energy Energy Energy
By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Electric Utilities and Infrastructure
   Residential $ 2,336  $ 683  $ 1,216  $ 478  $ 738  $ 171  $ 265  $  
   General 1,513  498  720  330  390  106  190   
   Industrial 705  256  229  160  69  33  189   
   Wholesale 521  116  331  285  46  13  63   
   Other revenues 234  62  151  71  80  22  23   
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,309  $ 1,615  $ 2,647  $ 1,324  $ 1,323  $ 345  $ 730  $  
Gas Utilities and Infrastructure
   Residential $ 158  $   $   $   $   $ 69  $   $ 88 
   Commercial 91          27    59 
   Industrial 30          4    27 
   Power Generation               24 
   Other revenues 20          12    (1)
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 299  $   $   $   $   $ 112  $   $ 197 
Commercial Renewables
Revenue from contracts with customers $ 53  $   $   $   $   $   $   $  
Other
Revenue from contracts with customers $ 6  $   $   $   $   $   $   $  
Total revenue from contracts with customers $ 5,667  $ 1,615  $ 2,647  $ 1,324  $ 1,323  $ 457  $ 730  $ 197 
Other revenue sources(a)
$ 91  $ (5) $ 32  $ 25  $ 2  $ (1) $ 5  $ 18 
Total revenues $ 5,758  $ 1,610  $ 2,679  $ 1,349  $ 1,325  $ 456  $ 735  $ 215 
(a)    Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
82

FINANCIAL STATEMENTS REVENUE

Three Months Ended June 30, 2020
Duke Duke Duke Duke Duke
(in millions) Duke Energy Progress Energy Energy Energy Energy
By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Electric Utilities and Infrastructure
   Residential $ 2,249  $ 677  $ 1,173  $ 460  $ 713  $ 169  $ 231  $ — 
   General 1,379  507  611  298  313  103  161  — 
   Industrial 658  260  212  154  58  33  152  — 
   Wholesale 435  101  285  240  45  44  — 
   Other revenues 284  62  191  70  121  19  25  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,005  $ 1,607  $ 2,472  $ 1,222  $ 1,250  $ 329  $ 613  $ — 
Gas Utilities and Infrastructure
   Residential $ 157  $ —  $ —  $ —  $ —  $ 62  $ —  $ 96 
   Commercial 75  —  —  —  —  23  —  52 
   Industrial 27  —  —  —  —  —  22 
   Power Generation —  —  —  —  —  —  — 
   Other revenues 12  —  —  —  —  —  11 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 271  $ —  $ —  $ —  $ —  $ 91  $ —  $ 187 
Commercial Renewables
Revenue from contracts with customers $ 55  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Other
Revenue from contracts with customers $ $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total revenue from contracts with customers $ 5,338  $ 1,607  $ 2,472  $ 1,222  $ 1,250  $ 420  $ 613  $ 187 
Other revenue sources(a)
$ 83  $ $ 26  $ 21  $ —  $ $ $ 10 
Total revenues $ 5,421  $ 1,610  $ 2,498  $ 1,243  $ 1,250  $ 423  $ 617  $ 197 
(a)    Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
83

FINANCIAL STATEMENTS REVENUE

Six Months Ended June 30, 2021
Duke Duke Duke Duke Duke
(in millions) Duke Energy Progress Energy Energy Energy Energy
By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Electric Utilities and Infrastructure
   Residential $ 4,798  $ 1,476  $ 2,378  $ 1,038  $ 1,340  $ 366  $ 578  $  
   General 2,932  1,000  1,344  636  708  210  379   
   Industrial 1,367  512  436  305  131  64  356   
   Wholesale 1,025  230  657  577  80  26  113   
   Other revenues 460  136  311  154  157  44  41   
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 10,582  $ 3,354  $ 5,126  $ 2,710  $ 2,416  $ 710  $ 1,467  $  
Gas Utilities and Infrastructure
   Residential $ 618  $   $   $   $   $ 179  $   $ 439 
   Commercial 295          75    215 
   Industrial 80          11    70 
   Power Generation               46 
   Other revenues 67          17    25 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,060  $   $   $   $   $ 282  $   $ 795 
Commercial Renewables
Revenue from contracts with customers $ 107  $   $   $   $   $   $   $  
Other
Revenue from contracts with customers $ 12  $   $   $   $   $   $   $  
Total Revenue from contracts with customers $ 11,761  $ 3,354  $ 5,126  $ 2,710  $ 2,416  $ 992  $ 1,467  $ 795 
Other revenue sources(a)
$ 147  $ (28) $ 58  $ 40  $ 10  $ (4) $ 13  $ 26 
Total revenues $ 11,908  $ 3,326  $ 5,184  $ 2,750  $ 2,426  $ 988  $ 1,480  $ 821 
(a)    Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
84

FINANCIAL STATEMENTS REVENUE

Six Months Ended June 30, 2020
Duke Duke Duke Duke Duke
(in millions) Duke Energy Progress Energy Energy Energy Energy
By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Electric Utilities and Infrastructure
   Residential $ 4,515  $ 1,433  $ 2,242  $ 962  $ 1,280  $ 345  $ 496  $ — 
   General 2,887  1,056  1,275  617  658  217  342  — 
   Industrial 1,351  529  428  308  120  68  327  — 
   Wholesale 932  215  606  519  87  12  99  — 
   Other revenues 475  122  309  133  176  39  41  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 10,160  $ 3,355  $ 4,860  $ 2,539  $ 2,321  $ 681  $ 1,305  $ — 
Gas Utilities and Infrastructure
   Residential $ 519  $ —  $ —  $ —  $ —  $ 159  $ —  $ 360 
   Commercial 244  —  —  —  —  66  —  178 
   Industrial 68  —  —  —  —  —  58 
   Power Generation —  —  —  —  —  —  —  17 
   Other revenues 42  —  —  —  —  —  35 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 873  $ —  $ —  $ —  $ —  $ 243  $ —  $ 648 
Commercial Renewables
Revenue from contracts with customers $ 113  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Other
Revenue from contracts with customers $ 13  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Revenue from contracts with customers $ 11,159  $ 3,355  $ 4,860  $ 2,539  $ 2,321  $ 924  $ 1,305  $ 648 
Other revenue sources(a)
$ 211  $ $ 60  $ 42  $ $ (3) $ $ 61 
Total revenues $ 11,370  $ 3,358  $ 4,920  $ 2,581  $ 2,330  $ 921  $ 1,309  $ 709 
(a)    Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
85

FINANCIAL STATEMENTS REVENUE

As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.
Three Months Ended June 30, 2020 and 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Balance at March 31, 2020 $ 89  $ 11  $ 20  $ $ 11  $ $ $
Write-Offs (9) (3) (3) (3) —  —  —  (4)
Credit Loss Expense 15  12  —  — 
Other Adjustments —  —  —  —  —  —  — 
Balance at June 30, 2020 $ 102  $ 14  $ 29  $ 14  $ 14  $ 5  $ 3  $ 6 
Balance at March 31, 2021 $ 147  $ 34  $ 37  $ 23  $ 15  $ $ $ 14 
Write-Offs (5) (4) (3) (1) —  —  (2)
Credit Loss Expense 12  —  — 
Other Adjustments (31) (3) (3) —  —  —  — 
Balance at June 30, 2021 $ 123  $ 42  $ 36  $ 21  $ 16  $ 4  $ 3  $ 13 
Six Months Ended June 30, 2020 and 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Balance at December 31, 2019 $ 76  $ 10  $ 16  $ $ $ $ $
Cumulative Change in Accounting Principle —  — 
Write-Offs (19) (6) (7) (5) (2) —  —  (5)
Credit Loss Expense 33  18  10  — 
Other Adjustments —  —  —  —  —  —  — 
Balance at June 30, 2020 $ 102  $ 14  $ 29  $ 14  $ 14  $ $ $
Balance at December 31, 2020 $ 146  $ 23  $ 37  $ 23  $ 14  $ $ $ 12 
Write-Offs (26) (7) (14) (8) (6) —  —  (3)
Credit Loss Expense 29  16  13  —  — 
Other Adjustments (26) 10  —  —  —  —  — 
Balance at June 30, 2021 $ 123  $ 42  $ 36  $ 21  $ 16  $ 4  $ 3  $ 13 
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.
The aging of trade receivables is presented in the table below. Duke Energy considers receivables greater than 30 days outstanding past due.
June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Unbilled Revenue(a)(b)
$ 894  $ 324  $ 283  $ 156  $ 127  $ 4  $ 30  $ 5 
0-30 days 1,836  465  781  408  372  55  29  82 
30-60 days 148  62  42  22  20  4  2  8 
60-90 days 47  20  10  6  4  3  1  5 
90+ days 180  74  31  7  24  32  10  12 
Deferred Payment Arrangements(c)
106  46  35  24  11  2    7 
Trade and Other Receivables $ 3,211  $ 991  $ 1,182  $ 623  $ 558  $ 100  $ 72  $ 119 
86

FINANCIAL STATEMENTS REVENUE

December 31, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Unbilled Revenue(a)(b)
$ 969  $ 328  $ 283  $ 167  $ 116  $ $ 16  $ 86 
0-30 days 1,789  445  707  398  307  60  26  149 
30-60 days 185  80  54  25  29 
60-90 days 22  10 
90+ days 119  16  32  23  30  12 
Deferred Payment Arrangements(c)
215  96  80  52  28  —  — 
Trade and Other Receivables $ 3,299  $ 966  $ 1,166  $ 655  $ 509  $ 102  $ 58  $ 262 
(a)    Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets.
(b)    Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 11 for further information. These receivables for unbilled revenues are $66 million and $114 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of June 30, 2021, and $87 million and $134 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2020.
(c)    Due to certain customer financial hardships created by the COVID-19 pandemic and resulting stay-at-home orders, Duke Energy permitted customers to defer payment of past-due amounts through an installment payment plan over a period of several months.
13. STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended June 30, Six Months Ended June 30,
(in millions, except per share amounts) 2021 2020 2021 2020
Net income (loss) available to Duke Energy common stockholders $ 751  $ (817) $ 1,704  $ 82 
Accumulated preferred stock dividends adjustment (12) (12)   — 
Less: Impact of participating securities 1  —  1  — 
Income (loss) from continuing operations available to Duke Energy common stockholders $ 738  $ (829) $ 1,703  $ 82 
Weighted average common shares outstanding – basic 769  735  769  734 
Equity forwards   —   
Weighted average common shares outstanding – diluted 769  735  769  735 
Earnings (Loss) Per Share available to Duke Energy common stockholders
Basic and diluted $ 0.96  $ (1.13) $ 2.21  $ 0.11 
Potentially dilutive items excluded from the calculation(a)
2  2 
Dividends declared per common share $ 0.965  $ 0.945  $ 1.930  $ 1.890 
Dividends declared on Series A preferred stock per depositary share(b)
$ 0.359  $ 0.359  $ 0.719  $ 0.719 
Dividends declared on Series B preferred stock per share(c)
$   $ —  $ 24.375  $ 24.917 
(a)    Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(b)    5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
(c)    4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.
87

FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

14. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 44  $ 14  $ 12  $ 8  $ 6  $ 1  $ 3  $ 2 
Interest cost on projected benefit obligation 55  12  18  8  9  4  4  2 
Expected return on plan assets (140) (35) (47) (21) (25) (7) (10) (5)
Amortization of actuarial loss 34  8  9  4  5  1  4  3 
Amortization of prior service credit (8) (2)   (1)     (1) (4)
Amortization of settlement charges 2  2    1         
Net periodic pension costs $ (13) $ (1) $ (8) $ (1) $ (5) $ (1) $   $ (2)
Three Months Ended June 30, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 42  $ 14  $ 12  $ $ $ $ $
Interest cost on projected benefit obligation 68  15  22  11 
Expected return on plan assets (143) (36) (47) (22) (26) (7) (10) (6)
Amortization of actuarial loss 30 
Amortization of prior service credit (8) (2) (1) (1) (1) —  (1) (3)
Amortization of settlement charges —  —  —  —  — 
Net periodic pension costs $ (8) $ (1) $ (5) $ (1) $ (5) $ (1) $ (1) $ (1)
Six Months Ended June 30, 2021
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 88  $ 28  $ 25  $ 15  $ 11  $ 2  $ 5  $ 3 
Interest cost on projected benefit obligation 110  25  35  15  19  7  9  4 
Expected return on plan assets (279) (70) (94) (42) (51) (14) (20) (10)
Amortization of actuarial loss 67  15  19  9  10  3  7  5 
Amortization of prior service credit (15) (4) (1) (1)     (1) (5)
Amortization of settlement charges 4  3  1  1         
Net periodic pension costs $ (25) $ (3) $ (15) $ (3) $ (11) $ (2) $   $ (3)
Six Months Ended June 30, 2020
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 83  $ 26  $ 24  $ 14  $ 11  $ $ $
Interest cost on projected benefit obligation 135  31  43  19  23  11 
Expected return on plan assets (286) (72) (95) (44) (51) (14) (21) (11)
Amortization of actuarial loss 64  14  20  11 
Amortization of prior service credit (16) (4) (2) (1) (1) —  (1) (5)
Amortization of settlement charges —  —  —  — 
Net periodic pension costs $ (15) $ (3) $ (9) $ (2) $ (7) $ (1) $ (1) $ (3)
88

FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and six months ended June 30, 2021, and 2020.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and six months ended June 30, 2021, and 2020.
15. INCOME TAXES
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Duke Energy 4.9  % 26.2  % 6.8  % 98.9  %
Duke Energy Carolinas 0.4  % 13.7  % 4.3  % 15.1  %
Progress Energy 8.3  % 14.9  % 10.2  % 16.1  %
Duke Energy Progress 2.7  % 13.9  % 5.6  % 15.7  %
Duke Energy Florida 19.0  % 19.1  % 19.1  % 19.4  %
Duke Energy Ohio 22.0  % 15.4  % 16.1  % 16.6  %
Duke Energy Indiana 15.6  % 17.3  % 16.7  % 19.3  %
Piedmont 33.3  % 128.6  % 10.8  % 5.8  %
The decrease in the ETR for Duke Energy for the three and six months ended June 30, 2021, was primarily due to the cancellation of the ACP pipeline project recorded in the prior year and an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Carolinas for the three and six months ended June 30, 2021, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Progress Energy for the three and six months ended June 30, 2021, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Progress for the three and six months ended June 30, 2021, was primarily due to an increase in the amortization of excess deferred taxes.
The increase in the ETR for Duke Energy Ohio for the three months ended June 30, 2021, was primarily due to a decrease in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Indiana for the three and six months ended June 30, 2021, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Piedmont for the three months ended June 30, 2021, was primarily due to a decrease in AFUDC equity, in relation to pretax losses.
The increase in the ETR for Piedmont for the six months ended June 30, 2021, was primarily due to a decrease in AFUDC equity.
16. SUBSEQUENT EVENTS
For information on subsequent events related to organization and basis of presentation, regulatory matters, commitments and contingencies and debt and credit facilities, see Notes 1, 3, 4 and 5.
89

MD&A DUKE ENERGY

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy is an energy company headquartered in Charlotte, North Carolina. Duke Energy operates in the U.S. primarily through its wholly owned subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which, along with Duke Energy, are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the six months ended June 30, 2021, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2020.
Executive Overview
Advancing Our Clean Energy Transformation
During the second quarter, we continued to execute on our clean energy transformation, delivering strong, sustainable value for shareholders, customers, communities and employees.
Renewables continues to play a major role in our clean energy transformation. We recently commissioned the 144 MW Pflugerville Solar and 182 MW Maryneal Wind projects in Texas, surpassing 10,000 MW of solar and wind resources and maintaining our planned trajectory to pass 16,000 MW of renewables by 2025 and 24,000 MW by 2030.
In July, members of the House of Representatives of the North Carolina General Assembly (the House) voted to pass House Bill 951 that seeks to responsibly manage the state's clean energy transition and invest in critical infrastructure for the benefit of customers. As passed by the House, the proposed legislation outlines an "all of the above" energy transition that mandates the retirement of five subcritical coal facilities by 2030, designates replacement generation including adding approximately 4,700 MW of new renewables beyond what is currently planned, expands customer-facing solar programs, and adopts regulatory reform measures including multiyear rate plans and performance incentive mechanisms. These measures are expected to facilitate carbon emissions reductions of at least 61% from 2005 levels by 2030. The bill is being considered by the North Carolina State Senate and certain provisions are likely to change.
In June, we filed an application with the U.S. Nuclear Regulatory Commission (NRC) to renew Oconee Nuclear Station's operating licenses for an additional 20 years. Oconee, located on Lake Keowee in Seneca, South Carolina, is Duke Energy's largest nuclear station, with three generating units that produce more than 2,500 MW of carbon-free electricity.
We filed an additional $56 million proposal of Phase II programs to continue the electrification of transportation in North Carolina, which is expected to lead to more than 1,000 new charging ports or stations for electric vehicle charging in the state. This proposal comes six months after the NCUC approved a $25 million Phase I electric transportation project.
In May, we announced that the Duke Energy Plaza, a 40-floor office tower currently under construction in Uptown Charlotte, will become the company’s new corporate headquarters, allowing us to reduce occupied space in the Charlotte area by approximately 60% to optimize our real estate footprint.
Regulatory Activity. During the second quarter of 2021, we continued to move our regulatory strategy forward. See Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.
In June, Duke Energy Kentucky filed a natural gas base rate, seeking permission to increase natural gas distribution rates by approximately $15 million after investing nearly $190 million into capital projects across Northern Kentucky since we last asked regulators to approve a rate increase in 2018.
In May, the NCUC issued an order approving storm securitization for Duke Energy Carolinas and Duke Energy Progress, allowing the companies to move forward with issuing storm recovery bonds to recover deferred storm costs, including carrying costs and financing costs (approximately $980 million, collectively).
In May, the Indiana Court of Appeals issued a favorable ruling related to the 2019 Indiana Rate Case, affirming the judgment of the IURC. Intervenors have petitioned for transfer review by the Indiana Supreme Court.
Matters Impacting Future Results
The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.
90

MD&A MATTERS IMPACTING FUTURE RESULTS

Regulatory Matters
Coal Ash Costs
As a result of the NCDEQ settlement on December 31, 2019, Duke Energy Carolinas and Duke Energy Progress agreed to excavate seven of the nine remaining coal ash basins in North Carolina with ash moved to on-site lined landfills. At the two remaining basins, uncapped basin ash will be excavated and moved to off-site lined landfills. The majority of spend is expected to occur over the next 15-20 years. In January 2021, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement on recovery of coal ash costs as outlined in Note 3, "Regulatory Matters." The company agreed not to seek recovery of approximately $1 billion of deferred coal ash expenditures and Duke Energy Carolinas and Duke Energy Progress took a charge of approximately $500 million each in 2020. On March 31, 2021, and April 16, 2021, the NCUC approved the coal ash settlement for Duke Energy Carolinas and Duke Energy Progress, respectively.
In 2019, Duke Energy Carolinas and Duke Energy Progress received orders from the PSCSC denying recovery of certain coal ash costs. Duke Energy Carolinas and Duke Energy Progress have appealed these decisions to the South Carolina Supreme Court and those appeals are pending. An order from regulatory or judicial authorities that rejects our proposed settlement or disallows recovery of costs related to closure of these ash basins could have an adverse impact.
Duke Energy Indiana has interpreted the CCR rule to identify the coal ash basin sites impacted and has assessed the amounts of coal ash subject to the rule and a method of compliance. In 2020, the Hoosier Environmental Council filed a petition challenging the Indiana Department of Environmental Management's (IDEM) partial approval of five of Duke Energy Indiana’s ash pond site closure plans at Gallagher Station. The petition does not challenge the other 13 basin closures approved by IDEM at other Indiana stations. Interpretation of the requirements of the CCR rule is subject to further legal challenges and regulatory approvals, which could result in additional ash basin closure requirements, higher costs of compliance and greater AROs. Additionally, Duke Energy Indiana has retired facilities that are not subject to the CCR rule. Duke Energy Indiana may incur costs at these facilities to comply with environmental regulations or to mitigate risks associated with on-site storage of coal ash.
Rate Cases
In March 2021, Piedmont filed a general rate case with the NCUC. The outcome of this rate case could have a material impact.
MGP
The PUCO has issued an order authorizing recovery of MGP costs at certain sites in Ohio with a deadline to complete the MGP environmental investigation and remediation work prior to December 31, 2016. This deadline was subsequently extended to December 31, 2019. Duke Energy Ohio has filed for a request for extension of the deadline. A hearing on that request has not been scheduled. Disallowance of costs incurred, failure to complete the work by the deadline or failure to obtain an extension from the PUCO could result in an adverse impact.
For additional information, see Note 3 to the Condensed Consolidated Financial Statements, “Regulatory Matters.”
Minority Interest Investment in Duke Energy Indiana
In January 2021, Duke Energy entered into a definitive agreement providing for a 19.9% minority interest investment in Duke Energy Indiana by an affiliate of GIC, Singapore's sovereign wealth fund. The transaction is subject to the satisfaction of certain customary conditions described in the investment agreement, including receipt of the approval of the FERC; review by the Committee on Foreign Investments in the U.S. was completed in June 2021. Failure to obtain related approvals or satisfy the conditions in the investment agreement could result in the termination of the transaction and could result in an adverse impact.
Commercial Renewables
Duke Energy continues to monitor recoverability of renewable merchant plants located in the Electric Reliability Council of Texas West market and in the PJM West market, due to declining market pricing and declining long-term forecasted energy prices. Based on the most recent recoverability test, the carrying value approximated the aggregate estimated future undiscounted cash flows for the assets under review. A continued decline in energy market pricing would likely result in a future impairment. Impairment of these assets could result in adverse impacts. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, "Business Segments."
In February 2021, a severe winter storm impacted certain Commercial Renewables assets in Texas. Extreme weather conditions limited the ability for these solar and wind facilities to generate and sell electricity into the Electric Reliability Council of Texas market. Both lost revenues and higher than expected purchased power costs have negatively impacted the operating results of these generating units. The financial impact of the storm is expected to have a material impact on the Commercial Renewables segment's 2021 operating results. In addition, Duke Energy has been named in multiple lawsuits arising out of this winter storm, and particularly, the deregulated market managed by the Electric Reliability Council of Texas. For more information, see Notes 2 and 4 to the Condensed Consolidated Financial Statements, "Business Segments" and "Commitments and Contingencies," respectively.
COVID-19
Duke Energy continues to monitor the impacts of the COVID-19 pandemic on its results of operations, financial position and cash flows as a result of the economic slowdown caused by reduced operations of businesses and governmental agencies and the corresponding reduction in the demand for energy. Duke Energy has experienced improvement in energy sales, aging of receivables and operating results in recent periods and continues efforts to partially offset these impacts. Additionally, in light of learnings from COVID-19 regarding workforce deployment and technology capabilities, the company has reviewed the long-term real estate and future workforce strategy. The review has resulted in an initiative that will reduce physical workspace and includes reassessments of lease terms and lease modifications, termination penalties, as well as, asset impairments on property, plant and equipment and a change in workforce roles and responsibilities. For more information, see Note 1 to the Condensed Consolidated Financial Statements, "Organization and Basis of Presentation."
91

MD&A MATTERS IMPACTING FUTURE RESULTS

Activist Investor
On May 17, 2021, Elliott, who has indicated it holds an economic interest in outstanding Duke Energy common stock, publicly released a letter it had sent to the Board, which advocated for consideration of certain governance and strategic proposals. On May 17, 2021, management issued a response to Elliott. On July 19, 2021, Elliott publicly released a second letter to the Board and Duke Energy issued a response. Duke Energy is unable to predict the outcome of this matter.
Other Matters
See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Duke Energy Registrants' Annual Reports on Form 10-K for the year ended December 31, 2020, for discussion of risks associated with the Tax Act.
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures such as adjusted earnings and adjusted EPS discussed below. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Earnings (Loss) Per Share, respectively.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit obligations.
Severance represents the reversal of 2018 severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and the Duke Energy Progress 2019 North Carolina rate cases.
Workplace and workforce realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.
Three Months Ended June 30, 2021, as compared to June 30, 2020
GAAP reported EPS was $0.96 for the second quarter of 2021 compared to a loss per share of $(1.13) in the second quarter of 2020. In addition to the drivers below, GAAP reported EPS increased due to the cancellation of the ACP pipeline in the prior year, partially offset by workplace and workforce realignment costs.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s second quarter 2021 adjusted EPS was $1.15 compared to $1.08 for the second quarter of 2020. The increase in adjusted EPS was primarily due to positive rate case contributions, higher volumes and wholesale results. This was partially offset by higher operation and maintenance expenses, lower Commercial Renewables earnings, the loss of ACP earnings and share dilution from equity issuances.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
  Three Months Ended June 30,
2021 2020
(in millions, except per share amounts) Earnings EPS (Loss) Earnings (Loss) Earnings Per Share
GAAP Reported Earnings (Loss)/GAAP Reported Earnings (Loss) Per Share $ 751  $ 0.96  $ (817) $ (1.13)
Adjustments:
Gas Pipeline Investments(a)
12  0.01  1,626  2.21 
Workplace and Workforce Realignment(b)
135  0.18  —  — 
Adjusted Earnings/Adjusted EPS $ 898  $ 1.15  $ 809  $ 1.08 
(a)    Net of tax benefit of $4 million and $374 million for the three months ended June 30, 2021, and 2020, respectively.
(b)    Net of tax benefit of $40 million.
Six Months Ended June 30, 2021, as compared to June 30, 2020
GAAP Reported EPS was $2.21 for the six months ended June 30, 2021, compared to $0.11 for the six months ended June 30, 2020. In addition to the drivers below, GAAP reported EPS increased due to the cancellation of the ACP pipeline in the prior year, partially offset by workplace and workforce realignment costs.
92

MD&A DUKE ENERGY

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $2.41 for the six months ended June 30, 2021, compared to $2.22 for the six months ended June 30, 2020. The increase in adjusted EPS was primarily due to positive rate case contributions and other riders and retail margin, favorable weather and higher volumes, partially offset by the lower Commercial Renewables earnings, including Texas Storm Uri impacts, the loss of ACP earnings, higher income tax expense and share dilution from equity issuances.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
  Six Months Ended June 30,
2021 2020
(in millions, except per share amounts) Earnings EPS Earnings EPS
GAAP Reported Earnings/GAAP Reported EPS $ 1,704  $ 2.21  $ 82  $ 0.11 
Adjustments:
Gas Pipeline Investments(a)
17  0.02  1,626  2.21 
Severance(b)
    (75) (0.10)
   Workplace and Workforce Realignment(c)
135  0.18  —  — 
Adjusted Earnings/Adjusted EPS $ 1,856  $ 2.41  $ 1,633  $ 2.22 
(a)    Net of tax benefit of $5 million and $374 million for the six months ended June 30, 2021, and 2020, respectively.
(b)    Net of tax expense of $23 million.
(c)    Net of tax benefit of $40 million.
SEGMENT RESULTS
The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements.
Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The remainder of Duke Energy’s operations is presented as Other. See Note 2 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.
Electric Utilities and Infrastructure
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 Variance 2021 2020 Variance
Operating Revenues $ 5,335  $ 5,034  $ 301  $ 10,616  $ 10,217  $ 399 
Operating Expenses
Fuel used in electric generation and purchased power 1,434  1,367  67  2,896  2,834  62 
Operation, maintenance and other 1,262  1,240  22  2,544  2,565  (21)
Depreciation and amortization 1,013  993  20  2,070  1,970  100 
Property and other taxes 308  296  12  619  599  20 
Impairment of assets and other charges 1  —  1  (2)
Total operating expenses 4,018  3,897  121  8,130  7,971  159 
Gains on Sales of Other Assets and Other, net 2  (5) 2  (6)
Operating Income 1,319  1,144  175  2,488  2,254  234 
Other Income and Expenses, net 97  89  201  174  27 
Interest Expense 361  344  17  701  683  18 
Income Before Income Taxes 1,055  889  166  1,988  1,745  243 
Income Tax Expense 120  136  (16) 233  287  (54)
Segment Income $ 935  $ 753  $ 182  $ 1,755  $ 1,458  $ 297 
Duke Energy Carolinas GWh sales 20,362  19,083  1,279  42,324  40,319  2,005 
Duke Energy Progress GWh sales 15,799  14,807  992  32,336  30,477  1,859 
Duke Energy Florida GWh sales 11,194  10,800  394  19,748  19,417  331 
Duke Energy Ohio GWh sales 5,738  5,262  476  11,742  11,085  657 
Duke Energy Indiana GWh sales 7,366  6,773  593  15,092  14,379  713 
Total Electric Utilities and Infrastructure GWh sales 60,459  56,725  3,734  121,242  115,677  5,565 
Net proportional MW capacity in operation 49,749  50,364  (615)
93

MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Three Months Ended June 30, 2021, as compared to June 30, 2020
Electric Utilities and Infrastructure’s higher segment income is due to higher revenues from rate cases in various jurisdictions, weather-normal sales volumes, partially offset by higher operating expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
a $91 million increase in retail base rate pricing due to general rate cases in Indiana and North Carolina net of rider impacts as well as multiyear rate adjustments in Florida;
an $82 million increase in weather-normal retail sales volumes;
a $70 million increase in fuel revenues driven by higher sales volumes; and
a $51 million increase in wholesale revenues due to higher capacity volumes at Duke Energy Progress and settlement agreements impacting Duke Energy Carolinas and Duke Energy Progress wholesale customers.
Operating Expenses. The variance was driven primarily by:
a $67 million increase in fuel used in electric generation and purchased power primarily due to higher sales volumes;
a $22 million increase in operation, maintenance and other primarily driven by higher labor and outage costs, partially offset by lower storm and COVID-19 costs; and
a $20 million increase in depreciation and amortization primarily due to resolution of rate cases and higher plant in service, partially offset by lower depreciation related to the extension of the lives of nuclear facilities.
Interest Expense. The variance was primarily due to lower debt return on coal ash projects at Duke Energy Carolinas and Duke Energy Progress.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income. The ETRs for the three months ended June 30, 2021, and 2020, were 11.4% and 15.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes.
Six Months Ended June 30, 2021, as compared to June 30, 2020
Electric Utilities and Infrastructure’s variance is due to higher revenues from rate cases in various jurisdictions and higher retail sales volumes, partially offset by higher depreciation and amortization and fuel used in electric generation and purchased power. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
a $142 million increase in retail base rate pricing due to general rate cases in Indiana and North Carolina net of rider impacts as well as multiyear settlement rate adjustments in Florida;
a $103 million increase in retail sales, net of fuel revenues, due to more favorable weather;
a $74 million increase in weather-normal retail sales volumes; and
a $67 million increase in fuel revenues driven by higher sales volumes.
Partially offset by:
a $55 million decrease in storm revenues due to full recovery of Hurricane Dorian costs in the prior year.
Operating Expenses. The variance was driven primarily by:
a $100 million increase in depreciation and amortization primarily due to resolution of rate cases and higher plant in service, partially offset by lower depreciation related to the extension of the lives of nuclear facilities;
a $62 million increase in fuel used in electric generation and purchased power primarily due to higher sales volumes; and
a $20 million increase in property and other taxes primarily at Duke Energy Ohio due to increased plant in service, higher kilowatt taxes due to increased usage and a lower Network Integration Transmission Service tax deferral.
Partially offset by:
a $21 million decrease in operations, maintenance and other driven by decreased storm amortization at Duke Energy Florida and lower COVID-19 costs, partially offset by higher employee-related expenses.
Other Income and Expenses, net. The variance was primarily due to lower non-service pension costs in the current year.
Interest Expense. The variance was primarily due to lower debt return on coal ash projects at Duke Energy Carolinas and Duke Energy Progress.
94

MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income. The ETRs for the six months ended June 30, 2021, and 2020, were 11.7% and 16.4%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes.
Gas Utilities and Infrastructure
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 Variance 2021 2020 Variance
Operating Revenues $ 327  $ 289  $ 38  $ 1,102  $ 953  $ 149 
Operating Expenses
Cost of natural gas 79  60  19  355  259  96 
Operation, maintenance and other 98  99  (1) 200  209  (9)
Depreciation and amortization 74  62  12  142  128  14 
Property and other taxes 27  26  62  56 
Total operating expenses 278  247  31  759  652  107 
Operating Income 49  42  343  301  42 
Other Income and Expenses
Equity in losses of unconsolidated affiliates (8) (1,970) 1,962  (8) (1,933) 1,925 
Other income and expenses, net 18  14  35  26 
           Total other income and expenses 10  (1,956) 1,966  27  (1,907) 1,934 
Interest Expense 35  37  (2) 68  68  — 
Income (Loss) Before Income Taxes 24  (1,951) 1,975  302  (1,674) 1,976 
Income Tax Expense (Benefit) 7  (375) 382  40  (347) 387 
Segment Income (Loss) $ 17  $ (1,576) $ 1,593  $ 262  $ (1,327) $ 1,589 
Piedmont LDC throughput (dekatherms) 106,034,615  96,807,940  9,226,675  255,661,197  245,311,935  10,349,262 
Duke Energy Midwest LDC throughput (Mcf) 14,842,906  15,106,407  (263,501) 51,951,909  48,892,241  3,059,668 
Three Months Ended June 30, 2021, as compared to June 30, 2020
Gas Utilities and Infrastructure’s results were impacted primarily by the cancellation of the ACP pipeline in the prior year. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
a $19 million increase due to higher natural gas costs passed through to customers, higher volumes and increased off-system sales natural gas costs;
a $9 million increase due to revenue form the Capital Expenditure Program (CEP) rider related to 2019 and 2020 activity; and
a $6 million increase due to Tennessee base rate case increases and North Carolina IMR.
Operating Expenses. The variance was driven primarily by:
a $19 million increase in cost of natural gas primarily due to higher natural gas prices, higher volumes and increased off-system sales natural gas costs; and
a $12 million increase in depreciation due to additional plant in service.
Equity in losses of unconsolidated affiliates. The variance was primarily driven by the cancellation of the ACP pipeline in the prior year.
Income Tax Expense. The increase in tax expense was primarily due to the cancellation of the ACP pipeline project recorded in the prior year. The ETRs for the three months ended June 30, 2021, and 2020 were 29.2% and 19.2%, respectively. The increase in the ETR was primarily due to a decrease in AFUDC Equity and a decrease in the amortization of excess deferred taxes, partially offset by the cancellation of the ACP pipeline project recorded in the prior year.
Six Months Ended June 30, 2021, as compared to June 30, 2020
Gas Utilities and Infrastructure’s results were impacted primarily by the cancellation of the ACP pipeline in the prior year and margin growth. The following is a detailed discussion of the variance drivers by line item.
95

MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Operating Revenues. The variance was driven primarily by:
a $96 million increase due to higher natural gas costs passed through to customers, higher volumes, and increased off-system sales natural gas costs;
a $14 million increase due to Tennessee base rate increases;
a $10 million increase due to North Carolina IMR; and
a $9 million increase due to revenue from the CEP rider related to 2019 and 2020 activity.
Operating Expenses. The variance was driven primarily by:
a $96 million increase in cost of natural gas due to higher natural gas prices, higher volumes and increased off-system sales natural gas costs; and
a $14 million increase in depreciation due to additional plant in service.
Equity in losses of unconsolidated affiliates. The variance was driven primarily by the cancellation of the ACP pipeline in the prior year.
Income Tax Expense. The increase in tax expense was primarily due to the cancellation of the ACP pipeline project recorded in the prior year. The ETRs for the six months ended June 30, 2021, and 2020, were 13.2% and 20.7%, respectively. The decrease in the ETR was primarily due to the cancellation of the ACP pipeline project recorded in the prior year.
Commercial Renewables
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 Variance 2021 2020 Variance
Operating Revenues $ 119  $ 123  $ (4) $ 238  $ 252  $ (14)
Operating Expenses
Operation, maintenance and other 78  63  15  150  132  18 
Depreciation and amortization 56  48  109  96  13 
Property and other taxes 9  18  16 
Impairment of assets and other charges   (6)   (6)
Total operating expenses 143  125  18  277  250  27 
Operating (Loss) Income (24) (2) (22) (39) (41)
Other Income and Expenses, net 3  (22) (23)
Interest Expense 20  13  33  31 
Loss Before Income Taxes (41) (13) (28) (94) (28) (66)
Income Tax Benefit (21) (13) (8) (50) (37) (13)
Add: Loss Attributable to Noncontrolling Interests 67  90  (23) 118  138  (20)
Segment Income $ 47  $ 90  $ (43) $ 74  $ 147  $ (73)
Renewable plant production, GWh 2,787  2,660  127  5,375  5,097  278 
Net proportional MW capacity in operation(a)
4,474  3,779  695 
(a)    Certain projects are included in tax equity structures where investors have differing interests in the project's economic attributes. One hundred percent of the tax equity project's capacity is included in the table above.
Three Months Ended June 30, 2021, as compared to June 30, 2020
Commercial Renewables' results were unfavorable to prior year primarily driven by higher operating expenses from the growth of new project investments since the prior year as well as fewer projects being placed in service in the current period. Since the prior year period, Commercial Renewables has placed in service approximately 700 MW.
Operating Expenses. The variance was primarily driven by a $13 million increase associated with the growth of new project investments, a $5 million increase for higher operating costs attributed to maintenance at several wind facilities and a $5 million increase for higher engineering and construction costs within the distributed energy portfolio. This was partially offset by a $6 million decrease related to an impairment charge in the prior year for a non-contracted wind project.
Interest Expense. The increase was primarily due to $5 million of capitalized interest in the prior year for solar projects that were in development.
Income Tax Benefit. The increase in the tax benefit was primarily driven by an increase in pretax losses.
Loss Attributable to Noncontrolling Interests. The decrease was primarily driven by fewer project investments financed by tax equity placed in service.
96


PART I
Six Months Ended June 30, 2021, as compared to June 30, 2020
Commercial Renewables' results were unfavorable to prior year primarily driven by the impacts from Texas Storm Uri, which resulted in a $35 million pretax loss as well as unfavorable wind resource and fewer projects being placed in service in the current year.
Operating Revenues. The variance was primarily driven by a $13 million decrease for lower market prices in the current year impacting the wind portfolio and a $12 million decrease due to low wind resource and operating downtime. This was partially offset by an $8 million increase for market sales in excess of market purchases during Texas Storm Uri and a $6 million increase due to growth of new projects.
Operating Expenses. The increase was primarily due to $18 million for higher operating expenses, depreciation expense and property tax expense as a result of new projects placed in service, a $7 million increase for higher operating expenses attributed to maintenance at several wind and solar facilities, a $4 million increase for higher engineering and construction costs within the distributed energy portfolio, and a $2 million increase associated with Texas Storm Uri. This was partially offset by a $6 million decrease related to an impairment charge in the prior year for a non-contracted wind project.
Other Income and Expenses, net. The variance was primarily driven by a $29 million loss in equity earnings due to the impacts of Texas Storm Uri, partially offset by $4 million in equity earnings from the wind and distributed asset portfolios.
Income Tax Benefit. The increase in the tax benefit was primarily driven by an increase in pretax losses.
Loss Attributable to Noncontrolling Interests. The variance was primarily driven by an $8 million net decrease as fewer project investments financed by tax equity were placed in service as well as a $12 million loss resulting from Texas Storm Uri.
Other
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2021 2020 Variance 2021 2020 Variance
Operating Revenues $ 27  $ 26  $ $ 53  $ 49  $
Operating Expenses 208  37  171  236  (52) 288 
Operating (Loss) Income (181) (11) (170) (183) 101  (284)
Other Income and Expenses, net 32  45  (13) 53  12  41 
Interest Expense 156  167  (11) 307  338  (31)
Loss Before Income Taxes (305) (133) (172) (437) (225) (212)
Income Tax Benefit (71) (64) (7) (103) (83) (20)
Less: Preferred Dividends 14  15  (1) 53  54  (1)
Net Loss $ (248) $ (84) $ (164) $ (387) $ (196) $ (191)
Three Months Ended June 30, 2021, as compared to June 30, 2020
The higher net loss was driven by asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy.
Operating Expenses. The increase was primarily driven by asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy.
Other Income and Expenses, net. The variance was primarily due to lower returns on investments that fund certain employee benefit obligations.
Interest Expense. The variance was primarily due to lower interest rates.
Income Tax Benefit. The increase in the tax benefit was primarily driven by an increase in pretax losses, partially offset by lower state tax expense in the prior year. The ETRs for the three months ended June 30, 2021, and 2020, were 23.3% and 48.1%, respectively. The decrease in the ETR was primarily due to lower state tax expense in the prior year.
Six Months Ended June 30, 2021, as compared to June 30, 2020
The higher net loss was driven by asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy, reversal of severance costs in the prior year, and lower state income tax expense in the prior year, partially offset by lower interest rates and higher earnings on the NMC investment.
Operating Expenses. The increase was primarily due to asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy as well as a reversal of severance costs in the prior year.
Other Income and Expenses, net. The variance was primarily due to higher returns on investments that fund certain employee benefit obligations and higher equity earnings from the NMC investment.
Interest Expense. The variance was primarily due to lower interest rates.
Income Tax Benefit. The increase in the tax benefit was primarily driven by an increase in pretax losses, partially offset by lower state tax expense in the prior year. The ETRs for the six months ended June 30, 2021, and 2020, were 23.6% and 36.9%, respectively. The decrease in the ETR was primarily due to lower state tax expense in the prior year.
97

MD&A DUKE ENERGY CAROLINAS

DUKE ENERGY CAROLINAS
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 3,326  $ 3,358  $ (32)
Operating Expenses
Fuel used in electric generation and purchased power 766  829  (63)
Operation, maintenance and other 876  816  60 
Depreciation and amortization 722  718 
Property and other taxes 157  156 
Impairment of assets and other charges 75  73 
Total operating expenses 2,596  2,521  75 
Gains on Sales of Other Assets and Other, net 2  — 
Operating Income 732  837  (105)
Other Income and Expenses, net 92  86 
Interest Expense 263  248  15 
Income Before Income Taxes 561  675  (114)
Income Tax Expense 24  102  (78)
Net Income $ 537  $ 573  $ (36)
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2021
Residential sales 9.1  %
General service sales 0.4  %
Industrial sales 1.6  %
Wholesale power sales 10.0  %
Joint dispatch sales 66.0  %
Total sales 5.0  %
Average number of customers 1.9  %
Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $64 million decrease in fuel revenues due to lower prices and retail sales volumes; and
a $27 million decrease in rider revenues primarily due to energy efficiency programs.
Partially offset by:
a $66 million increase in retail sales due to more favorable weather.
Operating Expenses. The variance was driven primarily by:
a $73 million increase in impairment of assets and other charges due to the optimization of the company's real estate portfolio and reduction of office space as parts of the business move to a hybrid and remote workforce strategy; and
a $60 million increase in operation, maintenance and other expense primarily due a severance cost adjustment in the prior year related to the 2019 North Carolina retail rate case and higher employee-related costs, partially offset by lower nuclear costs.
Partially offset by:
a $63 million decrease in fuel used in electric generation and purchased power primarily due to lower retail sales volumes.
Interest Expense. The variance was driven by lower debt return on coal ash projects, amortization of carrying costs related to excess deferred taxes, partially offset by higher fixed-rate debt outstanding in the prior year.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes and a decrease in pretax income.
98

MD&A PROGRESS ENERGY

PROGRESS ENERGY
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 5,184  $ 4,920  $ 264 
Operating Expenses
Fuel used in electric generation and purchased power 1,628  1,540  88 
Operation, maintenance and other 1,227  1,143  84 
Depreciation and amortization 926  884  42 
Property and other taxes 275  272 
Impairment of assets and other charges 37  —  37 
Total operating expenses 4,093  3,839  254 
Gains on Sales of Other Assets and Other, net 1  (5)
Operating Income 1,092  1,087 
Other Income and Expenses, net 81  65  16 
Interest Expense 392  405  (13)
Income Before Income Taxes 781  747  34 
Income Tax Expense 80  120  (40)
Net Income 701  627  74 
Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $123 million increase in fuel cost recovery driven by higher fuel prices, higher volumes in the current year, and accelerated recovery of retired Crystal River coal units;
a $70 million increase in weather-normal retail sales;
a $56 million increase in retail pricing due to the North Carolina rate case and base rate adjustments at Duke Energy Florida related to annual increases from the 2017 Settlement Agreement and the solar base rate adjustment;
a $30 million increase in retail sales, net of fuel revenues, driven by more favorable weather in the Carolinas; and
a $15 million increase in wholesale revenues due to higher capacity volumes, partially offset by lower recovery of coal ash costs at Duke Energy Progress.
Partially offset by:
a $55 million decrease in storm revenues at Duke Energy Florida due to full recovery of Hurricane Dorian costs in the prior year.
Operating Expenses. The variance was driven primarily by:
an $88 million increase in fuel used in electric generation and purchased power primarily due to higher demand, changes in generation mix and recognition of RECs used for compliance at Duke Energy Progress, and outside fuel purchases during a major plant outage;
an $84 million increase in operation, maintenance and other expense driven by a prior year severance cost adjustment related to the 2019 North Carolina retail rate case, outage costs and other employee-related costs, partially offset by reduced storm amortization at Duke Energy Florida;
a $42 million increase in depreciation and amortization primarily due to accelerated depreciation of retired Crystal River coal units and an increase in plant base at Duke Energy Florida, partially offset by the amortization of coal ash asset retirement obligations at Duke Energy Progress; and
a $37 million increase in impairment of assets and other charges to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy.
Other Income and Expenses, net. The increase is primarily due to lower non-service pension costs and unrealized gains on the nuclear decommissioning trust fund at Duke Energy Florida.
Interest Expense. The variance was driven primarily by lower intercompany interest expense and lower debt outstanding at Progress Energy, Inc.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income.
99

MD&A DUKE ENERGY PROGRESS

DUKE ENERGY PROGRESS
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 2,750  $ 2,581  $ 169 
Operating Expenses
Fuel used in electric generation and purchased power 845  800  45 
Operation, maintenance and other 724  622  102 
Depreciation and amortization 521  544  (23)
Property and other taxes 90  91  (1)
Impairment of assets and other charges 18  —  18 
Total operating expenses 2,198  2,057  141 
Gains on Sales of Other Assets and Other, net 1  (4)
Operating Income 553  529  24 
Other Income and Expenses, net 44  41 
Interest Expense 147  137  10 
Income Before Income Taxes 450  433  17 
Income Tax Expense 25  68  (43)
Net Income
$ 425  $ 365  $ 60 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period 2021
Residential sales 12.1  %
General service sales 4.1  %
Industrial sales 1.2  %
Wholesale power sales 9.4  %
Joint dispatch sales (12.2) %
Total sales 6.1  %
Average number of customers 2.0  %
Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $56 million increase in retail sales due to better weather compared to prior year; and
a $40 million increase in weather-normal retail sales volumes in the current year;
a $25 million increase in fuel cost recovery driven by higher fuel prices and volumes in the current year;
a $16 million increase in retail pricing due to the impacts of the prior year North Carolina rate case, partially offset by the return of the excess deferred income taxes (created by the reduction in the corporate income tax rate to 21%); and
a $15 million increase in wholesale revenues due to higher capacity volumes, partially offset by lower recovery of coal ash costs.
Operating Expenses. The variance was driven primarily by:
a $102 million increase in operation, maintenance and other expense primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement with the Public Staff of the NCUC related to the 2019 North Carolina retail rate case recorded in 2020, increased energy efficiency program costs, outage costs and other employee-related costs;
a $45 million increase in fuel used in electric generation and purchased power primarily due to higher demand and changes in generation mix as well as recognition of RECs used for compliance; and
an $18 million increase in impairment of assets and other charges to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy.
Partially offset by:
a $23 million decrease in depreciation and amortization expense, primarily driven by the amortization of coal ash asset retirement obligations.
100

MD&A DUKE ENERGY PROGRESS

Interest Expense. The variance was driven primarily by lower debt return on coal ash projects.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income.
DUKE ENERGY FLORIDA
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 2,426  $ 2,330  $ 96 
Operating Expenses
Fuel used in electric generation and purchased power 783  740  43 
Operation, maintenance and other 497  514  (17)
Depreciation and amortization 405  340  65 
Property and other taxes 185  180 
Impairment of assets and other charges 19  —  19 
Total operating expenses 1,889  1,774  115 
Operating Income 537  556  (19)
Other Income and Expenses, net 36  25  11 
Interest Expense 160  164  (4)
Income Before Income Taxes 413  417  (4)
Income Tax Expense 79  81  (2)
Net Income $ 334  $ 336  $ (2)
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period 2021
Residential sales 2.1  %
General service sales 3.0  %
Industrial sales 9.1  %
Wholesale and other 19.5  %
Total sales 1.7  %
Average number of customers 1.9  %
Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $98 million increase in fuel and capacity revenues primarily due to higher retail sales volumes and accelerated recovery of the retired coal units Crystal River 1 and 2;
a $40 million increase in retail pricing due to base rate adjustments related to annual increases from the 2017 Settlement Agreement and the solar base rate adjustment;
a $30 million increase in weather-normal retail sales volumes;
a $15 million increase in rider revenues primarily due to increased volumes; and
a $13 million increase in other revenues primarily due lower revenues in the prior year due to the moratorium on customer late payments and service charges in response to the COVID-19 pandemic, and lower outdoor lighting equipment rentals.
Partially offset by:
a $55 million decrease in storm revenues due to full recovery of Hurricane Dorian costs in the prior year;
a $26 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year; and
a $19 million decrease in wholesale power revenues, net of fuel, primarily due to a restructured capacity contract.
101

MD&A DUKE ENERGY FLORIDA

Operating Expenses. The variance was driven primarily by:
a $65 million increase in depreciation and amortization primarily due to accelerated depreciation of retired coal units Crystal River 1 and 2 and an increase in plant base;
a $43 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices, and outside fuel purchases during a major plant outage at the Hines facility; and
a $19 million increase in impairment of assets and other charges to optimize the company's real estate portfolio and reduce office space as parts of the business move to a hybrid and remote workforce strategy.
Partially offset by:
a $17 million decrease in operation, maintenance and other expense primarily due to decreased storm amortization costs, partially offset by outage maintenance costs at Hines.
Other Income and Expense, net. The increase is primarily due to lower non-service pension costs and gains on the nuclear decommissioning trust fund.
DUKE ENERGY OHIO
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues
Regulated electric $ 706  $ 676  $ 30 
Regulated natural gas 282  245  37 
Total operating revenues 988  921  67 
Operating Expenses
Fuel used in electric generation and purchased power 175  164  11 
Cost of natural gas 67  43  24 
Operation, maintenance and other 219  218 
Depreciation and amortization 149  136  13 
Property and other taxes 175  161  14 
Impairment of assets and other charges 5  — 
Total operating expenses 790  722  68 
Operating Income 198  199  (1)
Other Income and Expenses, net 10 
Interest Expense 53  49 
Income Before Income Taxes 155  157  (2)
Income Tax Expense 25  26  (1)
Net Income $ 130  $ 131  $ (1)
The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Electric Natural Gas
Increase (Decrease) over prior year 2021 2021
Residential sales 5.5  % 7.6  %
General service sales 3.6  % 10.0  %
Industrial sales 4.9  % 2.6  %
Wholesale electric power sales 240.3  % n/a
Other natural gas sales n/a 0.5  %
Total sales 5.9  % 6.3  %
Average number of customers 0.6  % 0.8  %
Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $15 million increase in fuel related revenues primarily due to higher gas prices and increased volumes;
a $14 million increase in PJM transmission revenues as a result of increased capital spend;
a $14 million increase in revenues related to OVEC collections and OVEC sales into PJM;
102

MD&A DUKE ENERGY OHIO

a $10 million increase in retail pricing primarily due to the Duke Energy Kentucky general rate case;
a $9 million increase in revenues from the CEP rider;
a $7 million increase in bulk power marketing sales; and
a $6 million increase in revenues due to favorable weather.
Partially offset by:
a $15 million decrease in retail revenue riders primarily due to the suspension of the Ohio energy efficiency rider, an adjustment to the Distribution Decoupling Rider and a decrease in the Kentucky gas weather normalization rider, partially offset by an increase in the distribution capital investment rider due to an increase in capital spend.
Operating Expenses. The variance was driven primarily by:
a $35 million increase in fuel expense primarily driven by higher retail prices and increased volumes for natural gas;
a $14 million increase in property and other taxes primarily due to increased property taxes due to increased plant in service, higher kilowatt and natural gas distribution taxes due to increased usage and a lower Network Integration Transmission Service tax deferral;
a $13 million increase in depreciation and amortization primarily driven by an increase in distribution plant; and
a $5 million increase in impairment of assets and other charges to optimize the company's real estate portfolio and reduce office space as parts of the business moves to a hybrid and remote workforce strategy.
DUKE ENERGY INDIANA
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 1,480  $ 1,309  $ 171 
Operating Expenses
Fuel used in electric generation and purchased power 418  355  63 
Operation, maintenance and other 370  357  13 
Depreciation and amortization 304  266  38 
Property and other taxes 41  42  (1)
Impairment of assets and other charges 8  — 
Total operating expenses 1,141  1,020  121 
Losses on Sales of Other Assets and Other, net (1) —  (1)
Operating Income 338  289  49 
Other Income and Expenses, net 19  19  — 
Interest Expense 99  85  14 
Income Before Income Taxes 258  223  35 
Income Tax Expense 43  43  — 
Net Income $ 215  $ 180  $ 35 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2021
Residential sales 5.0  %
General service sales 3.8  %
Industrial sales 6.6  %
Wholesale power sales 11.4  %
Total sales 5.0  %
Average number of customers 1.1  %
103

MD&A DUKE ENERGY INDIANA

Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
an $86 million increase primarily due to higher base rate pricing from the Indiana retail rate case, net of lower rider revenues;
a $56 million increase in fuel revenues primarily due to higher fuel cost recovery driven by customer demand and fuel prices; and
a $12 million increase in weather-normal retail sales volumes driven by higher nonresidential customer demand.
Operating Expenses. The variance was driven primarily by:
a $63 million increase in fuel used in electric generation and purchased power expense primarily due to higher purchased power expense, higher coal and natural gas costs and higher amortization of deferred fuel costs;
a $38 million increase in depreciation and amortization primarily due to a change in depreciation rates from the Indiana retail rate case and additional plant in service;
a $13 million increase in operation, maintenance and other primarily due to higher employee-related expenses and vegetation management costs; and
an $8 million increase in impairment of assets and other charges to optimize the company’s real estate portfolio and reduce office space as parts of the business move to a hybrid workforce strategy.
Interest Expense. The variance was driven by higher post-in-service carrying costs interest resulting from the Indiana retail rate case, partially offset by lower interest rates.
PIEDMONT
Results of Operations
Six Months Ended June 30,
(in millions) 2021 2020 Variance
Operating Revenues $ 821  $ 709  $ 112 
Operating Expenses
Cost of natural gas 288  215  73 
Operation, maintenance and other 154  159  (5)
Depreciation and amortization 99  88  11 
Property and other taxes 28  24 
Impairment of assets and other charges 5  — 
Total operating expenses 574  486  88 
Operating Income 247  223  24 
Other Income and Expenses, net 35  28 
Interest Expense 59  60  (1)
Income Before Income Taxes 223  191  32 
Income Tax Expense 24  11  13 
Net Income $ 199  $ 180  $ 19 
The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2021
Residential deliveries 16.3  %
Commercial deliveries 13.6  %
Industrial deliveries 5.4  %
Power generation deliveries (1.2) %
For resale 25.8  %
Total throughput deliveries 4.2  %
Secondary market volumes 0.6  %
Average number of customers 2.2  %
The margin decoupling mechanism adjusts for variations in residential and commercial use per customer, including those due to weather and conservation. The weather normalization adjustment mechanisms mostly offset the impact of weather on bills rendered, but do not ensure full recovery of approved margin during periods when winter weather is significantly warmer or colder than normal.
104

MD&A PIEDMONT

Six Months Ended June 30, 2021, as compared to June 30, 2020
Operating Revenues. The variance was driven primarily by:
a $73 million increase due to higher natural gas costs passed through to customers, higher volumes, and higher off-system sales natural gas costs;
a $14 million increase due to Tennessee base rate case increases; and
a $10 million increase due to North Carolina IMR.
Operating Expenses. The variance was driven primarily by:
a $73 million increase in cost of natural gas due to higher natural gas prices, higher volumes, and higher off-system sales natural gas costs; and
an $11 million increase in depreciation due to additional plant in service and late in-service software projects.
Other Income and Expense, net. The variance is primarily driven by favorable AFUDC equity and intercompany interest income.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in AFUDC Equity.
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash
Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2020, included a summary and detailed discussion of projected primary sources and uses of cash for 2021 to 2023.
In January 2021, Duke Energy entered into a definitive agreement with an affiliate of GIC, for GIC to make a minority interest investment of 19.9% in Duke Energy Indiana. The investment will be completed following two closings for an aggregate investment amount of approximately $2 billion. The first closing is expected to be completed in the second half of 2021 and Duke Energy will issue 11.1% of the membership interests in exchange for 50% of the total investment amount. Duke Energy has the discretion to determine the timing of the second closing, but the closing will occur no later than January 2023. At the second closing, Duke Energy will issue additional membership interests, so GIC's minority interest ownership is 19.9% of Duke Energy Indiana, for the remaining 50% of the total investment amount. Proceeds from the minority interest investment are expected to address common equity needs through 2025 to partially fund Duke Energy's $59 billion capital and investment expenditure plan.
As of June 30, 2021, Duke Energy had approximately $367 million of cash on hand, $5.1 billion available under its $8 billion Master Credit Facility and $500 million available under the $1 billion Three-Year Revolving Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs. Refer to Note 5 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding Duke Energy's debt issuances and maturities, and available credit facilities including the Master Credit Facility.
Credit Ratings
In March 2021, Moody's Investors Services, Inc. (Moody's) downgraded by one notch the long-term credit ratings for Duke Energy (Parent) and Duke Energy Carolinas. The downgrade reflects Duke Energy's balance sheet objectives. The downgrade for Duke Energy (Parent) and Duke Energy Carolinas also considers the impact for Duke Energy Carolinas and Duke Energy Progress as a result of the 2019 rate case orders and approval of the CCR Settlement Agreement. While these agreements are indicative of a regulatory environment that remains broadly supportive of utility credit quality, their financial terms resulted in current impairment charges and lowered the amount of future cash flow Duke Energy Carolinas and Duke Energy Progress will receive in conjunction with their coal ash remediation spending. As part of the credit rating action, Moody's affirmed Duke Energy's (Parent) short-term and commercial paper credit ratings and confirmed the credit ratings for Duke Energy Progress. Following a January 2021, credit rating downgrade of Duke Energy (Parent) and its subsidiaries, Standard & Poor's Rating Services continues to maintain a stable outlook on Duke Energy Corporation and its subsidiaries as of June 30, 2021.
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.
Six Months Ended
June 30,
(in millions) 2021 2020
Cash flows provided by (used in):
Operating activities $ 3,873  $ 3,357 
Investing activities (5,614) (5,471)
Financing activities 1,750  2,182 
Net increase in cash, cash equivalents and restricted cash 9  68 
Cash, cash equivalents and restricted cash at beginning of period 556  573 
Cash, cash equivalents and restricted cash at end of period $ 565  $ 641 
105

MD&A LIQUIDITY AND CAPITAL RESOURCES

OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Six Months Ended
June 30,
(in millions) 2021 2020 Variance
Net income $ 1,639  $ (2) $ 1,641 
Non-cash adjustments to net income 2,915  4,600  (1,685)
Payments for asset retirement obligations (263) (287) 24 
Working capital (418) (954) 536 
Net cash provided by operating activities $ 3,873  $ 3,357  $ 516 
The variance was primarily due to decreases in coal stock balances, incentive payments and the timing of payments.
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Six Months Ended
June 30,
(in millions) 2021 2020 Variance
Capital, investment and acquisition expenditures $ (4,657) $ (5,267) $ 610 
Other investing items (957) (204) (753)
Net cash used in investing activities $ (5,614) $ (5,471) $ (143)
The variance relates primarily to payment made to fund ACP's outstanding debt, partially offset by decreases in capital expenditures due to lower overall investments in the Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables segments.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Six Months Ended
June 30,
(in millions) 2021 2020 Variance
Issuances of long-term debt, net $ 2,625  $ 1,837  $ 788 
Issuances of common stock 5  57  (52)
Notes payable, commercial paper and other short-term borrowings 415  1,624  (1,209)
Dividends paid (1,541) (1,391) (150)
Contributions from noncontrolling interests 318  163  155 
Other financing items (72) (108) 36 
Net cash provided by financing activities $ 1,750  $ 2,182  $ (432)
The variance was primarily due to:
a $1,209 million decrease in net proceeds from issuances of notes payable and commercial paper.
Partially offset by:
a $788 million increase in proceeds from net issuances of long-term debt primarily due to the timing of issuances and redemptions of long-term debt.
OTHER MATTERS
Environmental Regulations
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for further information regarding potential plant retirements and regulatory filings related to the Duke Energy Registrants.
106

MD&A OTHER MATTERS
Off-Balance Sheet Arrangements
During the three and six months ended June 30, 2021, there were no material changes to Duke Energy’s off-balance sheet arrangements. For additional information on Duke Energy’s off-balance sheet arrangements, see “Off-Balance Sheet Arrangements” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2020.
Contractual Obligations
Duke Energy enters into contracts that require payment of cash at certain specified periods, based on certain specified minimum quantities and prices. During the three and six months ended June 30, 2021, there were no material changes in Duke Energy's contractual obligations. For an in-depth discussion of Duke Energy’s contractual obligations, see “Contractual Obligations” and “Quantitative and Qualitative Disclosures about Market Risk” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2020.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of the Annual Report on Form 10-K for the Duke Energy Registrants. During the three and six months ended June 30, 2021, there were no material changes to the Duke Energy Registrants' disclosures about market risk.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2021, and, based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
During the second quarter of 2021, Duke Energy Carolinas implemented Customer Connect, an SAP based customer engagement and billing solution. As a result of this implementation, we modified certain existing internal controls and implemented new controls and procedures related to Customer Connect. We do not believe this implementation will have an adverse effect on our internal control over financial reporting and will continue to evaluate the design and operating effectiveness of these internal controls.
Other than with respect to the Customer Connect SAP implementation, there were no other changes in our internal control over financial reporting during the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
107

OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS
For information regarding material legal proceedings, including regulatory and environmental matters, see Note 3, "Regulatory Matters," and Note 4, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2020.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in the Duke Energy Registrants' Annual Report on Form 10-K for the year ended December 31, 2020, which could materially affect the Duke Energy Registrants’ financial condition or future results. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020.
Our business could be negatively affected as a result of actions of activist shareholders.
On May 17, 2021, Elliott who has indicated it holds an economic interest in our outstanding common stock, publicly released a letter it had sent to our Board. On July 19, 2021, Elliott issued a follow-up letter to our Board.
While we strive to maintain constructive communications with our shareholders, activist shareholders may, from time to time, engage in proxy solicitations or advance shareholder proposals, or otherwise attempt to affect changes and assert influence on our Board and management. Perceived uncertainties as to the future direction or governance of the company may cause concern to our current or potential regulators, vendors or strategic partners, or make it more difficult to execute on our strategy or to attract and retain qualified personnel, which may have a material impact on our business and operating results.
In addition, actions such as those described above could cause fluctuations in the trading price of our common stock, based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
108

EXHIBITS

ITEM 6. EXHIBITS
Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).
Duke Duke Duke Duke Duke
Exhibit Duke Energy Progress Energy Energy Energy Energy
Number Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
4.1 X
4.2 X
*31.1.1 X
*31.1.2 X
*31.1.3 X
*31.1.4 X
*31.1.5 X
*31.1.6 X
*31.1.7 X
*31.1.8 X
*31.2.1 X
*31.2.2 X
*31.2.3 X
*31.2.4 X
*31.2.5 X
*31.2.6 X
*31.2.7 X
*31.2.8 X
109

EXHIBITS

*32.1.1 X
*32.1.2 X
*32.1.3 X
*32.1.4 X
*32.1.5 X
*32.1.6 X
*32.1.7 X
*32.1.8 X
*32.2.1 X
*32.2.2 X
*32.2.3 X
*32.2.4 X
*32.2.5 X
*32.2.6 X
*32.2.7 X
*32.2.8 X
*101.INS XBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). X X X X X X X X
*101.SCH XBRL Taxonomy Extension Schema Document. X X X X X X X X
*101.CAL XBRL Taxonomy Calculation Linkbase Document. X X X X X X X X
*101.LAB XBRL Taxonomy Label Linkbase Document. X X X X X X X X
110

EXHIBITS

*101.PRE XBRL Taxonomy Presentation Linkbase Document. X X X X X X X X
*101.DEF XBRL Taxonomy Definition Linkbase Document. X X X X X X X X
*104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). X X X X X X X X
The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.
111

SIGNATURES

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

DUKE ENERGY CORPORATION
DUKE ENERGY CAROLINAS, LLC
PROGRESS ENERGY, INC.
DUKE ENERGY PROGRESS, LLC
DUKE ENERGY FLORIDA, LLC
DUKE ENERGY OHIO, INC.
DUKE ENERGY INDIANA, LLC
PIEDMONT NATURAL GAS COMPANY, INC.

Date: August 5, 2021 /s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: August 5, 2021 /s/ CYNTHIA S. LEE
Cynthia S. Lee
Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
112

EXHIBIT 31.1.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chair, President and
Chief Executive Officer
 


EXHIBIT 31.1.2
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.3
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.4
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.5
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.6
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.7
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer



EXHIBIT 31.1.8
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
 


EXHIBIT 31.2.1
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.3
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer 



EXHIBIT 31.2.4
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.5
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.6
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.7
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer



EXHIBIT 31.2.8
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Steven K. Young, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2021
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer 



EXHIBIT 32.1.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chair, President and Chief Executive Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.
/s/ LYNN J. GOOD
Lynn J. Good
Chair, President and
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.3
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.4
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.5
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.6
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.1.7
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021



EXHIBIT 32.1.8
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
August 5, 2021


EXHIBIT 32.2.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.3
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.4
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.5
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.6
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.7
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021


EXHIBIT 32.2.8
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven K. Young, Executive Vice President and Chief Financial Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.
/s/ STEVEN K. YOUNG
Steven K. Young
Executive Vice President and Chief Financial Officer
August 5, 2021