EX-99.1 2 er-20190930earningsex991.htm EXHIBIT 99.1

News Release |  |

Media Contact: Catherine Butler
24-Hour: 800.559.3853
Analyst Contact: Bryan Buckler
Office: 704.382.2640
Nov. 8, 2019
Duke Energy reports third quarter 2019 financial results

▪ | Third quarter 2019 reported EPS of $1.82 and adjusted EPS of $1.79 with strong results across all segments

▪ | Adjusted EPS growth of 7% year to date

▪ | Company raises midpoint of 2019 adjusted EPS guidance; new range of $4.95 to $5.15

▪ | Company reaffirms long-term earnings growth target of 4% to 6%

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third quarter 2019 reported diluted earnings per share (EPS) of $1.82, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted diluted EPS of $1.79. This is compared to reported and adjusted diluted EPS of $1.51 and $1.65, respectively, for the third quarter of 2018.
Adjusted diluted EPS excludes the impact of certain items that are included in reported diluted EPS. The difference between third quarter 2019 reported diluted EPS and adjusted diluted EPS was due to a reduction of an impairment charge originally recorded in 2018.
Higher third quarter 2019 adjusted results were primarily driven by growth from investments at electric and gas utilities, favorable weather and lower O&M expenses. These items were partially offset by higher financing costs and lower volumes.
Based upon the results through the third quarter, the company is raising the midpoint of and narrowing its 2019 adjusted diluted earnings guidance range to $4.95 to $5.15 per share.
“We delivered strong growth across our business segments in the third quarter and continued executing our long-term strategy to build a cleaner, smarter energy future,” said Lynn Good, Duke Energy chairman, president and CEO. "We've outlined a more aggressive climate strategy, advanced important energy infrastructure projects that will enable us to provide more value for our customers and communities and reached constructive regulatory settlements with key stakeholders.
Our results give us confidence to narrow our full-year guidance, raising the midpoint into the upper half of our original range, and reaffirm our long-term growth rate of 4% to 6% through 2023 off the midpoint of our original 2019 guidance range of $5.00.”

Duke Energy News Release 2
Business segment results
In addition to the following summary of third quarter 2019 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release.
The discussion below of third quarter results includes both reported segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized third quarter 2019 segment income of $1,385 million, compared to $1,167 million in the third quarter of 2018. Third quarter 2019 reported results included the reduction of an impairment charge originally recorded in 2018. This amount was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Electric Utilities and Infrastructure recognized third quarter 2019 adjusted segment income of $1,366 million, compared to $1,175 million in the third quarter of 2018, an increase of $0.25 per share, excluding share dilution of $0.03. Higher quarterly results were primarily due to contributions from base rate changes and higher rider revenues (+$0.11 per share), favorable weather (+$0.09 per share) and lower O&M expenses (+$0.07 per share).
These results were partially offset by higher depreciation and amortization on a growing asset base (-$0.03 per share) and lower volumes (-$0.03 per share).
Gas Utilities and Infrastructure
On a reported and adjusted basis, Gas Utilities and Infrastructure recognized third quarter 2019 segment income of $26 million. This is compared to reported and adjusted earnings of $17 million and $18 million, respectively, in the third quarter of 2018.
On an adjusted basis, this represents an increase of $0.01 per share. Higher quarterly results were driven primarily by higher earnings from midstream investments.
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized third quarter 2019 segment income of $40 million, compared to a reported and adjusted segment (loss)/income of $(62) million and $26 million, respectively, in the third quarter of 2018. Third quarter 2018 reported results included an impairment charge resulting from annual goodwill testing. This amount was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, this represents an increase of $0.02 per share. Higher quarterly results were primarily impacted by favorable wind resource and growth from new projects.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

Duke Energy News Release 3
On a reported and adjusted basis, Other recognized a third quarter 2019 net loss of $124 million. This is compared to a reported and adjusted net loss of $44 million and $40 million, respectively, in the third quarter of 2018.
Lower quarterly results at Other were primarily due to higher financing costs related to funding various investments (-$0.05 per share), as well as timing of income tax expense in 2019 compared to 2018 (-$0.06 per share).
Effective Tax Rate
Duke Energy's consolidated reported effective tax rate for the third quarter of 2019 was 12.4% compared to 13.7% in the third quarter of 2018. The decrease in the effective tax rate was primarily due to the amortization of excess deferred taxes. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the third quarter of 2019 was 12.2% compared to 12.9% in the third quarter of 2018. The decrease was primarily due to the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss third quarter 2019 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chairman, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.254.3590 in the United States or 323.994.2093 outside the United States. The confirmation code is 8996655. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until 1 p.m. ET, November 18, 2019, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 8996655. An audio replay and transcript will also be available by accessing the investors section of the company’s website.

Duke Energy News Release 4
Special Items and Non-GAAP Reconciliation
The following table presents a reconciliation of GAAP reported to adjusted diluted EPS for third quarter 2019 and 2018 financial results:

(In millions, except per-share amounts) | After-Tax Amount |  | 3Q 2019 EPS |  | 3Q 2018 EPS |
Diluted EPS, as reported |  | $ | 1.82 |  | $ | 1.51 |
Adjustments to reported EPS: |  |  |
Third Quarter 2019 |  |  |
Impairment charge | (19 | ) | (0.03 | ) |
Third Quarter 2018 |  |  |
Goodwill impairment charge | $ | 91 |  |  | 0.12 |
Costs to achieve Piedmont merger | 13 |  |  | 0.02 |
Impacts of the Tax Act | (3 | ) |  | — |
Discontinued Operations | (4 | ) |  | — |
Total adjustments |  | $ | (0.03 | ) | $ | 0.14 |
Diluted EPS, adjusted |  | $ | 1.79 |  | $ | 1.65 |

Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted diluted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted diluted EPS represent income from continuing operations attributable to Duke Energy common stockholders in dollar and per share amounts, adjusted for the dollar and per-share impact of special items. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management believes the presentation of these non-GAAP financial measures provides useful information to investors, as it provides them with an additional relevant comparison of Duke Energy’s performance across periods. Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. Adjusted diluted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measures for adjusted earnings, adjusted diluted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income Attributable to Duke Energy Corporation (GAAP reported earnings), Diluted EPS Attributable to Duke Energy Corporation common stockholders (GAAP reported EPS), and the reported effective tax rate, respectively.

Duke Energy News Release 5
Special items included in the periods presented include the following items, which management believes do not reflect ongoing benefits or costs:

• | Impairment Charges represents a reduction of a prior year impairment at Citrus County CC, an other-than-temporary-impairment ("OTTI") of an investment in Constitution and a Commercial Renewables goodwill impairment.

• | Costs to Achieve Piedmont Merger represents charges that resulted from the Piedmont acquisition.

• | Regulatory and Legislative Impacts represents charges related to rate case orders, settlements or other actions of regulators or legislative bodies.

• | Sale of Retired Plant represents the loss associated with selling Beckjord Generating Station (Beckjord), a nonregulated generating facility in Ohio.

• | Impacts of the Tax Act represents an AMT valuation allowance recognized and a true up of prior year tax estimates related to the Tax Act.

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).
Management evaluates segment performance based on segment income and other net loss. Segment income is defined as income from continuing operations attributable to Duke Energy. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted diluted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy News Release 6
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.
Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve approximately 7.7 million retail electric customers in six states - North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states - North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.
Duke Energy was named to Fortune’s 2019 “World’s Most Admired Companies” list and Forbes’ 2019 “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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:

◦ | 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 Crystal River Unit 3 and other 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;

Duke Energy News Release 7

◦ | 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;

◦ | 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;

◦ | The ability to obtain the necessary permits and approvals and to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business;

◦ | 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;

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

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

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

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

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

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

◦ | The ability to implement our business strategy, including enhancing existing technology systems.

Duke Energy News Release 8
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2019
(Dollars in millions, except per-share amounts)

|  |  |  | Special Item |  |  |  |
|  | Reported Earnings |  | Impairment Charge |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 1,385 |  |  | $ | (19 | ) | A | $ | (19 | ) |  | $ | 1,366 |
Gas Utilities and Infrastructure |  | 26 |  |  | — |  |  | — |  |  | 26 |
Commercial Renewables |  | 40 |  |  | — |  |  | — |  |  | 40 |
Total Reportable Segment Income |  | 1,451 |  |  | (19 | ) |  | (19 | ) |  | 1,432 |
Other |  | (124 | ) |  | — |  |  | — |  |  | (124 | )
Net Income Attributable to Duke Energy Corporation |  | $ | 1,327 |  |  | $ | (19 | ) |  | $ | (19 | ) |  | $ | 1,308 |
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |  | $ | 1.82 |  |  | $ | (0.03 | ) |  | $ | (0.03 | ) |  | $ | 1.79 |

A — Net of $6 million tax expense. $25 million reduction of a prior year impairment recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) — 729 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2019
(Dollars in millions, except per-share amounts)

|  |  |  | Special Item |  |  |  |
|  | Reported Earnings |  | Impairment Charge |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 2,944 |  |  | $ | (19 | ) | A | $ | (19 | ) |  | $ | 2,925 |
Gas Utilities and Infrastructure |  | 292 |  |  | — |  |  | — |  |  | 292 |
Commercial Renewables |  | 139 |  |  | — |  |  | — |  |  | 139 |
Total Reportable Segment Income |  | 3,375 |  |  | (19 | ) |  | (19 | ) |  | 3,356 |
Other |  | (328 | ) |  |  |  | — |  |  | (328 | )
Net Income Attributable to Duke Energy Corporation |  | $ | 3,047 |  |  | $ | (19 | ) |  | $ | (19 | ) |  | $ | 3,028 |
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |  | $ | 4.18 |  |  | $ | (0.03 | ) |  | $ | (0.03 | ) |  | $ | 4.15 |

A — Net of $6 million tax expense. $25 million reduction of a prior year impairment recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) — 728 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2018
(Dollars in millions, except per-share amounts)

|  |  | Special Items |  |  |  |  |  |
| Reported Earnings |  | Costs to Achieve Piedmont Merger |  | Impairment Charges |  | Impacts of the Tax Act |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 1,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 1,175 |
Gas Utilities and Infrastructure | 17 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 18 |
Commercial Renewables | (62 | ) |  | — |  |  | 91 |  | B | (3 | ) |  | — |  |  | 88 |  |  | 26 |
Total Reportable Segment Income | 1,122 |  |  | — |  |  | 91 |  |  | 6 |  |  | — |  |  | 97 |  |  | 1,219 |
Other | (44 | ) |  | 13 |  | A | — |  |  | (9 | ) |  | — |  |  | 4 |  |  | (40 | )
Discontinued Operations | 4 |  |  | — |  |  | — |  |  | — |  |  | (4 | ) | D | (4 | ) |  | — |
Net Income Attributable to Duke Energy Corporation | $ | 1,082 |  |  | $ | 13 |  |  | $ | 91 |  |  | $ | (3 | ) | C | $ | (4 | ) |  | $ | 97 |  |  | $ | 1,179 |
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.51 |  |  | $ | 0.02 |  |  | $ | 0.12 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.14 |  |  | $ | 1.65 |

A — Net of $3 million tax benefit. $16 million recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.
B — Net of $2 million Noncontrolling Interests. $93 million goodwill impairment recorded within Impairment charges on the Condensed Consolidated Statements of Operations.
C — $3 million tax benefit true up of prior year Tax Act estimates recorded within Income Tax Expense from Continuing Operations on the Condensed Consolidated Statements of Operations.
D — Recorded in Income (Loss) from Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) — 714 million
11

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2018
(Dollars in millions, except per-share amounts)

|  |  |  | Special Items |  |  |  |  |  |
|  | Reported Earnings |  | Costs to Achieve Piedmont Merger |  | Regulatory and Legislative Impacts |  | Sale of Retired Plant |  | Impairment Charges |  | Impacts of the Tax Act |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 2,492 |  |  | $ | — |  |  | $ | 202 |  | B | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 210 |  |  | $ | 2,702 |
Gas Utilities and Infrastructure |  | 161 |  |  | — |  |  | — |  |  | — |  |  | 42 |  | D | 1 |  |  | — |  |  | 43 |  |  | 204 |
Commercial Renewables |  | (4 | ) |  | — |  |  | — |  |  | — |  |  | 91 |  | E | (3 | ) |  | — |  |  | 88 |  |  | 84 |
Total Reportable Segment Income |  | 2,649 |  |  | — |  |  | 202 |  |  | — |  |  | 133 |  |  | 6 |  |  | — |  |  | 341 |  |  | 2,990 |
Other |  | (446 | ) |  | 41 |  | A | — |  |  | 82 |  | C | — |  |  | 67 |  |  | — |  |  | 190 |  |  | (256 | )
Discontinued Operations |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | G | 1 |  |  | — |
Net Income Attributable to Duke Energy Corporation |  | $ | 2,202 |  |  | $ | 41 |  |  | $ | 202 |  |  | $ | 82 |  |  | $ | 133 |  |  | $ | 73 |  | F | $ | 1 |  |  | $ | 532 |  |  | $ | 2,734 |
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |  | $ | 3.11 |  |  | $ | 0.06 |  |  | $ | 0.29 |  |  | $ | 0.12 |  |  | $ | 0.19 |  |  | $ | 0.10 |  |  | $ | — |  |  | $ | 0.76 |  |  | $ | 3.87 |

A — Net of $12 million tax benefit. $53 million recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.
B — Net of $16 million tax benefit at Duke Energy Progress and $47 million tax benefit at Duke Energy Carolinas.
•On the Duke Energy Progress' Condensed Consolidated Statements of Operations, $32 million is recorded within Impairment charges, $31 million within Operations, maintenance and other, $6 million within Interest Expense and $(1) million within Depreciation and amortization.
•On the Duke Energy Carolinas' Condensed Consolidated Statements of Operations, $188 million is recorded within Impairment charges, $8 million within Operations, maintenance and other, and $1 million within Depreciation and amortization.
C — Net of $25 million tax benefit. $107 million recorded within Gains (Losses) on Sales of Other Assets and Other, net on the Condensed Consolidated Statements of Operations.
D — Net of $13 million tax benefit. $55 million recorded within Other Income and Expenses on the Condensed Consolidated Statements of Operations.
E — Net of $2 million Noncontrolling Interests. $93 million goodwill impairment recorded within Impairment charges on the Condensed Consolidated Statement of Operations.
F — $76 million AMT valuation allowance and $3 million tax benefit true up of prior year Tax Act estimates within Income Tax Expense from Continuing Operations on the Condensed Consolidated
Statements of Operations.
G — Recorded in Income (Loss) from Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) — 706 million
12

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
September 2019
(Dollars in millions)

|  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019 |
|  | Balance |  | Effective Tax Rate |  | Balance |  | Effective Tax Rate |
Reported Income From Continuing Operations Before Income Taxes |  | $ | 1,511 |  |  |  |  | $ | 3,388 |  |  |  |
Impairment Charge |  | (25 | ) |  |  |  | (25 | ) |  |  |
Noncontrolling Interests |  | 19 |  |  |  |  | 110 |  |  |  |
Preferred Dividends |  | (15 | ) |  |  |  | (27 | ) |  |  |
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  | $ | 1,490 |  |  |  |  | $ | 3,446 |  |  |  |
Reported Income Tax Expense From Continuing Operations |  | $ | 188 |  |  | 12.4 | % |  | $ | 424 |  |  | 12.5 | % |
Impairment Charge |  | (6 | ) |  |  |  | (6 | ) |  |  |
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  | $ | 182 |  |  | 12.2 | % |  | $ | 418 |  |  | 12.1 | % |

|  | Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018 |
|  | Balance |  | Effective Tax Rate |  | Balance |  | Effective Tax Rate |
Reported Income From Continuing Operations Before Income Taxes |  | $ | 1,230 |  |  |  |  | $ | 2,640 |  |  |  |
Costs to Achieve Piedmont Merger |  | 16 |  |  |  |  | 53 |  |  |  |
Regulatory and Legislative Impacts |  | — |  |  |  |  | 265 |  |  |  |
Sale of Retired Plant |  | — |  |  |  |  | 107 |  |  |  |
Impairment Charges |  | 91 |  |  |  |  | 146 |  |  |  |
Noncontrolling Interests |  | 16 |  |  |  |  | 12 |  |  |  |
Pretax Income Including Noncontrolling Interests and Excluding Special Items |  | $ | 1,353 |  |  |  |  | $ | 3,223 |  |  |  |
Reported Income Tax Expense From Continuing Operations |  | $ | 168 |  |  | 13.7 | % |  | $ | 449 |  |  | 17.0 | % |
Costs to Achieve Piedmont Merger |  | 3 |  |  |  |  | 12 |  |  |  |
Regulatory and Legislative Impacts |  | — |  |  |  |  | 63 |  |  |  |
Sale of Retired Plant |  | — |  |  |  |  | 25 |  |  |  |
Impairment Charges |  | — |  |  |  |  | 13 |  |  |  |
Impacts of the Tax Act |  | 3 |  |  |  |  | (73 | ) |  |  |
Tax Expense Including Noncontrolling Interests and Excluding Special Items |  | $ | 174 |  |  | 12.9 | % |  | $ | 489 |  |  | 15.2 | % |

13

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2019 QTD vs. Prior Year

(Dollars per share) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Consolidated
2018 QTD Reported Earnings Per Share, Diluted | $ | 1.64 |  |  |  | $ | 0.03 |  |  |  | $ | (0.08 | ) |  |  | $ | (0.08 | ) |  |  | $ | 1.51 |  |
Costs to Achieve Piedmont Merger | — |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.02 |  |
Impairment Charges | — |  |  |  | — |  |  |  | 0.12 |  |  |  | — |  |  |  | 0.12 |  |
Impacts of the Tax Act | 0.01 |  |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | — |  |
2018 QTD Adjusted Earnings Per Share, Diluted | $ | 1.65 |  |  |  | $ | 0.03 |  |  |  | $ | 0.04 |  |  |  | $ | (0.07 | ) |  |  | $ | 1.65 |  |
Weather | 0.09 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.09 |  |
Volume | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |
Pricing and Riders | 0.05 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.05 |  |
Rate case impacts, net(a) | 0.06 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.06 |  |
Operations and maintenance, net of recoverables(b) | 0.07 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.07 |  |
Midstream Gas Pipelines | — |  |  |  | 0.01 |  |  |  | — |  |  |  | — |  |  |  | 0.01 |  |
Duke Energy Renewables | — |  |  |  | — |  |  |  | 0.02 |  |  |  | — |  |  |  | 0.02 |  |
Interest Expense | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |  |  | (0.03 | ) |
AFUDC Equity | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |
Depreciation and amortization(c) | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |
Preferred Dividends | — |  |  |  | — |  |  |  | — |  |  |  | (0.02 | ) |  |  | (0.02 | ) |
Other(d) | 0.07 |  |  |  | — |  |  |  | — |  |  |  | (0.06 | ) |  |  | 0.01 |  |
Change in share count | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |
2019 QTD Adjusted Earnings Per Share, Diluted | $ | 1.87 |  |  |  | $ | 0.04 |  |  |  | $ | 0.06 |  |  |  | $ | (0.18 | ) |  |  | $ | 1.79 |  |
Impairment Charge | 0.03 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.03 |  |
2019 QTD Reported Earnings Per Share, Diluted | $ | 1.90 |  |  |  | $ | 0.04 |  |  |  | $ | 0.06 |  |  |  | $ | (0.18 | ) |  |  | $ | 1.82 |  |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 714 million shares to 729 million.

(a) | Includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.04) and the Carolinas rate cases (+$0.02), which is primarily comprised of base rate increases partially offset by higher depreciation and amortization expense.

(b) | Includes lower storm costs compared to the prior year (+$0.04) and favorable timing of O&M expenses.

(c) | Excludes rate case impacts.

(d) | Electric Utilities and Infrastructure is primarily driven by tax optimization, levelization, general taxes (+$0.05) and a variance for the impairment charge related to the Edwardsport

settlement at Duke Energy Indiana recorded in 2018 (+$0.03). Other is primarily due to income tax timing, lower tax optimization and a variance for one time tax benefits recorded in
2018 (-$0.05).
14

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2019 YTD vs. Prior Year

(Dollars per share) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Consolidated
2018 YTD Reported Earnings Per Share, Diluted | $ | 3.53 |  |  |  | $ | 0.23 |  |  |  | $ | (0.01 | ) |  |  | $ | (0.64 | ) |  |  | $ | 3.11 |  |
Costs to Achieve Piedmont Merger | — |  |  |  | — |  |  |  | — |  |  |  | 0.06 |  |  |  | 0.06 |  |
Regulatory and Legislative Impacts | 0.29 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.29 |  |
Sale of Retired Plant | — |  |  |  | — |  |  |  | — |  |  |  | 0.12 |  |  |  | 0.12 |  |
Impairment Charges | — |  |  |  | 0.06 |  |  |  | 0.13 |  |  |  | — |  |  |  | 0.19 |  |
Impacts of the Tax Act | 0.01 |  |  |  | — |  |  |  | — |  |  |  | 0.09 |  |  |  | 0.10 |  |
2018 YTD Adjusted Earnings Per Share, Diluted | $ | 3.83 |  |  |  | $ | 0.29 |  |  |  | $ | 0.12 |  |  |  | $ | (0.37 | ) |  |  | $ | 3.87 |  |
Weather | 0.01 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.01 |  |
Volume | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |
Pricing and Riders | 0.15 |  |  |  | 0.01 |  |  |  | — |  |  |  | — |  |  |  | 0.16 |  |
Rate case impacts, net(a) | 0.16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.16 |  |
Operations and maintenance, net of recoverables(b) | 0.15 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.15 |  |
Midstream Gas Pipelines(c) | — |  |  |  | 0.10 |  |  |  | — |  |  |  | — |  |  |  | 0.10 |  |
Duke Energy Renewables(d) | — |  |  |  | — |  |  |  | 0.07 |  |  |  | — |  |  |  | 0.07 |  |
Interest Expense | — |  |  |  | — |  |  |  | — |  |  |  | (0.07 | ) |  |  | (0.07 | ) |
AFUDC Equity | (0.05 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.05 | ) |
Depreciation and amortization(e) | (0.13 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.13 | ) |
Preferred Dividends | — |  |  |  | — |  |  |  | — |  |  |  | (0.04 | ) |  |  | (0.04 | ) |
Other | 0.05 |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.07 |  |
Change in share count | (0.12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.12 | ) |
2019 YTD Adjusted Earnings Per Share, Diluted | $ | 4.02 |  |  |  | $ | 0.40 |  |  |  | $ | 0.19 |  |  |  | $ | (0.46 | ) |  |  | $ | 4.15 |  |
Impairment Charge | 0.03 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.03 |  |
2019 YTD Reported Earnings Per Share, Diluted | $ | 4.05 |  |  |  | $ | 0.40 |  |  |  | $ | 0.19 |  |  |  | $ | (0.46 | ) |  |  | $ | 4.18 |  |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 706 million shares to 728 million.

(a) | Includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.07), the Carolinas rate cases (+$0.07) and DEO and DEK rate cases (+$0.02), which is primarily comprised of base rate increases partially offset by higher depreciation and amortization expense. In prior periods, interest expense (-$0.03) and AFUDC equity (-$0.03) were presented separately from rate case impacts, net; for the period presented above, these amounts are included in rate case impacts, net as they are recovered through the DEF GBRA.

(b) | Includes lower storm costs compared to the prior year (+$0.04) and favorable timing of O&M expenses.

(c) | Primarily due to an income tax adjustment for equity method investments related to prior years.

(d) | Primarily includes the new solar tax equity project placed in service (+$0.08).

(e) | Excludes rate case impacts.

15

September 2019
QUARTERLY HIGHLIGHTS
(Unaudited)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(In millions, except per-share amounts and where noted) | 2019 |  | 2018 |  | 2019 |  | 2018
Earnings Per Share — Basic and Diluted |  |  |  |  |  |  |
Income from continuing operations attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.12 |
Diluted | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.11 |
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic and Diluted | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net income attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.12 |
Diluted | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.11 |
Weighted average shares outstanding |  |  |  |  |  |  |
Basic | 729 |  |  | 713 |  |  | 728 |  |  | 705 |
Diluted | 729 |  |  | 714 |  |  | 728 |  |  | 706 |
INCOME (LOSS) BY BUSINESS SEGMENT |  |  |  |  |  |  |
Electric Utilities and Infrastructure(a) | $ | 1,385 |  |  | $ | 1,167 |  |  | $ | 2,944 |  |  | $ | 2,492 |
Gas Utilities and Infrastructure(b) | 26 |  |  | 17 |  |  | 292 |  |  | 161 |
Commercial Renewables(c) | 40 |  |  | (62 | ) |  | 139 |  |  | (4 | )
Total Reportable Segment Income | 1,451 |  |  | 1,122 |  |  | 3,375 |  |  | 2,649 |
Other(d)(e) | (124 | ) |  | (44 | ) |  | (328 | ) |  | (446 | )
Income (Loss) from Discontinued Operations | — |  |  | 4 |  |  | — |  |  | (1 | )
Net Income Attributable to Duke Energy Corporation | $ | 1,327 |  |  | $ | 1,082 |  |  | $ | 3,047 |  |  | $ | 2,202 |
CAPITALIZATION |  |  |  |  |  |  |
Total Common Equity (%) |  |  |  |  | 44 | % |  | 43 | %
Total Debt (%) |  |  |  |  | 56 | % |  | 57 | %
Total Debt |  |  |  |  | $ | 60,383 |  |  | $ | 56,853 |
Book Value Per Share |  |  |  |  | $ | 65.03 |  |  | $ | 60.33 |
Actual Shares Outstanding |  |  |  |  | 729 |  |  | 713 |
CAPITAL AND INVESTMENT EXPENDITURES |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 1,906 |  |  | $ | 2,079 |  |  | $ | 6,092 |  |  | $ | 5,822 |
Gas Utilities and Infrastructure | 382 |  |  | 358 |  |  | 1,129 |  |  | 767 |
Commercial Renewables | 359 |  |  | 52 |  |  | 932 |  |  | 155 |
Other | 81 |  |  | 59 |  |  | 202 |  |  | 200 |
Total Capital and Investment Expenditures | $ | 2,728 |  |  | $ | 2,548 |  |  | $ | 8,355 |  |  | $ | 6,944 |

(a) | Includes a $25 million (net of tax of $6 million) reduction of a prior year impairment at Citrus County CC for the three and nine months ended September 30, 2019 and regulatory and legislative charges related to rate case orders, settlements or other actions of regulators or legislative bodies of $202 million (net of tax of $63 million) for the nine months ended September 30, 2018.

(b) | Includes an other-than-temporary impairment of an investment in Constitution of $42 million (net of tax of $13 million) for the nine months ended September 30, 2018.

(c) | Includes an impairment of the goodwill balance of $91 million (net of noncontrolling interests of $2 million) for the three and nine months ended September 30, 2018.

(d) | Includes the loss associated with selling Beckjord, a non-regulated generating facility in Ohio which was retired in 2014, of $82 million (net of tax of $25 million) for the nine months ended September 30, 2018.

(e) | Includes an Alternative Minimum Tax valuation allowance recognized related to the Tax Act of $76 million for the nine months ended September 30, 2018.

16

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per-share amounts)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Operating Revenues |  |  |  |  |  |  |
Regulated electric | $ | 6,515 |  |  | $ | 6,216 |  |  | $ | 17,223 |  |  | $ | 16,678 |
Regulated natural gas | 223 |  |  | 230 |  |  | 1,231 |  |  | 1,221 |
Nonregulated electric and other | 202 |  |  | 182 |  |  | 522 |  |  | 507 |
Total operating revenues | 6,940 |  |  | 6,628 |  |  | 18,976 |  |  | 18,406 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,978 |  |  | 1,931 |  |  | 5,228 |  |  | 5,181 |
Cost of natural gas | 48 |  |  | 58 |  |  | 451 |  |  | 460 |
Operation, maintenance and other | 1,484 |  |  | 1,584 |  |  | 4,337 |  |  | 4,592 |
Depreciation and amortization | 1,186 |  |  | 1,039 |  |  | 3,364 |  |  | 2,979 |
Property and other taxes | 335 |  |  | 323 |  |  | 1,012 |  |  | 954 |
Impairment charges | (20 | ) |  | 124 |  |  | (16 | ) |  | 339 |
Total operating expenses | 5,011 |  |  | 5,059 |  |  | 14,376 |  |  | 14,505 |
Gains (Losses) on Sales of Other Assets and Other, net | — |  |  | 10 |  |  | — |  |  | (87 | )
Operating Income | 1,929 |  |  | 1,579 |  |  | 4,600 |  |  | 3,814 |
Other Income and Expenses |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 50 |  |  | 37 |  |  | 137 |  |  | 49 |
Other income and expenses, net | 104 |  |  | 131 |  |  | 308 |  |  | 327 |
Total other income and expenses | 154 |  |  | 168 |  |  | 445 |  |  | 376 |
Interest Expense | 572 |  |  | 517 |  |  | 1,657 |  |  | 1,550 |
Income From Continuing Operations Before Income Taxes | 1,511 |  |  | 1,230 |  |  | 3,388 |  |  | 2,640 |
Income Tax Expense From Continuing Operations | 188 |  |  | 168 |  |  | 424 |  |  | 449 |
Income From Continuing Operations | 1,323 |  |  | 1,062 |  |  | 2,964 |  |  | 2,191 |
Income (Loss) From Discontinued Operations, net of tax | — |  |  | 4 |  |  | — |  |  | (1 | )
Net Income | 1,323 |  |  | 1,066 |  |  | 2,964 |  |  | 2,190 |
Less: Net Loss Attributable to Noncontrolling Interests | (19 | ) |  | (16 | ) |  | (110 | ) |  | (12 | )
Less: Preferred Dividends | 15 |  |  | — |  |  | 27 |  |  | — |
Net Income Attributable to Duke Energy Corporation | $ | 1,327 |  |  | $ | 1,082 |  |  | $ | 3,047 |  |  | $ | 2,202 |
Earnings Per Share — Basic and Diluted |  |  |  |  |  |  |
Income from continuing operations attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.12 |
Diluted | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.11 |
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic and Diluted | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net income attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |
Basic | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.12 |
Diluted | $ | 1.82 |  |  | $ | 1.51 |  |  | $ | 4.18 |  |  | $ | 3.11 |
Weighted average shares outstanding |  |  |  |  |  |  |
Basic | 729 |  |  | 713 |  |  | 728 |  |  | 705 |
Diluted | 729 |  |  | 714 |  |  | 728 |  |  | 706 |

17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In millions) | September 30, 2019 |  | December 31, 2018
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 379 |  |  | $ | 442 |
Receivables (net of allowance for doubtful accounts of $20 at 2019 and $16 at 2018) | 755 |  |  | 962 |
Receivables of VIEs (net of allowance for doubtful accounts of $53 at 2019 and $55 at 2018) | 2,322 |  |  | 2,172 |
Inventory | 3,107 |  |  | 3,084 |
Regulatory assets (includes $52 at 2019 and 2018 related to VIEs) | 1,723 |  |  | 2,005 |
Other (includes $188 at 2019 and $162 at 2018 related to VIEs) | 1,333 |  |  | 1,049 |
Total current assets | 9,619 |  |  | 9,714 |
Property, Plant and Equipment |  |  |
Cost | 143,794 |  |  | 134,458 |
Accumulated depreciation and amortization | (45,149 | ) |  | (43,126 | )
Generation facilities to be retired, net | 267 |  |  | 362 |
Net property, plant and equipment | 98,912 |  |  | 91,694 |
Other Noncurrent Assets |  |  |
Goodwill | 19,303 |  |  | 19,303 |
Regulatory assets (includes $1,002 at 2019 and $1,041 at 2018 related to VIEs) | 13,916 |  |  | 13,617 |
Nuclear decommissioning trust funds | 7,695 |  |  | 6,720 |
Operating lease right-of-use assets, net | 1,703 |  |  | — |
Investments in equity method unconsolidated affiliates | 1,864 |  |  | 1,409 |
Other (includes $63 at 2019 and $261 at 2018 related to VIEs) | 2,905 |  |  | 2,935 |
Total other noncurrent assets | 47,386 |  |  | 43,984 |
Total Assets | $ | 155,917 |  |  | $ | 145,392 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 2,946 |  |  | $ | 3,487 |
Notes payable and commercial paper | 2,469 |  |  | 3,410 |
Taxes accrued | 712 |  |  | 577 |
Interest accrued | 559 |  |  | 559 |
Current maturities of long-term debt (includes $231 at 2019 and $227 at 2018 related to VIEs) | 3,096 |  |  | 3,406 |
Asset retirement obligations | 861 |  |  | 919 |
Regulatory liabilities | 673 |  |  | 598 |
Other | 2,074 |  |  | 2,085 |
Total current liabilities | 13,390 |  |  | 15,041 |
Long-Term Debt (includes $4,060 at 2019 and $3,998 at 2018 related to VIEs) | 54,818 |  |  | 51,123 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 8,776 |  |  | 7,806 |
Asset retirement obligations | 11,740 |  |  | 9,548 |
Regulatory liabilities | 15,202 |  |  | 14,834 |
Operating lease liabilities | 1,456 |  |  | — |
Accrued pension and other post-retirement benefit costs | 900 |  |  | 988 |
Investment tax credits | 579 |  |  | 568 |
Other (includes $218 at 2019 and $212 at 2018 related to VIEs) | 1,649 |  |  | 1,650 |
Total other noncurrent liabilities | 40,302 |  |  | 35,394 |
Commitments and Contingencies |  |  |
Equity |  |  |
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2019 | 973 |  |  | — |
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2019 | 990 |  |  | — |
Common stock, $0.001 par value, 2 billion shares authorized; 729 million shares outstanding at 2019 and 727 million shares outstanding at 2018 | 1 |  |  | 1 |
Additional paid-in capital | 40,488 |  |  | 40,795 |
Retained earnings | 4,139 |  |  | 3,113 |
Accumulated other comprehensive loss | (153 | ) |  | (92 | )
Total Duke Energy Corporation stockholders' equity | 46,438 |  |  | 43,817 |
Noncontrolling interests | 969 |  |  | 17 |
Total equity | 47,407 |  |  | 43,834 |
Total Liabilities and Equity | $ | 155,917 |  |  | $ | 145,392 |

18

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
|  | Nine Months Ended September 30,
|  | 2019 |  | 2018
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |
Net Income |  | $ | 2,964 |  |  | $ | 2,190 |
Adjustments to reconcile net income to net cash provided by operating activities |  | 2,673 |  |  | 3,477 |
Net cash provided by operating activities |  | 5,637 |  |  | 5,667 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |
Net cash used in investing activities |  | (8,633 | ) |  | (7,270 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |
Net cash provided by financing activities |  | 2,987 |  |  | 1,547 |
Net decrease in cash, cash equivalents and restricted cash |  | (9 | ) |  | (56 | )
Cash, cash equivalents and restricted cash at beginning of period |  | 591 |  |  | 505 |
Cash, cash equivalents and restricted cash at end of period |  | $ | 582 |  |  | $ | 449 |

19

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended September 30, 2019
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/Adjustments |  | Duke Energy |
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 6,577 |  | $ | — |  | $ | — |  | $ | — |  | $ | (62 | ) | $ | 6,515 |
Regulated natural gas | — |  | 246 |  | — |  | — |  | (23 | ) | 223 |
Nonregulated electric and other | — |  | 3 |  | 138 |  | 25 |  | 36 |  | 202 |
Total operating revenues | 6,577 |  | 249 |  | 138 |  | 25 |  | (49 | ) | 6,940 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,994 |  | — |  | — |  | — |  | (16 | ) | 1,978 |
Cost of natural gas | — |  | 48 |  | — |  | — |  | — |  | 48 |
Operation, maintenance and other | 1,357 |  | 108 |  | 81 |  | (30 | ) | (32 | ) | 1,484 |
Depreciation and amortization | 1,026 |  | 64 |  | 43 |  | 53 |  | — |  | 1,186 |
Property and other taxes | 301 |  | 24 |  | 6 |  | 4 |  | — |  | 335 |
Impairment charges | (20 | ) | — |  | — |  | — |  | — |  | (20 | )
Total operating expenses | 4,658 |  | 244 |  | 130 |  | 27 |  | (48 | ) | 5,011 |
Operating Income (Loss) | 1,919 |  | 5 |  | 8 |  | (2 | ) | (1 | ) | 1,929 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates | 5 |  | 37 |  | (2 | ) | 10 |  | — |  | 50 |
Other income and expenses, net | 82 |  | 5 |  | 15 |  | 14 |  | (12 | ) | 104 |
Total Other Income and Expenses | 87 |  | 42 |  | 13 |  | 24 |  | (12 | ) | 154 |
Interest Expense | 336 |  | 29 |  | 35 |  | 185 |  | (13 | ) | 572 |
Income (Loss) from Continuing Operations Before Income Taxes | 1,670 |  | 18 |  | (14 | ) | (163 | ) | — |  | 1,511 |
Income Tax Expense (Benefit) from Continuing Operations | 285 |  | (8 | ) | (35 | ) | (54 | ) | — |  | 188 |
Income (Loss) from Continuing Operations | 1,385 |  | 26 |  | 21 |  | (109 | ) | — |  | 1,323 |
Less: Net Loss Attributable to Noncontrolling Interest | — |  | — |  | (19 | ) | — |  | — |  | (19 | )
Less: Preferred Dividends | — |  | — |  | — |  | 15 |  | — |  | 15 |
Segment Income / Other Net Loss / Net Income Attributable to Duke Energy Corporation | $ | 1,385 |  | $ | 26 |  | $ | 40 |  | $ | (124 | ) | $ | — |  | $ | 1,327 |
Special Items | (19 | ) | — |  | — |  | — |  | — |  | (19 | )
Adjusted Earnings(a) | $ | 1,366 |  | $ | 26 |  | $ | 40 |  | $ | (124 | ) | $ | — |  | $ | 1,308 |

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

20

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Nine Months Ended September 30, 2019
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/Adjustments |  | Duke Energy |
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 17,381 |  | $ | — |  | $ | — |  | $ | — |  | $ | (158 | ) | $ | 17,223 |
Regulated natural gas | — |  | 1,302 |  | — |  | — |  | (71 | ) | 1,231 |
Nonregulated electric and other | — |  | 9 |  | 362 |  | 71 |  | 80 |  | 522 |
Total operating revenues | 17,381 |  | 1,311 |  | 362 |  | 71 |  | (149 | ) | 18,976 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 5,286 |  | — |  | — |  | — |  | (58 | ) | 5,228 |
Cost of natural gas | — |  | 451 |  | — |  | — |  | — |  | 451 |
Operation, maintenance and other | 3,957 |  | 325 |  | 211 |  | (69 | ) | (87 | ) | 4,337 |
Depreciation and amortization | 2,924 |  | 192 |  | 123 |  | 125 |  | — |  | 3,364 |
Property and other taxes | 899 |  | 84 |  | 18 |  | 10 |  | 1 |  | 1,012 |
Impairment charges | (16 | ) | — |  | — |  | — |  | — |  | (16 | )
Total operating expenses | 13,050 |  | 1,052 |  | 352 |  | 66 |  | (144 | ) | 14,376 |
Operating Income | 4,331 |  | 259 |  | 10 |  | 5 |  | (5 | ) | 4,600 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates | 11 |  | 101 |  | (4 | ) | 28 |  | 1 |  | 137 |
Other income and expenses, net | 256 |  | 18 |  | 7 |  | 70 |  | (43 | ) | 308 |
Total Other Income and Expenses | 267 |  | 119 |  | 3 |  | 98 |  | (42 | ) | 445 |
Interest Expense | 1,004 |  | 86 |  | 78 |  | 536 |  | (47 | ) | 1,657 |
Income (Loss) from Continuing Operations Before Income Taxes | 3,594 |  | 292 |  | (65 | ) | (433 | ) | — |  | 3,388 |
Income Tax Expense (Benefit) from Continuing Operations | 650 |  | — |  | (94 | ) | (132 | ) | — |  | 424 |
Income (Loss) from Continuing Operations | 2,944 |  | 292 |  | 29 |  | (301 | ) | — |  | 2,964 |
Less: Net Loss Attributable to Noncontrolling Interest(a) | — |  | — |  | (110 | ) | — |  | — |  | (110 | )
Less: Preferred Dividends | — |  | — |  | — |  | 27 |  | — |  | 27 |
Segment Income / Other Net Loss / Net Income Attributable to Duke Energy Corporation | $ | 2,944 |  | $ | 292 |  | $ | 139 |  | $ | (328 | ) | $ | — |  | $ | 3,047 |
Special Items | (19 | ) | — |  | — |  | — |  | — |  | (19 | )
Adjusted Earnings(b) | $ | 2,925 |  | $ | 292 |  | $ | 139 |  | $ | (328 | ) | $ | — |  | $ | 3,028 |

(a) | Includes the allocation of losses to noncontrolling members primarily due to a new solar tax equity project being placed in service.

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

21

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended September 30, 2018
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/Adjustments |  | Duke Energy |
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 6,260 |  | $ | — |  | $ | — |  | $ | — |  | $ | (44 | ) | $ | 6,216 |
Regulated natural gas | — |  | 254 |  | — |  | — |  | (24 | ) | 230 |
Nonregulated electric and other | — |  | 2 |  | 127 |  | 34 |  | 19 |  | 182 |
Total operating revenues | 6,260 |  | 256 |  | 127 |  | 34 |  | (49 | ) | 6,628 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,935 |  | — |  | — |  | 14 |  | (18 | ) | 1,931 |
Cost of natural gas | — |  | 58 |  | — |  | — |  | — |  | 58 |
Operation, maintenance and other | 1,431 |  | 101 |  | 85 |  | (8 | ) | (25 | ) | 1,584 |
Depreciation and amortization | 897 |  | 61 |  | 40 |  | 43 |  | (2 | ) | 1,039 |
Property and other taxes | 289 |  | 24 |  | 6 |  | 5 |  | (1 | ) | 323 |
Impairment charges | 31 |  | — |  | 93 |  | — |  | — |  | 124 |
Total operating expenses | 4,583 |  | 244 |  | 224 |  | 54 |  | (46 | ) | 5,059 |
Gains on Sales of Other Assets and Other, net | 8 |  | — |  | — |  | 3 |  | (1 | ) | 10 |
Operating Income (Loss) | 1,685 |  | 12 |  | (97 | ) | (17 | ) | (4 | ) | 1,579 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates | 1 |  | 25 |  | (2 | ) | 14 |  | (1 | ) | 37 |
Other income and expenses, net | 106 |  | 4 |  | 4 |  | 26 |  | (9 | ) | 131 |
Total Other Income and Expenses | 107 |  | 29 |  | 2 |  | 40 |  | (10 | ) | 168 |
Interest Expense | 322 |  | 25 |  | 21 |  | 163 |  | (14 | ) | 517 |
Income (Loss) from Continuing Operations Before Income Taxes | 1,470 |  | 16 |  | (116 | ) | (140 | ) | — |  | 1,230 |
Income Tax Expense (Benefit) from Continuing Operations | 303 |  | (1 | ) | (37 | ) | (98 | ) | 1 |  | 168 |
Income (Loss) from Continuing Operations | 1,167 |  | 17 |  | (79 | ) | (42 | ) | (1 | ) | 1,062 |
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — |  | — |  | (17 | ) | 2 |  | (1 | ) | (16 | )
Segment Income / Other Net Loss | $ | 1,167 |  | $ | 17 |  | $ | (62 | ) | $ | (44 | ) | $ | — |  | $ | 1,078 |
Income from Discontinued Operations, net of tax |  |  |  |  |  | 4 |
Net Income Attributable to Duke Energy Corporation |  |  |  |  |  | $ | 1,082 |
Segment Income / Other Net Loss | $ | 1,167 |  | $ | 17 |  | $ | (62 | ) | $ | (44 | ) | $ | — |  | $ | 1,078 |
Special Items | 8 |  | 1 |  | 88 |  | 4 |  | — |  | 101 |
Adjusted Earnings(a) | $ | 1,175 |  | $ | 18 |  | $ | 26 |  | $ | (40 | ) | $ | — |  | $ | 1,179 |

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

22

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Nine Months Ended September 30, 2018
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/Adjustments |  | Duke Energy |
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 16,806 |  | $ | — |  | $ | — |  | $ | — |  | $ | (128 | ) | $ | 16,678 |
Regulated natural gas | — |  | 1,294 |  | — |  | — |  | (73 | ) | 1,221 |
Nonregulated electric and other | — |  | 7 |  | 347 |  | 101 |  | 52 |  | 507 |
Total operating revenues | 16,806 |  | 1,301 |  | 347 |  | 101 |  | (149 | ) | 18,406 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 5,202 |  | — |  | — |  | 43 |  | (64 | ) | 5,181 |
Cost of natural gas | — |  | 460 |  | — |  | — |  | — |  | 460 |
Operation, maintenance and other | 4,151 |  | 312 |  | 209 |  | (2 | ) | (78 | ) | 4,592 |
Depreciation and amortization | 2,570 |  | 182 |  | 116 |  | 113 |  | (2 | ) | 2,979 |
Property and other taxes | 842 |  | 81 |  | 19 |  | 13 |  | (1 | ) | 954 |
Impairment charges | 246 |  | — |  | 93 |  | — |  | — |  | 339 |
Total operating expenses | 13,011 |  | 1,035 |  | 437 |  | 167 |  | (145 | ) | 14,505 |
Gains (Losses) on Sales of Other Assets and Other, net | 9 |  | — |  | — |  | (96 | ) | — |  | (87 | )
Operating Income (Loss) | 3,804 |  | 266 |  | (90 | ) | (162 | ) | (4 | ) | 3,814 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 5 |  | 2 |  | — |  | 43 |  | (1 | ) | 49 |
Other income and expenses, net | 281 |  | 14 |  | 22 |  | 38 |  | (28 | ) | 327 |
Total Other Income and Expenses | 286 |  | 16 |  | 22 |  | 81 |  | (29 | ) | 376 |
Interest Expense | 955 |  | 78 |  | 66 |  | 484 |  | (33 | ) | 1,550 |
Income (Loss) from Continuing Operations Before Income Taxes | 3,135 |  | 204 |  | (134 | ) | (565 | ) | — |  | 2,640 |
Income Tax Expense (Benefit) from Continuing Operations | 643 |  | 43 |  | (112 | ) | (125 | ) | — |  | 449 |
Income (Loss) from Continuing Operations | 2,492 |  | 161 |  | (22 | ) | (440 | ) | — |  | 2,191 |
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — |  | — |  | (18 | ) | 6 |  | — |  | (12 | )
Segment Income / Other Net Loss | $ | 2,492 |  | $ | 161 |  | $ | (4 | ) | $ | (446 | ) | $ | — |  | $ | 2,203 |
Loss from Discontinued Operations, net of tax |  |  |  |  |  | (1 | )
Net Income Attributable to Duke Energy Corporation |  |  |  |  |  | $ | 2,202 |
Segment Income / Other Net Loss | $ | 2,492 |  | $ | 161 |  | $ | (4 | ) | $ | (446 | ) | $ | — |  | $ | 2,203 |
Special Items | 210 |  | 43 |  | 88 |  | 190 |  | — |  | 531 |
Adjusted Earnings(a) | $ | 2,702 |  | $ | 204 |  | $ | 84 |  | $ | (256 | ) | $ | — |  | $ | 2,734 |

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

23

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS — ASSETS
(Unaudited)

| September 30, 2019
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/ Adjustments |  | Duke Energy |
Current Assets |  |  |  |  |  |
Cash and cash equivalents | $ | 125 |  | $ | 3 |  | $ | 29 |  | $ | 223 |  | $ | (1 | ) | $ | 379 |
Receivables, net | 570 |  | 62 |  | 94 |  | 29 |  | — |  | 755 |
Receivables of variable interest entities, net | 2,322 |  | — |  | — |  | — |  | — |  | 2,322 |
Receivables from affiliated companies | 53 |  | 11 |  | 1,152 |  | 556 |  | (1,772 | ) | — |
Notes receivable from affiliated companies | 142 |  | 18 |  | — |  | 734 |  | (894 | ) | — |
Inventory | 2,941 |  | 91 |  | 48 |  | 27 |  | — |  | 3,107 |
Regulatory assets | 1,559 |  | 50 |  | — |  | 114 |  | — |  | 1,723 |
Other | 195 |  | 122 |  | 179 |  | 854 |  | (17 | ) | 1,333 |
Total current assets | 7,907 |  | 357 |  | 1,502 |  | 2,537 |  | (2,684 | ) | 9,619 |
Property, Plant and Equipment |  |  |  |  |  |
Cost | 124,753 |  | 11,484 |  | 5,408 |  | 2,336 |  | (187 | ) | 143,794 |
Accumulated depreciation and amortization | (40,454 | ) | (2,473 | ) | (973 | ) | (1,260 | ) | 11 |  | (45,149 | )
Generation facilities to be retired, net | 267 |  | — |  | — |  | — |  | — |  | 267 |
Net property, plant and equipment | 84,566 |  | 9,011 |  | 4,435 |  | 1,076 |  | (176 | ) | 98,912 |
Other Noncurrent Assets |  |  |  |  |  |
Goodwill | 17,379 |  | 1,924 |  | — |  | — |  | — |  | 19,303 |
Regulatory assets | 12,719 |  | 672 |  | — |  | 525 |  | — |  | 13,916 |
Nuclear decommissioning trust funds | 7,695 |  | — |  | — |  | — |  | — |  | 7,695 |
Operating lease right-of-use assets, net | 1,280 |  | 25 |  | 98 |  | 301 |  | (1 | ) | 1,703 |
Investments in equity method unconsolidated affiliates | 130 |  | 1,356 |  | 244 |  | 134 |  | — |  | 1,864 |
Investment in consolidated subsidiaries | 316 |  | 18 |  | 3 |  | 61,615 |  | (61,952 | ) | — |
Other | 2,047 |  | 68 |  | 152 |  | 1,273 |  | (635 | ) | 2,905 |
Total other noncurrent assets | 41,566 |  | 4,063 |  | 497 |  | 63,848 |  | (62,588 | ) | 47,386 |
Total Assets | 134,039 |  | 13,431 |  | 6,434 |  | 67,461 |  | (65,448 | ) | 155,917 |
Segment reclassifications, intercompany balances and other | (743 | ) | (7 | ) | (1,156 | ) | (63,727 | ) | 65,633 |  | — |
Segment Assets | $ | 133,296 |  | $ | 13,424 |  | $ | 5,278 |  | $ | 3,734 |  | $ | 185 |  | $ | 155,917 |

24

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS — LIABILITIES AND EQUITY
(Unaudited)

| September 30, 2019
(In millions) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  | Eliminations/ Adjustments |  | Duke Energy |
Current Liabilities |  |  |  |  |  |
Accounts payable | $ | 2,138 |  | $ | 188 |  | $ | 91 |  | $ | 529 |  | $ | — |  | $ | 2,946 |
Accounts payable to affiliated companies | 643 |  | 57 |  | 30 |  | 994 |  | (1,724 | ) | — |
Notes payable to affiliated companies | 475 |  | 321 |  | 15 |  | 93 |  | (904 | ) | — |
Notes payable and commercial paper | — |  | — |  | 104 |  | 2,365 |  | — |  | 2,469 |
Taxes accrued | 713 |  | 27 |  | 416 |  | (444 | ) | — |  | 712 |
Interest accrued | 375 |  | 40 |  | 2 |  | 143 |  | (1 | ) | 559 |
Current maturities of long-term debt | 2,201 |  | 26 |  | 177 |  | 700 |  | (8 | ) | 3,096 |
Asset retirement obligations | 861 |  | — |  | — |  | — |  | — |  | 861 |
Regulatory liabilities | 574 |  | 97 |  | — |  | 2 |  | — |  | 673 |
Other | 1,575 |  | 67 |  | 51 |  | 436 |  | (55 | ) | 2,074 |
Total current liabilities | 9,555 |  | 823 |  | 886 |  | 4,818 |  | (2,692 | ) | 13,390 |
Long-Term Debt | 33,180 |  | 3,075 |  | 1,604 |  | 17,108 |  | (149 | ) | 54,818 |
Long-Term Debt Payable to Affiliated Companies | 618 |  | 7 |  | 9 |  | — |  | (634 | ) | — |
Other Noncurrent Liabilities |  |  |  |  |  |
Deferred income taxes | 10,210 |  | 1,026 |  | (622 | ) | (1,838 | ) | — |  | 8,776 |
Asset retirement obligations | 11,556 |  | 58 |  | 126 |  | — |  | — |  | 11,740 |
Regulatory liabilities | 13,633 |  | 1,543 |  | — |  | 26 |  | — |  | 15,202 |
Operating lease liabilities | 1,133 |  | 24 |  | 98 |  | 201 |  | — |  | 1,456 |
Accrued pension and other post-retirement benefit costs | 576 |  | 34 |  | 3 |  | 287 |  | — |  | 900 |
Investment tax credits | 576 |  | 2 |  | — |  | — |  | 1 |  | 579 |
Other | 897 |  | 193 |  | 468 |  | 329 |  | (238 | ) | 1,649 |
Total other noncurrent liabilities | 38,581 |  | 2,880 |  | 73 |  | (995 | ) | (237 | ) | 40,302 |
Equity |  |  |  |  |  |
Total Duke Energy Corporation stockholders' equity | 52,105 |  | 6,646 |  | 2,895 |  | 46,527 |  | (61,735 | ) | 46,438 |
Noncontrolling interests | — |  | — |  | 967 |  | 3 |  | (1 | ) | 969 |
Total equity | 52,105 |  | 6,646 |  | 3,862 |  | 46,530 |  | (61,736 | ) | 47,407 |
Total Liabilities and Equity | 134,039 |  | 13,431 |  | 6,434 |  | 67,461 |  | (65,448 | ) | 155,917 |
Segment reclassifications, intercompany balances and other | (743 | ) | (7 | ) | (1,156 | ) | (63,727 | ) | 65,633 |  | — |
Segment Liabilities and Equity | $ | 133,296 |  | $ | 13,424 |  | $ | 5,278 |  | $ | 3,734 |  | $ | 185 |  | $ | 155,917 |

25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended September 30, 2019
(In millions) | Duke Energy Carolinas |  | Duke Energy Progress |  | Duke Energy Florida |  | Duke Energy Ohio(a) |  | Duke Energy Indiana |  | Eliminations/ Other |  | Electric Utilities and Infrastructure |
Operating Revenues | $ | 2,162 |  | $ | 1,688 |  | $ | 1,548 |  | $ | 408 |  | $ | 807 |  | $ | (36 | ) | $ | 6,577 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 504 |  | 577 |  | 610 |  | 114 |  | 234 |  | (45 | ) | 1,994 |
Operation, maintenance and other | 437 |  | 374 |  | 253 |  | 95 |  | 189 |  | 9 |  | 1,357 |
Depreciation and amortization | 350 |  | 314 |  | 182 |  | 50 |  | 130 |  | — |  | 1,026 |
Property and other taxes | 66 |  | 46 |  | 113 |  | 60 |  | 16 |  | — |  | 301 |
Impairment charges | 6 |  | — |  | (25 | ) | — |  | — |  | (1 | ) | (20 | )
Total operating expenses | 1,363 |  | 1,311 |  | 1,133 |  | 319 |  | 569 |  | (37 | ) | 4,658 |
Gains on Sales of Other Assets and Other, net | — |  | — |  | 1 |  | — |  | — |  | (1 | ) | — |
Operating Income | 799 |  | 377 |  | 416 |  | 89 |  | 238 |  | — |  | 1,919 |
Other Income and Expenses, net(b) | 34 |  | 27 |  | 14 |  | 2 |  | 8 |  | 2 |  | 87 |
Interest Expense | 119 |  | 74 |  | 81 |  | 21 |  | 40 |  | 1 |  | 336 |
Income Before Income Taxes | 714 |  | 330 |  | 349 |  | 70 |  | 206 |  | 1 |  | 1,670 |
Income Tax Expense | 119 |  | 49 |  | 58 |  | 8 |  | 48 |  | 3 |  | 285 |
Segment Income | $ | 595 |  | $ | 281 |  | $ | 291 |  | $ | 62 |  | $ | 158 |  | $ | (2 | ) | $ | 1,385 |

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

(b) | Includes an equity component of allowance for funds used during construction of $8 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $2 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $4 million for Duke Energy Indiana.

26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Nine Months Ended September 30, 2019
(In millions) | Duke Energy Carolinas |  | Duke Energy Progress |  | Duke Energy Florida |  | Duke Energy Ohio(a) |  | Duke Energy Indiana |  | Eliminations/ Other |  | Electric Utilities and Infrastructure |
Operating Revenues | $ | 5,619 |  | $ | 4,559 |  | $ | 3,987 |  | $ | 1,099 |  | $ | 2,289 |  | $ | (172 | ) | $ | 17,381 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,371 |  | 1,571 |  | 1,529 |  | 293 |  | 720 |  | (198 | ) | 5,286 |
Operation, maintenance and other | 1,306 |  | 1,060 |  | 723 |  | 292 |  | 563 |  | 13 |  | 3,957 |
Depreciation and amortization | 1,013 |  | 855 |  | 522 |  | 136 |  | 393 |  | 5 |  | 2,924 |
Property and other taxes | 221 |  | 131 |  | 309 |  | 183 |  | 55 |  | — |  | 899 |
Impairment charges | 11 |  | — |  | (25 | ) | — |  | — |  | (2 | ) | (16 | )
Total operating expenses | 3,922 |  | 3,617 |  | 3,058 |  | 904 |  | 1,731 |  | (182 | ) | 13,050 |
Operating Income | 1,697 |  | 942 |  | 929 |  | 195 |  | 558 |  | 10 |  | 4,331 |
Other Income and Expenses, net(b) | 106 |  | 75 |  | 39 |  | 13 |  | 35 |  | (1 | ) | 267 |
Interest Expense | 346 |  | 232 |  | 246 |  | 61 |  | 111 |  | 8 |  | 1,004 |
Income Before Income Taxes | 1,457 |  | 785 |  | 722 |  | 147 |  | 482 |  | 1 |  | 3,594 |
Income Tax Expense | 259 |  | 127 |  | 131 |  | 18 |  | 115 |  | — |  | 650 |
Segment Income | $ | 1,198 |  | $ | 658 |  | $ | 591 |  | $ | 129 |  | $ | 367 |  | $ | 1 |  | $ | 2,944 |

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

(b) | Includes an equity component of allowance for funds used during construction of $29 million for Duke Energy Carolinas, $44 million for Duke Energy Progress, $4 million for Duke Energy Florida, $8 million for Duke Energy Ohio and $13 million for Duke Energy Indiana.

27

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS — ASSETS
(Unaudited)

| September 30, 2019
(In millions) | Duke Energy Carolinas |  | Duke Energy Progress |  | Duke Energy Florida |  | Duke Energy Ohio(a) |  | Duke Energy Indiana |  | Eliminations/ Adjustments(b) |  | Electric Utilities and Infrastructure |
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 23 |  | $ | 49 |  | $ | 24 |  | $ | 8 |  | $ | 20 |  | $ | 1 |  | $ | 125 |
Receivables, net | 234 |  | 75 |  | 104 |  | 97 |  | 56 |  | 4 |  | 570 |
Receivables of variable interest entities, net | 775 |  | 564 |  | 478 |  | — |  | — |  | 505 |  | 2,322 |
Receivables from affiliated companies | 108 |  | 34 |  | 1 |  | 49 |  | 85 |  | (224 | ) | 53 |
Notes receivable from affiliated companies | — |  | — |  | — |  | 56 |  | 213 |  | (127 | ) | 142 |
Inventory | 943 |  | 939 |  | 495 |  | 85 |  | 478 |  | 1 |  | 2,941 |
Regulatory assets | 573 |  | 515 |  | 367 |  | 16 |  | 91 |  | (3 | ) | 1,559 |
Other | 19 |  | 95 |  | 42 |  | 12 |  | 29 |  | (2 | ) | 195 |
Total current assets | 2,675 |  | 2,271 |  | 1,511 |  | 323 |  | 972 |  | 155 |  | 7,907 |
Property, Plant and Equipment |  |  |  |  |  |  |
Cost | 47,815 |  | 33,594 |  | 19,887 |  | 6,727 |  | 16,137 |  | 593 |  | 124,753 |
Accumulated depreciation and amortization | (16,359 | ) | (11,761 | ) | (5,148 | ) | (1,964 | ) | (5,200 | ) | (22 | ) | (40,454 | )
Generation facilities to be retired, net | — |  | 267 |  | — |  | — |  | — |  | — |  | 267 |
Net property, plant and equipment | 31,456 |  | 22,100 |  | 14,739 |  | 4,763 |  | 10,937 |  | 571 |  | 84,566 |
Other Noncurrent Assets |  |  |  |  |  |  |
Goodwill | — |  | — |  | — |  | 596 |  | — |  | 16,783 |  | 17,379 |
Regulatory assets | 3,587 |  | 4,363 |  | 2,370 |  | 371 |  | 1,088 |  | 940 |  | 12,719 |
Nuclear decommissioning trust funds | 4,104 |  | 2,872 |  | 718 |  | — |  | — |  | 1 |  | 7,695 |
Operating lease right-of-use assets, net | 135 |  | 397 |  | 417 |  | 22 |  | 58 |  | 251 |  | 1,280 |
Investments in equity method unconsolidated affiliates | — |  | — |  | — |  | — |  | — |  | 130 |  | 130 |
Investment in consolidated subsidiaries | 48 |  | 13 |  | 2 |  | 201 |  | 1 |  | 51 |  | 316 |
Other | 1,061 |  | 594 |  | 307 |  | 38 |  | 211 |  | (164 | ) | 2,047 |
Total other noncurrent assets | 8,935 |  | 8,239 |  | 3,814 |  | 1,228 |  | 1,358 |  | 17,992 |  | 41,566 |
Total Assets | 43,066 |  | 32,610 |  | 20,064 |  | 6,314 |  | 13,267 |  | 18,718 |  | 134,039 |
Segment reclassifications, intercompany balances and other | (267 | ) | (105 | ) | (150 | ) | (207 | ) | (105 | ) | 91 |  | (743 | )
Reportable Segment Assets | $ | 42,799 |  | $ | 32,505 |  | $ | 19,914 |  | $ | 6,107 |  | $ | 13,162 |  | $ | 18,809 |  | $ | 133,296 |

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

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

28

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS — LIABILITIES AND EQUITY
(Unaudited)

| September 30, 2019
(In millions) | Duke Energy Carolinas |  | Duke Energy Progress |  | Duke Energy Florida |  | Duke Energy Ohio(a) |  | Duke Energy Indiana |  | Eliminations/ Adjustments(b) |  | Electric Utilities and Infrastructure |
Current Liabilities |  |  |  |  |  |  |
Accounts payable | $ | 644 |  | $ | 550 |  | $ | 542 |  | $ | 204 |  | $ | 196 |  | $ | 2 |  | $ | 2,138 |
Accounts payable to affiliated companies | 174 |  | 198 |  | 158 |  | 20 |  | 74 |  | 19 |  | 643 |
Notes payable to affiliated companies | 49 |  | 79 |  | 356 |  | 108 |  | — |  | (117 | ) | 475 |
Taxes accrued | 263 |  | 101 |  | 176 |  | 158 |  | 30 |  | (15 | ) | 713 |
Interest accrued | 138 |  | 89 |  | 72 |  | 22 |  | 54 |  | — |  | 375 |
Current maturities of long-term debt | 457 |  | 306 |  | 621 |  | 74 |  | 651 |  | 92 |  | 2,201 |
Asset retirement obligations | 214 |  | 476 |  | 2 |  | 3 |  | 165 |  | 1 |  | 861 |
Regulatory liabilities | 197 |  | 210 |  | 87 |  | 42 |  | 39 |  | (1 | ) | 574 |
Other | 545 |  | 416 |  | 422 |  | 69 |  | 106 |  | 17 |  | 1,575 |
Total current liabilities | 2,681 |  | 2,425 |  | 2,436 |  | 700 |  | 1,315 |  | (2 | ) | 9,555 |
Long-Term Debt | 11,001 |  | 8,593 |  | 6,511 |  | 2,045 |  | 3,407 |  | 1,623 |  | 33,180 |
Long-Term Debt Payable to Affiliated Companies | 300 |  | 150 |  | — |  | 18 |  | 150 |  | — |  | 618 |
Other Noncurrent Liabilities |  |  |  |  |  |  |
Deferred income taxes | 3,900 |  | 2,328 |  | 2,201 |  | 636 |  | 1,119 |  | 26 |  | 10,210 |
Asset retirement obligations | 5,184 |  | 5,038 |  | 572 |  | 43 |  | 659 |  | 60 |  | 11,556 |
Regulatory liabilities | 6,364 |  | 4,152 |  | 1,013 |  | 419 |  | 1,684 |  | 1 |  | 13,633 |
Operating lease liabilities | 108 |  | 360 |  | 350 |  | 21 |  | 55 |  | 239 |  | 1,133 |
Accrued pension and other post-retirement benefit costs | 88 |  | 230 |  | 196 |  | 74 |  | 157 |  | (169 | ) | 576 |
Investment tax credits | 232 |  | 138 |  | 42 |  | 4 |  | 161 |  | (1 | ) | 576 |
Other | 617 |  | 105 |  | 60 |  | 66 |  | 58 |  | (9 | ) | 897 |
Total other noncurrent liabilities | 16,493 |  | 12,351 |  | 4,434 |  | 1,263 |  | 3,893 |  | 147 |  | 38,581 |
Equity | 12,591 |  | 9,091 |  | 6,683 |  | 2,288 |  | 4,502 |  | 16,950 |  | 52,105 |
Total Liabilities and Equity | 43,066 |  | 32,610 |  | 20,064 |  | 6,314 |  | 13,267 |  | 18,718 |  | 134,039 |
Segment reclassifications, intercompany balances and other | (267 | ) | (105 | ) | (150 | ) | (207 | ) | (105 | ) | 91 |  | (743 | )
Reportable Segment Liabilities and Equity | $ | 42,799 |  | $ | 32,505 |  | $ | 19,914 |  | $ | 6,107 |  | $ | 13,162 |  | $ | 18,809 |  | $ | 133,296 |

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

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

29

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended September 30, 2019
(In millions) | Duke Energy Ohio(a) |  | Piedmont Natural Gas LDC |  | Midstream Pipelines and Storage(b) |  | Eliminations/ Adjustments |  | Gas Utilities and Infrastructure |
Operating Revenues | $ | 81 |  | $ | 168 |  | $ | — |  | $ | — |  | $ | 249 |
Operating Expenses |  |  |  |  |
Cost of natural gas | 4 |  | 46 |  | — |  | (2 | ) | 48 |
Operation, maintenance and other | 26 |  | 80 |  | — |  | 2 |  | 108 |
Depreciation and amortization | 19 |  | 43 |  | 1 |  | 1 |  | 64 |
Property and other taxes | 12 |  | 14 |  | — |  | (2 | ) | 24 |
Total operating expenses | 61 |  | 183 |  | 1 |  | (1 | ) | 244 |
Operating Income (Loss) | 20 |  | (15 | ) | (1 | ) | 1 |  | 5 |
Other Income and Expenses |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | — |  | 37 |  | — |  | 37 |
Other income and expenses, net | 1 |  | 5 |  | — |  | (1 | ) | 5 |
Total other income and expenses | 1 |  | 5 |  | 37 |  | (1 | ) | 42 |
Interest Expense | 7 |  | 22 |  | 1 |  | (1 | ) | 29 |
Income (Loss) Before Income Taxes | 14 |  | (32 | ) | 35 |  | 1 |  | 18 |
Income Tax Expense (Benefit) | 1 |  | (10 | ) | 1 |  | — |  | (8 | )
Segment Income | $ | 13 |  | $ | (22 | ) | $ | 34 |  | $ | 1 |  | $ | 26 |

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

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

30

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Nine Months Ended September 30, 2019
(In millions) | Duke Energy Ohio(a) |  | Piedmont Natural Gas LDC |  | Midstream Pipelines and Storage(b) |  | Eliminations/ Adjustments |  | Gas Utilities and Infrastructure |
Operating Revenues | $ | 354 |  | $ | 956 |  | $ | — |  | $ | 1 |  | $ | 1,311 |
Operating Expenses |  |  |  |  |
Cost of natural gas | 68 |  | 384 |  | — |  | (1 | ) | 451 |
Operation, maintenance and other | 82 |  | 239 |  | 3 |  | 1 |  | 325 |
Depreciation and amortization | 63 |  | 127 |  | 1 |  | 1 |  | 192 |
Property and other taxes | 46 |  | 39 |  | — |  | (1 | ) | 84 |
Total operating expenses | 259 |  | 789 |  | 4 |  | — |  | 1,052 |
Operating Income (Loss) | 95 |  | 167 |  | (4 | ) | 1 |  | 259 |
Other Income and Expenses |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | — |  | 101 |  | — |  | 101 |
Other income and expenses, net | 6 |  | 13 |  | — |  | (1 | ) | 18 |
Total other income and expenses | 6 |  | 13 |  | 101 |  | (1 | ) | 119 |
Interest Expense | 20 |  | 65 |  | 1 |  | — |  | 86 |
Income Before Income Taxes | 81 |  | 115 |  | 96 |  | — |  | 292 |
Income Tax Expense (Benefit) | 16 |  | 25 |  | (37 | ) | (4 | ) | — |
Segment Income | $ | 65 |  | $ | 90 |  | $ | 133 |  | $ | 4 |  | $ | 292 |

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

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

31

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS — ASSETS
(Unaudited)

| September 30, 2019
(In millions) | Duke Energy Ohio(a) |  | Piedmont Natural Gas LDC |  | Midstream Pipelines and Storage |  | Eliminations/ Adjustments(b) |  | Gas Utilities and Infrastructure |
Current Assets |  |  |  |  |
Cash and cash equivalents | $ | 3 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3 |
Receivables, net | (16 | ) | 78 |  | — |  | — |  | 62 |
Receivables from affiliated companies | 7 |  | 86 |  | — |  | (82 | ) | 11 |
Notes receivable from affiliated companies | 23 |  | — |  | — |  | (5 | ) | 18 |
Inventory | 43 |  | 47 |  | — |  | 1 |  | 91 |
Regulatory assets | 2 |  | 48 |  | — |  | — |  | 50 |
Other | 2 |  | 121 |  | 1 |  | (2 | ) | 122 |
Total current assets | 64 |  | 380 |  | 1 |  | (88 | ) | 357 |
Property, Plant and Equipment |  |  |  |  |
Cost | 3,266 |  | 8,218 |  | — |  | — |  | 11,484 |
Accumulated depreciation and amortization | (821 | ) | (1,652 | ) | — |  | — |  | (2,473 | )
Net property, plant and equipment | 2,445 |  | 6,566 |  | — |  | — |  | 9,011 |
Other Noncurrent Assets |  |  |  |  |
Goodwill | 324 |  | 49 |  | — |  | 1,551 |  | 1,924 |
Regulatory assets | 210 |  | 306 |  | — |  | 156 |  | 672 |
Operating lease right-of-use assets, net | — |  | 25 |  | — |  | — |  | 25 |
Investments in equity method unconsolidated affiliates | — |  | — |  | 1,356 |  | — |  | 1,356 |
Investment in consolidated subsidiaries | — |  | — |  | — |  | 18 |  | 18 |
Other | 7 |  | 42 |  | 17 |  | 2 |  | 68 |
Total other noncurrent assets | 541 |  | 422 |  | 1,373 |  | 1,727 |  | 4,063 |
Total Assets | 3,050 |  | 7,368 |  | 1,374 |  | 1,639 |  | 13,431 |
Segment reclassifications, intercompany balances and other | (1 | ) | (48 | ) | (11 | ) | 53 |  | (7 | )
Reportable Segment Assets | $ | 3,049 |  | $ | 7,320 |  | $ | 1,363 |  | $ | 1,692 |  | $ | 13,424 |

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

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

32

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS — LIABILITIES AND EQUITY
(Unaudited)

| September 30, 2019
(In millions) | Duke Energy Ohio(a) |  | Piedmont Natural Gas LDC |  | Midstream Pipelines and Storage |  | Eliminations/ Adjustments(b) |  | Gas Utilities and Infrastructure |
Current Liabilities |  |  |  |  |
Accounts payable | $ | 48 |  | $ | 140 |  | $ | — |  | $ | — |  | $ | 188 |
Accounts payable to affiliated companies | 6 |  | 55 |  | 77 |  | (81 | ) | 57 |
Notes payable to affiliated companies | 64 |  | 262 |  | — |  | (5 | ) | 321 |
Taxes accrued | (7 | ) | 33 |  | 1 |  | — |  | 27 |
Interest accrued | 8 |  | 32 |  | — |  | — |  | 40 |
Current maturities of long-term debt | 26 |  | — |  | — |  | — |  | 26 |
Regulatory liabilities | 22 |  | 75 |  | — |  | — |  | 97 |
Other | 4 |  | 63 |  | 1 |  | (1 | ) | 67 |
Total current liabilities | 171 |  | 660 |  | 79 |  | (87 | ) | 823 |
Long-Term Debt | 549 |  | 2,384 |  | — |  | 142 |  | 3,075 |
Long-Term Debt Payable to Affiliated Companies | 7 |  | — |  | — |  | — |  | 7 |
Other Noncurrent Liabilities |  |  |  |  |
Deferred income taxes | 277 |  | 648 |  | 102 |  | (1 | ) | 1,026 |
Asset retirement obligations | 38 |  | 20 |  | — |  | — |  | 58 |
Regulatory liabilities | 374 |  | 1,154 |  | — |  | 15 |  | 1,543 |
Operating lease liabilities | — |  | 24 |  | — |  | — |  | 24 |
Accrued pension and other post-retirement benefit costs | 28 |  | 6 |  | — |  | — |  | 34 |
Investment tax credits | 2 |  | 1 |  | — |  | (1 | ) | 2 |
Other | 38 |  | 140 |  | 14 |  | 1 |  | 193 |
Total other noncurrent liabilities | 757 |  | 1,993 |  | 116 |  | 14 |  | 2,880 |
Equity | 1,566 |  | 2,331 |  | 1,179 |  | 1,570 |  | 6,646 |
Total Liabilities and Equity | 3,050 |  | 7,368 |  | 1,374 |  | 1,639 |  | 13,431 |
Segment reclassifications, intercompany balances and other | (1 | ) | (48 | ) | (11 | ) | 53 |  | (7 | )
Reportable Segment Liabilities and Equity | $ | 3,049 |  | $ | 7,320 |  | $ | 1,363 |  | $ | 1,692 |  | $ | 13,424 |

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

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

33

Electric Utilities and Infrastructure
Quarterly Highlights
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
Gigawatt-hour (GWh) Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 25,304 |  |  | 25,149 |  |  | 0.6 | % |  | (0.5 | %) |  | 66,345 |  |  | 68,049 |  |  | (2.5 | %) |  | (0.4 | %)
| General Service | 22,396 |  |  | 22,709 |  |  | (1.4 | %) |  | (1.8 | %) |  | 59,328 |  |  | 60,175 |  |  | (1.4 | %) |  | (1.1 | %)
| Industrial | 13,669 |  |  | 14,264 |  |  | (4.2 | %) |  | (2.3 | %) |  | 38,480 |  |  | 39,438 |  |  | (2.4 | %) |  | (1.3 | %)
| Other Energy Sales | 146 |  |  | 141 |  |  | 3.5 | % |  |  |  | 436 |  |  | 422 |  |  | 3.3 | % |  |
| Unbilled Sales | 110 |  |  | (939 | ) |  | 111.7 | % |  | n/a |  |  | 311 |  |  | (1,174 | ) |  | 126.5 | % |  | n/a |
| Total Retail Sales | 61,625 |  |  | 61,324 |  |  | 0.5 | % |  | (1.4 | )% |  | 164,900 |  |  | 166,910 |  |  | (1.2 | %) |  | (0.9 | %)
| Wholesale and Other | 12,306 |  |  | 12,361 |  |  | (0.4 | %) |  |  |  | 31,799 |  |  | 33,224 |  |  | (4.3 | %) |  |
| Total Consolidated Electric Sales — Electric Utilities and Infrastructure | 73,931 |  |  | 73,685 |  |  | 0.3 | % |  |  |  | 196,699 |  |  | 200,134 |  |  | (1.7 | %) |  |
Average Number of Customers (Electric) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 6,747,169 |  |  | 6,639,883 |  |  | 1.6 | % |  |  |  | 6,727,714 |  |  | 6,620,991 |  |  | 1.6 | % |  |
| General Service | 993,468 |  |  | 984,937 |  |  | 0.9 | % |  |  |  | 990,882 |  |  | 982,263 |  |  | 0.9 | % |  |
| Industrial | 17,291 |  |  | 17,493 |  |  | (1.2 | %) |  |  |  | 17,342 |  |  | 17,541 |  |  | (1.1 | %) |  |
| Other Energy Sales | 30,639 |  |  | 25,328 |  |  | 21.0 | % |  |  |  | 29,278 |  |  | 24,109 |  |  | 21.4 | % |  |
| Total Retail Customers | 7,788,567 |  |  | 7,667,641 |  |  | 1.6 | % |  |  |  | 7,765,216 |  |  | 7,644,904 |  |  | 1.6 | % |  |
| Wholesale and Other | 50 |  |  | 53 |  |  | (5.7 | %) |  |  |  | 48 |  |  | 55 |  |  | (12.7 | %) |  |
| Total Average Number of Customers — Electric Utilities and Infrastructure | 7,788,617 |  |  | 7,667,694 |  |  | 1.6 | % |  |  |  | 7,765,264 |  |  | 7,644,959 |  |  | 1.6 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 18,535 |  |  | 18,597 |  |  | (0.3 | %) |  |  |  | 43,713 |  |  | 51,793 |  |  | (15.6 | %) |  |
| Nuclear | 18,970 |  |  | 18,576 |  |  | 2.1 | % |  |  |  | 55,698 |  |  | 54,676 |  |  | 1.9 | % |  |
| Hydro | 240 |  |  | 523 |  |  | (54.1 | %) |  |  |  | 2,072 |  |  | 2,259 |  |  | (8.3 | %) |  |
| Oil and Natural Gas | 22,421 |  |  | 21,621 |  |  | 3.7 | % |  |  |  | 58,266 |  |  | 55,635 |  |  | 4.7 | % |  |
| Renewable Energy | 197 |  |  | 120 |  |  | 64.2 | % |  |  |  | 519 |  |  | 364 |  |  | 42.6 | % |  |
| Total Generation (d) | 60,363 |  |  | 59,437 |  |  | 1.6 | % |  |  |  | 160,268 |  |  | 164,727 |  |  | (2.7 | %) |  |
| Purchased Power and Net Interchange (e) | 16,238 |  |  | 18,097 |  |  | (10.3 | %) |  |  |  | 46,285 |  |  | 46,778 |  |  | (1.1 | %) |  |
| Total Sources of Energy | 76,601 |  |  | 77,534 |  |  | (1.2 | %) |  |  |  | 206,553 |  |  | 211,505 |  |  | (2.3 | %) |  |
| Less: Line Loss and Other | 2,670 |  |  | 3,849 |  |  | (30.6 | %) |  |  |  | 9,854 |  |  | 11,371 |  |  | (13.3 | %) |  |
| Total GWh Sources | 73,931 |  |  | 73,685 |  |  | 0.3 | % |  |  |  | 196,699 |  |  | 200,134 |  |  | (1.7 | %) |  |
Owned Megawatt (MW) Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 50,871 |  |  | 49,911 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 54,566 |  |  | 53,453 |  |  |  |  |
Nuclear Capacity Factor (%) (f) |  |  |  |  |  |  |  |  | 96 |  |  | 94 |  |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

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

34

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
GWh Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 8,452 |  |  | 8,512 |  |  | (0.7 | %) |  |  |  | 22,375 |  |  | 23,120 |  |  | (3.2 | %) |  |
| General Service | 8,546 |  |  | 8,820 |  |  | (3.1 | %) |  |  |  | 22,539 |  |  | 22,959 |  |  | (1.8 | %) |  |
| Industrial | 5,790 |  |  | 6,319 |  |  | (8.4 | %) |  |  |  | 16,126 |  |  | 16,822 |  |  | (4.1 | %) |  |
| Other Energy Sales | 82 |  |  | 76 |  |  | 7.9 | % |  |  |  | 241 |  |  | 226 |  |  | 6.6 | % |  |
| Unbilled Sales | (158 | ) |  | (1,055 | ) |  | 85.0 | % |  |  |  | (169 | ) |  | (1,152 | ) |  | 85.3 | % |  |
| Total Retail Sales | 22,712 |  |  | 22,672 |  |  | 0.2 | % |  | (1.3 | %) |  | 61,112 |  |  | 61,975 |  |  | (1.4 | %) |  | (1.0 | %)
| Wholesale and Other | 2,875 |  |  | 2,935 |  |  | (2.0 | %) |  |  |  | 7,907 |  |  | 8,531 |  |  | (7.3 | %) |  |
| Total Consolidated Electric Sales — Duke Energy Carolinas | 25,587 |  |  | 25,607 |  |  | (0.1 | %) |  |  |  | 69,019 |  |  | 70,506 |  |  | (2.1 | %) |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 2,266,663 |  |  | 2,216,713 |  |  | 2.3 | % |  |  |  | 2,256,206 |  |  | 2,209,530 |  |  | 2.1 | % |  |
| General Service | 363,073 |  |  | 358,451 |  |  | 1.3 | % |  |  |  | 361,739 |  |  | 357,378 |  |  | 1.2 | % |  |
| Industrial | 6,113 |  |  | 6,148 |  |  | (0.6 | %) |  |  |  | 6,124 |  |  | 6,178 |  |  | (0.9 | %) |  |
| Other Energy Sales | 22,555 |  |  | 17,350 |  |  | 30.0 | % |  |  |  | 21,219 |  |  | 16,122 |  |  | 31.6 | % |  |
| Total Retail Customers | 2,658,404 |  |  | 2,598,662 |  |  | 2.3 | % |  |  |  | 2,645,288 |  |  | 2,589,208 |  |  | 2.2 | % |  |
| Wholesale and Other | 23 |  |  | 21 |  |  | 9.5 | % |  |  |  | 19 |  |  | 23 |  |  | (17.4 | %) |  |
| Total Average Number of Customers — Duke Energy Carolinas | 2,658,427 |  |  | 2,598,683 |  |  | 2.3 | % |  |  |  | 2,645,307 |  |  | 2,589,231 |  |  | 2.2 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 8,124 |  |  | 6,436 |  |  | 26.2 | % |  |  |  | 16,416 |  |  | 18,715 |  |  | (12.3 | %) |  |
| Nuclear | 11,666 |  |  | 11,347 |  |  | 2.8 | % |  |  |  | 34,147 |  |  | 34,068 |  |  | 0.2 | % |  |
| Hydro | 104 |  |  | 337 |  |  | (69.1 | %) |  |  |  | 1,423 |  |  | 1,576 |  |  | (9.7 | %) |  |
| Oil and Natural Gas | 4,697 |  |  | 4,970 |  |  | (5.5 | %) |  |  |  | 12,585 |  |  | 12,173 |  |  | 3.4 | % |  |
| Renewable Energy | 45 |  |  | 44 |  |  | 2.3 | % |  |  |  | 123 |  |  | 129 |  |  | (4.7 | %) |  |
| Total Generation (d) | 24,636 |  |  | 23,134 |  |  | 6.5 | % |  |  |  | 64,694 |  |  | 66,661 |  |  | (3.0 | %) |  |
| Purchased Power and Net Interchange (e) | 2,187 |  |  | 3,645 |  |  | (40.0 | %) |  |  |  | 8,030 |  |  | 7,479 |  |  | 7.4 | % |  |
| Total Sources of Energy | 26,823 |  |  | 26,779 |  |  | 0.2 | % |  |  |  | 72,724 |  |  | 74,140 |  |  | (1.9 | %) |  |
| Less: Line Loss and Other | 1,236 |  |  | 1,172 |  |  | 5.5 | % |  |  |  | 3,705 |  |  | 3,634 |  |  | 2.0 | % |  |
| Total GWh Sources | 25,587 |  |  | 25,607 |  |  | (0.1 | %) |  |  |  | 69,019 |  |  | 70,506 |  |  | (2.1 | %) |  |
Owned MW Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 20,192 |  |  | 20,178 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 21,129 |  |  | 21,114 |  |  |  |  |
Nuclear Capacity Factor (%) (f) |  |  |  |  |  |  |  |  | 98 |  |  | 97 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | — |  |  | — | % |  |  |  | 1,730 |  |  | 1,929 |  |  | (10.3 | %) |  |
| Cooling Degree Days | 1,205 |  |  | 1,136 |  |  | 6.1 | % |  |  |  | 1,841 |  |  | 1,784 |  |  | 3.2 | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (100.0 | %) |  | (100.0 | %) |  |  |  |  |  | (11.5 | %) |  | (2.6 | %) |  |  |  |
| Cooling Degree Days | 21.8 | % |  | 14.5 | % |  |  |  |  |  | 23.8 | % |  | 19.8 | % |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

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

35

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
GWh Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 5,299 |  |  | 5,174 |  |  | 2.4 | % |  |  |  | 14,107 |  |  | 14,706 |  |  | (4.1 | %) |  |
| General Service | 4,552 |  |  | 4,502 |  |  | 1.1 | % |  |  |  | 11,808 |  |  | 12,005 |  |  | (1.6 | %) |  |
| Industrial | 2,903 |  |  | 2,813 |  |  | 3.2 | % |  |  |  | 8,018 |  |  | 7,890 |  |  | 1.6 | % |  |
| Other Energy Sales | 19 |  |  | 19 |  |  | — | % |  |  |  | 58 |  |  | 58 |  |  | — | % |  |
| Unbilled Sales | (171 | ) |  | (40 | ) |  | (327.5 | %) |  |  |  | 10 |  |  | (312 | ) |  | 103.2 | % |  |
| Total Retail Sales | 12,602 |  |  | 12,468 |  |  | 1.1 | % |  | (1.6 | %) |  | 34,001 |  |  | 34,347 |  |  | (1.0 | %) |  | (0.8 | %)
| Wholesale and Other | 6,900 |  |  | 7,157 |  |  | (3.6 | %) |  |  |  | 18,071 |  |  | 18,400 |  |  | (1.8 | %) |  |
| Total Consolidated Electric Sales — Duke Energy Progress | 19,502 |  |  | 19,625 |  |  | (0.6 | %) |  |  |  | 52,072 |  |  | 52,747 |  |  | (1.3 | %) |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,351,180 |  |  | 1,334,169 |  |  | 1.3 | % |  |  |  | 1,346,472 |  |  | 1,328,486 |  |  | 1.4 | % |  |
| General Service | 237,037 |  |  | 235,480 |  |  | 0.7 | % |  |  |  | 236,328 |  |  | 234,497 |  |  | 0.8 | % |  |
| Industrial | 4,018 |  |  | 4,072 |  |  | (1.3 | %) |  |  |  | 4,032 |  |  | 4,062 |  |  | (0.7 | %) |  |
| Other Energy Sales | 1,413 |  |  | 1,420 |  |  | (0.5 | %) |  |  |  | 1,415 |  |  | 1,438 |  |  | (1.6 | %) |  |
| Total Retail Customers | 1,593,648 |  |  | 1,575,141 |  |  | 1.2 | % |  |  |  | 1,588,247 |  |  | 1,568,483 |  |  | 1.3 | % |  |
| Wholesale and Other | 9 |  |  | 14 |  |  | (35.7 | %) |  |  |  | 12 |  |  | 14 |  |  | (14.3 | %) |  |
| Total Average Number of Customers — Duke Energy Progress | 1,593,657 |  |  | 1,575,155 |  |  | 1.2 | % |  |  |  | 1,588,259 |  |  | 1,568,497 |  |  | 1.3 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 3,792 |  |  | 2,434 |  |  | 55.8 | % |  |  |  | 7,484 |  |  | 6,760 |  |  | 10.7 | % |  |
| Nuclear | 7,304 |  |  | 7,229 |  |  | 1.0 | % |  |  |  | 21,551 |  |  | 20,608 |  |  | 4.6 | % |  |
| Hydro | 84 |  |  | 145 |  |  | (42.1 | %) |  |  |  | 543 |  |  | 590 |  |  | (8.0 | %) |  |
| Oil and Natural Gas | 5,959 |  |  | 6,956 |  |  | (14.3 | %) |  |  |  | 15,825 |  |  | 18,182 |  |  | (13.0 | %) |  |
| Renewable Energy | 77 |  |  | 63 |  |  | 22.2 | % |  |  |  | 202 |  |  | 191 |  |  | 5.8 | % |  |
| Total Generation (d) | 17,216 |  |  | 16,827 |  |  | 2.3 | % |  |  |  | 45,605 |  |  | 46,331 |  |  | (1.6 | %) |  |
| Purchased Power and Net Interchange (e) | 2,796 |  |  | 3,501 |  |  | (20.1 | %) |  |  |  | 7,978 |  |  | 8,470 |  |  | (5.8 | %) |  |
| Total Sources of Energy | 20,012 |  |  | 20,328 |  |  | (1.6 | %) |  |  |  | 53,583 |  |  | 54,801 |  |  | (2.2 | %) |  |
| Less: Line Loss and Other | 510 |  |  | 703 |  |  | (27.5 | %) |  |  |  | 1,511 |  |  | 2,054 |  |  | (26.4 | %) |  |
| Total GWh Sources | 19,502 |  |  | 19,625 |  |  | (0.6 | %) |  |  |  | 52,072 |  |  | 52,747 |  |  | (1.3 | %) |  |
Owned MW Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 12,779 |  |  | 12,747 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 13,942 |  |  | 13,913 |  |  |  |  |
Nuclear Capacity Factor (%) (f) |  |  |  |  |  |  |  |  | 92 |  |  | 89 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | — |  |  | — | % |  |  |  | 1,600 |  |  | 1,805 |  |  | (11.4 | %) |  |
| Cooling Degree Days | 1,233 |  |  | 1,217 |  |  | 1.3 | % |  |  |  | 1,954 |  |  | 1,936 |  |  | 0.9 | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (100.0 | %) |  | (100.0 | %) |  |  |  |  |  | (11.2 | %) |  | (0.5 | %) |  |  |  |
| Cooling Degree Days | 16.2 | % |  | 15.6 | % |  |  |  |  |  | 21.4 | % |  | 21.2 | % |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

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

36

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
GWh Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 6,450 |  |  | 6,296 |  |  | 2.4 | % |  |  |  | 15,832 |  |  | 15,487 |  |  | 2.2 | % |  |
| General Service | 4,363 |  |  | 4,331 |  |  | 0.7 | % |  |  |  | 11,590 |  |  | 11,470 |  |  | 1.0 | % |  |
| Industrial | 756 |  |  | 813 |  |  | (7.0 | %) |  |  |  | 2,203 |  |  | 2,352 |  |  | (6.3 | %) |  |
| Other Energy Sales | 6 |  |  | 6 |  |  | — | % |  |  |  | 18 |  |  | 18 |  |  | — | % |  |
| Unbilled Sales | 186 |  |  | 227 |  |  | (18.1 | %) |  |  |  | 368 |  |  | 615 |  |  | (40.2 | %) |  |
| Total Retail Sales | 11,761 |  |  | 11,673 |  |  | 0.8 | % |  | (1.5 | %) |  | 30,011 |  |  | 29,942 |  |  | 0.2 | % |  | (0.5 | %)
| Wholesale and Other | 1,235 |  |  | 702 |  |  | 75.9 | % |  |  |  | 2,457 |  |  | 1,856 |  |  | 32.4 | % |  |
| Total Electric Sales — Duke Energy Florida | 12,996 |  |  | 12,375 |  |  | 5.0 | % |  |  |  | 32,468 |  |  | 31,798 |  |  | 2.1 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,627,182 |  |  | 1,601,488 |  |  | 1.6 | % |  |  |  | 1,621,718 |  |  | 1,594,979 |  |  | 1.7 | % |  |
| General Service | 203,247 |  |  | 201,187 |  |  | 1.0 | % |  |  |  | 202,930 |  |  | 200,684 |  |  | 1.1 | % |  |
| Industrial | 2,018 |  |  | 2,070 |  |  | (2.5 | %) |  |  |  | 2,028 |  |  | 2,087 |  |  | (2.8 | %) |  |
| Other Energy Sales | 1,497 |  |  | 1,506 |  |  | (0.6 | %) |  |  |  | 1,501 |  |  | 1,511 |  |  | (0.7 | %) |  |
| Total Retail Customers | 1,833,944 |  |  | 1,806,251 |  |  | 1.5 | % |  |  |  | 1,828,177 |  |  | 1,799,261 |  |  | 1.6 | % |  |
| Wholesale and Other | 13 |  |  | 12 |  |  | 8.3 | % |  |  |  | 12 |  |  | 12 |  |  | — | % |  |
| Total Average Number of Customers — Duke Energy Florida | 1,833,957 |  |  | 1,806,263 |  |  | 1.5 | % |  |  |  | 1,828,189 |  |  | 1,799,273 |  |  | 1.6 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 1,300 |  |  | 2,441 |  |  | (46.7 | %) |  |  |  | 3,051 |  |  | 6,439 |  |  | (52.6 | %) |  |
| Oil and Natural Gas | 10,742 |  |  | 8,647 |  |  | 24.2 | % |  |  |  | 27,648 |  |  | 21,976 |  |  | 25.8 | % |  |
| Renewable Energy | 65 |  |  | 4 |  |  | 1,525.0 | % |  |  |  | 171 |  |  | 21 |  |  | 714.3 | % |  |
| Total Generation (d) | 12,107 |  |  | 11,092 |  |  | 9.2 | % |  |  |  | 30,870 |  |  | 28,436 |  |  | 8.6 | % |  |
| Purchased Power and Net Interchange (e) | 1,466 |  |  | 2,106 |  |  | (30.4 | %) |  |  |  | 3,662 |  |  | 5,385 |  |  | (32.0 | %) |  |
| Total Sources of Energy | 13,573 |  |  | 13,198 |  |  | 2.8 | % |  |  |  | 34,532 |  |  | 33,821 |  |  | 2.1 | % |  |
| Less: Line Loss and Other | 577 |  |  | 823 |  |  | (29.9 | %) |  |  |  | 2,064 |  |  | 2,023 |  |  | 2.0 | % |  |
| Total GWh Sources | 12,996 |  |  | 12,375 |  |  | 5.0 | % |  |  |  | 32,468 |  |  | 31,798 |  |  | 2.1 | % |  |
Owned MW Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 10,218 |  |  | 9,304 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 11,308 |  |  | 10,255 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | — |  |  | — | % |  |  |  | 271 |  |  | 385 |  |  | (29.6 | %) |  |
| Cooling Degree Days | 1,545 |  |  | 1,517 |  |  | 1.8 | % |  |  |  | 2,948 |  |  | 2,833 |  |  | 4.1 | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — | % |  | — | % |  |  |  |  |  | (28.6 | %) |  | (1.3 | %) |  |  |  |
| Cooling Degree Days | 4.0 | % |  | 2.1 | % |  |  |  |  |  | 8.3 | % |  | 4.5 | % |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

37

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
GWh Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 2,637 |  |  | 2,648 |  |  | (0.4 | %) |  |  |  | 6,921 |  |  | 7,263 |  |  | (4.7 | %) |  |
| General Service | 2,655 |  |  | 2,683 |  |  | (1.0 | %) |  |  |  | 7,153 |  |  | 7,343 |  |  | (2.6 | %) |  |
| Industrial | 1,520 |  |  | 1,521 |  |  | (0.1 | %) |  |  |  | 4,318 |  |  | 4,379 |  |  | (1.4 | %) |  |
| Other Energy Sales | 27 |  |  | 27 |  |  | — | % |  |  |  | 81 |  |  | 81 |  |  | — | % |  |
| Unbilled Sales | 136 |  |  | (43 | ) |  | 416.3 | % |  |  |  | 78 |  |  | (161 | ) |  | 148.4 | % |  |
| Total Retail Sales | 6,975 |  |  | 6,836 |  |  | 2.0 | % |  | (0.6 | %) |  | 18,551 |  |  | 18,905 |  |  | (1.9 | %) |  | (0.6 | %)
| Wholesale and Other | 160 |  |  | 128 |  |  | 25.0 | % |  |  |  | 408 |  |  | 278 |  |  | 46.8 | % |  |
| Total Electric Sales — Duke Energy Ohio | 7,135 |  |  | 6,964 |  |  | 2.5 | % |  |  |  | 18,959 |  |  | 19,183 |  |  | (1.2 | %) |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 770,403 |  |  | 764,487 |  |  | 0.8 | % |  |  |  | 770,910 |  |  | 765,550 |  |  | 0.7 | % |  |
| General Service | 88,356 |  |  | 88,182 |  |  | 0.2 | % |  |  |  | 88,253 |  |  | 88,219 |  |  | — | % |  |
| Industrial | 2,456 |  |  | 2,483 |  |  | (1.1 | %) |  |  |  | 2,466 |  |  | 2,492 |  |  | (1.0 | %) |  |
| Other Energy Sales | 3,406 |  |  | 3,340 |  |  | 2.0 | % |  |  |  | 3,392 |  |  | 3,334 |  |  | 1.7 | % |  |
| Total Retail Customers | 864,621 |  |  | 858,492 |  |  | 0.7 | % |  |  |  | 865,021 |  |  | 859,595 |  |  | 0.6 | % |  |
| Wholesale and Other | 1 |  |  | 1 |  |  | — | % |  |  |  | 1 |  |  | 1 |  |  | — | % |  |
| Total Average Number of Customers — Duke Energy Ohio | 864,622 |  |  | 858,493 |  |  | 0.7 | % |  |  |  | 865,022 |  |  | 859,596 |  |  | 0.6 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 1,070 |  |  | 991 |  |  | 8.0 | % |  |  |  | 2,768 |  |  | 1,810 |  |  | 52.9 | % |  |
| Oil and Natural Gas | 101 |  |  | 44 |  |  | 129.5 | % |  |  |  | 133 |  |  | 113 |  |  | 17.7 | % |  |
| Total Generation (d) | 1,171 |  |  | 1,035 |  |  | 13.1 | % |  |  |  | 2,901 |  |  | 1,923 |  |  | 50.9 | % |  |
| Purchased Power and Net Interchange (e) | 6,233 |  |  | 6,584 |  |  | (5.3 | %) |  |  |  | 17,740 |  |  | 19,468 |  |  | (8.9 | %) |  |
| Total Sources of Energy | 7,404 |  |  | 7,619 |  |  | (2.8 | %) |  |  |  | 20,641 |  |  | 21,391 |  |  | (3.5 | %) |  |
| Less: Line Loss and Other | 269 |  |  | 655 |  |  | (58.9 | %) |  |  |  | 1,682 |  |  | 2,208 |  |  | (23.8 | %) |  |
| Total GWh Sources | 7,135 |  |  | 6,964 |  |  | 2.5 | % |  |  |  | 18,959 |  |  | 19,183 |  |  | (1.2 | %) |  |
Owned MW Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 1,076 |  |  | 1,076 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 1,164 |  |  | 1,164 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | 29 |  |  | (100.0 | %) |  |  |  | 2,918 |  |  | 3,095 |  |  | (5.7 | %) |  |
| Cooling Degree Days | 1,026 |  |  | 910 |  |  | 12.7 | % |  |  |  | 1,359 |  |  | 1,453 |  |  | (6.5 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (100.0 | %) |  | (48.0 | %) |  |  |  |  |  | (4.7 | %) |  | 0.5 | % |  |  |  |
| Cooling Degree Days | 36.0 | % |  | 20.4 | % |  |  |  |  |  | 25.6 | % |  | 33.6 | % |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

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Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b) |  | 2019 |  | 2018 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal (b)
GWh Sales (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 2,466 |  |  | 2,519 |  |  | (2.1 | %) |  |  |  | 7,110 |  |  | 7,473 |  |  | (4.9 | %) |  |
| General Service | 2,280 |  |  | 2,373 |  |  | (3.9 | %) |  |  |  | 6,238 |  |  | 6,398 |  |  | (2.5 | %) |  |
| Industrial | 2,700 |  |  | 2,798 |  |  | (3.5 | %) |  |  |  | 7,815 |  |  | 7,995 |  |  | (2.3 | %) |  |
| Other Energy Sales | 12 |  |  | 13 |  |  | (7.7 | %) |  |  |  | 38 |  |  | 39 |  |  | (2.6 | %) |  |
| Unbilled Sales | 117 |  |  | (28 | ) |  | 517.9 | % |  |  |  | 24 |  |  | (164 | ) |  | (114.6 | %) |  |
| Total Retail Sales | 7,575 |  |  | 7,675 |  |  | (1.3 | %) |  | (1.9 | %) |  | 21,225 |  |  | 21,741 |  |  | (2.4 | %) |  | (1.2 | %)
| Wholesale and Other | 1,136 |  |  | 1,439 |  |  | (21.1 | %) |  |  |  | 2,956 |  |  | 4,159 |  |  | (28.9 | %) |  |
| Total Electric Sales — Duke Energy Indiana | 8,711 |  |  | 9,114 |  |  | (4.4 | %) |  |  |  | 24,181 |  |  | 25,900 |  |  | (6.6 | %) |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 731,741 |  |  | 723,026 |  |  | 1.2 | % |  |  |  | 732,408 |  |  | 722,446 |  |  | 1.4 | % |  |
| General Service | 101,755 |  |  | 101,637 |  |  | 0.1 | % |  |  |  | 101,632 |  |  | 101,485 |  |  | 0.1 | % |  |
| Industrial | 2,686 |  |  | 2,720 |  |  | (1.3 | %) |  |  |  | 2,692 |  |  | 2,722 |  |  | (1.1 | %) |  |
| Other Energy Sales | 1,768 |  |  | 1,712 |  |  | 3.3 | % |  |  |  | 1,751 |  |  | 1,704 |  |  | 2.8 | % |  |
| Total Retail Customers | 837,950 |  |  | 829,095 |  |  | 1.1 | % |  |  |  | 838,483 |  |  | 828,357 |  |  | 1.2 | % |  |
| Wholesale and Other | 4 |  |  | 5 |  |  | (20.0 | %) |  |  |  | 4 |  |  | 5 |  |  | (20.0 | %) |  |
| Total Average Number of Customers — Duke Energy Indiana | 837,954 |  |  | 829,100 |  |  | 1.1 | % |  |  |  | 838,487 |  |  | 828,362 |  |  | 1.2 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated — Net Output (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 4,249 |  |  | 6,295 |  |  | (32.5 | %) |  |  |  | 13,994 |  |  | 18,069 |  |  | (22.6 | %) |  |
| Hydro | 52 |  |  | 41 |  |  | 26.8 | % |  |  |  | 106 |  |  | 93 |  |  | 14.0 | % |  |
| Oil and Natural Gas | 922 |  |  | 1,004 |  |  | (8.2 | %) |  |  |  | 2,075 |  |  | 3,191 |  |  | (35.0 | %) |  |
| Renewable Energy | 10 |  |  | 9 |  |  | 11.1 | % |  |  |  | 23 |  |  | 23 |  |  | — | % |  |
| Total Generation (d) | 5,233 |  |  | 7,349 |  |  | (28.8 | %) |  |  |  | 16,198 |  |  | 21,376 |  |  | (24.2 | %) |  |
| Purchased Power and Net Interchange (e) | 3,556 |  |  | 2,261 |  |  | 57.3 | % |  |  |  | 8,875 |  |  | 5,976 |  |  | 48.5 | % |  |
| Total Sources of Energy | 8,789 |  |  | 9,610 |  |  | (8.5 | %) |  |  |  | 25,073 |  |  | 27,352 |  |  | (8.3 | %) |  |
| Less: Line Loss and Other | 78 |  |  | 496 |  |  | (84.3 | %) |  |  |  | 892 |  |  | 1,452 |  |  | (38.6 | %) |  |
| Total GWh Sources | 8,711 |  |  | 9,114 |  |  | (4.4 | %) |  |  |  | 24,181 |  |  | 25,900 |  |  | (6.6 | %) |  |
Owned MW Capacity (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 6,606 |  |  | 6,606 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 7,023 |  |  | 7,007 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | 37 |  |  | (100.0 | %) |  |  |  | 3,358 |  |  | 3,415 |  |  | (1.7 | %) |  |
| Cooling Degree Days | 930 |  |  | 896 |  |  | 3.8 | % |  |  |  | 1,224 |  |  | 1,457 |  |  | (16.0 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (100.0 | %) |  | (43.5 | %) |  |  |  |  |  | 1.2 | % |  | 2.8 | % |  |  |  |
| Cooling Degree Days | 24.6 | % |  | 20.0 | % |  |  |  |  |  | 13.3 | % |  | 35.0 | % |  |  |  |

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

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

(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations.

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

(e) | Purchased power includes renewable energy purchases.

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Gas Utilities and Infrastructure
Quarterly Highlights
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc. (Dec.) |  | 2019 |  | 2018 |  | % Inc. (Dec.)
Total Sales |  |  |  |  |  |  |  |  |  |  |
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) | 121,378,484 |  |  | 135,403,188 |  |  | (10.4 | %) |  | 377,729,141 |  |  | 407,144,529 |  |  | (7.2 | %)
| Duke Energy Midwest LDC throughput (Mcf) | 9,997,444 |  |  | 9,370,743 |  |  | 6.7 | % |  | 62,278,623 |  |  | 62,111,858 |  |  | 0.3 | %
Average Number of Customers — Piedmont Natural Gas |  |  |  |  |  |  |  |  |  |  |
| Residential | 971,955 |  |  | 955,615 |  |  | 1.7 | % |  | 978,739 |  |  | 964,776 |  |  | 1.4 | %
| Commercial | 103,179 |  |  | 102,757 |  |  | 0.4 | % |  | 104,046 |  |  | 103,711 |  |  | 0.3 | %
| Industrial | 974 |  |  | 963 |  |  | 1.1 | % |  | 970 |  |  | 962 |  |  | 0.8 | %
| Power Generation | 16 |  |  | 17 |  |  | (5.9 | %) |  | 16 |  |  | 17 |  |  | (5.9 | %)
| Total Average Number of Gas Customers — Piedmont Natural Gas | 1,076,124 |  |  | 1,059,352 |  |  | 1.6 | % |  | 1,083,771 |  |  | 1,069,466 |  |  | 1.3 | %
Average Number of Customers — Duke Energy Midwest |  |  |  |  |  |  |  |  |  |  |
| Residential | 485,307 |  |  | 481,520 |  |  | 0.8 | % |  | 489,401 |  |  | 485,462 |  |  | 0.8 | %
| General Service | 41,291 |  |  | 41,094 |  |  | 0.5 | % |  | 43,250 |  |  | 43,177 |  |  | 0.2 | %
| Industrial | 1,491 |  |  | 1,518 |  |  | (1.8 | %) |  | 1,574 |  |  | 1,584 |  |  | (0.6 | %)
| Other | 136 |  |  | 136 |  |  | — | % |  | 135 |  |  | 138 |  |  | (2.2 | %)
| Total Average Number of Gas Customers — Duke Energy Midwest | 528,225 |  |  | 524,268 |  |  | 0.8 | % |  | 534,360 |  |  | 530,361 |  |  | 0.8 | %

(a) | Piedmont has a margin decoupling mechanism in North Carolina and weather normalization mechanisms in South Carolina and Tennessee that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.

Commercial Renewables
Quarterly Highlights
September 2019
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | % Inc. (Dec.) |  | 2019 |  | 2018 |  | % Inc. (Dec.)
| Renewable Plant Production, GWh | 2,146 |  |  | 1,897 |  |  | 13.1 | % |  | 6,528 |  |  | 6,548 |  |  | (0.3 | )%
| Net Proportional MW Capacity in Operation (a) | n/a |  |  | n/a |  |  |  |  | 3,162 |  |  | 2,976 |  |  | 6.3 | %

(a) Includes 100% tax equity project capacity.
40