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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to_________

Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number
1-32853 | DUKE ENERGY CORPORATION | 20-2777218

(a Delaware corporation)
550 South Tryon Street
Charlotte, North Carolina 28202-1803
704-382-3853

1-4928 | DUKE ENERGY CAROLINAS, LLC | 56-0205520

(a North Carolina limited liability company)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853

1-15929 | PROGRESS ENERGY, INC. | 56-2155481

(a North Carolina corporation)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853

1-3382 | DUKE ENERGY PROGRESS, LLC | 56-0165465

(a North Carolina limited liability company)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853

1-3274 | DUKE ENERGY FLORIDA, LLC | 59-0247770

(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
704-382-3853

1-1232 | DUKE ENERGY OHIO, INC. | 31-0240030

(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
704-382-3853

1-3543 | DUKE ENERGY INDIANA, LLC | 35-0594457

(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
704-382-3853

1-6196 | PIEDMONT NATURAL GAS COMPANY, INC. | 56-0556998

(a North Carolina corporation)
4720 Piedmont Row Drive
Charlotte, North Carolina 28210
704-364-3120

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of each exchange on

Registrant | Title of each class Trading symbols which registered

Duke Energy | Common Stock, $0.001 par value DUK New York Stock Exchange LLC

Duke Energy | 5.125% Junior Subordinated Debentures due DUKH New York Stock Exchange LLC

January 15, 2073

Duke Energy | 5.625% Junior Subordinated Debentures due DUKB New York Stock Exchange LLC

September 15, 2078

Duke Energy | Depositary Shares, each representing a 1/1,000th DUK PR A New York Stock Exchange LLC

interest in a share of 5.75% Series A Cumulative
Redeemable Perpetual Preferred Stock, par value
$0.001 per share
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Duke Energy Corporation (Duke Energy) | Yes | ☒ | No | ☐ |  | Duke Energy Florida, LLC (Duke Energy Florida) | Yes | ☒ | No | ☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas) | Yes | ☒ | No | ☐ |  | Duke Energy Ohio, Inc. (Duke Energy Ohio) | Yes | ☒ | No | ☐
Progress Energy, Inc. (Progress Energy) | Yes | ☒ | No | ☐ |  | Duke Energy Indiana, LLC (Duke Energy Indiana) | Yes | ☒ | No | ☐
Duke Energy Progress, LLC (Duke Energy Progress) | Yes | ☒ | No | ☐ |  | Piedmont Natural Gas Company, Inc. (Piedmont) | Yes | ☒ | No | ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Duke Energy | Yes | ☒ | No | ☐ |  | Duke Energy Florida | Yes | ☒ | No | ☐
Duke Energy Carolinas | Yes | ☒ | No | ☐ |  | Duke Energy Ohio | Yes | ☒ | No | ☐
Progress Energy | Yes | ☒ | No | ☐ |  | Duke Energy Indiana | Yes | ☒ | No | ☐
Duke Energy Progress | Yes | ☒ | No | ☐ |  | Piedmont | Yes | ☒ | No | ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Duke Energy | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐
Duke Energy Carolinas | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Progress Energy | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Duke Energy Progress | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Duke Energy Florida | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Duke Energy Ohio | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Duke Energy Indiana | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐
Piedmont | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Duke Energy | Yes | ☐ | No | ☒ |  | Duke Energy Florida | Yes | ☐ | No | ☒
Duke Energy Carolinas | Yes | ☐ | No | ☒ |  | Duke Energy Ohio | Yes | ☐ | No | ☒
Progress Energy | Yes | ☐ | No | ☒ |  | Duke Energy Indiana | Yes | ☐ | No | ☒
Duke Energy Progress | Yes | ☐ | No | ☒ |  | Piedmont | Yes | ☐ | No | ☒

Number of shares of common stock outstanding at October 31, 2020:

Registrant | Description | Shares
Duke Energy | Common stock, $0.001 par value | 735,958,560

This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

TABLE OF CONTENTS

| Cautionary Statement Regarding Forward-Looking Information |
PART I. FINANCIAL INFORMATION
Item 1. | Financial Statements |
| Duke Energy Corporation Financial Statements | 9
| Duke Energy Carolinas, LLC Financial Statements | 15
| Progress Energy, Inc. Financial Statements | 19
| Duke Energy Progress, LLC Financial Statements | 23
| Duke Energy Florida, LLC Financial Statements | 27
| Duke Energy Ohio, Inc. Financial Statements | 31
| Duke Energy Indiana, LLC Financial Statements | 35
| Piedmont Natural Gas Company, Inc. Financial Statements | 39
| Combined Notes to Condensed Consolidated Financial Statements |
| Note 1 – Organization and Basis of Presentation | 43
| Note 2 – Business Segments | 46
| Note 3 – Regulatory Matters | 48
| Note 4 – Commitments and Contingencies | 60
| Note 5 – Debt and Credit Facilities | 64
| Note 6 – Asset Retirement Obligations | 65
| Note 7 – Goodwill | 66
| Note 8 – Related Party Transactions | 67
| Note 9 – Derivatives and Hedging | 68
| Note 10 – Investments in Debt and Equity Securities | 74
| Note 11 – Fair Value Measurements | 79
| Note 12 – Variable Interest Entities | 85
| Note 13 – Revenue | 89
| Note 14 – Stockholders' Equity | 95
| Note 15 – Employee Benefit Plans | 96
| Note 16 – Income Taxes | 97
| Note 17 – Subsequent Events | 98
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 99
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 119
Item 4. | Controls and Procedures | 119
PART II. OTHER INFORMATION
Item 1. | Legal Proceedings | 120
Item 1A. | Risk Factors | 120
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 120
Item 6. | Exhibits | 121
| Signatures | 124

FORWARD-LOOKING STATEMENTS |

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

◦ | The impact of the COVID-19 pandemic;

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

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

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

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

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

◦ | Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦ | Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;

◦ | Advancements in technology;

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

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

◦ | 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 United States 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;

◦ | The ability to obtain adequate insurance at acceptable costs;

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

FORWARD-LOOKING STATEMENTS |

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

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

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

◦ | The impact of United States 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.

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

GLOSSARY OF TERMS |

Glossary of Terms
The following terms or acronyms used in this Form 10-Q are defined below:

Term or Acronym | Definition
2013 Settlement | Revised and Restated Stipulation and Settlement Agreement approved in November 2013 among Duke Energy Florida, the Florida Office of Public Counsel and other customer representatives
2017 Settlement | Second Revised and Restated Settlement Agreement in 2017 among Duke Energy Florida, the Florida Office of Public Counsel and other customer representatives, which replaces and supplants the 2013 Settlement
ACP | Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Inc. and Duke Energy
ACP pipeline | The approximately 600-mile canceled interstate natural gas pipeline
AFS | Available for Sale
AFUDC | Allowance for funds used during construction
AMT | Alternative Minimum Tax
ARO | Asset retirement obligations
Bison | Bison Insurance Company Limited
CC | Combined Cycle
CCR | Coal Combustion Residuals
CARES Act | Coronavirus Aid, Relief and Economic Security Act
Coal Ash Act | North Carolina Coal Ash Management Act of 2014
the company | Duke Energy Corporation and its subsidiaries
Constitution | Constitution Pipeline Company, LLC
COVID-19 | Coronavirus Disease 2019
CRC | Cinergy Receivables Company, LLC
Crystal River Unit 3 | Crystal River Unit 3 Nuclear Plant
DEFPF | Duke Energy Florida Project Finance, LLC
DEFR | Duke Energy Florida Receivables, LLC
DEPR | Duke Energy Progress Receivables, LLC
DERF | Duke Energy Receivables Finance Company, LLC
Duke Energy | Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio | Duke Energy Ohio, Inc.
Duke Energy Progress | Duke Energy Progress, LLC
Duke Energy Carolinas | Duke Energy Carolinas, LLC
Duke Energy Florida | Duke Energy Florida, LLC
Duke Energy Indiana | Duke Energy Indiana, LLC
Duke Energy Kentucky | Duke Energy Kentucky, Inc.
Duke Energy Registrants | Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT | Excess deferred income tax
EPA | U.S. Environmental Protection Agency
EPS | Earnings Per Share
ESP | Electric Security Plan
ETR | Effective tax rate
Exchange Act | Securities Exchange Act of 1934

GLOSSARY OF TERMS |

FERC | Federal Energy Regulatory Commission
FPSC | Florida Public Service Commission
FTR | Financial transmission rights
GAAP | Generally accepted accounting principles in the U.S.
GAAP Reported Earnings | Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS | Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GWh | Gigawatt-hours
IGCC | Integrated Gasification Combined Cycle
IMR | Integrity Management Rider
IRS | Internal Revenue Service
Investment Trusts | NDTF investments and grantor trusts of Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana
IURC | Indiana Utility Regulatory Commission
KPSC | Kentucky Public Service Commission
LLC | Limited Liability Company
MGP | Manufactured gas plant
MMBtu | Million British Thermal Unit
MW | Megawatt
MWh | Megawatt-hour
NCUC | North Carolina Utilities Commission
NDTF | Nuclear decommissioning trust funds
NPNS | Normal purchase/normal sale
OPEB | Other Post-Retirement Benefit Obligations
ORS | South Carolina Office of Regulatory Staff
OVEC | Ohio Valley Electric Corporation
Piedmont | Piedmont Natural Gas Company, Inc.
PPA | Purchase Power Agreement
Progress Energy | Progress Energy, Inc.
PSCSC | Public Service Commission of South Carolina
PUCO | Public Utilities Commission of Ohio
Subsidiary Registrants | Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
the Tax Act | Tax Cuts and Jobs Act
TPUC | Tennessee Public Utility Commission
U.S. | United States
VIE | Variable Interest Entity
WACC | Weighted Average Cost of Capital

FINANCIAL STATEMENTS |

ITEM 1. FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions, except per share amounts) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues |  |  |  |  |  |  |
Regulated electric | $ | 6,315 |  |  | $ | 6,515 |  |  | $ | 16,402 |  |  | $ | 17,223 |
Regulated natural gas | 214 |  |  | 223 |  |  | 1,115 |  |  | 1,231 |
Nonregulated electric and other | 192 |  |  | 202 |  |  | 574 |  |  | 522 |
Total operating revenues | 6,721 |  |  | 6,940 |  |  | 18,091 |  |  | 18,976 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,849 |  |  | 1,978 |  |  | 4,645 |  |  | 5,228 |
Cost of natural gas | 41 |  |  | 48 |  |  | 299 |  |  | 451 |
Operation, maintenance and other | 1,450 |  |  | 1,484 |  |  | 4,142 |  |  | 4,337 |
Depreciation and amortization | 1,217 |  |  | 1,186 |  |  | 3,497 |  |  | 3,364 |
Property and other taxes | 324 |  |  | 335 |  |  | 1,003 |  |  | 1,012 |
Impairment charges | 28 |  |  | (20 | ) |  | 36 |  |  | (16 | )
Total operating expenses | 4,909 |  |  | 5,011 |  |  | 13,622 |  |  | 14,376 |
Gains on Sales of Other Assets and Other, net | 2 |  |  | — |  |  | 10 |  |  | — |
Operating Income | 1,814 |  |  | 1,929 |  |  | 4,479 |  |  | 4,600 |
Other Income and Expenses |  |  |  |  |  |  |  |  |
Equity in (losses) earnings of unconsolidated affiliates | (80 | ) |  | 50 |  |  | (2,004 | ) |  | 137 |
Other income and expenses, net | 127 |  |  | 104 |  |  | 310 |  |  | 308 |
Total other income and expenses | 47 |  |  | 154 |  |  | (1,694 | ) |  | 445 |
Interest Expense | 522 |  |  | 572 |  |  | 1,627 |  |  | 1,657 |
Income Before Income Taxes | 1,339 |  |  | 1,511 |  |  | 1,158 |  |  | 3,388 |
Income Tax Expense (Benefit) | 105 |  |  | 188 |  |  | (74 | ) |  | 424 |
Net Income | 1,234 |  |  | 1,323 |  |  | 1,232 |  |  | 2,964 |
Add: Net Loss Attributable to Noncontrolling Interests | 70 |  |  | 19 |  |  | 208 |  |  | 110 |
Net Income Attributable to Duke Energy Corporation | 1,304 |  |  | 1,342 |  |  | 1,440 |  |  | 3,074 |
Less: Preferred Dividends | 39 |  |  | 15 |  |  | 93 |  |  | 27 |
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,265 |  |  | $ | 1,327 |  |  | $ | 1,347 |  |  | $ | 3,047 |
Earnings Per Share – Basic and Diluted |  |  |  |  |  |  |
Basic and Diluted | $ | 1.74 |  |  | $ | 1.82 |  |  | $ | 1.85 |  |  | $ | 4.18 |
Weighted Average Shares Outstanding |  |  |  |  |  |  |
Basic and Diluted | 735 |  |  | 729 |  |  | 735 |  |  | 728 |

See Notes to Condensed Consolidated Financial Statements
9

FINANCIAL STATEMENTS |

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net Income | $ | 1,234 |  |  | $ | 1,323 |  |  | $ | 1,232 |  |  | $ | 2,964 |
Other Comprehensive Loss, net of tax(a) |  |  |  |  |  |  |
Pension and OPEB adjustments | 1 |  |  | (2 | ) |  | 1 |  |  | 1 |
Net unrealized losses on cash flow hedges | (83 | ) |  | (16 | ) |  | (159 | ) |  | (62 | )
Reclassification into earnings from cash flow hedges | 4 |  |  | 1 |  |  | 8 |  |  | 4 |
Unrealized (losses) gains on available-for-sale securities | (2 | ) |  | 2 |  |  | 5 |  |  | 10 |
Other Comprehensive Loss, net of tax | (80 | ) |  | (15 | ) |  | (145 | ) |  | (47 | )
Comprehensive Income | 1,154 |  |  | 1,308 |  |  | 1,087 |  |  | 2,917 |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | 70 |  |  | 19 |  |  | 220 |  |  | 110 |
Comprehensive Income Attributable to Duke Energy | 1,224 |  |  | 1,327 |  |  | 1,307 |  |  | 3,027 |
Less: Preferred Dividends | 39 |  |  | 15 |  |  | 93 |  |  | 27 |
Comprehensive Income Available to Duke Energy Corporation Common Stockholders | $ | 1,185 |  |  | $ | 1,312 |  |  | $ | 1,214 |  |  | $ | 3,000 |

(a) | Net of income tax impacts of approximately $24 million for the three months ended September 30, 2020, and $43 million and $14 million for the nine months ended September 30, 2020, and 2019, respectively. All other periods presented include immaterial income tax impacts.

See Notes to Condensed Consolidated Financial Statements
10

FINANCIAL STATEMENTS |

DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 308 |  |  | $ | 311 |
Receivables (net of allowance for doubtful accounts of $27 at 2020 and $22 at 2019) | 719 |  |  | 1,066 |
Receivables of VIEs (net of allowance for doubtful accounts of $106 at 2020 and $54 at 2019) | 2,320 |  |  | 1,994 |
Inventory | 3,190 |  |  | 3,232 |
Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs) | 1,637 |  |  | 1,796 |
Other (includes $335 at 2020 and $242 at 2019 related to VIEs) | 505 |  |  | 764 |
Total current assets | 8,679 |  |  | 9,163 |
Property, Plant and Equipment |  |  |
Cost | 153,916 |  |  | 147,654 |
Accumulated depreciation and amortization | (48,185 | ) |  | (45,773 | )
Generation facilities to be retired, net | 29 |  |  | 246 |
Net property, plant and equipment | 105,760 |  |  | 102,127 |
Other Noncurrent Assets |  |  |
Goodwill | 19,303 |  |  | 19,303 |
Regulatory assets (includes $951 at 2020 and $989 at 2019 related to VIEs) | 13,264 |  |  | 13,222 |
Nuclear decommissioning trust funds | 8,363 |  |  | 8,140 |
Operating lease right-of-use assets, net | 1,577 |  |  | 1,658 |
Investments in equity method unconsolidated affiliates | 924 |  |  | 1,936 |
Other (includes $90 at 2020 and $110 at 2019 related to VIEs) | 3,539 |  |  | 3,289 |
Total other noncurrent assets | 46,970 |  |  | 47,548 |
Total Assets | $ | 161,409 |  |  | $ | 158,838 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 2,486 |  |  | $ | 3,487 |
Notes payable and commercial paper | 3,425 |  |  | 3,135 |
Taxes accrued | 768 |  |  | 392 |
Interest accrued | 556 |  |  | 565 |
Current maturities of long-term debt (includes $466 at 2020 and $216 at 2019 related to VIEs) | 4,669 |  |  | 3,141 |
Asset retirement obligations | 742 |  |  | 881 |
Regulatory liabilities | 1,218 |  |  | 784 |
Other | 2,829 |  |  | 2,367 |
Total current liabilities | 16,693 |  |  | 14,752 |
Long-Term Debt (includes $3,628 at 2020 and $3,997 at 2019 related to VIE s) | 56,049 |  |  | 54,985 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 9,170 |  |  | 8,878 |
Asset retirement obligations | 12,912 |  |  | 12,437 |
Regulatory liabilities | 14,546 |  |  | 15,264 |
Operating lease liabilities | 1,379 |  |  | 1,432 |
Accrued pension and other post-retirement benefit costs | 903 |  |  | 934 |
Investment tax credits | 689 |  |  | 624 |
Other (includes $342 at 2020 and $228 at 2019 related to VIEs) | 1,773 |  |  | 1,581 |
Total other noncurrent liabilities | 41,372 |  |  | 41,150 |
Commitments and Contingencies |  |  |  |  |
Equity |  |  |
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2020 and 2019 | 973 |  |  | 973 |
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2020 and 2019 | 989 |  |  | 989 |
Common stock, $0.001 par value, 2 billion shares authorized; 736 million shares outstanding at 2020 and 733 million shares outstanding at 2019 | 1 |  |  | 1 |
Additional paid-in capital | 41,046 |  |  | 40,881 |
Retained earnings | 3,260 |  |  | 4,108 |
Accumulated other comprehensive loss | (263 | ) |  | (130 | )
Total Duke Energy Corporation stockholders' equity | 46,006 |  |  | 46,822 |
Noncontrolling interests | 1,289 |  |  | 1,129 |
Total equity | 47,295 |  |  | 47,951 |
Total Liabilities and Equity | $ | 161,409 |  |  | $ | 158,838 |

See Notes to Condensed Consolidated Financial Statements
11

FINANCIAL STATEMENTS |

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net (loss) income | $ | 1,232 |  |  | $ | 2,964 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 4,081 |  |  | 3,831 |
Equity in losses (earnings) of unconsolidated affiliates | 2,004 |  |  | (137 | )
Equity component of AFUDC | (112 | ) |  | (99 | )
Gains on sales of other assets | (10 | ) |  | — |
Impairment charges | 36 |  |  | (16 | )
Deferred income taxes | 210 |  |  | 736 |
Contributions to qualified pension plans | — |  |  | (77 | )
Payments for asset retirement obligations | (463 | ) |  | (582 | )
Provision for rate refunds | (15 | ) |  | 61 |
Refund of AMT credit carryforwards | 572 |  |  | — |
(Increase) decrease in |  |  |
Net realized and unrealized mark-to-market and hedging transactions | 87 |  |  | (4 | )
Receivables | 58 |  |  | 62 |
Inventory | 43 |  |  | (3 | )
Other current assets | 199 |  |  | (134 | )
Increase (decrease) in |  |  |
Accounts payable | (563 | ) |  | (538 | )
Taxes accrued | 386 |  |  | 125 |
Other current liabilities | (284 | ) |  | (198 | )
Other assets | (328 | ) |  | (279 | )
Other liabilities | (367 | ) |  | (75 | )
Net cash provided by operating activities | 6,766 |  |  | 5,637 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (7,408 | ) |  | (8,084 | )
Contributions to equity method investments | (276 | ) |  | (264 | )
Purchases of debt and equity securities | (6,160 | ) |  | (3,105 | )
Proceeds from sales and maturities of debt and equity securities | 6,087 |  |  | 3,092 |
Other | (207 | ) |  | (272 | )
Net cash used in investing activities | (7,964 | ) |  | (8,633 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the: |  |  |
Issuance of long-term debt | 6,162 |  |  | 6,131 |
Issuance of preferred stock | — |  |  | 1,963 |
Issuance of common stock | 75 |  |  | 41 |
Payments for the redemption of long-term debt | (3,468 | ) |  | (2,737 | )
Proceeds from the issuance of short-term debt with original maturities greater than 90 days | 2,372 |  |  | 339 |
Payments for the redemption of short-term debt with original maturities greater than 90 days | (1,143 | ) |  | (479 | )
Notes payable and commercial paper | (969 | ) |  | (879 | )
Contributions from noncontrolling interests | 402 |  |  | 615 |
Dividends paid | (2,113 | ) |  | (1,990 | )
Other | (93 | ) |  | (17 | )
Net cash provided by financing activities | 1,225 |  |  | 2,987 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 27 |  |  | (9 | )
Cash, cash equivalents and restricted cash at beginning of period | 573 |  |  | 591 |
Cash, cash equivalents and restricted cash at end of period | $ | 600 |  |  | $ | 582 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 992 |  |  | $ | 1,073 |
Non-cash dividends | 82 |  |  | 81 |

See Notes to Condensed Consolidated Financial Statements
12

FINANCIAL STATEMENTS |

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

| Three Months Ended September 30, 2019 and 2020
|  |  |  |  |  | Accumulated Other Comprehensive |  |  |
|  |  |  |  |  | (Loss) Income |  |  |
|  |  |  |  |  |  | Net Unrealized |  |  | Total |  |  |
|  |  |  |  |  | Net Gains |  | (Losses) Gains |  |  | Duke Energy |  |  |
|  | Common |  |  | Additional |  |  | (Losses) on |  | on Available- |  | Pension and |  | Corporation |  |  |
| Preferred |  | Stock |  | Common |  | Paid-in |  | Retained |  | Cash Flow |  | for-Sale- |  | OPEB |  | Stockholders' |  | Noncontrolling |  | Total |
(in millions) | Stock |  | Shares |  | Stock |  | Capital |  | Earnings |  | Hedges |  | Securities |  | Adjustments |  | Equity |  | Interests |  | Equity |
Balance at June 30, 2019 | $ | 973 |  | 728 |  | $ | 1 |  | $ | 40,885 |  | $ | 3,502 |  | $ | (63 | ) | $ | 4 |  | $ | (89 | ) | $ | 45,213 |  | $ | 119 |  | $ | 45,332 |
Net income (loss) | — |  | — |  | — |  | — |  | 1,327 |  | — |  | — |  | — |  | 1,327 |  | (19 | ) | 1,308 |
Other comprehensive (loss) income | — |  | — |  | — |  | — |  | — |  | (15 | ) | 2 |  | (2 | ) | (15 | ) | — |  | (15 | )
Preferred stock, Series B, issuances, net of issuance costs(a) | 990 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 990 |  | — |  | 990 |
Common stock issuances, including dividend reinvestment and employee benefits | — |  | 1 |  | — |  | 69 |  | — |  | — |  | — |  | — |  | 69 |  | — |  | 69 |
Common stock dividends | — |  | — |  | — |  | — |  | (690 | ) | — |  | — |  | — |  | (690 | ) | — |  | (690 | )
Sale of noncontrolling interest(b) | — |  | — |  | — |  | (465 | ) | — |  | 10 |  | — |  | — |  | (455 | ) | 863 |  | 408 |
Contribution from noncontrolling interests, net of transaction costs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 7 |  | 7 |
Other | — |  | — |  | — |  | (1 | ) | — |  | — |  | — |  | — |  | (1 | ) | (1 | ) | (2 | )
Balance at September 30, 2019 | $ | 1,963 |  | 729 |  | $ | 1 |  | $ | 40,488 |  | $ | 4,139 |  | $ | (68 | ) | $ | 6 |  | $ | (91 | ) | $ | 46,438 |  | $ | 969 |  | $ | 47,407 |
Balance at June 30, 2020 | $ | 1,962 |  | 735 |  | $ | 1 |  | $ | 40,997 |  | $ | 2,707 |  | $ | (111 | ) | $ | 10 |  | $ | (82 | ) | $ | 45,484 |  | $ | 1,127 |  | $ | 46,611 |
Net income (loss) | — |  | — |  | — |  | — |  | 1,265 |  | — |  | — |  | — |  | 1,265 |  | (70 | ) | 1,195 |
Other comprehensive (loss) income | — |  | — |  | — |  | — |  | — |  | (79 | ) | (2 | ) | 1 |  | (80 | ) | — |  | (80 | )
Common stock issuances, including dividend reinvestment and employee benefits | — |  | 1 |  | — |  | 65 |  | — |  | — |  | — |  | — |  | 65 |  | — |  | 65 |
Common stock dividends | — |  | — |  | — |  | — |  | (712 | ) | — |  | — |  | — |  | (712 | ) | — |  | (712 | )
Contribution from noncontrolling interests, net of transaction costs(d) | — |  | — |  | — |  | (17 | ) | — |  | — |  | — |  | — |  | (17 | ) | 239 |  | 222 |
Distributions to noncontrolling interest in subsidiaries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (8 | ) | (8 | )
Other | — |  | — |  | — |  | 1 |  | — |  | — |  | — |  | — |  | 1 |  | 1 |  | 2 |
Balance at September 30, 2020 | $ | 1,962 |  | 736 |  | $ | 1 |  | $ | 41,046 |  | $ | 3,260 |  | $ | (190 | ) | $ | 8 |  | $ | (81 | ) | $ | 46,006 |  | $ | 1,289 |  | $ | 47,295 |

See Notes to Condensed Consolidated Financial Statements
13

FINANCIAL STATEMENTS |

| Nine Months Ended September 30, 2019 and 2020
|  |  |  |  |  | Accumulated Other Comprehensive |  |  |
|  |  |  |  |  | (Loss) Income |  |  |
|  |  |  |  |  |  | Net Unrealized |  |  | Total |  |  |
|  |  |  |  |  | Net |  | (Losses) Gains |  |  | Duke Energy |  |  |
|  | Common |  |  | Additional |  |  | Losses on |  | on Available- |  | Pension and |  | Corporation |  |  |
| Preferred |  | Stock |  | Common |  | Paid-in |  | Retained |  | Cash Flow |  | for-Sale- |  | OPEB |  | Stockholders' |  | Noncontrolling |  | Total |
(in millions) | Stock |  | Shares |  | Stock |  | Capital |  | Earnings |  | Hedges |  | Securities |  | Adjustments |  | Equity |  | Interests |  | Equity |
Balance at December 31, 2018 | $ | — |  | 727 |  | $ | 1 |  | $ | 40,795 |  | $ | 3,113 |  | $ | (14 | ) | $ | (3 | ) | $ | (75 | ) | $ | 43,817 |  | $ | 17 |  | $ | 43,834 |
Net income (loss) | — |  | — |  | — |  | — |  | 3,047 |  | — |  | — |  | — |  | 3,047 |  | (110 | ) | 2,937 |
Other comprehensive (loss) income | — |  | — |  | — |  | — |  | — |  | (58 | ) | 10 |  | 1 |  | (47 | ) | — |  | (47 | )
Preferred stock, Series A, issuances, net of issuance costs(c) | 973 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 973 |  | — |  | 973 |
Preferred stock, Series B, issuances, net of issuance costs(a) | 990 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 990 |  | — |  | 990 |
Common stock issuances, including dividend reinvestment and employee benefits | — |  | 2 |  | — |  | 158 |  | — |  | — |  | — |  | — |  | 158 |  | — |  | 158 |
Common stock dividends | — |  | — |  | — |  | — |  | (2,044 | ) | — |  | — |  | — |  | (2,044 | ) | — |  | (2,044 | )
Sale of noncontrolling interest(b) | — |  | — |  | — |  | (465 | ) | — |  | 10 |  | — |  | — |  | (455 | ) | 863 |  | 408 |
Contributions from noncontrolling interests, net of transaction costs(d) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |
Distributions to noncontrolling interest in subsidiaries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1 | ) | (1 | )
Other(e) | — |  | — |  | — |  | — |  | 23 |  | (6 | ) | (1 | ) | (17 | ) | (1 | ) | — |  | (1 | )
Balance at September 30, 2019 | $ | 1,963 |  | 729 |  | $ | 1 |  | $ | 40,488 |  | $ | 4,139 |  | $ | (68 | ) | $ | 6 |  | $ | (91 | ) | $ | 46,438 |  | $ | 969 |  | $ | 47,407 |
Balance at December 31, 2019 | $ | 1,962 |  | 733 |  | $ | 1 |  | $ | 40,881 |  | $ | 4,108 |  | $ | (51 | ) | $ | 3 |  | $ | (82 | ) | $ | 46,822 |  | $ | 1,129 |  | $ | 47,951 |
Net income (loss) | — |  | — |  | — |  | — |  | 1,347 |  | — |  | — |  | — |  | 1,347 |  | (208 | ) | 1,139 |
Other comprehensive (loss) income | — |  | — |  | — |  | — |  | — |  | (139 | ) | 5 |  | 1 |  | (133 | ) | (12 | ) | (145 | )
Common stock issuances, including dividend reinvestment and employee benefits | — |  | 3 |  | — |  | 181 |  | — |  | — |  | — |  | — |  | 181 |  | — |  | 181 |
Common stock dividends | — |  | — |  | — |  | — |  | (2,103 | ) | — |  | — |  | — |  | (2,103 | ) | — |  | (2,103 | )
Contributions from noncontrolling interests, net of transaction costs(d) | — |  | — |  | — |  | (17 | ) | — |  | — |  | — |  | — |  | (17 | ) | 402 |  | 385 |
Distributions to noncontrolling interest in subsidiaries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (22 | ) | (22 | )
Other(f) | — |  | — |  | — |  | 1 |  | (92 | ) | — |  | — |  | — |  | (91 | ) | — |  | (91 | )
Balance at September 30, 2020 | $ | 1,962 |  | 736 |  | $ | 1 |  | $ | 41,046 |  | $ | 3,260 |  | $ | (190 | ) | $ | 8 |  | $ | (81 | ) | $ | 46,006 |  | $ | 1,289 |  | $ | 47,295 |

(a) | Duke Energy issued 1 million shares of preferred stock, series B, in the third quarter of 2019.

(b) | See Note 2 for additional discussion of the transaction.

(c) | Duke Energy issued 40 million depositary shares of preferred stock, Series A.

(d) | Relates to tax equity financing activity in the Commercial Renewables segment.

(e) | Amounts in Retained Earnings and Accumulated Other Comprehensive (Loss) Income primarily represent impacts to accumulated other comprehensive income due to implementation of a new accounting standard related to Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

(f) | Amounts in Retained earnings primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion.

See Notes to Condensed Consolidated Financial Statements
14

FINANCIAL STATEMENTS |

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 2,058 |  |  | $ | 2,162 |  |  | $ | 5,416 |  |  | $ | 5,619 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 497 |  |  | 504 |  |  | 1,326 |  |  | 1,371 |
Operation, maintenance and other | 402 |  |  | 443 |  |  | 1,218 |  |  | 1,324 |
Depreciation and amortization | 372 |  |  | 350 |  |  | 1,090 |  |  | 1,013 |
Property and other taxes | 57 |  |  | 66 |  |  | 213 |  |  | 221 |
Impairment charges | 20 |  |  | 6 |  |  | 22 |  |  | 11 |
Total operating expenses | 1,348 |  |  | 1,369 |  |  | 3,869 |  |  | 3,940 |
Gains on Sales of Other Assets and Other, net | 1 |  |  | — |  |  | 1 |  |  | — |
Operating Income | 711 |  |  | 793 |  |  | 1,548 |  |  | 1,679 |
Other Income and Expenses, net | 42 |  |  | 34 |  |  | 128 |  |  | 106 |
Interest Expense | 122 |  |  | 119 |  |  | 370 |  |  | 346 |
Income Before Income Taxes | 631 |  |  | 708 |  |  | 1,306 |  |  | 1,439 |
Income Tax Expense | 76 |  |  | 118 |  |  | 178 |  |  | 255 |
Net Income and Comprehensive Income | $ | 555 |  |  | $ | 590 |  |  | $ | 1,128 |  |  | $ | 1,184 |

See Notes to Condensed Consolidated Financial Statements
15

FINANCIAL STATEMENTS |

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 23 |  |  | $ | 18 |
Receivables (net of allowance for doubtful accounts of $1 at 2020 and $3 at 2019) | 177 |  |  | 324 |
Receivables of VIEs (net of allowance for doubtful accounts of $21 at 2020 and $7 at 2019) | 770 |  |  | 642 |
Receivables from affiliated companies | 64 |  |  | 114 |
Notes receivable from affiliated companies | 65 |  |  | — |
Inventory | 992 |  |  | 996 |
Regulatory assets | 495 |  |  | 550 |
Other | 44 |  |  | 21 |
Total current assets | 2,630 |  |  | 2,665 |
Property, Plant and Equipment |  |  |
Cost | 50,622 |  |  | 48,922 |
Accumulated depreciation and amortization | (17,406 | ) |  | (16,525 | )
Net property, plant and equipment | 33,216 |  |  | 32,397 |
Other Noncurrent Assets |  |  |
Regulatory assets | 3,400 |  |  | 3,360 |
Nuclear decommissioning trust funds | 4,506 |  |  | 4,359 |
Operating lease right-of-use assets, net | 117 |  |  | 123 |
Other | 1,179 |  |  | 1,149 |
Total other noncurrent assets | 9,202 |  |  | 8,991 |
Total Assets | $ | 45,048 |  |  | $ | 44,053 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 583 |  |  | $ | 954 |
Accounts payable to affiliated companies | 155 |  |  | 210 |
Notes payable to affiliated companies | — |  |  | 29 |
Taxes accrued | 398 |  |  | 46 |
Interest accrued | 130 |  |  | 115 |
Current maturities of long-term debt | 751 |  |  | 458 |
Asset retirement obligations | 267 |  |  | 206 |
Regulatory liabilities | 430 |  |  | 255 |
Other | 487 |  |  | 611 |
Total current liabilities | 3,201 |  |  | 2,884 |
Long-Term Debt | 11,497 |  |  | 11,142 |
Long-Term Debt Payable to Affiliated Companies | 300 |  |  | 300 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 3,915 |  |  | 3,921 |
Asset retirement obligations | 5,507 |  |  | 5,528 |
Regulatory liabilities | 6,243 |  |  | 6,423 |
Operating lease liabilities | 102 |  |  | 102 |
Accrued pension and other post-retirement benefit costs | 76 |  |  | 84 |
Investment tax credits | 237 |  |  | 231 |
Other | 644 |  |  | 627 |
Total other noncurrent liabilities | 16,724 |  |  | 16,916 |
Commitments and Contingencies |  |  |  |  |
Equity |  |  |
Member's equity | 13,333 |  |  | 12,818 |
Accumulated other comprehensive loss | (7 | ) |  | (7 | )
Total equity | 13,326 |  |  | 12,811 |
Total Liabilities and Equity | $ | 45,048 |  |  | $ | 44,053 |

See Notes to Condensed Consolidated Financial Statements
16

FINANCIAL STATEMENTS |

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 1,128 |  |  | $ | 1,184 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization (including amortization of nuclear fuel) | 1,295 |  |  | 1,227 |
Equity component of AFUDC | (46 | ) |  | (29 | )
Gains on sales of other assets | (1 | ) |  | — |
Impairment charges | 22 |  |  | 11 |
Deferred income taxes | (103 | ) |  | 96 |
Contributions to qualified pension plans | — |  |  | (7 | )
Payments for asset retirement obligations | (127 | ) |  | (234 | )
Provision for rate refunds | (1 | ) |  | 34 |
(Increase) decrease in |  |  |
Net realized and unrealized mark-to-market and hedging transactions | — |  |  | (7 | )
Receivables | 41 |  |  | (80 | )
Receivables from affiliated companies | 50 |  |  | 74 |
Inventory | 4 |  |  | 5 |
Other current assets | 197 |  |  | (117 | )
Increase (decrease) in |  |  |
Accounts payable | (313 | ) |  | (284 | )
Accounts payable to affiliated companies | (55 | ) |  | (56 | )
Taxes accrued | 352 |  |  | 91 |
Other current liabilities | (121 | ) |  | 44 |
Other assets | (71 | ) |  | (2 | )
Other liabilities | (23 | ) |  | (44 | )
Net cash provided by operating activities | 2,228 |  |  | 1,906 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (1,931 | ) |  | (1,984 | )
Purchases of debt and equity securities | (1,313 | ) |  | (1,658 | )
Proceeds from sales and maturities of debt and equity securities | 1,313 |  |  | 1,658 |
Notes receivable from affiliated companies | (65 | ) |  | — |
Other | (105 | ) |  | (80 | )
Net cash used in investing activities | (2,101 | ) |  | (2,064 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 965 |  |  | 819 |
Payments for the redemption of long-term debt | (457 | ) |  | (5 | )
Notes payable to affiliated companies | (29 | ) |  | (390 | )
Distributions to parent | (600 | ) |  | (275 | )
Other | (1 | ) |  | (1 | )
Net cash (used in) provided by financing activities | (122 | ) |  | 148 |
Net increase (decrease) in cash and cash equivalents | 5 |  |  | (10 | )
Cash and cash equivalents at beginning of period | 18 |  |  | 33 |
Cash and cash equivalents at end of period | $ | 23 |  |  | $ | 23 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 295 |  |  | $ | 261 |

See Notes to Condensed Consolidated Financial Statements
17

FINANCIAL STATEMENTS |

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended September 30, 2019 and 2020
|  |  | Accumulated Other |  |
|  |  | Comprehensive |  |
|  |  | Loss |  |
| Member's |  |  | Net Losses on |  |  | Total |
(in millions) | Equity |  |  | Cash Flow Hedges |  |  | Equity |
Balance at June 30, 2019 | $ | 12,283 |  |  | $ | (7 | ) |  | $ | 12,276 |
Net income | 590 |  |  | — |  |  | 590 |
Distributions to parent | (275 | ) |  | — |  |  | (275 | )
Balance at September 30, 2019 | $ | 12,598 |  |  | $ | (7 | ) |  | $ | 12,591 |
Balance at June 30, 2020 | $ | 13,079 |  |  | $ | (7 | ) |  | $ | 13,072 |
Net income | 555 |  |  | — |  |  | 555 |
Distributions to parent | (300 | ) |  | — |  |  | (300 | )
Other | (1 | ) |  | — |  |  | (1 | )
Balance at September 30, 2020 | $ | 13,333 |  |  | $ | (7 | ) |  | $ | 13,326 |
| Nine Months Ended September 30, 2019 and 2020
|  |  | Accumulated Other |  |
|  |  | Comprehensive |  |
|  |  | Loss |  |
| Member's |  |  | Net Losses on |  |  | Total |
(in millions) | Equity |  |  | Cash Flow Hedges |  |  | Equity |
Balance at December 31, 2018 | $ | 11,689 |  |  | $ | (6 | ) |  | $ | 11,683 |
Net income | 1,184 |  |  | — |  |  | 1,184 |
Distributions to parent | (275 | ) |  | — |  |  | (275 | )
Other | — |  |  | (1 | ) |  | (1 | )
Balance at September 30, 2019 | $ | 12,598 |  |  | $ | (7 | ) |  | $ | 12,591 |
Balance at December 31, 2019 | $ | 12,818 |  |  | $ | (7 | ) |  | $ | 12,811 |
Net income | 1,128 |  |  | — |  |  | 1,128 |
Distributions to parent | (600 | ) |  | — |  |  | (600 | )
Other(a) | (13 | ) |  | — |  |  | (13 | )
Balance at September 30, 2020 | $ | 13,333 |  |  | $ | (7 | ) |  | $ | 13,326 |

(a) | Amounts primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion.

See Notes to Condensed Consolidated Financial Statements
18

FINANCIAL STATEMENTS |

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 3,197 |  |  | $ | 3,242 |  |  | $ | 8,117 |  |  | $ | 8,558 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,088 |  |  | 1,187 |  |  | 2,628 |  |  | 3,100 |
Operation, maintenance and other | 646 |  |  | 640 |  |  | 1,789 |  |  | 1,813 |
Depreciation and amortization | 472 |  |  | 496 |  |  | 1,356 |  |  | 1,377 |
Property and other taxes | 147 |  |  | 159 |  |  | 419 |  |  | 439 |
Impairment charges | 1 |  |  | (25 | ) |  | 1 |  |  | (25 | )
Total operating expenses | 2,354 |  |  | 2,457 |  |  | 6,193 |  |  | 6,704 |
Gains on Sales of Other Assets and Other, net | 3 |  |  | 1 |  |  | 9 |  |  | — |
Operating Income | 846 |  |  | 786 |  |  | 1,933 |  |  | 1,854 |
Other Income and Expenses, net | 24 |  |  | 41 |  |  | 89 |  |  | 106 |
Interest Expense | 194 |  |  | 212 |  |  | 599 |  |  | 650 |
Income Before Income Taxes | 676 |  |  | 615 |  |  | 1,423 |  |  | 1,310 |
Income Tax Expense | 70 |  |  | 94 |  |  | 190 |  |  | 212 |
Net Income | 606 |  |  | 521 |  |  | 1,233 |  |  | 1,098 |
Less: Net Income Attributable to Noncontrolling Interests | 1 |  |  | — |  |  | 1 |  |  | — |
Net Income Attributable to Parent | $ | 605 |  |  | $ | 521 |  |  | $ | 1,232 |  |  | $ | 1,098 |
Net Income | $ | 606 |  |  | $ | 521 |  |  | $ | 1,233 |  |  | $ | 1,098 |
Other Comprehensive Income, net of tax |  |  |  |  |  |  |
Pension and OPEB adjustments | — |  |  | — |  |  | 1 |  |  | 2 |
Net unrealized gains on cash flow hedges | 1 |  |  | 1 |  |  | 3 |  |  | 4 |
Unrealized gains on available-for-sale securities | 1 |  |  | 1 |  |  | 1 |  |  | 2 |
Other Comprehensive Income, net of tax | 2 |  |  | 2 |  |  | 5 |  |  | 8 |
Comprehensive Income | 608 |  |  | 523 |  |  | 1,238 |  |  | 1,106 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 1 |  |  | — |  |  | 1 |  |  | — |
Comprehensive Income Attributable to Parent | $ | 607 |  |  | $ | 523 |  |  | $ | 1,237 |  |  | $ | 1,106 |

See Notes to Condensed Consolidated Financial Statements
19

FINANCIAL STATEMENTS |

PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 70 |  |  | $ | 48 |
Receivables (net of allowance for doubtful accounts of $9 at 2020 and $7 at 2019) | 196 |  |  | 220 |
Receivables of VIEs (net of allowance for doubtful accounts of $28 at 2020 and $9 at 2019) | 1,071 |  |  | 830 |
Receivables from affiliated companies | 44 |  |  | 76 |
Notes receivable from affiliated companies | — |  |  | 164 |
Inventory | 1,378 |  |  | 1,423 |
Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs) | 775 |  |  | 946 |
Other (includes $16 at 2020 and $39 at 2019 related to VIEs) | 81 |  |  | 210 |
Total current assets | 3,615 |  |  | 3,917 |
Property, Plant and Equipment |  |  |
Cost | 57,152 |  |  | 55,070 |
Accumulated depreciation and amortization | (18,008 | ) |  | (17,159 | )
Generation facilities to be retired, net | 29 |  |  | 246 |
Net property, plant and equipment | 39,173 |  |  | 38,157 |
Other Noncurrent Assets |  |  |
Goodwill | 3,655 |  |  | 3,655 |
Regulatory assets (includes $951 at 2020 and $989 at 2019 related to VIEs) | 6,270 |  |  | 6,346 |
Nuclear decommissioning trust funds | 3,857 |  |  | 3,782 |
Operating lease right-of-use assets, net | 710 |  |  | 788 |
Other | 1,212 |  |  | 1,049 |
Total other noncurrent assets | 15,704 |  |  | 15,620 |
Total Assets | $ | 58,492 |  |  | $ | 57,694 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 795 |  |  | $ | 1,104 |
Accounts payable to affiliated companies | 208 |  |  | 310 |
Notes payable to affiliated companies | 2,159 |  |  | 1,821 |
Taxes accrued | 310 |  |  | 46 |
Interest accrued | 199 |  |  | 228 |
Current maturities of long-term debt (includes $305 at 2020 and $54 at 2019 related to VIE s) | 1,726 |  |  | 1,577 |
Asset retirement obligations | 297 |  |  | 485 |
Regulatory liabilities | 545 |  |  | 330 |
Other | 756 |  |  | 902 |
Total current liabilities | 6,995 |  |  | 6,803 |
Long-Term Debt (includes $1,351 at 2020 and $1,632 at 2019 related to V IEs) | 17,989 |  |  | 17,907 |
Long-Term Debt Payable to Affiliated Companies | 150 |  |  | 150 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 4,508 |  |  | 4,462 |
Asset retirement obligations | 6,058 |  |  | 5,986 |
Regulatory liabilities | 4,809 |  |  | 5,225 |
Operating lease liabilities | 637 |  |  | 697 |
Accrued pension and other post-retirement benefit costs | 474 |  |  | 488 |
Other | 443 |  |  | 383 |
Total other noncurrent liabilities | 16,929 |  |  | 17,241 |
Commitments and Contingencies |  |  |
Equity |  |  |
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2020 and 2019 | — |  |  | — |
Additional paid-in capital | 9,143 |  |  | 9,143 |
Retained earnings | 7,296 |  |  | 6,465 |
Accumulated other comprehensive loss | (13 | ) |  | (18 | )
Total Progress Energy, Inc. stockholders' equity | 16,426 |  |  | 15,590 |
Noncontrolling interests | 3 |  |  | 3 |
Total equity | 16,429 |  |  | 15,593 |
Total Liabilities and Equity | $ | 58,492 |  |  | $ | 57,694 |

See Notes to Condensed Consolidated Financial Statements
20

FINANCIAL STATEMENTS |

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 1,233 |  |  | $ | 1,098 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,734 |  |  | 1,649 |
Equity component of AFUDC | (30 | ) |  | (48 | )
(Gains) Losses on sales of other assets | (9 | ) |  | — |
Impairment charges | 1 |  |  | (25 | )
Deferred income taxes | (3 | ) |  | 342 |
Contributions to qualified pension plans | — |  |  | (57 | )
Payments for asset retirement obligations | (287 | ) |  | (309 | )
Provision for rate refunds | 4 |  |  | 13 |
(Increase) decrease in |  |  |
Net realized and unrealized mark-to-market and hedging transactions | (13 | ) |  | 9 |
Receivables | (207 | ) |  | (128 | )
Receivables from affiliated companies | 32 |  |  | 135 |
Inventory | 46 |  |  | 45 |
Other current assets | 214 |  |  | 79 |
Increase (decrease) in |  |  |
Accounts payable | (124 | ) |  | (64 | )
Accounts payable to affiliated companies | (102 | ) |  | (6 | )
Taxes accrued | 263 |  |  | 150 |
Other current liabilities | (41 | ) |  | (96 | )
Other assets | (145 | ) |  | (282 | )
Other liabilities | (102 | ) |  | (75 | )
Net cash provided by operating activities | 2,464 |  |  | 2,430 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (2,602 | ) |  | (2,866 | )
Purchases of debt and equity securities | (4,554 | ) |  | (1,304 | )
Proceeds from sales and maturities of debt and equity securities | 4,543 |  |  | 1,300 |
Notes receivable from affiliated companies | 164 |  |  | — |
Other | (114 | ) |  | (130 | )
Net cash used in investing activities | (2,563 | ) |  | (3,000 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 1,791 |  |  | 1,295 |
Payments for the redemption of long-term debt | (1,555 | ) |  | (1,263 | )
Notes payable to affiliated companies | 338 |  |  | 554 |
Dividends to parent | (400 | ) |  | — |
Other | (13 | ) |  | 8 |
Net cash provided by financing activities | 161 |  |  | 594 |
Net increase in cash, cash equivalents and restricted cash | 62 |  |  | 24 |
Cash, cash equivalents and restricted cash at beginning of period | 126 |  |  | 112 |
Cash, cash equivalents and restricted cash at end of period | $ | 188 |  |  | $ | 136 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 311 |  |  | $ | 400 |

See Notes to Condensed Consolidated Financial Statements
21

FINANCIAL STATEMENTS |

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended September 30, 2019 and 2020
|  |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |
|  |  |  |  | Net Gains |  |  | Net Unrealized |  |  |  |  | Total Progress |  |  |  |  |
| Additional |  |  |  |  | (Losses) on |  |  | Gains (Losses) on |  |  | Pension and |  |  | Energy, Inc. |  |  |  |  |
| Paid-in |  |  | Retained |  |  | Cash Flow |  |  | Available-for- |  |  | OPEB |  |  | Stockholders' |  |  | Noncontrolling |  |  | Total |
(in millions) | Capital |  |  | Earnings |  |  | Hedges |  |  | Sale Securities |  |  | Adjustments |  |  | Equity |  |  | Interests |  |  | Equity |
Balance at June 30, 2019 | $ | 9,143 |  |  | $ | 5,715 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | (8 | ) |  | $ | 14,837 |  |  | $ | 2 |  |  | $ | 14,839 |
Net income | — |  |  | 521 |  |  | — |  |  | — |  |  | — |  |  | 521 |  |  | — |  |  | 521 |
Other comprehensive income | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Other | — |  |  | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Balance at September 30, 2019 | $ | 9,143 |  |  | $ | 6,236 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | (7 | ) |  | $ | 15,360 |  |  | $ | 3 |  |  | $ | 15,363 |
Balance at June 30, 2020 | $ | 9,143 |  |  | $ | 7,090 |  |  | $ | (8 | ) |  | $ | (1 | ) |  | $ | (6 | ) |  | $ | 16,218 |  |  | $ | 3 |  |  | $ | 16,221 |
Net income | — |  |  | 605 |  |  | — |  |  | — |  |  | — |  |  | 605 |  |  | 1 |  |  | 606 |
Other comprehensive income | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Dividends to parent | — |  |  | (400 | ) |  | — |  |  | — |  |  | — |  |  | (400 | ) |  | — |  |  | (400 | )
Other | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | (1 | ) |  | — |
Balance at September 30, 2020 | $ | 9,143 |  |  | $ | 7,296 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (6 | ) |  | $ | 16,426 |  |  | $ | 3 |  |  | $ | 16,429 |
| Nine Months Ended September 30, 2019 and 2020
|  |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |
|  |  |  |  | Net Gains |  |  | Net Unrealized |  |  |  |  | Total Progress |  |  |  |  |
| Additional |  |  |  |  | (Losses) on |  |  | Gains (Losses) on |  |  | Pension and |  |  | Energy, Inc. |  |  |  |  |
| Paid-in |  |  | Retained |  |  | Cash Flow |  |  | Available-for- |  |  | OPEB |  |  | Stockholders' |  |  | Noncontrolling |  |  | Total |
| Capital |  |  | Earnings |  |  | Hedges |  |  | Sale Securities |  |  | Adjustments |  |  | Equity |  |  | Interests |  |  | Equity |
Balance at December 31, 2018 | $ | 9,143 |  |  | $ | 5,131 |  |  | $ | (12 | ) |  | $ | (1 | ) |  | $ | (7 | ) |  | $ | 14,254 |  |  | $ | 3 |  |  | $ | 14,257 |
Net income | — |  |  | 1,098 |  |  | — |  |  | — |  |  | — |  |  | 1,098 |  |  | — |  |  | 1,098 |
Other comprehensive income | — |  |  | — |  |  | 4 |  |  | 2 |  |  | 2 |  |  | 8 |  |  | — |  |  | 8 |
Other(a) | — |  |  | 7 |  |  | (4 | ) |  | (1 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |
Balance at September 30, 2019 | $ | 9,143 |  |  | $ | 6,236 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | (7 | ) |  | $ | 15,360 |  |  | $ | 3 |  |  | $ | 15,363 |
Balance at December 31, 2019 | $ | 9,143 |  |  | $ | 6,465 |  |  | $ | (10 | ) |  | $ | (1 | ) |  | $ | (7 | ) |  | $ | 15,590 |  |  | $ | 3 |  |  | $ | 15,593 |
Net income | — |  |  | 1,232 |  |  | — |  |  | — |  |  | — |  |  | 1,232 |  |  | 1 |  |  | 1,233 |
Other comprehensive income | — |  |  | — |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | 5 |
Distributions to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (1 | )
Dividends to parent | — |  |  | (400 | ) |  | — |  |  | — |  |  | — |  |  | (400 | ) |  | — |  |  | (400 | )
Other | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Balance at September 30, 2020 | $ | 9,143 |  |  | $ | 7,296 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (6 | ) |  | $ | 16,426 |  |  | $ | 3 |  |  | $ | 16,429 |

(a) | Amounts in Retained Earnings and Accumulated Other Comprehensive (Loss) Income primarily represent impacts to accumulated other comprehensive income due to implementation of a new accounting standard related to Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

See Notes to Condensed Consolidated Financial Statements
22

FINANCIAL STATEMENTS |

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 1,626 |  |  | $ | 1,688 |  |  | $ | 4,207 |  |  | $ | 4,559 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 537 |  |  | 577 |  |  | 1,337 |  |  | 1,571 |
Operation, maintenance and other | 348 |  |  | 378 |  |  | 970 |  |  | 1,070 |
Depreciation and amortization | 289 |  |  | 314 |  |  | 833 |  |  | 855 |
Property and other taxes | 38 |  |  | 46 |  |  | 129 |  |  | 131 |
Impairment charges | 5 |  |  | — |  |  | 5 |  |  | — |
Total operating expenses | 1,217 |  |  | 1,315 |  |  | 3,274 |  |  | 3,627 |
Gains on Sales of Other Assets and Other, net | 3 |  |  | — |  |  | 8 |  |  | — |
Operating Income | 412 |  |  | 373 |  |  | 941 |  |  | 932 |
Other Income and Expenses, net | 11 |  |  | 27 |  |  | 52 |  |  | 75 |
Interest Expense | 66 |  |  | 74 |  |  | 203 |  |  | 232 |
Income Before Income Taxes | 357 |  |  | 326 |  |  | 790 |  |  | 775 |
Income Tax Expense | 11 |  |  | 48 |  |  | 79 |  |  | 125 |
Net Income and Comprehensive Income | $ | 346 |  |  | $ | 278 |  |  | $ | 711 |  |  | $ | 650 |

See Notes to Condensed Consolidated Financial Statements
23

FINANCIAL STATEMENTS |

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 43 |  |  | $ | 22 |
Receivables (net of allowance for doubtful accounts of $4 at 2020 and $3 at 2019) | 103 |  |  | 123 |
Receivables of VIEs (net of allowance for doubtful accounts of $17 at 2020 and $5 at 2019) | 559 |  |  | 489 |
Receivables from affiliated companies | 45 |  |  | 52 |
Inventory | 910 |  |  | 934 |
Regulatory assets | 472 |  |  | 526 |
Other | 54 |  |  | 60 |
Total current assets | 2,186 |  |  | 2,206 |
Property, Plant and Equipment |  |  |
Cost | 35,479 |  |  | 34,603 |
Accumulated depreciation and amortization | (12,548 | ) |  | (11,915 | )
Generation facilities to be retired, net | 29 |  |  | 246 |
Net property, plant and equipment | 22,960 |  |  | 22,934 |
Other Noncurrent Assets |  |  |
Regulatory assets | 4,449 |  |  | 4,152 |
Nuclear decommissioning trust funds | 3,189 |  |  | 3,047 |
Operating lease right-of-use assets, net | 357 |  |  | 387 |
Other | 720 |  |  | 651 |
Total other noncurrent assets | 8,715 |  |  | 8,237 |
Total Assets | $ | 33,861 |  |  | $ | 33,377 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 372 |  |  | $ | 629 |
Accounts payable to affiliated companies | 144 |  |  | 203 |
Notes payable to affiliated companies | 167 |  |  | 66 |
Taxes accrued | 207 |  |  | 17 |
Interest accrued | 80 |  |  | 110 |
Current maturities of long-term debt | 603 |  |  | 1,006 |
Asset retirement obligations | 297 |  |  | 485 |
Regulatory liabilities | 436 |  |  | 236 |
Other | 389 |  |  | 478 |
Total current liabilities | 2,695 |  |  | 3,230 |
Long-Term Debt | 8,605 |  |  | 7,902 |
Long-Term Debt Payable to Affiliated Companies | 150 |  |  | 150 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 2,426 |  |  | 2,388 |
Asset retirement obligations | 5,503 |  |  | 5,408 |
Regulatory liabilities | 4,140 |  |  | 4,232 |
Operating lease liabilities | 329 |  |  | 354 |
Accrued pension and other post-retirement benefit costs | 236 |  |  | 238 |
Investment tax credits | 133 |  |  | 137 |
Other | 88 |  |  | 92 |
Total other noncurrent liabilities | 12,855 |  |  | 12,849 |
Commitments and Contingencies |  |  |
Equity |  |  |
Member's Equity | 9,556 |  |  | 9,246 |
Total Liabilities and Equity | $ | 33,861 |  |  | $ | 33,377 |

See Notes to Condensed Consolidated Financial Statements
24

FINANCIAL STATEMENTS |

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 711 |  |  | $ | 650 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization (including amortization of nuclear fuel) | 972 |  |  | 996 |
Equity component of AFUDC | (22 | ) |  | (44 | )
Gains on sales of other assets | (8 | ) |  | — |
Impairment charges | 5 |  |  | — |
Deferred income taxes | (33 | ) |  | 144 |
Contributions to qualified pension plans | — |  |  | (4 | )
Payments for asset retirement obligations | (249 | ) |  | (288 | )
Provision for rate refunds | 4 |  |  | 13 |
(Increase) decrease in |  |  |
Net realized and unrealized mark-to-market and hedging transactions | — |  |  | (4 | )
Receivables | (34 | ) |  | (9 | )
Receivables from affiliated companies | 7 |  |  | (11 | )
Inventory | 24 |  |  | 15 |
Other current assets | 82 |  |  | 65 |
Increase (decrease) in |  |  |
Accounts payable | (185 | ) |  | (54 | )
Accounts payable to affiliated companies | (59 | ) |  | (80 | )
Taxes accrued | 190 |  |  | 37 |
Other current liabilities | (24 | ) |  | (17 | )
Other assets | (177 | ) |  | (201 | )
Other liabilities | 21 |  |  | 39 |
Net cash provided by operating activities | 1,225 |  |  | 1,247 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (1,142 | ) |  | (1,592 | )
Purchases of debt and equity securities | (1,269 | ) |  | (656 | )
Proceeds from sales and maturities of debt and equity securities | 1,238 |  |  | 632 |
Other | (31 | ) |  | (56 | )
Net cash used in investing activities | (1,204 | ) |  | (1,672 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 1,296 |  |  | 1,270 |
Payments for the redemption of long-term debt | (985 | ) |  | (603 | )
Notes payable to affiliated companies | 101 |  |  | (215 | )
Distributions to parent | (400 | ) |  | — |
Other | (12 | ) |  | (1 | )
Net cash provided by financing activities | — |  |  | 451 |
Net increase in cash and cash equivalents | 21 |  |  | 26 |
Cash and cash equivalents at beginning of period | 22 |  |  | 23 |
Cash and cash equivalents at end of period | $ | 43 |  |  | $ | 49 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 124 |  |  | $ | 182 |

See Notes to Condensed Consolidated Financial Statements
25

FINANCIAL STATEMENTS |

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended
| September 30, 2019 and 2020
| Member's
(in millions) | Equity
Balance at June 30, 2019 | $ | 8,813 |
Net income | 278 |
Balance at September 30, 2019 | $ | 9,091 |
Balance at June 30, 2020 | $ | 9,610 |
Net income | 346 |
Distributions to parent | (400 | )
Balance at September 30, 2020 | $ | 9,556 |
| Nine Months Ended
| September 30, 2019 and 2020
| Member's
(in millions) | Equity
Balance at December 31, 2018 | $ | 8,441 |
Net income | 650 |
Balance at September 30, 2019 | $ | 9,091 |
Balance at December 31, 2019 | $ | 9,246 |
Net income | 711 |
Distributions to parent | (400 | )
Other | (1 | )
Balance at September 30, 2020 | $ | 9,556 |

See Notes to Condensed Consolidated Financial Statements
26

FINANCIAL STATEMENTS |

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 1,567 |  |  | $ | 1,548 |  |  | $ | 3,897 |  |  | $ | 3,987 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 551 |  |  | 610 |  |  | 1,291 |  |  | 1,529 |
Operation, maintenance and other | 292 |  |  | 256 |  |  | 806 |  |  | 730 |
Depreciation and amortization | 183 |  |  | 182 |  |  | 523 |  |  | 522 |
Property and other taxes | 110 |  |  | 113 |  |  | 290 |  |  | 309 |
Impairment charges | (4 | ) |  | (25 | ) |  | (4 | ) |  | (25 | )
Total operating expenses | 1,132 |  |  | 1,136 |  |  | 2,906 |  |  | 3,065 |
Gains on Sales of Other Assets and Other, net | — |  |  | 1 |  |  | — |  |  | — |
Operating Income | 435 |  |  | 413 |  |  | 991 |  |  | 922 |
Other Income and Expenses, net | 11 |  |  | 14 |  |  | 36 |  |  | 39 |
Interest Expense | 81 |  |  | 81 |  |  | 245 |  |  | 246 |
Income Before Income Taxes | 365 |  |  | 346 |  |  | 782 |  |  | 715 |
Income Tax Expense | 78 |  |  | 57 |  |  | 159 |  |  | 129 |
Net Income | $ | 287 |  |  | $ | 289 |  |  | $ | 623 |  |  | $ | 586 |
Other Comprehensive Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized gains on available-for-sale securities | 1 |  |  | 1 |  |  | 1 |  |  | 2 |
Comprehensive Income | $ | 288 |  |  | $ | 290 |  |  | $ | 624 |  |  | $ | 588 |

See Notes to Condensed Consolidated Financial Statements
27

FINANCIAL STATEMENTS |

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 19 |  |  | $ | 17 |
Receivables (net of allowance for doubtful accounts of $5 at 2020 and $3 at 2019) | 91 |  |  | 96 |
Receivables of VIEs (net of allowance for doubtful accounts of $11 at 2020 and $4 at 2019) | 512 |  |  | 341 |
Receivables from affiliated companies | 3 |  |  | — |
Notes receivable from affiliated companies | — |  |  | 173 |
Inventory | 468 |  |  | 489 |
Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs) | 303 |  |  | 419 |
Other (includes $16 at 2020 and $39 at 2019 related to VIEs) | 25 |  |  | 58 |
Total current assets | 1,421 |  |  | 1,593 |
Property, Plant and Equipment |  |  |
Cost | 21,662 |  |  | 20,457 |
Accumulated depreciation and amortization | (5,452 | ) |  | (5,236 | )
Net property, plant and equipment | 16,210 |  |  | 15,221 |
Other Noncurrent Assets |  |  |
Regulatory assets (includes $951 at 2020 and $989 at 2019 related to VIEs) | 1,821 |  |  | 2,194 |
Nuclear decommissioning trust funds | 668 |  |  | 734 |
Operating lease right-of-use assets, net | 354 |  |  | 401 |
Other | 341 |  |  | 311 |
Total other noncurrent assets | 3,184 |  |  | 3,640 |
Total Assets | $ | 20,815 |  |  | $ | 20,454 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 424 |  |  | $ | 474 |
Accounts payable to affiliated companies | 77 |  |  | 131 |
Notes payable to affiliated companies | 66 |  |  | — |
Taxes accrued | 260 |  |  | 43 |
Interest accrued | 73 |  |  | 75 |
Current maturities of long-term debt (includes $305 at 2020 and $54 at 2019 related to VIE s) | 623 |  |  | 571 |
Regulatory liabilities | 109 |  |  | 94 |
Other | 359 |  |  | 415 |
Total current liabilities | 1,991 |  |  | 1,803 |
Long-Term Debt (includes $1,001 at 2020 and $1,307 at 2019 related to V IEs) | 7,294 |  |  | 7,416 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 2,175 |  |  | 2,179 |
Asset retirement obligations | 555 |  |  | 578 |
Regulatory liabilities | 669 |  |  | 993 |
Operating lease liabilities | 308 |  |  | 343 |
Accrued pension and other post-retirement benefit costs | 207 |  |  | 218 |
Other | 205 |  |  | 136 |
Total other noncurrent liabilities | 4,119 |  |  | 4,447 |
Commitments and Contingencies |  |  |
Equity |  |  |
Member's equity | 7,411 |  |  | 6,789 |
Accumulated other comprehensive loss | — |  |  | (1 | )
Total equity | 7,411 |  |  | 6,788 |
Total Liabilities and Equity | $ | 20,815 |  |  | $ | 20,454 |

See Notes to Condensed Consolidated Financial Statements
28

FINANCIAL STATEMENTS |

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 623 |  |  | $ | 586 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation, amortization and accretion | 755 |  |  | 647 |
Equity component of AFUDC | (8 | ) |  | (4 | )
Impairment charges | (4 | ) |  | (25 | )
Deferred income taxes | 19 |  |  | 164 |
Contributions to qualified pension plans | — |  |  | (53 | )
Payments for asset retirement obligations | (38 | ) |  | (21 | )
(Increase) decrease in |  |  |
Net realized and unrealized mark-to-market and hedging transactions | (17 | ) |  | 9 |
Receivables | (172 | ) |  | (119 | )
Receivables from affiliated companies | (3 | ) |  | 27 |
Inventory | 22 |  |  | 29 |
Other current assets | 41 |  |  | 100 |
Increase (decrease) in |  |  |
Accounts payable | 63 |  |  | (11 | )
Accounts payable to affiliated companies | (54 | ) |  | 67 |
Taxes accrued | 217 |  |  | 101 |
Other current liabilities | (20 | ) |  | (77 | )
Other assets | 48 |  |  | (77 | )
Other liabilities | (136 | ) |  | (123 | )
Net cash provided by operating activities | 1,336 |  |  | 1,220 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (1,460 | ) |  | (1,274 | )
Purchases of debt and equity securities | (3,284 | ) |  | (648 | )
Proceeds from sales and maturities of debt and equity securities | 3,305 |  |  | 668 |
Notes receivable from affiliated companies | 173 |  |  | — |
Other | (82 | ) |  | (73 | )
Net cash used in investing activities | (1,348 | ) |  | (1,327 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 495 |  |  | 25 |
Payments for the redemption of long-term debt | (570 | ) |  | (210 | )
Notes payable to affiliated companies | 66 |  |  | 248 |
Other | — |  |  | 9 |
Net cash (used in) provided by financing activities | (9 | ) |  | 72 |
Net decrease in cash, cash equivalents and restricted cash | (21 | ) |  | (35 | )
Cash, cash equivalents and restricted cash at beginning of period | 56 |  |  | 75 |
Cash, cash equivalents and restricted cash at end of period | $ | 35 |  |  | $ | 40 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 187 |  |  | $ | 218 |

See Notes to Condensed Consolidated Financial Statements
29

FINANCIAL STATEMENTS |

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended September 30, 2019 and 2020
|  |  | Accumulated |  |
|  |  | Other |  |
|  |  | Comprehensive |  |
|  |  | Income (Loss) |  |
|  |  | Net Unrealized |  |  |
|  |  | Gains on |  |  |
| Member's |  |  | Available-for-Sale |  |  | Total |
(in millions) | Equity |  |  | Securities |  |  | Equity |
Balance at June 30, 2019 | $ | 6,394 |  |  | $ | (1 | ) |  | $ | 6,393 |
Net income | 289 |  |  | — |  |  | 289 |
Other comprehensive income | — |  |  | 1 |  |  | 1 |
Balance at September 30, 2019 | $ | 6,683 |  |  | $ | — |  |  | $ | 6,683 |
Balance at June 30, 2020 | $ | 7,125 |  |  | $ | (1 | ) |  | $ | 7,124 |
Net income | 287 |  |  | — |  |  | 287 |
Other comprehensive income | — |  |  | 1 |  |  | 1 |
Other | (1 | ) |  | — |  |  | (1 | )
Balance at September 30, 2020 | $ | 7,411 |  |  | $ | — |  |  | $ | 7,411 |
| Nine Months Ended September 30, 2019 and 2020
|  |  | Accumulated |  |
|  |  | Other |  |
|  |  | Comprehensive |  |
|  |  | Income (Loss) |  |
|  |  | Net Unrealized |  |  |
|  |  | Gains on |  |  |
| Member's |  |  | Available-for-Sale |  |  | Total |
(in millions) | Equity |  |  | Securities |  |  | Equity |
Balance at December 31, 2018 | $ | 6,097 |  |  | $ | (2 | ) |  | $ | 6,095 |
Net income | 586 |  |  | — |  |  | 586 |
Other comprehensive income | — |  |  | 2 |  |  | 2 |
Balance at September 30, 2019 | $ | 6,683 |  |  | $ | — |  |  | $ | 6,683 |
Balance at December 31, 2019 | $ | 6,789 |  |  | $ | (1 | ) |  | $ | 6,788 |
Net income | 623 |  |  | — |  |  | 623 |
Other comprehensive income | — |  |  | 1 |  |  | 1 |
Other | (1 | ) |  | — |  |  | (1 | )
Balance at September 30, 2020 | $ | 7,411 |  |  | $ | — |  |  | $ | 7,411 |

See Notes to Condensed Consolidated Financial Statements
30

FINANCIAL STATEMENTS |

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues |  |  |  |  |  |  |
Regulated electric | $ | 394 |  |  | $ | 408 |  |  | $ | 1,070 |  |  | $ | 1,099 |
Regulated natural gas | 79 |  |  | 81 |  |  | 324 |  |  | 354 |
Total operating revenues | 473 |  |  | 489 |  |  | 1,394 |  |  | 1,453 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 94 |  |  | 114 |  |  | 258 |  |  | 293 |
Cost of natural gas | 3 |  |  | 4 |  |  | 46 |  |  | 68 |
Operation, maintenance and other | 115 |  |  | 123 |  |  | 333 |  |  | 378 |
Depreciation and amortization | 72 |  |  | 69 |  |  | 208 |  |  | 199 |
Property and other taxes | 83 |  |  | 71 |  |  | 244 |  |  | 229 |
Total operating expenses | 367 |  |  | 381 |  |  | 1,089 |  |  | 1,167 |
Operating Income | 106 |  |  | 108 |  |  | 305 |  |  | 286 |
Other Income and Expenses, net | 4 |  |  | 4 |  |  | 11 |  |  | 19 |
Interest Expense | 26 |  |  | 27 |  |  | 75 |  |  | 81 |
Income Before Income Taxes | 84 |  |  | 85 |  |  | 241 |  |  | 224 |
Income Tax Expense | 14 |  |  | 11 |  |  | 40 |  |  | 34 |
Net Income and Comprehensive Income | $ | 70 |  |  | $ | 74 |  |  | $ | 201 |  |  | $ | 190 |

See Notes to Condensed Consolidated Financial Statements
31

FINANCIAL STATEMENTS |

DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 10 |  |  | $ | 17 |
Receivables (net of allowance for doubtful accounts of $5 at 2020 and $4 at 2019) | 90 |  |  | 84 |
Receivables from affiliated companies | 57 |  |  | 92 |
Inventory | 130 |  |  | 135 |
Regulatory assets | 35 |  |  | 49 |
Other | 13 |  |  | 21 |
Total current assets | 335 |  |  | 398 |
Property, Plant and Equipment |  |  |
Cost | 10,804 |  |  | 10,241 |
Accumulated depreciation and amortization | (2,989 | ) |  | (2,843 | )
Net property, plant and equipment | 7,815 |  |  | 7,398 |
Other Noncurrent Assets |  |  |
Goodwill | 920 |  |  | 920 |
Regulatory assets | 597 |  |  | 549 |
Operating lease right-of-use assets, net | 20 |  |  | 21 |
Other | 62 |  |  | 52 |
Total other noncurrent assets | 1,599 |  |  | 1,542 |
Total Assets | $ | 9,749 |  |  | $ | 9,338 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 240 |  |  | $ | 288 |
Accounts payable to affiliated companies | 54 |  |  | 68 |
Notes payable to affiliated companies | 85 |  |  | 312 |
Taxes accrued | 193 |  |  | 219 |
Interest accrued | 32 |  |  | 30 |
Asset retirement obligations | 7 |  |  | 1 |
Regulatory liabilities | 66 |  |  | 64 |
Other | 73 |  |  | 75 |
Total current liabilities | 750 |  |  | 1,057 |
Long-Term Debt | 3,064 |  |  | 2,594 |
Long-Term Debt Payable to Affiliated Companies | 25 |  |  | 25 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 965 |  |  | 922 |
Asset retirement obligations | 84 |  |  | 79 |
Regulatory liabilities | 753 |  |  | 763 |
Operating lease liabilities | 20 |  |  | 21 |
Accrued pension and other post-retirement benefit costs | 104 |  |  | 100 |
Other | 100 |  |  | 94 |
Total other noncurrent liabilities | 2,026 |  |  | 1,979 |
Commitments and Contingencies |  |  |
Equity |  |  |
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2020 and 2019 | 762 |  |  | 762 |
Additional paid-in capital | 2,776 |  |  | 2,776 |
Retained earnings | 346 |  |  | 145 |
Total equity | 3,884 |  |  | 3,683 |
Total Liabilities and Equity | $ | 9,749 |  |  | $ | 9,338 |

See Notes to Condensed Consolidated Financial Statements
32

FINANCIAL STATEMENTS |

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 201 |  |  | $ | 190 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 211 |  |  | 202 |
Equity component of AFUDC | (4 | ) |  | (9 | )
Deferred income taxes | 31 |  |  | 68 |
Contributions to qualified pension plans | — |  |  | (2 | )
Payments for asset retirement obligations | (1 | ) |  | (7 | )
Provision for rate refunds | 10 |  |  | 5 |
(Increase) decrease in |  |  |
Receivables | (5 | ) |  | 24 |
Receivables from affiliated companies | 35 |  |  | 51 |
Inventory | 5 |  |  | (2 | )
Other current assets | 5 |  |  | (15 | )
Increase (decrease) in |  |  |
Accounts payable | (28 | ) |  | (40 | )
Accounts payable to affiliated companies | (14 | ) |  | (9 | )
Taxes accrued | (23 | ) |  | (40 | )
Other current liabilities | 6 |  |  | (4 | )
Other assets | (24 | ) |  | (12 | )
Other liabilities | (7 | ) |  | (22 | )
Net cash provided by operating activities | 398 |  |  | 378 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (611 | ) |  | (714 | )
Notes receivable from affiliated companies | — |  |  | (74 | )
Other | (34 | ) |  | (45 | )
Net cash used in investing activities | (645 | ) |  | (833 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 467 |  |  | 1,003 |
Payments for the redemption of long-term debt | — |  |  | (451 | )
Notes payable to affiliated companies | (227 | ) |  | (107 | )
Net cash provided by financing activities | 240 |  |  | 445 |
Net decrease in cash and cash equivalents | (7 | ) |  | (10 | )
Cash and cash equivalents at beginning of period | 17 |  |  | 21 |
Cash and cash equivalents at end of period | $ | 10 |  |  | $ | 11 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 92 |  |  | $ | 100 |

See Notes to Condensed Consolidated Financial Statements
33

FINANCIAL STATEMENTS |

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended September 30, 2019 and 2020
|  |  | Additional |  |  | Retained |  |  |
| Common |  |  | Paid-in |  |  | Earnings |  |  | Total |
(in millions) | Stock |  |  | Capital |  |  | (Deficit) |  |  | Equity |
Balance at June 30, 2019 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 23 |  |  | $ | 3,561 |
Net income | — |  |  | — |  |  | 74 |  |  | 74 |
Balance at September 30, 2019 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 97 |  |  | $ | 3,635 |
Balance at June 30, 2020 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 276 |  |  | $ | 3,814 |
Net income | — |  |  | — |  |  | 70 |  |  | 70 |
Balance at September 30, 2020 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 346 |  |  | $ | 3,884 |
| Nine Months Ended September 30, 2019 and 2020
|  |  | Additional |  |  | Retained |  |  |
| Common |  |  | Paid-in |  |  | Earnings |  |  | Total |
(in millions) | Stock |  |  | Capital |  |  | (Deficit) |  |  | Equity |
Balance at December 31, 2018 | $ | 762 |  |  | $ | 2,776 |  |  | $ | (93 | ) |  | $ | 3,445 |
Net income | — |  |  | — |  |  | 190 |  |  | 190 |
Balance at September 30, 2019 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 97 |  |  | $ | 3,635 |
Balance at December 31, 2019 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 145 |  |  | $ | 3,683 |
Net income | — |  |  | — |  |  | 201 |  |  | 201 |
Balance at September 30, 2020 | $ | 762 |  |  | $ | 2,776 |  |  | $ | 346 |  |  | $ | 3,884 |

See Notes to Condensed Consolidated Financial Statements
34

FINANCIAL STATEMENTS |

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 761 |  |  | $ | 807 |  |  | $ | 2,070 |  |  | $ | 2,289 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 222 |  |  | 234 |  |  | 577 |  |  | 720 |
Operation, maintenance and other | 207 |  |  | 192 |  |  | 564 |  |  | 569 |
Depreciation and amortization | 149 |  |  | 130 |  |  | 415 |  |  | 393 |
Property and other taxes | 15 |  |  | 16 |  |  | 57 |  |  | 55 |
Total operating expenses | 593 |  |  | 572 |  |  | 1,613 |  |  | 1,737 |
Operating Income | 168 |  |  | 235 |  |  | 457 |  |  | 552 |
Other Income and Expenses, net | 9 |  |  | 8 |  |  | 28 |  |  | 35 |
Interest Expense | 29 |  |  | 40 |  |  | 114 |  |  | 111 |
Income Before Income Taxes | 148 |  |  | 203 |  |  | 371 |  |  | 476 |
Income Tax Expense | 29 |  |  | 47 |  |  | 72 |  |  | 113 |
Net Income and Comprehensive Income | $ | 119 |  |  | $ | 156 |  |  | $ | 299 |  |  | $ | 363 |

See Notes to Condensed Consolidated Financial Statements
35

FINANCIAL STATEMENTS |

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 15 |  |  | $ | 25 |
Receivables (net of allowance for doubtful accounts of $3 at 2020 and 2019) | 48 |  |  | 60 |
Receivables from affiliated companies | 84 |  |  | 79 |
Inventory | 507 |  |  | 517 |
Regulatory assets | 119 |  |  | 90 |
Other | 30 |  |  | 60 |
Total current assets | 803 |  |  | 831 |
Property, Plant and Equipment |  |  |
Cost | 17,223 |  |  | 16,305 |
Accumulated depreciation and amortization | (5,579 | ) |  | (5,233 | )
Net property, plant and equipment | 11,644 |  |  | 11,072 |
Other Noncurrent Assets |  |  |
Regulatory assets | 1,184 |  |  | 1,082 |
Operating lease right-of-use assets, net | 55 |  |  | 57 |
Other | 228 |  |  | 234 |
Total other noncurrent assets | 1,467 |  |  | 1,373 |
Total Assets | $ | 13,914 |  |  | $ | 13,276 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 172 |  |  | $ | 201 |
Accounts payable to affiliated companies | 65 |  |  | 87 |
Notes payable to affiliated companies | 83 |  |  | 30 |
Taxes accrued | 110 |  |  | 49 |
Interest accrued | 63 |  |  | 58 |
Current maturities of long-term debt | 13 |  |  | 503 |
Asset retirement obligations | 170 |  |  | 189 |
Regulatory liabilities | 76 |  |  | 55 |
Other | 98 |  |  | 112 |
Total current liabilities | 850 |  |  | 1,284 |
Long-Term Debt | 3,941 |  |  | 3,404 |
Long-Term Debt Payable to Affiliated Companies | 150 |  |  | 150 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 1,179 |  |  | 1,150 |
Asset retirement obligations | 1,044 |  |  | 643 |
Regulatory liabilities | 1,648 |  |  | 1,685 |
Operating lease liabilities | 53 |  |  | 55 |
Accrued pension and other post-retirement benefit costs | 151 |  |  | 148 |
Investment tax credits | 168 |  |  | 164 |
Other | 56 |  |  | 18 |
Total other noncurrent liabilities | 4,299 |  |  | 3,863 |
Commitments and Contingencies |  |  |
Equity |  |  |
Member's Equity | 4,674 |  |  | 4,575 |
Total Liabilities and Equity | $ | 13,914 |  |  | $ | 13,276 |

See Notes to Condensed Consolidated Financial Statements
36

FINANCIAL STATEMENTS |

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 299 |  |  | $ | 363 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation, amortization and accretion | 416 |  |  | 395 |
Equity component of AFUDC | (18 | ) |  | (13 | )
Deferred income taxes | 11 |  |  | 108 |
Contributions to qualified pension plans | — |  |  | (2 | )
Payments for asset retirement obligations | (48 | ) |  | (31 | )
(Increase) decrease in |  |  |
Receivables | 15 |  |  | 1 |
Receivables from affiliated companies | (5 | ) |  | 37 |
Inventory | 10 |  |  | (56 | )
Other current assets | 12 |  |  | 91 |
Increase (decrease) in |  |  |
Accounts payable | (1 | ) |  | 1 |
Accounts payable to affiliated companies | (22 | ) |  | (9 | )
Taxes accrued | 65 |  |  | (14 | )
Other current liabilities | (2 | ) |  | (12 | )
Other assets | (41 | ) |  | (75 | )
Other liabilities | 104 |  |  | 67 |
Net cash provided by operating activities | 795 |  |  | 851 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (669 | ) |  | (663 | )
Purchases of debt and equity securities | (24 | ) |  | (19 | )
Proceeds from sales and maturities of debt and equity securities | 15 |  |  | 15 |
Notes receivable from affiliated companies | — |  |  | (213 | )
Other | (24 | ) |  | (33 | )
Net cash used in investing activities | (702 | ) |  | (913 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 544 |  |  | 485 |
Payments for the redemption of long-term debt | (500 | ) |  | (60 | )
Notes payable to affiliated companies | 53 |  |  | (167 | )
Distributions to parent | (200 | ) |  | (200 | )
Net cash provided by (used in) financing activities | (103 | ) |  | 58 |
Net decrease in cash and cash equivalents | (10 | ) |  | (4 | )
Cash and cash equivalents at beginning of period | 25 |  |  | 24 |
Cash and cash equivalents at end of period | $ | 15 |  |  | $ | 20 |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 73 |  |  | $ | 82 |

See Notes to Condensed Consolidated Financial Statements
37

FINANCIAL STATEMENTS |

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

|  | Three Months Ended
|  | September 30, 2019 and 2020
|  | Member's
(in millions) |  | Equity
Balance at June 30, 2019 |  | $ | 4,546 |
Net income |  | 156 |
Distributions to parent |  | (200 | )
Balance at September 30, 2019 |  | $ | 4,502 |
Balance at June 30, 2020 |  | $ | 4,655 |
Net income |  | 119 |
Distributions to parent |  | (100 | )
Balance at September 30, 2020 |  | $ | 4,674 |
|  | Nine Months Ended
|  | September 30, 2019 and 2020
|  | Member's
(in millions) |  | Equity
Balance at December 31, 2018 |  | $ | 4,339 |
Net income |  | 363 |
Distributions to parent |  | (200 | )
Balance at September 30, 2019 |  | $ | 4,502 |
Balance at December 31, 2019 |  | $ | 4,575 |
Net income |  | 299 |
Distributions to parent |  | (200 | )
Balance at September 30, 2020 |  | $ | 4,674 |

See Notes to Condensed Consolidated Financial Statements
38

FINANCIAL STATEMENTS |

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating Revenues | $ | 162 |  |  | $ | 168 |  |  | $ | 871 |  |  | $ | 956 |
Operating Expenses |  |  |  |  |  |  |
Cost of natural gas | 39 |  |  | 46 |  |  | 254 |  |  | 384 |
Operation, maintenance and other | 75 |  |  | 78 |  |  | 234 |  |  | 241 |
Depreciation and amortization | 45 |  |  | 43 |  |  | 133 |  |  | 127 |
Property and other taxes | 13 |  |  | 14 |  |  | 37 |  |  | 39 |
Impairment charges | 7 |  |  | — |  |  | 7 |  |  | — |
Total operating expenses | 179 |  |  | 181 |  |  | 665 |  |  | 791 |
Operating (Loss) Income | (17 | ) |  | (13 | ) |  | 206 |  |  | 165 |
Other Income and Expenses, net | 16 |  |  | 7 |  |  | 44 |  |  | 19 |
Interest Expense | 29 |  |  | 22 |  |  | 89 |  |  | 65 |
(Loss) Income Before Income Taxes | (30 | ) |  | (28 | ) |  | 161 |  |  | 119 |
Income Tax (Benefit) Expense | (5 | ) |  | (10 | ) |  | 6 |  |  | 22 |
Net (Loss) Income and Comprehensive (Loss) Income | $ | (25 | ) |  | $ | (18 | ) |  | $ | 155 |  |  | $ | 97 |

See Notes to Condensed Consolidated Financial Statements
39

FINANCIAL STATEMENTS |

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |
Current Assets |  |  |
Receivables (net of allowance for doubtful accounts of $9 at 2020 and $6 at 2019) | $ | 93 |  |  | $ | 241 |
Receivables from affiliated companies | 11 |  |  | 10 |
Inventory | 47 |  |  | 72 |
Regulatory assets | 119 |  |  | 73 |
Other | 51 |  |  | 28 |
Total current assets | 321 |  |  | 424 |
Property, Plant and Equipment |  |  |
Cost | 8,882 |  |  | 8,446 |
Accumulated depreciation and amortization | (1,713 | ) |  | (1,681 | )
Net property, plant and equipment | 7,169 |  |  | 6,765 |
Other Noncurrent Assets |  |  |
Goodwill | 49 |  |  | 49 |
Regulatory assets | 287 |  |  | 290 |
Operating lease right-of-use assets, net | 21 |  |  | 24 |
Investments in equity method unconsolidated affiliates | 86 |  |  | 83 |
Other | 279 |  |  | 121 |
Total other noncurrent assets | 722 |  |  | 567 |
Total Assets | $ | 8,212 |  |  | $ | 7,756 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 177 |  |  | $ | 215 |
Accounts payable to affiliated companies | 63 |  |  | 3 |
Notes payable to affiliated companies | 327 |  |  | 476 |
Taxes accrued | 36 |  |  | 24 |
Interest accrued | 37 |  |  | 33 |
Current maturities of long-term debt | 160 |  |  | — |
Regulatory liabilities | 101 |  |  | 81 |
Other | 59 |  |  | 67 |
Total current liabilities | 960 |  |  | 899 |
Long-Term Debt | 2,620 |  |  | 2,384 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 775 |  |  | 708 |
Asset retirement obligations | 17 |  |  | 17 |
Regulatory liabilities | 1,070 |  |  | 1,131 |
Operating lease liabilities | 20 |  |  | 23 |
Accrued pension and other post-retirement benefit costs | 7 |  |  | 3 |
Other | 146 |  |  | 148 |
Total other noncurrent liabilities | 2,035 |  |  | 2,030 |
Commitments and Contingencies |  |  |
Equity |  |  |
Common stock, no par value: 100 shares authorized and outstanding at 2020 and 2019 | 1,310 |  |  | 1,310 |
Retained earnings | 1,287 |  |  | 1,133 |
Total equity | 2,597 |  |  | 2,443 |
Total Liabilities and Equity | $ | 8,212 |  |  | $ | 7,756 |

See Notes to Condensed Consolidated Financial Statements
40

FINANCIAL STATEMENTS |

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

| Nine Months Ended
| September 30,
(in millions) | 2020 |  |  | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 155 |  |  | $ | 97 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 135 |  |  | 129 |
Equity component of AFUDC | (14 | ) |  | — |
Impairment charges | 7 |  |  | — |
Deferred income taxes | 24 |  |  | 110 |
Equity in earnings from unconsolidated affiliates | (7 | ) |  | (6 | )
Contributions to qualified pension plans | — |  |  | (1 | )
Provision for rate refunds | (27 | ) |  | 9 |
(Increase) decrease in |  |  |
Receivables | 164 |  |  | 192 |
Receivables from affiliated companies | (1 | ) |  | 12 |
Inventory | 25 |  |  | 23 |
Other current assets | (59 | ) |  | (95 | )
Increase (decrease) in |  |  |
Accounts payable | (53 | ) |  | (93 | )
Accounts payable to affiliated companies | 60 |  |  | 12 |
Taxes accrued | 16 |  |  | (51 | )
Other current liabilities | (4 | ) |  | (6 | )
Other assets | (14 | ) |  | (10 | )
Other liabilities | 7 |  |  | (5 | )
Net cash provided by operating activities | 414 |  |  | 317 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures | (641 | ) |  | (751 | )
Contributions to equity method investments | — |  |  | (16 | )
Other | (18 | ) |  | (10 | )
Net cash used in investing activities | (659 | ) |  | (777 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Proceeds from the issuance of long-term debt | 394 |  |  | 596 |
Payments for the redemption of long-term debt | — |  |  | (350 | )
Notes payable to affiliated companies | (149 | ) |  | 64 |
Capital contributions from parent | — |  |  | 150 |
Net cash provided by financing activities | 245 |  |  | 460 |
Net increase in cash and cash equivalents | — |  |  | — |
Cash and cash equivalents at beginning of period | — |  |  | — |
Cash and cash equivalents at end of period | $ | — |  |  | $ | — |
Supplemental Disclosures: |  |  |
Significant non-cash transactions: |  |  |
Accrued capital expenditures | $ | 123 |  |  | $ | 121 |

See Notes to Condensed Consolidated Financial Statements
41

FINANCIAL STATEMENTS |

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

| Three Months Ended September 30, 2019 and 2020
| Common |  |  | Retained |  |  | Total |
(in millions) | Stock |  |  | Earnings |  |  | Equity |
Balance at June 30, 2019 | $ | 1,310 |  |  | $ | 1,046 |  |  | $ | 2,356 |
Net loss | — |  |  | (18 | ) |  | (18 | )
Balance at September 30, 2019 | $ | 1,310 |  |  | $ | 1,028 |  |  | $ | 2,338 |
Balance at June 30, 2020 | $ | 1,310 |  |  | $ | 1,312 |  |  | $ | 2,622 |
Net loss | — |  |  | (25 | ) |  | (25 | )
Balance at September 30, 2020 | $ | 1,310 |  |  | $ | 1,287 |  |  | $ | 2,597 |
| Nine Months Ended September 30, 2019 and 2020
| Common |  |  | Retained |  |  | Total |
(in millions) | Stock |  |  | Earnings |  |  | Equity |
Balance at December 31, 2018 | $ | 1,160 |  |  | $ | 931 |  |  | $ | 2,091 |
Net income | — |  |  | 97 |  |  | 97 |
Contribution from parent | 150 |  |  | — |  |  | 150 |
Balance at September 30, 2019 | $ | 1,310 |  |  | $ | 1,028 |  |  | $ | 2,338 |
Balance at December 31, 2019 | $ | 1,310 |  |  | $ | 1,133 |  |  | $ | 2,443 |
Net income | — |  |  | 155 |  |  | 155 |
Other | — |  |  | (1 | ) |  | (1 | )
Balance at September 30, 2020 | $ | 1,310 |  |  | $ | 1,287 |  |  | $ | 2,597 |

See Notes to Condensed Consolidated Financial Statements
42

FINANCIAL STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements
The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.

| Applicable Notes
Registrant | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10 |  | 11 |  | 12 |  | 13 |  | 14 |  | 15 |  | 16 |  | 17
Duke Energy | • |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | •
Duke Energy Carolinas | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Progress Energy | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Duke Energy Progress | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Duke Energy Florida | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Duke Energy Ohio | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Duke Energy Indiana | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  | • |  | •
Piedmont | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  | • |  |  |  | • |  |  |  | • |  |  |  | • |  | • |  | •

Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.
1. ORGANIZATION AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy Registrants’ combined Annual Report on Form 10-K for the year ended December 31, 2019.
The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.
These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
BASIS OF CONSOLIDATION
These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.
COVID-19
The COVID-19 pandemic is having a significant impact on global health and economic environments. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and President Trump proclaimed that the COVID-19 outbreak in the United States constitutes a national emergency. The Duke Energy Registrants are monitoring developments closely and responding appropriately. The company incurred approximately $39 million and $91 million of incremental COVID-19 costs before deferral for the three and nine months ended September 30, 2020, respectively, included in Operation, maintenance and other on the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2020, the company has deferred approximately $56 million of these incremental costs, which were primarily bad debt expense, personal protective equipment and cleaning supplies. Further, the company waived approximately $29 million and $54 million of late payment fees for the three and nine months ended September 30, 2020, respectively. See Notes 3, 5, 12, 13 and 16 for additional information as well as steps taken to mitigate the impacts to our business and customers from the COVID-19 pandemic.
OTHER CURRENT ASSETS
Included in Other within Current Assets on the Piedmont Condensed Consolidated Balance Sheets are prepaid assets of $23 million and $3 million as of September 30, 2020, and December 31, 2019, respectively. The prepaid assets relate to natural gas storage injections and inventory transfers classified as prepaid assets until winter season when the natural gas is moved to Inventory on the Piedmont Condensed Consolidated Balance Sheets under certain agreements.
43

FINANCIAL STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION

OTHER CURRENT LIABILITIES
Included in Other within Current Liabilities on the Duke Energy Condensed Consolidated Balance Sheet is a current liability of $935 million and $0 as of September 30, 2020, and December 31, 2019, respectively. The current liability, initially recorded in the second quarter and increased during the third quarter, primarily represents Duke Energy's share of ACP's obligations of outstanding debt and to satisfy ARO requirements to restore construction sites. See Notes 3, 4 and 12 for further information.
NONCONTROLLING INTEREST
Duke Energy maintains a controlling financial interest in certain less than wholly owned nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheet.
Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period.
Other operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.
The following table presents cash received for the sale of noncontrolling interest and allocated losses to noncontrolling interest for the three and nine months ended September 30, 2020, and 2019.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Noncontrolling Interest Capital Contributions |  |  |  |  |  |  |
Cash received for the sale of noncontrolling interest to tax equity members | $ | 239 |  |  | $ | 7 |  |  | $ | 402 |  |  | $ | 200 |
Cash received for the sale of noncontrolling interest to pro rata share members | — |  |  | — |  |  | — |  |  | 415 |
Total Noncontrolling Interest Capital Contributions | 239 |  |  | 7 |  |  | 402 |  |  | 615 |
Noncontrolling Interest Allocation of Income |  |  |  |  |  |  |
Allocated losses to noncontrolling tax equity members utilizing the HLBV method | 59 |  |  | 15 |  |  | 187 |  |  | 105 |
Allocated losses to noncontrolling members based on pro rata shares of ownership | 11 |  |  | 4 |  |  | 21 |  |  | 5 |
Total Noncontrolling Interest Allocated Losses | $ | 70 |  |  | $ | 19 |  |  | $ | 208 |  |  | $ | 110 |

CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Duke Energy, Progress Energy and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

| September 30, 2020 |  | December 31, 2019
|  |  | Duke |  |  |  |  | Duke |
| Duke |  | Progress |  | Energy |  |  | Duke |  | Progress |  | Energy |
| Energy |  | Energy |  | Florida |  |  | Energy |  | Energy |  | Florida |
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 308 |  | $ | 70 |  | $ | 19 |  |  | $ | 311 |  | $ | 48 |  | $ | 17 |
Other | 187 |  | 16 |  | 16 |  |  | 222 |  | 39 |  | 39 |
Other Noncurrent Assets |  |  |  |  |  |  |
Other | 105 |  | 102 |  | — |  |  | 40 |  | 39 |  | — |
Total cash, cash equivalents and restricted cash | $ | 600 |  | $ | 188 |  | $ | 35 |  |  | $ | 573 |  | $ | 126 |  | $ | 56 |

44

FINANCIAL STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION

INVENTORY
Provisions for inventory write-offs were not material at September 30, 2020, and December 31, 2019. The components of inventory are presented in the tables below.

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Materials and supplies | $ | 2,341 |  |  | $ | 779 |  |  | $ | 1,021 |  |  | $ | 682 |  |  | $ | 340 |  |  | $ | 79 |  |  | $ | 314 |  |  | $ | 13 |
Coal | 546 |  |  | 173 |  |  | 168 |  |  | 120 |  |  | 48 |  |  | 12 |  |  | 192 |  |  | — |
Natural gas, oil and other fuel | 303 |  |  | 40 |  |  | 189 |  |  | 108 |  |  | 80 |  |  | 39 |  |  | 1 |  |  | 34 |
Total inventory | $ | 3,190 |  |  | $ | 992 |  |  | $ | 1,378 |  |  | $ | 910 |  |  | $ | 468 |  |  | $ | 130 |  |  | $ | 507 |  |  | $ | 47 |

| December 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Materials and supplies | $ | 2,297 |  |  | $ | 768 |  |  | $ | 1,038 |  |  | $ | 686 |  |  | $ | 351 |  |  | $ | 79 |  |  | $ | 318 |  |  | $ | 5 |
Coal | 586 |  |  | 187 |  |  | 186 |  |  | 138 |  |  | 48 |  |  | 15 |  |  | 198 |  |  | — |
Natural gas, oil and other fuel | 349 |  |  | 41 |  |  | 199 |  |  | 110 |  |  | 90 |  |  | 41 |  |  | 1 |  |  | 67 |
Total inventory | $ | 3,232 |  |  | $ | 996 |  |  | $ | 1,423 |  |  | $ | 934 |  |  | $ | 489 |  |  | $ | 135 |  |  | $ | 517 |  |  | $ | 72 |

NEW ACCOUNTING STANDARDS
The following new accounting standard was adopted by the Duke Energy Registrants in 2020.
Current Expected Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance for credit losses. Duke Energy adopted the new accounting guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year results. Duke Energy did not adopt any practical expedients.
Duke Energy recognizes allowances for credit losses based on management's estimate of losses expected to be incurred over the lives of certain assets or guarantees. Management monitors credit quality, changes in expected credit losses and the appropriateness of the allowance for credit losses on a forward-looking basis. Management reviews the risk of loss periodically as part of the existing assessment of collectability of receivables.
Duke Energy reviews the credit quality of its counterparties as part of its regular risk management process and requires credit enhancements, such as deposits or letters of credit, as appropriate and as allowed by regulators.
Duke Energy recorded cumulative effects of changes in accounting principles related to the adoption of new credit loss standard, for allowances for credit losses of trade and other receivables, insurance receivables and financial guarantees. These amounts are included in the Condensed Consolidated Balance Sheets in Receivables, Receivables of VIEs, Other Noncurrent Assets and Other Noncurrent Liabilities. See Notes 4 and 13 for more information.
Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below:

| January 1, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Piedmont |
Total pretax impact to Retained Earnings | $ | 120 |  |  | $ | 16 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |

The following new accounting standard has been issued but not yet adopted by the Duke Energy Registrants as of September 30, 2020.
Reference Rate Reform. In March 2020, the FASB issued new accounting guidance for reference rate reform. This guidance is elective and provides expedients to facilitate financial reporting for the anticipated transition away from the London Inter-bank Offered Rate (LIBOR) and other interbank reference rates by the end of 2021. The optional expedients are effective for modification of existing contracts or new arrangements executed between March 12, 2020, through December 31, 2022.
45

FINANCIAL STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION

Duke Energy has variable-rate debt and manages interest rate risk by entering into financial contracts including interest rate swaps that are generally indexed to LIBOR. Impacted financial arrangements extending beyond 2021 may require contractual amendment or termination to fully adapt to a post-LIBOR environment. Duke Energy is assessing these financial arrangements and is evaluating the use of optional expedients outlined in the new accounting guidance. Alternative index provisions are also being assessed and incorporated into new financial arrangements that extend beyond 2021. The full outcome of the transition away from LIBOR cannot be determined at this time, but is not expected to have a material impact on the financial statements.
2. BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The Gas Utilities and Infrastructure segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage and midstream pipeline investments.
The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. In 2020, Duke Energy continues to evaluate recoverability of a renewable merchant plant located in the Electric Reliability Council of Texas West market due to declining market pricing and declining long-term forecasted energy prices, primarily driven by lower forecasted natural gas prices. Duke Energy determined that the asset was not impaired as of September 30, 2020, because the carrying value of approximately $150 million approximates the aggregate estimated future undiscounted cash flows. A continued decline in energy market pricing would likely result in a future impairment. Duke Energy retained 51% ownership interest in this facility following the 2019 transaction to sell a minority interest in certain renewable assets.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

| Three Months Ended September 30, 2020
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 6,371 |  |  | $ | 217 |  |  | $ | 126 |  |  | $ | 6,714 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 6,721 |
Intersegment revenues | 8 |  |  | 24 |  |  | — |  |  | 32 |  |  | 17 |  |  | (49 | ) |  | — |
Total revenues | $ | 6,379 |  |  | $ | 241 |  |  | $ | 126 |  |  | $ | 6,746 |  |  | $ | 24 |  |  | $ | (49 | ) |  | $ | 6,721 |
Segment income (loss)(a)(b) | $ | 1,381 |  |  | $ | (73 | ) |  | $ | 60 |  |  | $ | 1,368 |  |  | $ | (103 | ) |  | $ | — |  |  | $ | 1,265 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 70 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 39 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,234 |
Segment assets | $ | 138,142 |  |  | $ | 13,343 |  |  | $ | 6,541 |  |  | $ | 158,026 |  |  | $ | 3,387 |  |  | $ | (4 | ) |  | $ | 161,409 |

| Three Months Ended September 30, 2019
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 6,569 |  |  | $ | 225 |  |  | $ | 138 |  |  | $ | 6,932 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 6,940 |
Intersegment revenues | 8 |  |  | 24 |  |  | — |  |  | 32 |  |  | 17 |  |  | (49 | ) |  | — |
Total revenues | $ | 6,577 |  |  | $ | 249 |  |  | $ | 138 |  |  | $ | 6,964 |  |  | $ | 25 |  |  | $ | (49 | ) |  | $ | 6,940 |
Segment income (loss)(c) | $ | 1,385 |  |  | $ | 26 |  |  | $ | 40 |  |  | $ | 1,451 |  |  | $ | (124 | ) |  | $ | — |  |  | $ | 1,327 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 19 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 15 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,323 |

46

FINANCIAL STATEMENTS | BUSINESS SEGMENTS

(a) | Electric Utilities and Infrastructure includes $19 million recorded within Impairment charges and $8 million recorded within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations related to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case and $8 million recorded within Operations, maintenance and other on Duke Energy Progress' Condensed Consolidated Statements of Operation related to a partial settlement in the Duke Energy Progress' 2019 North Carolina rate case. See Note 3 for more information. Additionally, Electric Utilities and Infrastructure includes $5 million of Impairment charges related to gas pipeline assets recorded on Duke Energy Progress' Condensed Consolidated Statements of Operations.

(b) | Gas Utilities and Infrastructure includes $78 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations and $7 million in Impairment charges recorded on the Piedmont Condensed Consolidated Statements of Operations related to gas pipeline investments.

(c) | Electric Utilities and Infrastructure includes a $25 million reduction of a prior year impairment recorded at Citrus County CC related to the plant's cost cap and is recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations.

| Nine Months Ended September 30, 2020
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 16,571 |  |  | $ | 1,122 |  |  | $ | 378 |  |  | $ | 18,071 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 18,091 |
Intersegment revenues | 25 |  |  | 72 |  |  | — |  |  | 97 |  |  | 53 |  |  | (150 | ) |  | — |
Total revenues | $ | 16,596 |  |  | $ | 1,194 |  |  | $ | 378 |  |  | $ | 18,168 |  |  | $ | 73 |  |  | $ | (150 | ) |  | $ | 18,091 |
Segment income (loss)(a)(b)(c) | $ | 2,839 |  |  | $ | (1,400 | ) |  | $ | 207 |  |  | $ | 1,646 |  |  | $ | (299 | ) |  | $ | — |  |  | $ | 1,347 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 208 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 93 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,232 |

| Nine Months Ended September 30, 2019
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 17,357 |  |  | $ | 1,239 |  |  | $ | 362 |  |  | $ | 18,958 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18,976 |
Intersegment revenues | 24 |  |  | 72 |  |  | — |  |  | 96 |  |  | 53 |  |  | (149 | ) |  | — |
Total revenues | $ | 17,381 |  |  | $ | 1,311 |  |  | $ | 362 |  |  | $ | 19,054 |  |  | $ | 71 |  |  | $ | (149 | ) |  | $ | 18,976 |
Segment income (loss)(d) | $ | 2,944 |  |  | $ | 292 |  |  | $ | 139 |  |  | $ | 3,375 |  |  | $ | (328 | ) |  | $ | — |  |  | $ | 3,047 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 110 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 27 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,964 |

(a) | Electric Utilities and Infrastructure includes $19 million recorded within Impairment charges and $8 million recorded within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations related to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case and $8 million recorded within Operations, maintenance and other on Duke Energy Progress' Condensed Consolidated Statements of Operation related to a partial settlement in the Duke Energy Progress' 2019 North Carolina rate case. See Note 3 for more information. Additionally, Electric Utilities and Infrastructure includes $5 million of Impairment charges related to gas pipeline assets recorded on Duke Energy Progress' Condensed Consolidated Statements of Operations.

(b) | Gas Utilities and Infrastructure includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations and $7 million of Impairment charges recorded on the Piedmont Condensed Consolidated Statements of Operations related to gas pipeline investments. See Notes 3 and 12 for additional information.

(c) | Other includes a $98 million reversal, included in Operations, maintenance and other on the Condensed Consolidated Statements of Operations, of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 3 for additional information.

(d) | Electric Utilities and Infrastructure includes a $25 million reduction of a prior year impairment recorded at Citrus County CC related to the plant's costs cap and is recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations.

47

FINANCIAL STATEMENTS | BUSINESS SEGMENTS

Duke Energy Ohio
Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other.

| Three Months Ended September 30, 2020
| Electric |  |  | Gas |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Total revenues | $ | 394 |  |  | $ | 79 |  |  | $ | 473 |  |  | $ | — |  |  | $ | — |  |  | $ | 473 |
Segment income/Net income | $ | 63 |  |  | $ | 9 |  |  | $ | 72 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 70 |
Segment assets | $ | 6,448 |  |  | $ | 3,297 |  |  | $ | 9,745 |  |  | $ | 27 |  |  | $ | (23 | ) |  | $ | 9,749 |

| Three Months Ended September 30, 2019
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 408 |  |  | $ | 81 |  |  | $ | 489 |  |  | $ | — |  |  | $ | 489 |
Segment income/Net income | $ | 62 |  |  | $ | 13 |  |  | $ | 75 |  |  | $ | (1 | ) |  | $ | 74 |

| Nine Months Ended September 30, 2020
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 1,070 |  |  | $ | 324 |  |  | $ | 1,394 |  |  | $ | — |  |  | $ | 1,394 |
Segment income/Net (loss) income | $ | 137 |  |  | $ | 68 |  |  | $ | 205 |  |  | $ | (4 | ) |  | $ | 201 |

| Nine Months Ended September 30, 2019
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 1,099 |  |  | $ | 354 |  |  | $ | 1,453 |  |  | $ | — |  |  | $ | 1,453 |
Segment income/Net (loss) income | $ | 129 |  |  | $ | 65 |  |  | $ | 194 |  |  | $ | (4 | ) |  | $ | 190 |

3. REGULATORY MATTERS
RATE-RELATED INFORMATION
The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects.
Duke Energy Carolinas and Duke Energy Progress
COVID-19 Filings
North Carolina
On March 10, 2020, Governor Roy Cooper declared a state of emergency due to the COVID-19 pandemic. On March 19, 2020, the NCUC issued an order directing that utilities under its jurisdiction suspend disconnections for nonpayment of utility bills during the state of emergency and allow for customers to enter into payment arrangements to pay off arrearages accumulated during the state of emergency after the end of the state of emergency. Additionally, to help mitigate the financial impacts of the COVID-19 pandemic on their customers, on March 19, 2020, Duke Energy Carolinas and Duke Energy Progress filed a request with the NCUC seeking authorization to waive: (1) any late payment charges incurred by a residential or nonresidential customer, effective March 21, 2020; (2) the application of fees for checks returned for insufficient funds for residential and nonresidential customers; (3) the reconnection charge when a residential or nonresidential customer seeks to have service restored for those customers whose service was recently disconnected for nonpayment and to work with customers regarding the other requirements to restore service, including re-establishment of credit; and (4) the fees and charges associated with the use of credit cards or debit cards to pay residential electric utility bills, effective March 21, 2020. The NCUC granted the companies’ request on March 20, 2020.
48

FINANCIAL STATEMENTS | REGULATORY MATTERS

On July 29, 2020, the NCUC issued its Order Lifting Disconnection Moratorium and Allowing Collection of Arrearages Pursuant to Special Repayment Plans. The order contained the following: (1) public utilities may resume customer disconnections due to nonpayment for bills first rendered on or after September 1, 2020, after appropriate notice; (2) the late fee moratorium will continue through the end of the state of emergency or until further order of the commission; (3) Duke Energy utilities may reinstate fees for checks returned for insufficient funds as well as transaction fees for use of credit cards or debit cards for bills first rendered on or after September 1, 2020; and (4) no sooner than September 1, 2020, the collection of past-due or delinquent accounts accrued up to and including August 31, 2020, may proceed subject to conditions. Duke Energy Carolinas and Duke Energy Progress resumed normal billing practices as of October 1, 2020, with the exception of the billing of late payment charges. Customers were notified of the resumption of normal billing practices, the option of deferred payment arrangements and where to find assistance, if necessary. Service disconnections for nonpayment for residential customers resumed on November 2, 2020.
Duke Energy Carolinas and Duke Energy Progress filed a joint petition on August 7, 2020, with the NCUC for deferral treatment of incremental costs and waived customer fees due to the COVID-19 pandemic. On October 30, 2020, the NCUC issued an order extending deadlines to file comments on the joint petition to November 5, 2020, and reply comments to November 30, 2020. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
South Carolina
On March 13, 2020, Governor Henry McMaster declared a state of emergency due to the COVID-19 pandemic. The governor also issued a letter on March 14, 2020, to the ORS Executive Director regarding the suspension of disconnection of essential utility services for nonpayment. On March 18, 2020, the PSCSC issued an order approving such waivers, and also approved waivers for regulations related to late fees and reconnect fees. The PSCSC's order also required utilities to track the financial impacts of actions taken pursuant to such waivers for possible reporting to the PSCSC.
On May 13, 2020, the ORS filed a letter with the PSCSC that included a request from Governor McMaster that utilities proceed with developing and implementing plans for phasing in normal business operations. On May 14, 2020, the PSCSC conditionally vacated the regulation waivers regarding termination of service and suspension of disconnect fees. Prior to termination, utilities are to refer past-due customers to local organizations for assistance and/or deferred payment arrangements. Duke Energy Carolinas and Duke Energy Progress filed a report on June 30, 2020, as required by PSCSC order, reporting revenue impact, costs and savings related to COVID-19 to date. On August 14, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the PSCSC for approval of an accounting order to defer incremental COVID-19 related costs incurred through June 30, 2020, and for the ongoing months during the duration of the COVID-19 pandemic. The deferral request did not include lost revenues. Updates on cost impacts were filed on September 30, 2020, and included financial impacts through the end of August 2020. On October 16, 2020, the ORS requested the PSCSC delay taking formal action on the deferral request until the ORS and any intervenors complete discovery. The PSCSC issued an order on October 21, 2020, to grant additional time to complete discovery until January 20, 2021, and to establish a procedural schedule.
On August 17, 2020, Duke Energy Carolinas and Duke Energy Progress filed an update on their planned return to normal operations during the COVID-19 pandemic. Normal billing practices resumed in South Carolina as of October 1, 2020, and service disconnections for nonpayment resumed on October 12, 2020. Customers were notified of the resumption of normal billing practices, the option of payment arrangements and where to find assistance, if necessary. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
2020 North Carolina Storm Securitization Filings
On October 26, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the NCUC, as agreed to in partial settlements reached in the 2019 North Carolina Rate Cases for Duke Energy Carolinas and Duke Energy Progress, seeking authorization for the financing of each utilities’ storm recovery activities required as a result of Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. Specifically, Duke Energy Carolinas and Duke Energy Progress requested that the NCUC find that their storm recovery costs and related financing costs are appropriately financed by debt secured by storm recovery property, and that the commission issue financing orders by which each utility may accomplish such financing using a securitization structure. The total revenue requirement over the proposed 15-year bond period for the storm recovery charges is approximately $262 million for Duke Energy Carolinas and $842 million for Duke Energy Progress. The NCUC has until March 10, 2021, to issue financing orders. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
Duke Energy Carolinas
2017 North Carolina Rate Case
On August 25, 2017, Duke Energy Carolinas filed an application with the NCUC for a rate increase for retail customers of approximately $647 million. On February 28, 2018, Duke Energy Carolinas and the North Carolina Public Staff (Public Staff) filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included a return on equity of 9.9% and a capital structure of 52% equity and 48% debt. On June 22, 2018, the NCUC issued an order approving the Stipulation of Partial Settlement and requiring a revenue reduction.
The North Carolina Attorney General and other parties separately filed Notices of Appeal to the North Carolina Supreme Court. On August 8, 2018, the Public Staff filed a Notice of Cross Appeal to the North Carolina Supreme Court. On November 29, 2018, the North Carolina Attorney General's Office filed a motion with the North Carolina Supreme Court requesting the court consolidate the Duke Energy Carolinas and Duke Energy Progress appeals and enter an order adopting the parties’ proposed briefing schedule as set out in the filing. On November 29, 2018, the North Carolina Supreme Court adopted a schedule for briefing set forth in the motion to consolidate the Duke Energy Carolinas and Duke Energy Progress appeals. Appellant briefs were filed on April 26, 2019. The Appellee response briefs were filed on September 25, 2019. Oral arguments before the North Carolina Supreme Court were held on March 11, 2020. Duke Energy Carolinas cannot predict the outcome of this matter.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

2019 North Carolina Rate Case
On September 30, 2019, Duke Energy Carolinas filed an application with the NCUC for a net rate increase for retail customers of approximately $291 million, which represented an approximate 6% increase in annual base revenues. The gross rate case revenue increase request was $445 million, which was offset by an EDIT rider of $154 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for a rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Carolinas requested rates be effective no later than August 1, 2020. The NCUC established a procedural schedule with an evidentiary hearing to begin on March 23, 2020. On March 16, 2020, in consideration of public health and safety as a result of the COVID-19 pandemic, Duke Energy Carolinas filed a motion with the NCUC seeking a suspension of the procedural schedule in the rate case, including issuing discovery requests, and postponement of the evidentiary hearing for 60 days. Also on March 16, 2020, the NCUC issued an Order Postponing Hearing and Addressing Procedural Matters, which postponed the evidentiary hearing until further order by the commission.
On March 25, 2020, Duke Energy Carolinas and the Public Staff filed an Agreement and Stipulation of Partial Settlement, which is subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. Major components of the settlement included:

• | Removal of deferred storm costs from the rate case;

• | Filing a petition seeking to securitize the deferred storm costs within 120 days of a commission order in this rate case regarding the reasonableness and prudency of the storm costs;

• | Agreement of certain assumptions to demonstrate the quantifiable benefits to customers of a securitization financing; and

• | Agreement on certain accounting matters, including recovery of employee incentives, severance, aviation costs and executive compensation.

On May 6, 2020, Duke Energy Carolinas, Duke Energy Progress and the Public Staff filed a joint motion requesting that the NCUC issue an order scheduling one consolidated evidentiary hearing to consider the companies’ applications for net rate increases. On June 17, 2020, the NCUC issued an order adopting procedures for the expert witness hearings to take place in three phases: (1) a hearing on issues common to both rate cases conducted remotely; (2) a hearing on Duke Energy Carolinas specific rate case issues, followed immediately by; (3) a hearing on Duke Energy Progress specific rate case issues. On July 24, 2020, Duke Energy Carolinas filed its request for approval of its notice to customers required to implement temporary rates. On July 27, 2020, Duke Energy Carolinas filed a joint motion with Duke Energy Progress and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff. Also on July 27, 2020, Duke Energy Carolinas filed a letter stating that it intended to update its temporary rates calculation to reflect the terms of the partial settlement.
On July 31, 2020, Duke Energy Carolinas and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement (Second Partial Settlement), which is subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. Major components of the Second Partial Settlement included:

• | A return on equity of 9.6% and a capital structure of 52% equity and 48% debt;

• | Agreement on amortization over a five-year period for unprotected federal EDIT flowbacks to customers;

• | Agreement on the inclusion of plant in service and other revenue requirement updates through May 31, 2020, subject to Public Staff review. Annual revenue requirement associated with the May 31 update is estimated at $45 million; and

• | Settlement to allow the deferral of costs for certain grid projects placed in service between June 1, 2020, and December 31, 2022, totaling $0.8 billion.

The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting, implementation of new depreciation rates and the amortization period of the loss on the hydro station sale.
On August 4, 2020, Duke Energy Carolinas filed an amended motion for approval of its amended notice to customers, seeking to exercise its statutory right to implement temporary rates subject to refund on or after August 24, 2020. The revenue requirement to be recovered, subject to refund, through the temporary rates is based on and consistent with the base rate component of the Second Partial Settlement with the Public Staff and excludes the items to be litigated noted above. Duke Energy Carolinas will not begin the amortization or implementation of these items until a final order is issued in the rate case and new base rates are implemented. These items will also be excluded when determining whether a refund of amounts collected through these temporary rates is needed. In addition, Duke Energy Carolinas also seeks authorization to place a temporary decrement EDIT Rider into effect, concurrent with the temporary base rate change. The temporary rate changes are not final rates and remain subject to the NCUC's determination of the just and reasonable rates to be charged by Duke Energy Carolinas on a permanent basis. The NCUC approved the August 4, 2020 amended temporary rates motion on August 6, 2020, and temporary rates went into effect on August 24, 2020.
The Duke Energy Carolinas evidentiary hearing concluded on September 18, 2020, and post-hearing filings were filed with the NCUC from all parties by November 4, 2020. Duke Energy Carolinas expects the NCUC to issue an order on its net rate increase before the end of the first quarter of 2021. Duke Energy Carolinas cannot predict the outcome of this matter.
2018 South Carolina Rate Case
On November 8, 2018, Duke Energy Carolinas filed an application with the PSCSC for a rate increase for retail customers of approximately $168 million.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

After hearings in March 2019, the PSCSC issued an order on May 21, 2019, which included a return on equity of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components:

• | Approval of cancellation of the Lee Nuclear Project, with Duke Energy Carolinas maintaining the Combined Operating License;

• | Approval of recovery of $125 million (South Carolina retail portion) of Lee Nuclear Project development costs (including AFUDC through December 2017) over a 12-year period, but denial of a return on the deferred balance of costs;

• | Approval of recovery of $96 million of coal ash costs over a five-year period with a return at Duke Energy Carolinas' WACC;

• | Denial of recovery of $115 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule;

• | Approval of a $66 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%;

• | Approval of a $45 million decrease through the EDIT Rider to return EDIT resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with the Average Rate Assumption Method (ARAM) for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a five-year period for the deferred revenues; and

• | Approval of a $17 million decrease through the EDIT Rider related to reductions in the North Carolina state income tax rate from 6.9% to 2.5% to be returned over a five-year period.

As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Carolinas filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Carolinas were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Carolinas' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, return on equity and the recovery of a return on deferred operation and maintenance expenses. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Carolinas filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. On November 20, 2019, the South Carolina Energy Users Committee filed a Notice of Appeal and the ORS filed a Notice of Cross Appeal with the Supreme Court of South Carolina. On February 12, 2020, Duke Energy Carolinas and the ORS filed a joint motion to extend briefing schedule deadlines, which was approved by the Supreme Court of South Carolina on February 20, 2020. On March 10, 2020, the ORS filed a consent motion requesting withdrawal of their appeal, which was granted by the Supreme Court of South Carolina on April 30, 2020. Initial briefs were filed on April 21, 2020, which included the South Carolina Energy User's Committee brief arguing that the PSCSC erred in allowing Duke Energy Carolinas' recovery of costs related to the Lee Nuclear Station. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments have not yet been scheduled by the Supreme Court of South Carolina. Based on legal analysis and the filing of the appeal, Duke Energy Carolinas has not recorded an adjustment for its deferred coal ash costs. Duke Energy Carolinas cannot predict the outcome of this matter.
Duke Energy Progress
2017 North Carolina Rate Case
On June 1, 2017, Duke Energy Progress filed an application with the NCUC for a rate increase for retail customers of approximately $477 million, which was subsequently adjusted to $420 million. On November 22, 2017, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included a return on equity of 9.9% and a capital structure of 52% equity and 48% debt. On February 23, 2018, the NCUC issued an order approving the stipulation. The Public Staff, the North Carolina Attorney General and the Sierra Club filed notices of appeal to the North Carolina Supreme Court.
On November 29, 2018, the North Carolina Attorney General's Office filed a motion with the North Carolina Supreme Court requesting the court consolidate the Duke Energy Progress and Duke Energy Carolinas appeals and enter an order adopting the parties’ proposed briefing schedule as set out in the filing. Appellant briefs were filed on April 26, 2019. The Appellee response briefs were filed on September 25, 2019. Oral arguments before the North Carolina Supreme Court were held on March 11, 2020. Duke Energy Progress cannot predict the outcome of this matter.
2019 North Carolina Rate Case
On October 30, 2019, Duke Energy Progress filed an application with the NCUC for a net rate increase for retail customers of approximately $464 million, which represented an approximate 12.3% increase in annual base revenues. The gross rate case revenue increase request was $586 million, which was offset by riders of $122 million, primarily an EDIT rider of $120 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Progress seeks to defer and recover incremental Hurricane Dorian storm costs in this proceeding and requests rates be effective no later than September 1, 2020. As a result of the COVID-19 pandemic, on March 24, 2020, the NCUC suspended the procedural schedule and postponed the previously scheduled evidentiary hearing on this matter indefinitely. On April 7, 2020, the NCUC issued an order partially resuming the procedural schedule requiring intervenors to file direct testimony on April 13, 2020. Public Staff filed supplemental direct testimony on April 23, 2020. Duke Energy Progress filed rebuttal testimony on May 4, 2020.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

On June 2, 2020, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement, which is subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. Major components of the settlement included:

• | Removal of deferred storm costs from the rate case;

• | Filing a petition seeking to securitize the deferred storm costs within 120 days of a commission order in this rate case regarding the reasonableness and prudency of the storm costs;

• | Agreement of certain assumptions to demonstrate the quantifiable benefits to customers of a securitization financing;

• | Agreement that the Asheville CC project is complete and in service and agreement on the amount to be included in rate base; and

• | Agreement on certain accounting matters, including recovery of employee incentives, severance, aviation costs and executive compensation.

On May 6, 2020, Duke Energy Progress, Duke Energy Carolinas and the Public Staff filed a joint motion requesting that the NCUC issue an order scheduling one consolidated evidentiary hearing to consider the companies’ applications for net rate increases. On June 17, 2020, the NCUC issued an order adopting procedures for the expert witness hearings to take place in three phases: (1) a hearing on issues common to both rate cases conducted remotely; (2) a hearing on Duke Energy Carolinas specific rate case issues, followed immediately by; (3) a hearing on Duke Energy Progress specific rate case issues. On July 27, 2020, Duke Energy Progress filed a joint motion with Duke Energy Carolinas and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff.
On July 31, 2020, Duke Energy Progress and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement (Second Partial Settlement), which is subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. Major components of the Second Partial Settlement included:

• | A return on equity of 9.6% and a capital structure of 52% equity and 48% debt;

• | Agreement on amortization over a five-year period for unprotected federal EDIT flowbacks to customers;

• | Agreement on the inclusion of plant in service and other revenue requirement updates through May 31, 2020, subject to Public Staff review. Annual revenue requirement associated with the May 31 update is estimated at $25 million; and

• | Settlement to allow the deferral of costs for certain grid projects placed in service between June 1, 2020, and December 31, 2022, of $0.5 billion.

The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting and implementation of new depreciation rates.
On August 7, 2020, Duke Energy Progress filed a motion for approval of notice required to implement temporary rates, seeking to exercise its statutory right to implement temporary rates subject to refund on or after September 1, 2020. The revenue requirement to be recovered subject to refund through the temporary rates is based on and consistent with the terms of the base rate component of the settlement agreements with the Public Staff and excludes items to be litigated noted above. Duke Energy Progress will not begin the amortization or implementation of these items until a final determination is issued in the rate case and new base rates are implemented. These items will also be excluded when determining whether a refund of amounts collected through these temporary rates is needed. In addition, Duke Energy Progress also seeks authorization to place a temporary decrement EDIT Rider into effect, concurrent with the temporary base rate change. The temporary rate changes are not final rates and remain subject to the NCUC's determination of the just and reasonable rates to be charged by Duke Energy Progress on a permanent basis. The NCUC approved the August 7, 2020 temporary rates motion on August 11, 2020, and temporary rates went into effect on September 1, 2020.
The Duke Energy Progress evidentiary hearing concluded on October 6, 2020, and post-hearing filings are due to be filed with the NCUC from all parties by December 4, 2020. Duke Energy Progress expects the NCUC to issue an order on its net rate increase by the end of the first quarter of 2021. Duke Energy Progress cannot predict the outcome of this matter.
Hurricane Dorian
Hurricane Dorian reached the Carolinas in September 2019 as a Category 2 hurricane making landfall within Duke Energy Progress’ service territory. Total estimated incremental operation and maintenance expenses incurred to repair and restore the system are approximately $168 million with an additional $4 million in capital investments made for restoration efforts. Approximately $145 million and $179 million of the operation and maintenance expenses are deferred in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of September 30, 2020, and December 31, 2019, respectively. A request for an accounting order to defer incremental storm costs associated with Hurricane Dorian was included in Duke Energy Progress' October 30, 2019, general rate case filing with the NCUC. Terms of the June 2, 2020, Agreement and Stipulation of Partial Settlement removed incremental storm costs from the general rate case. A petition seeking to securitize these costs, along with costs from Hurricane Florence, Hurricane Michael and Winter Storm Diego, was filed on October 26, 2020, with the NCUC. The NCUC has until March 10, 2021, to issue financing orders. Duke Energy Progress cannot predict the outcome of this matter.
On February 7, 2020, a petition was filed with the PSCSC in the 2019 storm deferrals docket requesting deferral of approximately $22 million in operation and maintenance expenses to an existing storm deferral balance previously approved by the PSCSC. The PSCSC voted to approve the request on March 4, 2020, and issued a final order on April 7, 2020. On July 1, 2020, Duke Energy Progress filed a supplemental true up reducing the actual costs to $17 million.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

2018 South Carolina Rate Case
On November 8, 2018, Duke Energy Progress filed an application with the PSCSC for a rate increase for retail customers of approximately $59 million.
After hearings in April 2019, the PSCSC issued an order on May 21, 2019, which included a return on equity of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components:

• | Approval of recovery of $4 million of coal ash costs over a five-year period with a return at Duke Energy Progress' WACC;

• | Denial of recovery of $65 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule;

• | Approval of a $17 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%;

• | Approval of a $12 million decrease through the EDIT Tax Savings Rider resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with ARAM for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a three-year period for the deferred revenues; and

• | Approval of a $12 million increase due to the expiration of EDIT related to reductions in the North Carolina state income tax rate from 6.9% to 2.5%.

As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Progress filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Progress were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Progress' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, return on equity and the recovery of a return on deferred operation and maintenance expenses, but allowing additional litigation-related costs. As a result of the Directive allowing litigation-related costs, customer rates were revised effective July 1, 2019. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Progress filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. The ORS filed a Notice of Cross Appeal on November 20, 2019. On February 12, 2020, Duke Energy Progress and the ORS filed a joint motion to extend briefing schedule deadlines, which was approved by the Supreme Court of South Carolina on February 20, 2020. On March 10, 2020, the ORS filed a consent motion requesting withdrawal of their appeal, which was granted by the Supreme Court of South Carolina on April 30, 2020. Initial briefs were filed on April 21, 2020. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments have not yet been scheduled by the Supreme Court of South Carolina. Based on legal analysis and the filing of the appeal, Duke Energy Progress has not recorded an adjustment for its deferred coal ash costs. Duke Energy Progress cannot predict the outcome of this matter.
Western Carolinas Modernization Plan
Duke Energy Progress retired the 376-MW Asheville coal-fired plant on January 29, 2020, at which time the net book value, including associated ash basin closure costs, of $214 million was transferred from Generation facilities to be retired, net to Regulatory assets within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
On December 27, 2019, Asheville Combined Cycle Unit 5 Combustion Turbine and Unit 6 Steam Turbine Generator and the common systems that serve combined cycle units went into commercial operation. Duke Energy Progress placed the Unit 7 Combustion Turbine into commercial operation in simple-cycle mode on January 15, 2020. The Unit 8 Steam Turbine Generator went into commercial operation on April 5, 2020. On June 2, 2020, Duke Energy Progress filed a request with the PSCSC for an accounting order for the deferral of post-in-service costs incurred in connection with the addition of the Asheville combined-cycle generating plant. The petition requested the PSCSC issue an accounting order authorizing Duke Energy Progress to defer post-in-service costs including the Asheville combined-cycle’s depreciation expense, property taxes, incremental O&M and carrying costs at WACC of approximately $8 million annually. On June 17, 2020, the PSCSC voted to approve the petition and issued its final order on July 6, 2020.
On October 8, 2018, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Hot Springs Microgrid Solar and Battery Storage Facility, which was approved with certain conditions on May 10, 2019. A hearing to update the NCUC on the status of the project was held on March 5, 2020. Construction began in May 2020 with commercial operation expected to begin in October 2021.
On July 27, 2020, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Woodfin Solar Facility, a 5-MW solar generating facility to be constructed on a closed landfill in Buncombe County. The expert hearing is scheduled for November 18, 2020.
FERC Return on Equity Complaints
On October 11, 2019, North Carolina Eastern Municipal Power Agency (NCEMPA) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the Federal Power Act (FPA). Duke Energy Progress provides NCEMPA with service under the Full Requirements Power Purchase Agreement (FRPPA). The complaint alleges that the 11% stated return on equity (ROE) component contained in the FRPPA’s demand formula rate is unjust and unreasonable. On July 16, 2020, the FERC set this matter for hearing and settlement judge procedures and established a refund effective date of October 11, 2019. In its order setting the matter for settlement, the FERC allowed for variation to the base transmission-related ROE methodology developed in Order No. 569-A, through the introduction of “specific facts and circumstances” involving the parties to this case. The parties to this case are currently in FERC settlement procedures. It is Duke Energy Progress’ view that, in consideration of the specific facts and circumstances of risks under the provisions of the FRPPA, the stated 11% ROE applied to NCEMPA’s metered billing demand is just and reasonable. Duke Energy Progress cannot predict the outcome of this matter.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

On October 16, 2020, North Carolina Electric Membership Corporation (NCEMC) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the FPA. The complaint alleges that the ROE component in the formula rate contained within the Power Supply and Coordination Agreement (PSCA) between NCEMC and Duke Energy Progress is unjust and unreasonable. The PSCA's return on equity is 11% as applied to the Production Capacity Rate for the requirements service provided by Duke Energy Progress. Under FPA Section 206, the earliest refund effective date that the FERC can establish is the date of the filing of the complaint. Duke Energy Progress will respond to the complaint and believes the 11% ROE is just and reasonable for the service provided under the contract. Duke Energy Progress cannot predict the outcome of this matter.
Duke Energy Florida
COVID-19 Filings
In March 2020, Governor Ron DeSantis directed the State Health Officer of Florida to declare a public health emergency in Florida related to the COVID-19 pandemic. The governor also issued an Executive Order on March 9, 2020, in which he declared a state of emergency in Florida and directed the Director of the Division of Emergency Management to implement the state’s Comprehensive Emergency Management Plan. On March 19, 2020, Duke Energy Florida filed a request to modify its tariff to allow it to waive late fees for customers, and on April 6, 2020, the FPSC issued an order approving the request. Duke Energy Florida had already voluntarily waived reconnect fees and credit card fees, and ceased disconnecting customers for nonpayment. On April 2, 2020, Duke Energy Florida filed a petition with the FPSC to accelerate a $78 million fuel cost refund to customers in the month of May 2020. Typically, the refund would be made over the course of 2021. The FPSC approved the petition on April 28, 2020. Duke Energy Florida resumed normal billing practices as of August 24, 2020, with the exception of the billing of late payment charges. Customers were notified of the resumption of normal billing practices, the option of deferred payment arrangements and where to find assistance, if necessary. Service disconnections for nonpayment for residential customers resumed on October 5, 2020.
Storm Restoration Cost Recovery
Duke Energy Florida filed a petition with the FPSC on April 30, 2019, to recover $223 million of estimated retail incremental storm restoration costs for Hurricane Michael, consistent with the provisions in the 2017 Settlement, and the FPSC approved the petition on June 11, 2019. The FPSC also approved allowing Duke Energy Florida to use the tax savings resulting from the Tax Act to recover these storm costs in lieu of implementing a storm surcharge. Approved storm costs are currently expected to be fully recovered by approximately year-end 2021. On November 22, 2019, Duke Energy Florida filed a petition for approval of actual retail recoverable storm restoration costs related to Hurricane Michael in the amount of $191 million plus interest. On May 19, 2020, Duke Energy Florida filed a supplemental true up reducing the actual retail recoverable storm restoration costs related to Hurricane Michael by approximately $3 million, resulting in a total request to recover $188 million actual retail recoverable storm restoration costs, plus interest. An Order Establishing Procedure was issued on January 30, 2020, and hearings are scheduled to begin December 8, 2020. Approximately $119 million and $204 million of these costs are included in Regulatory assets within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of September 30, 2020, and December 31, 2019, respectively. Duke Energy Florida cannot predict the outcome of this matter.
Duke Energy Florida filed a petition with the FPSC on December 19, 2019, to recover $169 million of estimated retail incremental storm restoration costs for Hurricane Dorian, consistent with the provisions in the 2017 Settlement and the FPSC approved the petition on February 24, 2020. Approved storm costs are being recovered over a 12-month period with rates effective in March 2020 and subject to true up. The final actual amount of $145 million was filed on September 30, 2020, and the FPSC will hold a hearing to determine the final amount of incremental costs. Approximately $38 million and $167 million of these costs are included in Regulatory assets within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of September 30, 2020, and December 31, 2019, respectively, representing recoverable costs under the FPSC’s storm rule and Duke Energy Florida's OATT formula rates. Duke Energy Florida cannot predict the outcome of this matter.
Clean Energy Connection
On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt-subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion over the next four years, and this investment will be included in base rates offset by the revenue from the subscription fees. The credits will be included for recovery in the fuel cost recovery clause. A hearing on the petition is scheduled to begin on November 17, 2020. Duke Energy Florida cannot predict the outcome of this matter.
Crystal River Unit 3 Accelerated Decommissioning Filing
On May 29, 2019, Duke Energy Florida entered into a Decommissioning Services Agreement for the accelerated decommissioning of Crystal River Unit 3 located in Citrus County, Florida, with ADP CR3, LLC and ADP SF1, LLC, each of which is a wholly owned subsidiary of Accelerated Decommissioning Partners, LLC (ADP), a joint venture between NorthStar Group Services, Inc. and Orano USA LLC. The agreement will allow for completion of the decommissioning of Crystal River Unit 3 by 2027, rather than 2074 as originally planned. Duke Energy Florida will also sell and assign the spent nuclear fuel, storage canisters, high-level waste and existing dry spent fuel storage installation and certain related assets, together with certain associated liabilities and obligations to ADP SF1, LLC. Duke Energy Florida expects that the assets of the Nuclear Decommissioning Trust Fund as of September 30, 2020, will be sufficient to cover the contract price. The U.S. Nuclear Regulatory Commission approved the transaction on April 1, 2020, and the FPSC issued an order approving the transaction on August 27, 2020. The agreement closed on October 1, 2020.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

Storm Protection Plan
On April 10, 2020, Duke Energy Florida filed its initial Storm Protection Plan (SPP) with the FPSC. The SPP outlines storm protection programs over a 10-year planning period intended to enhance the existing infrastructure for the purpose of reducing restoration costs and reducing outage times associated with extreme weather conditions therefore improving overall service reliability. On July 31, 2020, Duke Energy Florida entered into a settlement with certain intervenors in support of this filing. On August 28, 2020, the FPSC unanimously approved the settlement agreement, which effectively approves the 2020-2029 SPP as-filed, without modification.
Duke Energy Ohio
Duke Energy Ohio COVID-19 Filings
In response to the COVID-19 pandemic, on March 9, 2020, Governor Mike DeWine declared a state of emergency in the state of Ohio. The PUCO issued an order directing utilities to cease disconnections for nonpayment and waive late payment and reconnection fees and to minimize direct customer contact. The PUCO also directed utilities to maintain flexible payment plans and tariff interpretations to assist customers during this crisis and to seek any regulatory waivers, if necessary. In response, Duke Energy Ohio ceased all disconnections except for safety-related concerns and waived late payment and reconnection fees. On March 19, 2020, Duke Energy Ohio filed its compliance plan with the PUCO and sought waiver of several regulations to minimize direct customer contact. On May 4, 2020, Duke Energy Ohio filed a motion to suspend payment rules to enable proactive outreach to residential customers offering additional options for managing their utility bills. PUCO found the proposal to address the state of emergency and the accompanying waivers reasonable and directed Duke Energy Ohio to work with the PUCO Staff on a comprehensive plan for resumption of activities and operations, to be filed 45 days before resumption of activities. The transition plan to resume normal operations to pre-COVID-19 levels was filed on June 26, 2020, and approved by the PUCO on July 29, 2020. It included resuming suspended work and activities beginning August 10, 2020, and resuming disconnections in September 2020.
On April 16, 2020, Duke Energy Ohio filed an application for a Reasonable Arrangement to temporarily lower the minimum bill for demand-metered commercial and industrial customers. On June 17, 2020, the PUCO denied Duke Energy Ohio's application for a reasonable arrangement and ordered Duke Energy Ohio to work with the PUCO Staff on payment arrangements for impacted nonresidential customers.
On May 11, 2020, Duke Energy Ohio filed with the PUCO a request seeking deferral of incremental costs incurred, as well as specific miscellaneous lost revenues using existing bad debts and uncollectible riders already in place for both electric and natural gas operations. Duke Energy Ohio would subsequently file for rider recovery at a later date. On June 17, 2020, the PUCO approved Duke Energy Ohio’s deferral application. The commission denied the accrual of carrying costs and ordered Duke Energy Ohio to also track potential savings experienced as a result of COVID-19.
Duke Energy Kentucky COVID-19
In response to the COVID-19 pandemic, on March 6, 2020, Governor Andy Beshear declared a state of emergency in the commonwealth of Kentucky. The KPSC issued an order directing utilities to cease disconnections for nonpayment and waive late payment fees. The KPSC also directed utilities to maintain flexible payment plans and tariff interpretations to assist customers during this crisis and to seek any regulatory waivers, if necessary. In response, Duke Energy Kentucky ceased all disconnections except for safety-related concerns and waived late payment and reconnection fees. On September 21, 2020, the KPSC issued an order ending the disconnection moratorium for residential and nonresidential customers effective no earlier than October 20, 2020. Utilities are required to offer residential customers a default payment plan for any arrearages accumulated through the October 2020 billing cycle. Utilities are permitted to resume assessment of late payment charges for nonresidential customers beginning October 20, 2020, and for residential customers after December 31, 2020. Duke Energy Kentucky will follow the order, as clarified on September 30, 2020, by the KPSC.
2017 Electric Security Plan Filing
On June 1, 2017, Duke Energy Ohio filed with the PUCO a request for a standard service offer in the form of an ESP. On April 13, 2018, Duke Energy Ohio, along with certain intervenors, filed a Stipulation and Recommendation (Stipulation) with the PUCO resolving that the term of the ESP would be from June 1, 2018, to May 31, 2025, and included continuation of market-based customer rates through competitive procurement processes for generation, continuation and expansion of existing rider mechanisms and approved new rider mechanisms relating to costs incurred to enhance the customer experience and transform the grid and a service reliability rider for vegetation management. On September 13, 2019, and September 16, 2019, Interstate Gas Supply/Retail Supply Association and the Ohio Consumers' Counsel (OCC), respectively, filed appeals to the Supreme Court of Ohio claiming the PUCO’s order was in error. On March 13, 2020, the Supreme Court of Ohio dismissed OCC's appeal. On April 22, 2020, the Supreme Court of Ohio dismissed all remaining appeals of the PUCO's December 19, 2018 order approving the Stipulation. The case has been resolved.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

Electric Base Rate Case
Duke Energy Ohio filed with the PUCO an electric distribution base rate case application and supporting testimony in March 2017. Duke Energy Ohio requested an estimated annual increase of approximately $15 million and a return on equity of 10.4%. On April 13, 2018, Duke Energy Ohio, along with certain intervenors, filed the Stipulation with the PUCO including a $19 million decrease in annual base distribution revenue with a return on equity unchanged from the current rate of 9.84% based upon a capital structure of 50.75% equity and 49.25% debt. Upon approval of new rates, Duke Energy Ohio's rider for recovering its initial SmartGrid implementation ended as these costs would be recovered through base rates. The Stipulation also renewed 14 existing riders, some of which were included in Duke Energy Ohio's ESP, and added two new riders including the Enhanced Service Reliability Rider to recover vegetation management costs not included in base rates, up to $10 million per year (operation and maintenance only) and the Power Future Initiatives Rider (formerly PowerForward Rider) to recover costs incurred to enhance the customer experience and further transform the grid (operation and maintenance and capital). In addition to the changes in revenue attributable to the Stipulation, Duke Energy Ohio’s capital-related riders, including the Distribution Capital Investments Rider, began to reflect the lower federal income tax rate associated with the Tax Act with updates to customers’ bills beginning April 1, 2018. This change reduced electric revenue by approximately $20 million on an annualized basis. On December 19, 2018, the PUCO approved the Stipulation without material modification. New base rates were implemented effective January 2, 2019. On September 13, 2019, and September 16, 2019, Interstate Gas Supply/Retail Supply Association and the OCC, respectively, filed appeals to the Supreme Court of Ohio claiming the PUCO’s order was in error. On March 13, 2020, the Supreme Court of Ohio dismissed OCC's appeal. On April 22, 2020, the Supreme Court of Ohio dismissed all remaining appeals of the PUCO's December 19, 2018 order approving the Stipulation. The case has been resolved.
Ohio Valley Electric Corporation
On March 31, 2017, Duke Energy Ohio filed for approval to adjust its existing Rider PSR to pass through net costs related to its contractual entitlement to capacity and energy from the generating assets owned by OVEC. Duke Energy Ohio sought deferral authority for net costs incurred from April 1, 2017, until the new rates under Rider PSR were put into effect. On April 13, 2018, Duke Energy Ohio, along with certain intervenors, filed a Stipulation with the PUCO resolving numerous issues including those related to Rider PSR. The Stipulation activated Rider PSR for recovery of net costs incurred from January 1, 2018, through May 2025. On December 19, 2018, the PUCO approved the Stipulation without material modification. The PSR rider became effective April 1, 2019. On September 13, 2019, and September 16, 2019, Interstate Gas Supply/Retail Supply Association and the OCC filed appeals to the Supreme Court of Ohio claiming the PUCO’s order was in error. On March 13, 2020, the Supreme Court of Ohio dismissed OCC's appeal. On April 22, 2020, the Supreme Court of Ohio dismissed all remaining appeals of the PUCO's December 19, 2018 order approving the Stipulation. The case has been resolved.
On July 23, 2019, House Bill 6 (HB 6) was signed into law that became effective January 1, 2020. Among other things, the bill allows for funding of two nuclear generating facilities located in Northern Ohio through a charge on utility bills owned by Energy Harbor (f/k/a FirstEnergy Solutions), repeal of energy efficiency mandates, and recovery of prudently incurred costs, net of any revenues, for Ohio investor-owned utilities that are participants under the OVEC power agreement. The recovery shall be through a non-bypassable rider that is to replace any existing recovery mechanism approved by the PUCO and will remain in place through 2030. The amounts recoverable from customers will be subject to an annual cap, with incremental costs that exceed such cap eligible for deferral and recovery subject to review. See Note 12 for additional discussion of Duke Energy Ohio's ownership interest in OVEC. In July 2020, legislation to repeal HB 6 was proposed in both the Ohio House and Senate, with subsequent hearings to receive witness testimony. Duke Energy Ohio cannot predict the outcome of this matter.
Energy Efficiency Cost Recovery
On February 26, 2020, the PUCO issued an order directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020, in response to changes in Ohio law that eliminated Ohio's energy efficiency mandates. On March 27, 2020, Duke Energy Ohio filed an Application for Rehearing seeking clarification on the final true up and reconciliation process after 2020. On April 22, 2020, the PUCO granted rehearing for further consideration.
On June 8, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposes a mechanism for recovery of program costs, lost margins and a shared savings incentive mechanism similar to those previously approved by the PUCO. On June 17, 2020, the PUCO, on its own motion, struck Duke Energy Ohio’s proposal to include a shared savings mechanism in its plan finding such incentives are not permissible or supportable under Ohio law. On June 26, 2020, Duke Energy Ohio withdrew its application. On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary efficiency program portfolio to commence on January 1, 2021. The application proposes a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. Duke Energy Ohio cannot predict the outcome of this matter.
Natural Gas Pipeline Extension
Duke Energy Ohio is proposing to install a new natural gas pipeline (the Central Corridor Project) in its Ohio service territory to increase system reliability and enable the retirement of older infrastructure. Duke Energy Ohio currently estimates the pipeline development costs and construction activities will range from $163 million to $245 million in direct costs (excluding overheads and AFUDC) and that construction of the pipeline extension is expected to be completed before the 2021/2022 winter season. An evidentiary hearing for a Certificate of Environmental Compatibility and Public Need concluded on April 11, 2019. Briefs were filed on May 13, 2019, and reply briefs were filed on June 10, 2019. On November 21, 2019, the Ohio Power Siting Board (OPSB) approved Duke Energy Ohio's application subject to 41 conditions on construction. Applications for rehearing were filed by several stakeholders on December 23, 2019, arguing that the OPSB approval was incorrect. On February 20, 2020, the OPSB denied the rehearing requests. On April 15, 2020, Joint Appellants filed a notice of appeal at the Supreme Court of Ohio of the OPSB’s decision approving Duke Energy Ohio’s Central Corridor application. On June 4, 2020, the OPSB filed a motion to dismiss claims raised by one of the Joint Appellants and on August 5, 2020, the Supreme Court of Ohio dismissed one of the Joint Appellants from the appeal. Joint Appellants filed their merit briefs on August 26, 2020. Appellee briefs were filed October 15, 2020. On September 22, 2020, Duke Energy Ohio filed an application with OPSB for approval to amend the certificated pipeline route. Duke Energy Ohio cannot predict the outcome of this matter.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

MGP Cost Recovery
As part of its 2012 natural gas base rate case, Duke Energy Ohio has approval to defer and recover costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio has made annual applications for recovery of these deferred costs. Duke Energy Ohio has collected approximately $55 million in environmental remediation costs between 2009 through 2012 through Rider MGP, which is currently suspended. Duke Energy Ohio has made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas rate case. To date, the PUCO has not ruled on Duke Energy Ohio’s annual applications for the calendar years 2013 through 2017. On September 28, 2018, the staff of the PUCO issued a report recommending a disallowance of approximately $12 million of the $26 million in MGP remediation costs incurred between 2013 through 2017 that staff believes are not eligible for recovery. Staff interprets the PUCO’s 2012 Order granting Duke Energy Ohio recovery of MGP remediation as limiting the recovery to work directly on the East End and West End sites. On October 30, 2018, Duke Energy Ohio filed reply comments objecting to the staff’s recommendations and explaining, among other things, the obligation Duke Energy Ohio has under Ohio law to remediate all areas impacted by the former MGPs and not just physical property that housed the former plants and equipment. On March 29, 2019, Duke Energy Ohio filed its annual application to recover incremental remediation expense for the calendar year 2018 seeking recovery of approximately $20 million in remediation costs. On July 12, 2019, the staff recommended a disallowance of approximately $11 million for work that staff believes occurred in areas not authorized for recovery. Additionally, staff recommended that any discussion pertaining to Duke Energy Ohio's recovery of ongoing MGP costs should be directly tied to or netted against insurance proceeds collected by Duke Energy Ohio. An evidentiary hearing concluded on November 21, 2019. Initial briefs were filed on January 17, 2020, and reply briefs were filed on February 14, 2020. Duke Energy Ohio cannot predict the outcome of this matter.
On March 31, 2020, Duke Energy Ohio filed its annual application to recover incremental remediation expense for the calendar year 2019 seeking recovery of approximately $39 million in remediation costs incurred during 2019. On July 23, 2020, the staff recommended a disallowance of approximately $4 million for work the staff believes occurred in areas not authorized for recovery. Additionally, the staff recommended insurance proceeds, net of litigation costs and attorney fees, should be reimbursed to customers and not be held by Duke Energy Ohio until all investigation and remediation is complete. Duke Energy Ohio filed comments in response to the staff report on August 21, 2020. Duke Energy Ohio cannot predict the outcome of this matter.
The 2012 PUCO order also contained conditional deadlines for completing the MGP environmental investigation and the deferral of remediation costs at the MGP sites. Subsequent to the order, the deadline was extended to December 31, 2019. On May 10, 2019, Duke Energy Ohio filed an application requesting a continuation of its existing deferral authority for MGP remediation and investigation that must occur after December 31, 2019. On September 13, 2019, intervenor comments were filed opposing Duke Energy Ohio's request for continuation of existing deferral authority and on October 2, 2019, Duke Energy Ohio filed reply comments. Duke Energy Ohio cannot predict the outcome of this matter.
Duke Energy Kentucky Electric Base Rate Case
On September 3, 2019, Duke Energy Kentucky filed a rate case with the KPSC requesting an increase in electric base rates of approximately $46 million. On January 31, 2020, Duke Energy Kentucky filed rebuttal testimony updating its rate increase calculations to approximately $44 million. Hearings concluded on February 20, 2020, and briefing was completed March 20, 2020. On April 27, 2020, the KPSC issued its decision approving a $24 million increase for Duke Energy Kentucky with a 9.25% return on equity. The KPSC denied Duke Energy Kentucky’s major storm deferral mechanism and EV and battery storage pilots. The KPSC approved Duke Energy Kentucky’s Green Source Advantage tariff. New customer rates were effective on May 1, 2020. On May 18, 2020, Duke Energy Kentucky filed its motion for rehearing and on June 4, 2020, the motion was granted in part and denied in part by the KPSC. On October 16, 2020, the KPSC issued an Order on Rehearing authorizing an additional $4 million increase in revenue requirement bringing the total authorized revenue requirement increase to $28 million. Revised customer rates will take effect in November 2020.
Duke Energy Indiana
COVID-19 Filing
In response to the COVID-19 pandemic, on March 6, 2020, Governor Eric Holcomb declared a public health disaster emergency in the state of Indiana, which is currently extended through December 1, 2020. Duke Energy Indiana had already voluntarily suspended all disconnections and waived late payment fees and check return fees. The utility also waived credit card fees for residential customers. The Executive Order requiring utilities in the state to suspend disconnection of utility service expired July 1, 2020.
On May 8, 2020, Duke Energy Indiana, along with other Indiana utilities, filed a request with the IURC for approval of deferral treatment for costs and revenue reductions associated with the COVID-19 pandemic. The utilities requested initial deferral approval in July 2020, with individual subdockets for each utility to be established for consideration of utility-specific cost and revenue impacts, cost recovery timing and customer payment plans. On June 29, 2020, the IURC issued an order in Phase 1 wherein it extended the disconnection moratorium for jurisdictional utilities until August 14, 2020, along with requiring six-month payment arrangements, waiver of late fees, reconnection fees, convenience fees and deposits. The IURC permitted jurisdictional utilities to use regulatory accounting for any impacts associated with the prohibition on utility disconnections, waiver or exclusion of certain utility fees (i.e., late fees, convenience fees, deposits, and reconnection fees), the use of expanded payment arrangements to aid customers, and for COVID-19 related uncollectible and incremental bad debt expense. The IURC did not permit recovery of lost revenues due to load reduction or carrying costs. In Phase 2 filings, individual utilities may choose to request regulatory accounting for other COVID-19 related operation and maintenance costs wherein evidence of the impact of any costs or offsetting savings can be presented and considered in an evidentiary hearing. On August 12, 2020, the IURC issued a supplemental order extending the requirement for six-month payment arrangements and waiver of certain customer fees for another 60 days, but did not extend the disconnect moratorium. As such, Duke Energy Indiana resumed service disconnections for nonpayment in mid-September 2020. Normal billing practices resumed in mid-October 2020, except that Duke Energy Indiana has committed to provide extended payment arrangements and waive credit card and pay station fees for residential customers through the end of 2020. Customers were notified of the resumption of normal billing practices, the option of deferred payment arrangements and where to find assistance, if necessary. Duke Energy Indiana cannot predict the outcome of this matter.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

2019 Indiana Rate Case
On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6% or $396 million average retail rate increase, including the impacts of the Utility Receipts Tax. Hearings concluded on February 7, 2020. On June 29, 2020, the IURC issued the order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order provided for an overall cost of capital of 5.7% based on a 9.7% return on equity and a 53% equity component of the capital structure, and approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport IGCC Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction is due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% is due to the approved 9.7% return on equity versus requested 10.4% and approximately 20% is related to miscellaneous earnings neutral adjustments. Step one rates are estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates are estimated to be the remaining 25% of the total rate increase and will be effective in the first quarter of 2021. Several groups filed notices of appeal of the IURC order on July 29, 2020. Appellate briefs were filed on October 14, 2020, focusing on three issues: wholesale sales allocations, coal ash basin cost recovery and the Edwardsport IGCC operating and maintenance expense level approved. The case will be fully briefed by year-end, with a decision expected in the first quarter of 2021. Duke Energy Indiana cannot predict the outcome of this matter.
2020 Indiana Coal Ash Recovery Case
In Duke Energy Indiana’s rate case, the IURC approved coal ash basin closure costs expended through 2018 including financing costs as a regulatory asset and included in rate base. The IURC opened a subdocket to deal with the post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020, and the parties have agreed on a delayed briefing schedule that allows for the Indiana Rate Case appeal to proceed. Briefing will be completed by mid-May 2021. Duke Energy Indiana cannot predict the outcome of this matter.
Piedmont
COVID-19 Filings
North Carolina
On March 10, 2020, Governor Roy Cooper issued Executive Order No. 116 declaring a state of emergency due to the COVID-19 pandemic. On March 19, 2020, the NCUC issued on order directing that utilities under its jurisdiction suspend disconnections for nonpayment of utility bills during the state of emergency (as defined by Executive Order No. 116) and allow for customers to enter into payment arrangements to pay off arrearages accumulated during the state of emergency after the end of the state of emergency. Additionally, to help mitigate the financial impacts of the COVID-19 pandemic on their customers, on March 19, 2020, Piedmont filed a request with the NCUC seeking authorization to waive: (1) any late payment charges incurred by a residential or nonresidential customer, effective March 21, 2020; (2) the application of fees for checks returned for insufficient funds for residential and nonresidential customers; (3) the reconnection charge when a residential or nonresidential customer seeks to have service restored for those customers whose service was recently disconnected for nonpayment and to work with customers regarding the other requirements to restore service, including re-establishment of credit; and (4) the fees and charges associated with the use of credit cards or debit cards to pay residential electric utility bills, effective March 21, 2020. The NCUC granted Piedmont’s request on March 20, 2020.
On July 29, 2020, the NCUC issued its Order Lifting Disconnection Moratorium and Allowing Collection of Arrearages Pursuant to Special Repayment Plans. The order contained the following: (1) public utilities may resume customer disconnections due to nonpayment for bills first rendered on or after September 1, 2020, after appropriate notice; (2) the late fee moratorium will continue through the end of the state of emergency or until further order of the commission; (3) Duke Energy utilities may reinstate fees for checks returned for insufficient funds as well as transaction fees for use of credit cards or debit cards for bills first rendered on or after September 1, 2020; and (4) no sooner than September 1, 2020, the collection of past-due or delinquent accounts accrued up to and including August 31, 2020, may proceed subject to conditions.
Normal billing practices resumed as of October 1, 2020, with the exception of billing of late payment charges. Service disconnections for nonpayment resumed on November 4, 2020. Customers were notified of the resumption of normal billing practices, the option of payment arrangements and where to find assistance, if necessary. The NCUC's moratorium for the billing of late payment charges is still in effect until further order from the NCUC. Piedmont cannot predict the outcome of this matter.
South Carolina
On March 13, 2020, Governor Henry McMaster issued Executive Order No. 2020-08 declaring a state of emergency due to the COVID-19 pandemic. The governor also issued a letter on March 14, 2020, to the ORS Executive Director regarding the suspension of disconnection of essential utility services for nonpayment. On March 18, 2020, the PSCSC issued an order approving such waivers, and also approved waivers for regulations related to late fees and reconnect fees. The PSCSC's order also required utilities to track the financial impacts of actions taken pursuant to such waivers for possible reporting to the PSCSC.
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On May 13, 2020, the ORS filed a letter with the PSCSC that included a request from Governor McMaster that utilities proceed with developing and implementing plans for phasing in normal business operations. On May 14, 2020, the PSCSC conditionally vacated the regulation waivers regarding termination of service and suspension of disconnect fees. Prior to termination, utilities are to refer past-due customers to local organizations for assistance and/or deferred payment arrangements. Piedmont filed a report on June 30, 2020, as required by PSCSC order, reporting revenue impact, costs and savings related to COVID-19 to date. Updates on cost impacts were filed on September 30, 2020, and included financial impacts through the end of August 2020.
On September 30, 2020, Piedmont filed an update on their planned return to normal operations during the COVID-19 pandemic. Normal billing practices resumed as of October 1, 2020, and service disconnections for nonpayment resumed on November 4, 2020. Customers were notified of the resumption of normal billing practices, the option of payment arrangements and where to find assistance, if necessary.
Tennessee
On March 12, 2020, Governor Bill Lee issued Executive Order No. 14 declaring a state of emergency due to the COVID-19 pandemic. In an effort to help mitigate the financial impacts of the COVID-19 pandemic on their customers, on March 20, 2020, Piedmont filed a request with the TPUC seeking authorization to waive, effective March 21, 2020: (1) any late payment charges incurred by a residential or nonresidential customer; (2) the application of fees for checks returned for insufficient funds for residential and nonresidential customers; and (3) the reconnection charge when a residential or nonresidential customer seeks to have service restored for those customers whose service was recently disconnected for nonpayment and to work with customers regarding the other requirements to restore service, including re-establishment of credit. The TPUC granted Piedmont’s request by Order issued March 31,2020. The Order also stated that customers were not relieved of their obligation to pay for utility services received.
The TPUC held its regularly scheduled Commission Conference electronically on August 10, 2020, and on September 16, 2020, issued an Order Lifting Suspension of Disconnections of Service for Lack of Payment with Conditions, effective August 29, 2020. The conditions relate to required customer communications, payment plan options for past-due amounts and ongoing reporting to the TPUC. Potential recovery of costs related to the COVID-19 pandemic may be considered in future, individual docketed proceedings.
On October 15, 2020, Piedmont filed a report on their planned return to normal operations during the COVID-19 pandemic. Normal billing practices resumed as of October 1, 2020, and service disconnections for nonpayment resumed on November 4, 2020. Customers were notified of the resumption of normal billing practices, the option of payment arrangements and where to find assistance, if necessary.
2020 Tennessee Rate Case
On July 2, 2020, Piedmont filed an application with the TPUC, its first general rate case in Tennessee in nine years, for a rate increase for retail customers of approximately $30 million, which represents an approximate 15% increase in annual revenues. The rate increase is driven by significant infrastructure upgrade investments since its previous rate case. Approximately half of the plant additions being added to rate base are categories of capital investment not covered under the IMR mechanism, which was approved in 2013. On August 25, 2020, the TPUC issued the procedural schedule for this case, targeting the hearing to begin on January 11, 2021. The TPUC is required to render a decision on this matter on or before April 1, 2021. Piedmont cannot predict the outcome of this matter.
OTHER REGULATORY MATTERS
Atlantic Coast Pipeline, LLC
Atlantic Coast Pipeline (ACP pipeline) is an approximately 600-mile interstate natural gas pipeline running from West Virginia to North Carolina. Duke Energy indirectly owns a 47% interest, which is accounted for as an equity method investment through its Gas Utilities and Infrastructure segment.
On April 15, 2020, the United States District Court for the District of Montana granted partial summary judgment in favor of the plaintiffs in Northern Plains Resource Council v. U.S. Army Corps of Engineers (USACE) (Northern Plains), vacating USACE’s Nationwide Permit 12 (NWP 12) and remanding it to USACE for consultation under the Endangered Species Act (ESA) of 1973. In Northern Plains, the court ruled that NWP 12 was unlawful because USACE did not consult under the ESA with the U.S. Fish and Wildlife Service and/or National Marine Fisheries Service prior to NWP 12’s reissuance in 2017. Because NWP 12 has been vacated and its application enjoined, USACE currently has suspended verification of any new or pending applications under NWP 12 until further court action clarifies the situation.
On May 28, 2020, the U.S. Court of Appeals for the Ninth Circuit issued a ruling that limited the NWP 12 vacatur to energy infrastructure projects. In July 2020, the Supreme Court of the United States issued an order allowing other new oil and gas pipeline projects to use the NWP 12 process pending appeal to the U.S. Court of Appeals for the Ninth Circuit; however, that did not decrease the uncertainty associated with an eventual ruling. Together, these rulings indicated that the timeline to reinstate the necessary water crossing permits for ACP would likely cause further delays and cost increases.
On July 5, 2020, Dominion Energy, Inc. announced a sale of substantially all of its gas transmission and storage segment assets, operations core to the ACP pipeline project.
As a result of the uncertainty created by the NWP 12 rulings, the potential impact on the cost and schedule for the project, the ongoing legal challenges and the risk of additional legal challenges and delays through the construction period and Dominion’s decision to sell substantially all of its gas transmission and storage segment assets, Duke Energy's Board of Directors and management decided that it was not prudent to continue to invest in the project. On July 5, 2020, Duke Energy and Dominion announced the cancellation of the ACP pipeline project.
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FINANCIAL STATEMENTS | REGULATORY MATTERS

As a result, Duke Energy recorded pretax charges to earnings of approximately $2.1 billion for the nine months ended September 30, 2020, within Equity in (losses) earnings of unconsolidated affiliates on the Duke Energy Condensed Consolidated Statements of Operations. The tax benefit associated with this cancellation was $389 million and is recorded in Income Tax Expense (Benefit) on the Duke Energy Condensed Consolidated Statements of Operations. Additional charges of less than $50 million are expected to be recorded within the next 12 months as ACP incurs obligations to exit operations.
As part of the pretax charges to earnings of approximately $2.1 billion, Duke Energy established liabilities related to the cancellation of the ACP pipeline project of $927 million and $19 million within Other Current Liabilities and Other Noncurrent Liabilities, respectively, in the Gas Utilities and Infrastructure segment. The liability represents Duke Energy's obligation of approximately $860 million to fund ACP's outstanding debt and approximately $86 million to satisfy ARO requirements to restore construction sites.
See Notes 1, 4 and 12 for additional information regarding this transaction.
Potential Coal Plant Retirements
The Subsidiary Registrants periodically file integrated resource plans (IRPs) with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and options being considered to meet those needs. IRPs filed by the Subsidiary Registrants included planning assumptions to potentially retire certain coal-fired generating facilities in North Carolina and Indiana earlier than their current estimated useful lives. Duke Energy continues to evaluate the potential need to retire these coal-fired generating facilities earlier than the current estimated useful lives and plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired.
The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of September 30, 2020, and exclude capitalized asset retirement costs.

|  |  | Remaining Net |
| Capacity |  |  | Book Value |
| (in MW) |  |  | (in millions) |
Duke Energy Carolinas |  |  |
Allen Steam Station Units 1-3(a) | 582 |  |  | $ | 141 |
Allen Steam Station Units 4-5(b) | 516 |  |  | 321 |
Cliffside Unit 5(b) | 544 |  |  | 355 |
Duke Energy Progress |  |  |
Mayo Unit 1(b) | 727 |  |  | 673 |
Roxboro Units 3-4(b) | 1,392 |  |  | 486 |
Duke Energy Indiana |  |  |
Gallagher Units 2 and 4(c) | 280 |  |  | 112 |
Gibson Units 1-5(d) | 3,132 |  |  | 1,683 |
Cayuga Units 1-2(d) | 1,005 |  |  | 935 |
Total Duke Energy | 8,178 |  |  | $ | 4,706 |

(a) | As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Units 1 through 3 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives.

(b) | These units are included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. In 2019, Duke Energy Carolinas and Duke Energy Progress filed North Carolina rate cases that included depreciation studies that accelerate end of life dates for these plants. A decision by NCUC is expected by the end of the first quarter 2021.

(c) | Duke Energy Indiana committed to either retire or stop burning coal at Gallagher units 2 and 4 by December 31, 2022, as part of the 2016 settlement of Edwardsport IGCC matters.

(d) | On July 1, 2019, Duke Energy Indiana filed its 2018 IRP with the IURC. The 2018 IRP included scenarios evaluating the potential retirement of coal-fired generating units at Gibson and Cayuga. The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020.

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

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

(in millions) | September 30, 2020 | December 31, 2019
Reserves for Environmental Remediation |  |
Duke Energy | $ | 66 |  | $ | 58 |
Duke Energy Carolinas | 16 |  | 11 |
Progress Energy | 15 |  | 16 |
Duke Energy Progress | 5 |  | 4 |
Duke Energy Florida | 8 |  | 9 |
Duke Energy Ohio | 22 |  | 19 |
Duke Energy Indiana | 5 |  | 4 |
Piedmont | 8 |  | 8 |

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

(in millions) |
Duke Energy | $ | 56 |
Duke Energy Carolinas | 12 |
Duke Energy Ohio | 38 |

LITIGATION
Duke Energy Carolinas and Duke Energy Progress
Coal Ash Insurance Coverage Litigation
In March 2017, Duke Energy Carolinas and Duke Energy Progress filed a civil action in North Carolina Business Court against various insurance providers. The lawsuit seeks payment for coal ash-related liabilities covered by third-party liability insurance policies. The insurance policies were issued between 1971 and 1986 and provide third-party liability insurance for property damage. The civil action seeks damages for breach of contract and indemnification for costs arising from the Coal Ash Act and the EPA CCR rule at 15 coal-fired plants in North Carolina and South Carolina. Due to COVID-19, the court has issued a new scheduling order and the trial is now scheduled for January 2022. Fact and expert discovery is scheduled to be completed by mid-November 2020. The parties are required to file all dispositive pre-trial motions by December 4, 2020. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.
Duke Energy Carolinas
NTE Carolinas II, LLC Litigation
In November 2017, Duke Energy Carolinas entered into a standard FERC interconnection agreement with NTE Carolinas II, LLC (NTE), a company that intended to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract and alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas is seeking a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims.
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FINANCIAL STATEMENTS | COMMITMENTS AND CONTINGENCIES

On May 21, 2020, FERC issued a decision, in response to an NTE petition, ruling (i) that it has exclusive jurisdiction to determine whether a transmission provider may terminate a Large Generator Interconnection Agreement (LGIA), (ii) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer, and (iii) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. On May 27, 2020, NTE filed FERC's May 21, 2020, Order as a notice of supplemental authority with the federal district court where its Motion to Dismiss is pending. On June 1, 2020, Duke Energy Carolinas filed a response to NTE’s notice of supplemental authority noting that FERC declined to address the merits of any breach of contract claim relating to the LGIA and that the federal court then necessarily retains exclusive authority to award damages for NTE’s breach.
On August 17, 2020, the court denied both NTE’s and Duke Energy Carolinas’ Motion to Dismiss. The parties are now preparing to commence discovery. Duke Energy Carolinas cannot predict the outcome of this matter.
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985. As of September 30, 2020, there were 159 asserted claims for non-malignant cases with cumulative relief sought of up to $41 million, and 68 asserted claims for malignant cases with cumulative relief sought of up to $23 million. Based on Duke Energy Carolinas’ experience, it is expected that the ultimate resolution of most of these claims likely will be less than the amount claimed.
Duke Energy Carolinas has recognized asbestos-related reserves of $578 million at September 30, 2020, and $604 million at December 31, 2019. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2040 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2040 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.
Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Duke Energy Carolinas’ cumulative payments began to exceed the self-insured retention in 2008. Future payments up to the policy limit will be reimbursed by the third-party insurance carrier. The insurance policy limit for potential future insurance recoveries indemnification and medical cost claim payments is $714 million in excess of the self-insured retention. Receivables for insurance recoveries were $704 million at September 30, 2020, and $742 million at December 31, 2019. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.
Duke Energy Progress and Duke Energy Florida
Spent Nuclear Fuel Matters
On June 18, 2018, Duke Energy Progress and Duke Energy Florida sued the U.S. in the U.S. Court of Federal Claims for damages incurred for the period 2014 through 2018. The lawsuit claimed the Department of Energy breached a contract in failing to accept spent nuclear fuel under the Nuclear Waste Policy Act of 1982 and asserted damages for the cost of on-site storage in the amount of $100 million and $203 million for Duke Energy Progress and Duke Energy Florida, respectively. Discovery is ongoing and a trial is expected to occur in 2021.
Duke Energy Florida
Power Purchase Dispute Arbitration
Duke Energy Florida, on behalf of its customers, entered into a PPA for the purchase of firm capacity and energy from a qualifying facility under the Public Utilities Regulatory Policies Act of 1978. Duke Energy Florida determined the qualifying facility did not perform in accordance with the PPA, and Duke Energy Florida terminated the PPA. The qualifying facility counterparty filed a confidential American Arbitration Association (AAA) arbitration demand, challenging the termination of the PPA and seeking damages. Duke Energy Florida denies liability and is vigorously defending the arbitration claim. The final arbitration hearing is scheduled for December 2020. Duke Energy Florida cannot predict the outcome of this matter.
Duke Energy Indiana
Coal Ash Basin Closure Plan Appeal
On January 27, 2020, Hoosier Environmental Council filed a Petition for Administrative Review with the Indiana Office of Environmental Adjudication (the court) challenging the Indiana Department of Environmental Management’s December 10, 2019, partial approval of Duke Energy Indiana’s ash pond closure plan. On March 11, 2020, Duke Energy Indiana filed a Motion to Dismiss. On May 5, 2020, the court denied the motion. The parties are completing discovery and have until December 22, 2020, to file dispositive motions. If these claims survive dispositive motions, a hearing is scheduled for April 2021. Duke Energy Indiana cannot predict the outcome of this matter. See Note 6 for additional information.
Other Litigation and Legal Proceedings
The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position.
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FINANCIAL STATEMENTS | COMMITMENTS AND CONTINGENCIES

The table below presents recorded reserves based on management’s best estimate of probable loss for legal matters, excluding asbestos-related reserves discussed above. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. The reasonably possible range of loss in excess of recorded reserves is not material, other than as described above.

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
Reserves for Legal Matters |  |  |
Duke Energy | $ | 60 |  |  | $ | 62 |
Duke Energy Carolinas | 2 |  |  | 2 |
Progress Energy | 52 |  |  | 55 |
Duke Energy Progress | 9 |  |  | 12 |
Duke Energy Florida | 23 |  |  | 22 |
Piedmont | 1 |  |  | 1 |

OTHER COMMITMENTS AND CONTINGENCIES
General
As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.
In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The reserve for credit losses for insurance receivables based on adoption of the new standard is $15 million for Duke Energy and Duke Energy Carolinas as of September 30, 2020. Insurance receivables are evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.
Duke Energy has recognized $860 million related to the guarantees of its portion of ACP's outstanding debt of which $95 million was previously recognized due the adoption of new guidance for credit losses effective January 1, 2020. This reserve is included within Other current liabilities on the Condensed Consolidated Balance Sheets at September 30, 2020. See Notes 1, 3 and 12 for more information. The remaining reserve for credit losses for financial guarantees of $4 million at September 30, 2020, is included within Other noncurrent liabilities on the Duke Energy's Condensed Consolidated Balance Sheets. Management considers financial guarantees for evaluation under this standard based on the anticipated amount outstanding at the time of default. The reserve for credit losses is based on the evaluation of the contingent components of financial guarantees. Management evaluates the risk of default, exposure and length of time remaining in the period for each contract.
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FINANCIAL STATEMENTS | DEBT AND CREDIT FACILITIES

5. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).

|  |  |  |  | Nine Months Ended September 30, 2020
|  |  |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Maturity |  | Interest |  |  | Duke |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
Issuance Date | Date |  | Rate |  |  | Energy |  |  | (Parent) |  |  | Carolinas |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
May 2020(a) | Jun 2030 |  | 2.450 | % |  | $ | 500 |  |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
May 2020(b) | Jun 2050 |  | 3.350 | % |  | 400 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 400 |
August 2020(c) | Feb 2022 |  | 0.430 | % | (d) | 700 |  |  | — |  |  | — |  |  | 700 |  |  | — |  |  | — |  |  | — |  |  | — |
September 2020(e) | Sep 2025 |  | 0.900 | % |  | 650 |  |  | 650 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
September 2020(e) | Jun 2030 |  | 2.450 | % |  | 350 |  |  | 350 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
First Mortgage Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2020(f) | Feb 2030 |  | 2.450 | % |  | 500 |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
January 2020(f) | Aug 2049 |  | 3.200 | % |  | 400 |  |  | — |  |  | 400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
March 2020(g) | Apr 2050 |  | 2.750 | % |  | 550 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 550 |  |  | — |
May 2020(b) | Jun 2030 |  | 2.125 | % |  | 400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400 |  |  | — |  |  | — |
June 2020(b) | Jun 2030 |  | 1.750 | % |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | — |
August 2020(h) | Aug 2050 |  | 2.500 | % |  | 600 |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | — |  |  | — |
Total issuances |  |  |  |  | $ | 5,550 |  |  | $ | 1,500 |  |  | $ | 900 |  |  | $ | 1,300 |  |  | $ | 500 |  |  | $ | 400 |  |  | $ | 550 |  |  | $ | 400 |

(a) | Debt issued to repay $500 million borrowing made under Duke Energy (Parent) revolving credit facility in March 2020, and for general corporate purposes.

(b) | Debt issued to repay short-term debt and for general corporate purposes.

(c) | Debt issued to repay $700 million two-year term loan facility expiring in December 2020.

(d) | Debt issuance has a floating interest rate.

(e) | Debt issued to repay a portion of outstanding commercial paper, to repay a portion of Duke Energy (Parent)'s outstanding $1.7 billion term loan due March 2021 and for general corporate purposes.

(f) | Debt issued to repay at maturity $450 million first mortgage bonds due June 2020 and for general corporate purposes.

(g) | Debt issued to repay at maturity $500 million first mortgage bonds due July 2020 and to pay down short-term debt.

(h) | Debt issued to repay at maturity $300 million first mortgage bonds due September 2020 and for general corporate purposes.

CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions) | Maturity Date |  | Interest Rate |  |  | September 30, 2020 |
Unsecured Debt |  |  |  |  |
Progress Energy, Inc | January 2021 |  | 4.400 | % |  | $ | 500 |
Duke Energy (Parent) | May 2021 |  | 0.765 | % | (a) | 500 |
Piedmont | June 2021 |  | 4.240 | % |  | 160 |
Duke Energy (Parent) | September 2021 |  | 3.550 | % |  | 500 |
Duke Energy (Parent) | September 2021 |  | 1.800 | % |  | 750 |
Secured Debt |  |  |  |  |
Duke Energy Florida | April 2021 |  | 1.035 | % | (a) | 250 |
First Mortgage Bonds |  |  |  |  |
Duke Energy Carolinas | June 2021 |  | 3.900 | % |  | 500 |
Duke Energy Florida | August 2021 |  | 3.100 | % |  | 300 |
Duke Energy Progress | September 2021 |  | 3.000 | % |  | 500 |
Duke Energy Progress | September 2021 |  | 8.625 | % |  | 100 |
Other(b) |  |  |  |  | 609 |
Current maturities of long-term debt |  |  |  |  | $ | 4,669 |

(a) Debt has a floating interest rate.
(b) Includes finance lease obligations, amortizing debt and small bullet maturities.
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FINANCIAL STATEMENTS | DEBT AND CREDIT FACILITIES

AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2020, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2025. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.

| September 30, 2020
|  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | (Parent) |  |  | Carolinas |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Facility size(a) | $ | 8,000 |  |  | $ | 2,650 |  |  | $ | 1,475 |  |  | $ | 1,250 |  |  | $ | 800 |  |  | $ | 625 |  |  | $ | 600 |  |  | $ | 600 |
Reduction to backstop issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper(b) | (2,007 | ) |  | (693 | ) |  | (300 | ) |  | (308 | ) |  | (62 | ) |  | (106 | ) |  | (229 | ) |  | (309 | )
Outstanding letters of credit | (40 | ) |  | (34 | ) |  | (4 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |
Tax-exempt bonds | (81 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81 | ) |  | — |
Available capacity under the Master Credit Facility | $ | 5,872 |  |  | $ | 1,923 |  |  | $ | 1,171 |  |  | $ | 940 |  |  | $ | 738 |  |  | $ | 519 |  |  | $ | 290 |  |  | $ | 291 |

(a) | Represents the sublimit of each borrower.

(b) | Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Term Loan Facility
In response to market volatility and ongoing liquidity impacts from COVID-19, in March 2020, Duke Energy (Parent) entered into a $1.5 billion, 364-day Term Loan Credit Agreement, borrowing the full $1.5 billion available on March 19, 2020. The term loan contains a provision for increasing the amount available for borrowing by up to $500 million. Duke Energy (Parent) exercised this provision on March 27, 2020, borrowing an additional $188 million. Proceeds were used to reduce outstanding commercial paper and for general corporate purposes. In the third quarter of 2020, Duke Energy (Parent) repaid $844 million of the loan. Refer to Note 1 for additional information on the COVID-19 pandemic.
Other Credit Facilities

| September 30, 2020
(in millions) | Facility size |  |  | Amount drawn |
Duke Energy (Parent) Three-Year Revolving Credit Facility | $ | 1,000 |  |  | $ | 500 |

In August 2020, Duke Energy Progress repaid its $700 million two-year term loan facility.
6. ASSET RETIREMENT OBLIGATIONS
The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.
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FINANCIAL STATEMENTS | ASSET RETIREMENT OBLIGATIONS

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

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Decommissioning of nuclear power facilities(a) | $ | 6,815 |  |  | $ | 2,658 |  |  | $ | 4,107 |  |  | $ | 3,606 |  |  | $ | 501 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Closure of ash impoundments | 6,458 |  |  | 3,049 |  |  | 2,172 |  |  | 2,150 |  |  | 22 |  |  | 51 |  |  | 1,186 |  |  | — |
Other | 381 |  |  | 67 |  |  | 76 |  |  | 44 |  |  | 32 |  |  | 40 |  |  | 28 |  |  | 17 |
Total ARO | $ | 13,654 |  |  | $ | 5,774 |  |  | $ | 6,355 |  |  | $ | 5,800 |  |  | $ | 555 |  |  | $ | 91 |  |  | $ | 1,214 |  |  | $ | 17 |
Less: Current portion | 742 |  |  | 267 |  |  | 297 |  |  | 297 |  |  | — |  |  | 7 |  |  | 170 |  |  | — |
Total noncurrent ARO | $ | 12,912 |  |  | $ | 5,507 |  |  | $ | 6,058 |  |  | $ | 5,503 |  |  | $ | 555 |  |  | $ | 84 |  |  | $ | 1,044 |  |  | $ | 17 |

(a) Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy.
ARO Liability Rollforward
The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Balance at December 31, 2019(a) | $ | 13,318 |  |  | $ | 5,734 |  |  | $ | 6,471 |  |  | $ | 5,893 |  |  | $ | 578 |  |  | $ | 80 |  |  | $ | 832 |  |  | $ | 17 |
Accretion expense(b) | 408 |  |  | 195 |  |  | 187 |  |  | 171 |  |  | 16 |  |  | 3 |  |  | 22 |  |  | — |
Liabilities settled(c) | (540 | ) |  | (151 | ) |  | (333 | ) |  | (293 | ) |  | (40 | ) |  | (1 | ) |  | (56 | ) |  | — |
Liabilities incurred in the current year | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Revisions in estimates of cash flows(d) | 451 |  |  | (4 | ) |  | 30 |  |  | 29 |  |  | 1 |  |  | 9 |  |  | 416 |  |  | — |
Balance at September 30, 2020 | $ | 13,654 |  |  | $ | 5,774 |  |  | $ | 6,355 |  |  | $ | 5,800 |  |  | $ | 555 |  |  | $ | 91 |  |  | $ | 1,214 |  |  | $ | 17 |

(a) | Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b) | For the nine months ended September 30, 2020, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c) | Primarily relates to ash impoundment closures.

(d) | Primarily relates to increases in closure estimates for certain ash impoundments as a result of certain changes in estimates and the impact of Hoosier Environmental Council’s petition filed with the court challenging the Indiana Department of Environmental Management’s partial approval of Duke Energy Indiana’s ash pond closure plan, new closure plan approvals, as well as increased post closure maintenance, landfill and beneficiation costs. See Note 4 for more information on Hoosier Environmental Council's petition. The incremental amount recorded represents the discounted cash flows for estimated closure costs based upon the probability weightings of the potential closure methods as evaluated on a site-by-site basis.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.
7. GOODWILL
Duke Energy
The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019.

| Electric Utilities |  |  | Gas Utilities |  |  | Commercial |  |  |
(in millions) | and Infrastructure |  |  | and Infrastructure |  |  | Renewables |  |  | Total |
Goodwill balance | $ | 17,379 |  |  | $ | 1,924 |  |  | $ | 122 |  |  | $ | 19,425 |
Accumulated impairment charges | — |  |  | — |  |  | (122 | ) |  | (122 | )
Goodwill, adjusted for accumulated impairment charges | $ | 17,379 |  |  | $ | 1,924 |  |  | $ | — |  |  | $ | 19,303 |

Duke Energy Ohio
Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to Electric Utilities and Infrastructure and $324 million to Gas Utilities and Infrastructure, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019.
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FINANCIAL STATEMENTS | GOODWILL

Progress Energy
Progress Energy's Goodwill is included in the Electric Utilities and Infrastructure segment and there are no accumulated impairment charges.
Piedmont
Piedmont's Goodwill is included in the Gas Utilities and Infrastructure segment and there are no accumulated impairment charges.
Impairment Testing
Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2020.
8. RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Duke Energy Carolinas |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 198 |  |  | $ | 197 |  |  | $ | 528 |  |  | $ | 606 |
Indemnification coverages(b) | 5 |  |  | 5 |  |  | 15 |  |  | 15 |
Joint Dispatch Agreement (JDA) revenue(c) | 6 |  |  | 12 |  |  | 16 |  |  | 52 |
JDA expense(c) | 28 |  |  | 32 |  |  | 72 |  |  | 145 |
Intercompany natural gas purchases(d) | 10 |  |  | — |  |  | 26 |  |  | 7 |
Progress Energy |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 185 |  |  | $ | 194 |  |  | $ | 520 |  |  | $ | 553 |
Indemnification coverages(b) | 9 |  |  | 8 |  |  | 27 |  |  | 27 |
JDA revenue(c) | 28 |  |  | 32 |  |  | 72 |  |  | 145 |
JDA expense(c) | 6 |  |  | 12 |  |  | 16 |  |  | 52 |
Intercompany natural gas purchases(d) | 18 |  |  | 19 |  |  | 56 |  |  | 57 |
Duke Energy Progress |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 113 |  |  | $ | 114 |  |  | $ | 301 |  |  | $ | 328 |
Indemnification coverages(b) | 4 |  |  | 3 |  |  | 13 |  |  | 11 |
JDA revenue(c) | 28 |  |  | 32 |  |  | 72 |  |  | 145 |
JDA expense(c) | 6 |  |  | 12 |  |  | 16 |  |  | 52 |
Intercompany natural gas purchases(d) | 18 |  |  | 19 |  |  | 56 |  |  | 57 |
Duke Energy Florida |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 72 |  |  | $ | 80 |  |  | $ | 219 |  |  | $ | 225 |
Indemnification coverages(b) | 5 |  |  | 5 |  |  | 14 |  |  | 16 |
Duke Energy Ohio |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 80 |  |  | $ | 90 |  |  | $ | 241 |  |  | $ | 258 |
Indemnification coverages(b) | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Duke Energy Indiana |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 102 |  |  | $ | 109 |  |  | $ | 300 |  |  | $ | 299 |
Indemnification coverages(b) | 2 |  |  | 2 |  |  | 6 |  |  | 5 |
Piedmont |  |  |  |  |  |  |
Corporate governance and shared service expenses(a) | $ | 31 |  |  | $ | 33 |  |  | $ | 102 |  |  | $ | 102 |
Indemnification coverages(b) | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Intercompany natural gas sales(d) | 28 |  |  | 19 |  |  | 82 |  |  | 64 |
Natural gas storage and transportation costs(e) | 6 |  |  | 6 |  |  | 17 |  |  | 17 |

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FINANCIAL STATEMENTS | RELATED PARTY TRANSACTIONS

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

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

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

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

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

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
As discussed in Note 12, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

| Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
September 30, 2020 |  |  |  |  |  |  |
Intercompany income tax receivable | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 14 |
Intercompany income tax payable | 206 |  | 49 |  | 104 |  | 98 |  | 6 |  | 56 |  | — |
December 31, 2019 |  |  |  |  |  |  |
Intercompany income tax receivable | $ | — |  | $ | 125 |  | $ | 28 |  | $ | — |  | $ | 9 |  | $ | 28 |  | $ | 13 |
Intercompany income tax payable | 5 |  | — |  | — |  | 2 |  | — |  | — |  | — |

9. DERIVATIVES AND HEDGING
The Duke Energy Registrants use commodity and interest rate contracts to manage commodity price risk and interest rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings.
All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.
INTEREST RATE RISK
The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.
68

FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

Cash Flow Hedges
For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020, and 2019, were not material. Duke Energy's interest rate derivatives designated as hedges include interest rate swaps used to hedge existing debt within the Commercial Renewables segment and forward-starting interest rate swaps not accounted for under regulatory accounting.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.
The following table shows notional amounts of outstanding derivatives related to interest rate risk.

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |
Cash flow hedges | $ | 653 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated contracts | 1,177 |  |  | 400 |  |  | 750 |  |  | 750 |  |  | — |  |  | 27 |
Total notional amount(a) | $ | 1,830 |  |  | $ | 400 |  |  | $ | 750 |  |  | $ | 750 |  |  | $ | — |  |  | $ | 27 |

| December 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |
Cash flow hedges | $ | 993 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated contracts | 1,277 |  |  | 450 |  |  | 800 |  |  | 250 |  |  | 550 |  |  | 27 |
Total notional amount(a) | $ | 2,270 |  |  | $ | 450 |  |  | $ | 800 |  |  | $ | 250 |  |  | $ | 550 |  |  | $ | 27 |

(a) | Duke Energy includes amounts related to consolidated VIEs of $653 million in cash flow hedges as of September 30, 2020, and $693 million in cash flow hedges as of December 31, 2019.

COMMODITY PRICE RISK
The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.
Cash Flow Hedges
For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020, and 2019, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment.
Undesignated Contracts
For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas costs volatility for customers.
69

FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

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

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
| Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Electricity (GWh)(a) | 32,314 |  |  | — |  |  | — |  |  | — |  |  | 4,126 |  |  | 17,072 |  |  | — |
Natural gas (millions of dekatherms) | 683 |  |  | 143 |  |  | 156 |  |  | 156 |  |  | — |  |  | 2 |  |  | 382 |

| December 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
| Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Electricity (GWh) | 15,858 |  |  | — |  |  | — |  |  | — |  |  | 1,887 |  |  | 13,971 |  |  | — |
Natural gas (millions of dekatherms) | 704 |  |  | 130 |  |  | 160 |  |  | 160 |  |  | — |  |  | 3 |  |  | 411 |

(a) | Duke Energy includes 11,116 GWh that relates to cash flow hedges.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets |  | September 30, 2020
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 57 |  |  | $ | 24 |  |  | $ | 18 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 6 |
Noncurrent |  | 26 |  |  | 14 |  |  | 12 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 83 |  |  | $ | 38 |  |  | $ | 30 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 6 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 86 |  |  | $ | 38 |  |  | $ | 33 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 6 |

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FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

Derivative Liabilities |  | September 30, 2020
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |
Noncurrent |  | 85 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 26 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 13 |
Noncurrent |  | 129 |  |  | 4 |  |  | 27 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 98 |
Total Derivative Liabilities – Commodity Contracts |  | $ | 257 |  |  | $ | 16 |  |  | $ | 27 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 111 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 56 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 27 |  |  | 17 |  |  | 9 |  |  | 9 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Noncurrent |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 102 |  |  | $ | 17 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities |  | $ | 359 |  |  | $ | 33 |  |  | $ | 36 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 111 |

Derivative Assets |  | December 31, 2019
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 13 |  |  | $ | 1 |
Noncurrent |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 13 |  |  | $ | 1 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity Securities Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Equity Securities Contracts |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 25 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 4 |  |  | $ | 13 |  |  | $ | 1 |

71

FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

Derivative Liabilities |  | December 31, 2019
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 67 |  |  | $ | 33 |  |  | $ | 26 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 7 |
Noncurrent |  | 156 |  |  | 10 |  |  | 37 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 110 |
Total Derivative Liabilities – Commodity Contracts |  | $ | 223 |  |  | $ | 43 |  |  | $ | 63 |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 117 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 8 |  |  | 6 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Noncurrent |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 53 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Equity Securities Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 24 |  |  | — |  |  | 24 |  |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |
Total Derivative Liabilities – Equity Securities Contracts |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities |  | $ | 300 |  |  | $ | 49 |  |  | $ | 88 |  |  | $ | 49 |  |  | $ | 24 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 117 |

OFFSETTING ASSETS AND LIABILITIES
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position, and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets |  | September 30, 2020
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 60 |  |  | $ | 24 |  |  | $ | 21 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 6 |
Gross amounts offset |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Current Assets: Other |  | $ | 59 |  |  | $ | 24 |  |  | $ | 21 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 6 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 26 |  |  | $ | 14 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Gross amounts offset |  | (8 | ) |  | — |  |  | (8 | ) |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Assets: Other |  | $ | 18 |  |  | $ | 14 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

72

FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

Derivative Liabilities |  | September 30, 2020
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 84 |  |  | $ | 29 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 13 |
Gross amounts offset |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Current Liabilities: Other |  | $ | 83 |  |  | $ | 29 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 13 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 275 |  |  | $ | 4 |  |  | $ | 27 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 98 |
Gross amounts offset |  | (8 | ) |  | — |  |  | (8 | ) |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Liabilities: Other |  | $ | 267 |  |  | $ | 4 |  |  | $ | 19 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 98 |

Derivative Assets |  | December 31, 2019
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 24 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | 13 |  |  | $ | 1 |
Gross amounts offset |  | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Net amounts presented in Current Assets: Other |  | $ | 23 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 13 |  |  | $ | 1 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Gross amounts offset |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Assets: Other |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |

Derivative Liabilities |  | December 31, 2019
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 118 |  |  | $ | 39 |  |  | $ | 51 |  |  | $ | 27 |  |  | $ | 24 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |
Gross amounts offset |  | (24 | ) |  | — |  |  | (24 | ) |  | — |  |  | (24 | ) |  | — |  |  | — |  |  | — |
Net amounts presented in Current Liabilities: Other |  | $ | 94 |  |  | $ | 39 |  |  | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 182 |  |  | $ | 10 |  |  | $ | 37 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 110 |
Gross amounts offset |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Liabilities: Other |  | $ | 182 |  |  | $ | 10 |  |  | $ | 37 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 110 |

73

FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING

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

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |
Aggregate fair value of derivatives in a net liability position | $ | 20 |  |  | $ | 9 |  |  | $ | 11 |  |  | $ | 11 |
Fair value of collateral already posted | — |  |  | — |  |  | — |  |  | — |
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered | 20 |  |  | 9 |  |  | 11 |  |  | 11 |

| December 31, 2019
|  |  | Duke |  |  |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |
Aggregate fair value of derivatives in a net liability position | $ | 79 |  |  | $ | 35 |  |  | $ | 44 |  |  | $ | 44 |
Fair value of collateral already posted | — |  |  | — |  |  | — |  |  | — |
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered | 79 |  |  | 35 |  |  | 44 |  |  | 44 |

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.
10. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2020, and December 31, 2019.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
74

FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
NDTF |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 687 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
Equity securities | 3,436 |  |  | 103 |  |  | 5,459 |  |  | 3,523 |  |  | 55 |  |  | 5,661 |
Corporate debt securities | 65 |  |  | 1 |  |  | 789 |  |  | 37 |  |  | 1 |  |  | 603 |
Municipal bonds | 19 |  |  | 1 |  |  | 407 |  |  | 13 |  |  | — |  |  | 368 |
U.S. government bonds | 58 |  |  | — |  |  | 843 |  |  | 33 |  |  | 1 |  |  | 1,256 |
Other debt securities | 9 |  |  | — |  |  | 185 |  |  | 3 |  |  | — |  |  | 141 |
Total NDTF Investments | $ | 3,587 |  |  | $ | 105 |  |  | $ | 8,370 |  |  | $ | 3,609 |  |  | $ | 57 |  |  | $ | 8,130 |
Other Investments |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 110 |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |
Equity securities | 60 |  |  | — |  |  | 126 |  |  | 57 |  |  | — |  |  | 122 |
Corporate debt securities | 8 |  |  | — |  |  | 129 |  |  | 3 |  |  | — |  |  | 67 |
Municipal bonds | 6 |  |  | 1 |  |  | 114 |  |  | 4 |  |  | — |  |  | 94 |
U.S. government bonds | 1 |  |  | — |  |  | 21 |  |  | 2 |  |  | — |  |  | 41 |
Other debt securities | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | 56 |
Total Other Investments | $ | 75 |  |  | $ | 1 |  |  | $ | 544 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 432 |
Total Investments | $ | 3,662 |  |  | $ | 106 |  |  | $ | 8,914 |  |  | $ | 3,675 |  |  | $ | 57 |  |  | $ | 8,562 |

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were as follows.

| Three Months Ended |  | Nine Months Ended
(in millions) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
FV-NI: |  |  |  |  |  |  |
Realized gains | $ | 13 |  |  | $ | 60 |  |  | $ | 338 |  |  | $ | 161 |
Realized losses | 16 |  |  | 43 |  |  | 148 |  |  | 136 |
AFS: |  |  |  |  |  |  |
Realized gains | 26 |  |  | 53 |  |  | 73 |  |  | 110 |
Realized losses | 19 |  |  | 36 |  |  | 38 |  |  | 83 |

75

FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
NDTF |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |
Equity securities | 2,027 |  |  | 52 |  |  | 3,229 |  |  | 1,914 |  |  | 8 |  |  | 3,154 |
Corporate debt securities | 42 |  |  | 1 |  |  | 507 |  |  | 21 |  |  | 1 |  |  | 361 |
Municipal bonds | 5 |  |  | — |  |  | 118 |  |  | 3 |  |  | — |  |  | 96 |
U.S. government bonds | 28 |  |  | — |  |  | 428 |  |  | 16 |  |  | 1 |  |  | 578 |
Other debt securities | 7 |  |  | — |  |  | 179 |  |  | 3 |  |  | — |  |  | 137 |
Total NDTF Investments | $ | 2,109 |  |  | $ | 53 |  |  | $ | 4,503 |  |  | $ | 1,957 |  |  | $ | 10 |  |  | $ | 4,347 |

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were as follows.

| Three Months Ended |  | Nine Months Ended
(in millions) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
FV-NI: |  |  |  |  |  |  |
Realized gains | $ | 10 |  |  | $ | 34 |  |  | $ | 46 |  |  | $ | 101 |
Realized losses | 12 |  |  | 26 |  |  | 82 |  |  | 95 |
AFS: |  |  |  |  |  |  |
Realized gains | 20 |  |  | 21 |  |  | 50 |  |  | 46 |
Realized losses | 17 |  |  | 13 |  |  | 30 |  |  | 34 |

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
NDTF |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 645 |  |  | $ | — |  |  | $ | — |  |  | $ | 80 |
Equity securities | 1,409 |  |  | 51 |  |  | 2,230 |  |  | 1,609 |  |  | 47 |  |  | 2,507 |
Corporate debt securities | 23 |  |  | — |  |  | 282 |  |  | 16 |  |  | — |  |  | 242 |
Municipal bonds | 14 |  |  | 1 |  |  | 289 |  |  | 10 |  |  | — |  |  | 272 |
U.S. government bonds | 30 |  |  | — |  |  | 415 |  |  | 17 |  |  | — |  |  | 678 |
Other debt securities | 2 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 4 |
Total NDTF Investments | $ | 1,478 |  |  | $ | 52 |  |  | $ | 3,867 |  |  | $ | 1,652 |  |  | $ | 47 |  |  | $ | 3,783 |
Other Investments |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 107 |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |
Municipal bonds | 4 |  |  | — |  |  | 53 |  |  | 3 |  |  | — |  |  | 51 |
Total Other Investments | $ | 4 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 100 |
Total Investments | $ | 1,482 |  |  | $ | 52 |  |  | $ | 4,027 |  |  | $ | 1,655 |  |  | $ | 47 |  |  | $ | 3,883 |

76

FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were as follows.

| Three Months Ended | Nine Months Ended
(in millions) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
FV-NI: |  |  |  |  |  |  |
Realized gains | $ | 3 |  |  | $ | 26 |  |  | $ | 292 |  |  | $ | 60 |
Realized losses | 4 |  |  | 17 |  |  | 66 |  |  | 41 |
AFS: |  |  |  |  |  |  |
Realized gains | 6 |  |  | 31 |  |  | 17 |  |  | 62 |
Realized losses | 2 |  |  | 23 |  |  | 7 |  |  | 49 |

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
NDTF |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Equity securities | 1,340 |  |  | 51 |  |  | 2,150 |  |  | 1,258 |  |  | 21 |  |  | 2,077 |
Corporate debt securities | 23 |  |  | — |  |  | 282 |  |  | 16 |  |  | — |  |  | 242 |
Municipal bonds | 14 |  |  | 1 |  |  | 289 |  |  | 10 |  |  | — |  |  | 272 |
U.S. government bonds | 30 |  |  | — |  |  | 415 |  |  | 16 |  |  | — |  |  | 403 |
Other debt securities | 2 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 4 |
Total NDTF Investments | $ | 1,409 |  |  | $ | 52 |  |  | $ | 3,199 |  |  | $ | 1,300 |  |  | $ | 21 |  |  | $ | 3,051 |
Other Investments |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Total Other Investments | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Total Investments | $ | 1,409 |  |  | $ | 52 |  |  | $ | 3,200 |  |  | $ | 1,300 |  |  | $ | 21 |  |  | $ | 3,053 |

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were as follows.

| Three Months Ended | Nine Months Ended
(in millions) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
FV-NI: |  |  |  |  |  |  |
Realized gains | $ | 3 |  |  | $ | 10 |  |  | $ | 43 |  |  | $ | 27 |
Realized losses | 4 |  |  | 9 |  |  | 51 |  |  | 24 |
AFS: |  |  |  |  |  |  |
Realized gains | 6 |  |  | 2 |  |  | 17 |  |  | 4 |
Realized losses | 2 |  |  | — |  |  | 7 |  |  | 2 |

77

FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
NDTF |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 588 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |
Equity securities | 69 |  |  | — |  |  | 80 |  |  | 351 |  |  | 26 |  |  | 430 |
U.S. government bonds | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 275 |
Total NDTF Investments(a) | $ | 69 |  |  | $ | — |  |  | $ | 668 |  |  | $ | 352 |  |  | $ | 26 |  |  | $ | 732 |
Other Investments |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Municipal bonds | 4 |  |  | — |  |  | 53 |  |  | 3 |  |  | — |  |  | 51 |
Total Other Investments | $ | 4 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 55 |
Total Investments | $ | 73 |  |  | $ | — |  |  | $ | 723 |  |  | $ | 355 |  |  | $ | 26 |  |  | $ | 787 |

(a) | During the nine months ended September 30, 2020, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were as follows.

| Three Months Ended | Nine Months Ended
(in millions) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
FV-NI: |  |  |  |  |  |  |
Realized gains | $ | — |  |  | $ | 16 |  |  | $ | 249 |  |  | $ | 33 |
Realized losses | — |  |  | 8 |  |  | 15 |  |  | 17 |
AFS: |  |  |  |  |  |  |
Realized gains | — |  |  | 29 |  |  | — |  |  | 58 |
Realized losses | — |  |  | 23 |  |  | — |  |  | 47 |

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

| September 30, 2020 |  | December 31, 2019
| Gross |  |  | Gross |  |  |  |  | Gross |  |  | Gross |  |  |
| Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
| Holding |  |  | Holding |  |  | Fair |  |  | Holding |  |  | Holding |  |  | Fair |
(in millions) | Gains |  |  | Losses |  |  | Value |  |  | Gains |  |  | Losses |  |  | Value |
Investments |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 45 |  |  | — |  |  | 84 |  |  | 43 |  |  | — |  |  | 81 |
Corporate debt securities | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 6 |
Municipal bonds | 1 |  |  | 1 |  |  | 39 |  |  | 1 |  |  | — |  |  | 36 |
U.S. government bonds | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 2 |
Total Investments | $ | 46 |  |  | $ | 1 |  |  | $ | 130 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 125 |

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2020, and 2019, were immaterial.
78

FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES

DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.

| September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Indiana |
Due in one year or less | $ | 53 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 14 |  |  | $ | 1 |  |  | $ | 4 |
Due after one through five years | 558 |  |  | 247 |  |  | 256 |  |  | 246 |  |  | 10 |  |  | 16 |
Due after five through 10 years | 608 |  |  | 278 |  |  | 232 |  |  | 224 |  |  | 8 |  |  | 9 |
Due after 10 years | 1,313 |  |  | 694 |  |  | 542 |  |  | 508 |  |  | 34 |  |  | 16 |
Total | $ | 2,532 |  |  | $ | 1,232 |  |  | $ | 1,045 |  |  | $ | 992 |  |  | $ | 53 |  |  | $ | 45 |

11. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.
Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value (NAV) per share practical expedient. The NAV is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.
Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.
Valuation methods of the primary fair value measurements disclosed below are as follows.
Investments in equity securities
The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.
Investments in debt securities
Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.
Commodity derivatives
Commodity derivatives with clearinghouses are classified as Level 1. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.
Interest rate derivatives
Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.
Other fair value considerations
See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2019, for a discussion of the valuation of goodwill and intangible assets.
79

FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS

DUKE ENERGY
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.

| September 30, 2020
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Categorized |
NDTF cash and cash equivalents | $ | 687 |  | $ | 687 |  | $ | — |  | $ | — |  | $ | — |
NDTF equity securities | 5,459 |  | 5,413 |  | — |  | — |  | 46 |
NDTF debt securities | 2,224 |  | 363 |  | 1,861 |  | — |  | — |
Other equity securities | 126 |  | 126 |  | — |  | — |  | — |
Other debt securities | 308 |  | 18 |  | 290 |  | — |  | — |
Other cash and cash equivalents | 110 |  | 110 |  | — |  | — |  | — |
Derivative assets | 86 |  | 5 |  | 71 |  | 10 |  | — |
Total assets | 9,000 |  | 6,722 |  | 2,222 |  | 10 |  | 46 |
Derivative liabilities | (359 | ) | (1 | ) | (145 | ) | (213 | ) | — |
Net assets (liabilities) | $ | 8,641 |  | $ | 6,721 |  | $ | 2,077 |  | $ | (203 | ) | $ | 46 |

| December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Categorized |
NDTF cash and cash equivalents | $ | 101 |  | $ | 101 |  | $ | — |  | $ | — |  | $ | — |
NDTF equity securities | 5,684 |  | 5,633 |  | — |  | — |  | 51 |
NDTF debt securities | 2,368 |  | 725 |  | 1,643 |  | — |  | — |
Other equity securities | 122 |  | 122 |  | — |  | — |  | — |
Other debt securities | 258 |  | 39 |  | 219 |  | — |  | — |
Other cash and cash equivalents | 52 |  | 52 |  | — |  | — |  | — |
Derivative assets | 25 |  | 3 |  | 7 |  | 15 |  | — |
Total assets | 8,610 |  | 6,675 |  | 1,869 |  | 15 |  | 51 |
NDTF equity security contracts | (23 | ) | — |  | (23 | ) | — |  | — |
Derivative liabilities | (277 | ) | (15 | ) | (145 | ) | (117 | ) | — |
Net assets (liabilities) | $ | 8,310 |  | $ | 6,660 |  | $ | 1,701 |  | $ | (102 | ) | $ | 51 |

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

| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Balance at beginning of period | $ | (92 | ) |  | $ | (79 | ) |  | $ | (102 | ) |  | $ | (113 | )
Total pretax realized or unrealized gains included in comprehensive income | (102 | ) |  | — |  |  | (102 | ) |  | — |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 14 |  |  | 38 |
Settlements | (3 | ) |  | (9 | ) |  | (18 | ) |  | (32 | )
Total (losses) gains included on the Condensed Consolidated Balance Sheet | (6 | ) |  | (2 | ) |  | 5 |  |  | 17 |
Balance at end of period | $ | (203 | ) |  | $ | (90 | ) |  | $ | (203 | ) |  | $ | (90 | )

80

FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS

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

| September 30, 2020
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Not Categorized |
NDTF cash and cash equivalents | $ | 42 |  | $ | 42 |  | $ | — |  | $ | — |
NDTF equity securities | 3,229 |  | 3,183 |  | — |  | 46 |
NDTF debt securities | 1,232 |  | 131 |  | 1,101 |  | — |
Derivative assets | 38 |  | — |  | 38 |  | — |
Total assets | 4,541 |  | 3,356 |  | 1,139 |  | 46 |
Derivative liabilities | (33 | ) | — |  | (33 | ) | — |
Net assets | $ | 4,508 |  | $ | 3,356 |  | $ | 1,106 |  | $ | 46 |

| December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Not Categorized |
NDTF cash and cash equivalents | $ | 21 |  | $ | 21 |  | $ | — |  | $ | — |
NDTF equity securities | 3,154 |  | 3,103 |  | — |  | 51 |
NDTF debt securities | 1,172 |  | 206 |  | 966 |  | — |
Total assets | 4,347 |  | 3,330 |  | 966 |  | 51 |
Derivative liabilities | (49 | ) | — |  | (49 | ) | — |
Net assets | $ | 4,298 |  | $ | 3,330 |  | $ | 917 |  | $ | 51 |

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

| September 30, 2020 |  | December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NDTF cash and cash equivalents | $ | 645 |  | $ | 645 |  | $ | — |  |  | $ | 80 |  | $ | 80 |  | $ | — |
NDTF equity securities | 2,230 |  | 2,230 |  | — |  |  | 2,530 |  | 2,530 |  | — |
NDTF debt securities | 992 |  | 232 |  | 760 |  |  | 1,196 |  | 519 |  | 677 |
Other debt securities | 53 |  | — |  | 53 |  |  | 51 |  | — |  | 51 |
Other cash and cash equivalents | 107 |  | 107 |  | — |  |  | 49 |  | 49 |  | — |
Derivative assets | 33 |  | — |  | 33 |  |  | 7 |  | — |  | 7 |
Total assets | 4,060 |  | 3,214 |  | 846 |  |  | 3,913 |  | 3,178 |  | 735 |
NDTF equity security contracts | — |  | — |  | — |  |  | (23 | ) | — |  | (23 | )
Derivative liabilities | (36 | ) | — |  | (36 | ) |  | (65 | ) | — |  | (65 | )
Net assets | $ | 4,024 |  | $ | 3,214 |  | $ | 810 |  |  | $ | 3,825 |  | $ | 3,178 |  | $ | 647 |

81

FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS

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

| September 30, 2020 |  | December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NTDF cash and cash equivalents | $ | 57 |  | $ | 57 |  | $ | — |  |  | $ | 53 |  | $ | 53 |  | $ | — |
NDTF equity securities | 2,150 |  | 2,150 |  | — |  |  | 2,077 |  | 2,077 |  | — |
NDTF debt securities | 992 |  | 232 |  | 760 |  |  | 921 |  | 244 |  | 677 |
Other cash and cash equivalents | 1 |  | 1 |  | — |  |  | 2 |  | 2 |  | — |
Derivative assets | 33 |  | — |  | 33 |  |  | — |  | — |  | — |
Total assets | 3,233 |  | 2,440 |  | 793 |  |  | 3,053 |  | 2,376 |  | 677 |
Derivative liabilities | (20 | ) | — |  | (20 | ) |  | (49 | ) | — |  | (49 | )
Net assets | $ | 3,213 |  | $ | 2,440 |  | $ | 773 |  |  | $ | 3,004 |  | $ | 2,376 |  | $ | 628 |

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

| September 30, 2020 |  | December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NDTF cash and cash equivalents | $ | 588 |  | $ | 588 |  | $ | — |  |  | $ | 27 |  | $ | 27 |  | $ | — |
NDTF equity securities | 80 |  | 80 |  | — |  |  | 453 |  | 453 |  | — |
NDTF debt securities | — |  | — |  | — |  |  | 275 |  | 275 |  | — |
Other debt securities | 53 |  | — |  | 53 |  |  | 51 |  | — |  | 51 |
Other cash and cash equivalents | 2 |  | 2 |  | — |  |  | 4 |  | 4 |  | — |
Derivative assets | — |  | — |  | — |  |  | 7 |  | — |  | 7 |
Total assets | 723 |  | 670 |  | 53 |  |  | 817 |  | 759 |  | 58 |
NDTF equity security contracts | — |  | — |  | — |  |  | (23 | ) | — |  | (23 | )
Derivative liabilities | — |  | — |  | — |  |  | (1 | ) | — |  | (1 | )
Net assets | $ | 723 |  | $ | 670 |  | $ | 53 |  |  | $ | 793 |  | $ | 759 |  | $ | 34 |

DUKE ENERGY OHIO
The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2020, and December 31, 2019.
DUKE ENERGY INDIANA
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

| September 30, 2020 |  | December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Other equity securities | $ | 84 |  | $ | 84 |  | $ | — |  | $ | — |  |  | $ | 81 |  | $ | 81 |  | $ | — |  | $ | — |
Other debt securities | 45 |  | — |  | 45 |  | — |  |  | 44 |  | — |  | 44 |  | — |
Other cash and cash equivalents | 1 |  | 1 |  | — |  | — |  |  | — |  | — |  | — |  | — |
Derivative assets | 8 |  | — |  | — |  | 8 |  |  | 13 |  | 2 |  | — |  | 11 |
Total assets | $ | 138 |  | $ | 85 |  | $ | 45 |  | $ | 8 |  |  | $ | 138 |  | $ | 83 |  | $ | 44 |  | $ | 11 |
Derivative liabilities | — |  | — |  | — |  | — |  |  | (1 | ) | (1 | ) | — |  | — |
Net assets | $ | 138 |  | $ | 85 |  | $ | 45 |  | $ | 8 |  |  | $ | 137 |  | $ | 82 |  | $ | 44 |  | $ | 11 |

82

FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS

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

| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Balance at beginning of period | $ | 10 |  |  | $ | 28 |  |  | $ | 11 |  |  | $ | 22 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 10 |  |  | 29 |
Settlements | (3 | ) |  | (7 | ) |  | (13 | ) |  | (26 | )
Total gains (losses) included on the Condensed Consolidated Balance Sheet | 1 |  |  | (5 | ) |  | — |  |  | (9 | )
Balance at end of period | $ | 8 |  |  | $ | 16 |  |  | $ | 8 |  |  | $ | 16 |

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

| September 30, 2020 |  | December 31, 2019
(in millions) | Total Fair Value |  | Level 1 |  | Level 3 |  |  | Total Fair Value |  | Level 1 |  | Level 3 |
Derivative assets | $ | 6 |  | $ | 6 |  | $ | — |  |  | $ | 1 |  | $ | 1 |  | $ | — |
Derivative liabilities | (111 | ) | — |  | (111 | ) |  | (117 | ) | — |  | (117 | )
Net (liabilities) assets | $ | (105 | ) | $ | 6 |  | $ | (111 | ) |  | $ | (116 | ) | $ | 1 |  | $ | (117 | )

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

| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Balance at beginning of period | $ | (105 | ) |  | $ | (114 | ) |  | $ | (117 | ) |  | $ | (141 | )
Total (losses) gains and settlements | (6 | ) |  | 3 |  |  | 6 |  |  | 30 |
Balance at end of period | $ | (111 | ) |  | $ | (111 | ) |  | $ | (111 | ) |  | $ | (111 | )

83

FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

| September 30, 2020
|  |  |  |  |  |  | Weighted
| Fair Value |  |  |  |  |  | Average
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | Range
Duke Energy |  |  |  |  |  |  |
Electricity contracts | $ | (102 | ) | RTO forward pricing | Forward electricity curves – price per MWh | $ | 14.92 |  | - | $ | 151.18 |  | $ | 29.63 |
Duke Energy Ohio |  |  |  |  |  |  |  |
FTRs | 2 |  | RTO auction pricing | FTR price – per MWh | — |  | - | 1.90 |  | 0.64 |
Duke Energy Indiana |  |  |  |  |  |  |  |
FTRs | 8 |  | RTO auction pricing | FTR price – per MWh | (1.03 | ) | - | 6.10 |  | 0.74 |
Piedmont |  |  |  |  |  |  |
Natural gas contracts | (111 | ) | Discounted cash flow | Forward natural gas curves – price per MMBtu | 1.81 |  | - | 2.50 |  | 2.11 |
Duke Energy |  |  |  |  |  |  |
Total Level 3 derivatives | $ | (203 | ) |  |  |  |  |  |

| December 31, 2019
|  |  |  |  |  |  | Weighted
| Fair Value |  |  |  |  |  | Average
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | Range
Duke Energy Ohio |  |  |  |  |  |  |  |
FTRs | $ | 4 |  | RTO auction pricing | FTR price – per MWh | $ | 0.59 |  | - | $ | 3.47 |  | $ | 2.07 |
Duke Energy Indiana |  |  |  |  |  |  |  |
FTRs | 11 |  | RTO auction pricing | FTR price – per MWh | (0.66 | ) | - | 9.24 |  | 1.15 |
Piedmont |  |  |  |  |  |  |
Natural gas contracts | (117 | ) | Discounted cash flow | Forward natural gas curves – price per MMBtu | 1.59 |  | - | 2.46 |  | 1.91 |
Duke Energy |  |  |  |  |  |  |
Total Level 3 derivatives | $ | (102 | ) |  |  |  |  |  |

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

| September 30, 2020 |  | December 31, 2019
(in millions) | Book Value |  |  | Fair Value |  |  | Book Value |  |  | Fair Value |
Duke Energy(a) | $ | 60,718 |  |  | $ | 69,503 |  |  | $ | 58,126 |  |  | $ | 63,062 |
Duke Energy Carolinas | 12,548 |  |  | 15,165 |  |  | 11,900 |  |  | 13,516 |
Progress Energy | 19,865 |  |  | 23,825 |  |  | 19,634 |  |  | 22,291 |
Duke Energy Progress | 9,358 |  |  | 10,808 |  |  | 9,058 |  |  | 9,934 |
Duke Energy Florida | 7,917 |  |  | 9,684 |  |  | 7,987 |  |  | 9,131 |
Duke Energy Ohio | 3,089 |  |  | 3,619 |  |  | 2,619 |  |  | 2,964 |
Duke Energy Indiana | 4,104 |  |  | 5,140 |  |  | 4,057 |  |  | 4,800 |
Piedmont | 2,780 |  |  | 3,276 |  |  | 2,384 |  |  | 2,642 |

(a) | Book value of long-term debt includes $1.4 billion at September 30, 2020, and $1.5 billion at December 31, 2019, of unamortized debt discount and premium, net of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both September 30, 2020, and December 31, 2019, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.
84

FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES

12. VARIABLE INTEREST ENTITIES
CONSOLIDATED VIEs
The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.
No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2020, and the year ended December 31, 2019, or is expected to be provided in the future that was not previously contractually required.
Receivables Financing – DERF/DEPR/DEFR
DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.
DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities for DERF and DEPR are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt. Amounts borrowed under the credit facilities for DEFR are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt.
Due to the COVID-19 pandemic, as described in Note 1, the Duke Energy Registrants suspended customer disconnections for nonpayment. Since taking action to suspend customer disconnections for nonpayment, certain jurisdictions have now returned to normal operations and billing practices. The full impact of COVID-19 and the Duke Energy Registrant’s related response on customers’ ability to pay for service is uncertain. However, the level of past-due receivables at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida have increased significantly during the COVID-19 pandemic, and it is reasonably possible eventual write-offs of customer receivables may increase over current estimates. In the second quarter of 2020, DERF, DEPR and DEFR executed amendments to their credit facilities to manage the impact of past-due receivables resulting from the suspension of customer disconnections from COVID-19. In the third quarter of 2020, DERF executed another amendment to lengthen the terms of the amendment executed in the second quarter. See Note 3 for information about COVID-19 filings with state utility commissions.
The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.
Receivables Financing – CRC
CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.
The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.
Due to the COVID-19 pandemic, as described in Note 1, the Duke Energy Registrants suspended customer disconnections for nonpayment. Since taking action to suspend customer disconnections for nonpayment, certain jurisdictions have now returned to normal operations and billing practices. The full impact of COVID-19 and the Duke Energy Registrant’s related response on customers’ ability to pay for service is uncertain. However, the level of past-due receivables at Duke Energy Ohio and Duke Energy Indiana have increased significantly during the COVID-19 pandemic, and it is reasonably possible eventual write-offs of customer receivables may increase over current estimates. In July of 2020, CRC executed an amendment to its credit facility to manage the impact of past-due receivables resulting from the suspension of customer disconnections from COVID-19. See Note 3 for information about COVID-19 filings with state utility commissions.
CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC.
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FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES

Receivables Financing – Credit Facilities
The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

| Duke Energy
|  |  | Duke Energy |  |  | Duke Energy |  |  | Duke Energy |
|  |  | Carolinas |  |  | Progress |  |  | Florida |
(in millions) | CRC |  |  | DERF |  |  | DEPR |  |  | DEFR |
Expiration date | February 2023 |  |  | December 2022 |  |  | April 2023 |  |  | April 2021 |
Credit facility amount | $ | 350 |  |  | $ | 475 |  |  | $ | 350 |  |  | $ | 250 |
Amounts borrowed at September 30, 2020 | 350 |  |  | 475 |  |  | 350 |  |  | 250 |
Amounts borrowed at December 31, 2019 | 350 |  |  | 474 |  |  | 325 |  |  | 250 |
Restricted Receivables at September 30, 2020 | 479 |  |  | 770 |  |  | 559 |  |  | 506 |
Restricted Receivables at December 31, 2019 | 522 |  |  | 642 |  |  | 489 |  |  | 336 |

Nuclear Asset-Recovery Bonds – DEFPF
DEFPF is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.
In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.
DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.
The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions) | September 30, 2020 |  | December 31, 2019 |
Receivables of VIEs | $ | 6 |  | $ | 5 |
Regulatory Assets: Current | 53 |  | 52 |
Current Assets: Other | 16 |  | 39 |
Other Noncurrent Assets: Regulatory assets | 951 |  | 989 |
Current Liabilities: Other | 2 |  | 10 |
Current maturities of long-term debt | 55 |  | 54 |
Long-Term Debt | 1,001 |  | 1,057 |

Commercial Renewables
Certain of Duke Energy’s renewable energy facilities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Assets are restricted and cannot be pledged as collateral or sold to third parties without prior approval of debt holders. Additionally, Duke Energy has VIEs associated with tax equity arrangements entered into with third-party investors in order to finance the cost of renewable assets eligible for tax credits. The activities that most significantly impacted the economic performance of these renewable energy facilities were decisions associated with siting, negotiating PPAs and Engineering, Procurement and Construction agreements, and decisions associated with ongoing operations and maintenance-related activities. Duke Energy is considered the primary beneficiary and consolidates the entities as it is responsible for all of these decisions.
The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs.

(in millions) | September 30, 2020 |  | December 31, 2019 |
Current Assets: Other | $ | 319 |  | $ | 203 |
Property, Plant and Equipment: Cost | 6,239 |  | 5,747 |
Accumulated depreciation and amortization | (1,200 | ) | (1,041 | )
Other Noncurrent Assets: Other | 79 |  | 106 |
Current maturities of long-term debt | 161 |  | 162 |
Long-Term Debt | 1,452 |  | 1,541 |
Other Noncurrent Liabilities: AROs | 150 |  | 127 |
Other Noncurrent Liabilities: Other | 342 |  | 228 |

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FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES

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

| September 30, 2020
| Duke Energy |  | Duke |  |  | Duke |
| Pipeline |  |  | Commercial |  |  | Other |  |  |  |  | Energy |  |  | Energy |
(in millions) | Investments |  |  | Renewables |  |  | VIEs |  |  | Total |  |  | Ohio |  |  | Indiana |
Receivables from affiliated companies | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | ) |  | $ | 45 |  |  | $ | 74 |
Other current assets | 413 |  |  | — |  |  | — |  |  | 413 |  |  | — |  |  | $ | — |
Investments in equity method unconsolidated affiliates | — |  |  | 487 |  |  | 1 |  |  | 488 |  |  | — |  |  | — |
Deferred tax asset | 26 |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | — |
Total assets | $ | 439 |  |  | $ | 486 |  |  | $ | 1 |  |  | $ | 926 |  |  | $ | 45 |  |  | $ | 74 |
Other current liabilities | 927 |  |  | — |  |  | 3 |  |  | 930 |  |  | — |  |  | — |
Other noncurrent liabilities | 19 |  |  | — |  |  | 10 |  |  | 29 |  |  | — |  |  | — |
Total liabilities | $ | 946 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 959 |  |  | $ | — |  |  | $ | — |
Net (liabilities) assets | $ | (507 | ) |  | $ | 486 |  |  | $ | (12 | ) |  | $ | (33 | ) |  | $ | 45 |  |  | $ | 74 |

| December 31, 2019
| Duke Energy |  | Duke |  |  | Duke |
| Pipeline |  |  | Commercial |  |  | Other |  |  |  |  | Energy |  |  | Energy |
(in millions) | Investments |  |  | Renewables |  |  | VIEs |  |  | Total |  |  | Ohio |  |  | Indiana |
Receivables from affiliated companies | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | ) |  | $ | 64 |  |  | $ | 77 |
Investments in equity method unconsolidated affiliates | 1,179 |  |  | 300 |  |  | — |  |  | 1,479 |  |  | — |  |  | — |
Total assets | $ | 1,179 |  |  | $ | 299 |  |  | $ | — |  |  | $ | 1,478 |  |  | $ | 64 |  |  | $ | 77 |
Taxes accrued | (1 | ) |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | — |
Other current liabilities | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Deferred income taxes | 59 |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | — |
Other noncurrent liabilities | — |  |  | — |  |  | 11 |  |  | 11 |  |  | — |  |  | — |
Total liabilities | $ | 58 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 73 |  |  | $ | — |  |  | $ | — |
Net assets (liabilities) | $ | 1,121 |  |  | $ | 299 |  |  | $ | (15 | ) |  | $ | 1,405 |  |  | $ | 64 |  |  | $ | 77 |

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above except for the PPA with OVEC, which is discussed below, and future exit costs associated with the cancellation of the ACP pipeline, as discussed below.
Pipeline Investments
Duke Energy has investments in various joint ventures to construct and operate pipeline projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.
On July 5, 2020, Duke Energy determined that it would no longer invest in the construction of the ACP pipeline. See Notes 1, 3 and 4 for further information regarding this transaction.
For the three and nine months ended September 30, 2020, the ACP investment is considered a significant subsidiary because its income (loss) exceeds 10% of Duke Energy’s income (loss). The table below presents unaudited summarized financial information for ACP.

| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019 |
Net (Loss) Income | $ | (163 | ) | $ | 65 |  | $ | (4,505 | ) | $ | 178 |

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FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES

The table below presents Duke Energy's ownership interest and investment balances in these joint ventures.

|  |  | VIE Investment Amount (in millions)
| Ownership |  | September 30, |  | December 31,
Entity Name | Interest |  | 2020 |  | 2019
ACP(a) | 47 | % |  | $ | (927 | ) |  | $ | 1,179 |
Constitution(b) | 24 | % |  | — |  |  | — |
Total |  |  | $ | (927 | ) |  | $ | 1,179 |

(a) | During the quarter ended June 30, 2020, Duke Energy determined that it would no longer continue its investment in ACP as described above. The current liability related to the cancellation of the ACP pipeline project represents Duke Energy's continuing obligation to fund its share of ACP's obligations. See Notes 1, 3 and 4 for more information.

(b) | During the year ended December 31, 2019, Duke Energy recorded an other-than-temporary impairment related to Constitution. This charge resulted in the full write-down of Duke Energy's investment in Constitution.

Commercial Renewables
Duke Energy has investments in various renewable energy project entities. Some of these entities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate these VIEs because power to direct and control key activities is shared jointly by Duke Energy and other owners.
Other
In 2019, Duke Energy acquired a majority ownership in a portfolio of distributed fuel cell projects from Bloom Energy Corporation. Duke Energy is not the primary beneficiary of the assets within the portfolio and does not consolidate the assets in the portfolio.
OVEC
Duke Energy Ohio’s 9% ownership interest in OVEC is considered a non-consolidated VIE due to OVEC having insufficient equity to finance its activities without subordinated financial support. The activities that most significantly impact OVEC's economic performance include fuel strategy and supply activities and decisions associated with ongoing operations and maintenance-related activities. Duke Energy Ohio does not have the unilateral power to direct these activities, and therefore, does not consolidate OVEC.
As a counterparty to an Inter-Company Power Agreement (ICPA), Duke Energy Ohio has a contractual arrangement to receive entitlements to capacity and energy from OVEC’s power plants through June 2040 commensurate with its power participation ratio, which is equivalent to Duke Energy Ohio's ownership interest. Costs, including fuel, operating expenses, fixed costs, debt amortization and interest expense, are allocated to counterparties to the ICPA based on their power participation ratio. The value of the ICPA is subject to variability due to fluctuation in power prices and changes in OVEC's cost of business. On March 31, 2018, FirstEnergy Solutions Corp (FES), a subsidiary of FirstEnergy Corp. and an ICPA counterparty with a power participation ratio of 4.85%, filed for Chapter 11 bankruptcy, which could increase costs allocated to the counterparties. On July 31, 2018, the bankruptcy court rejected the FES ICPA, which means OVEC is an unsecured creditor in the FES bankruptcy proceeding. In addition, certain proposed environmental rulemaking could result in future increased OVEC cost allocations. In July 2020, legislation was proposed to repeal HB 6. Duke Energy cannot predict the outcome in this matter. See Note 3 for additional information.
CRC
See discussion under Consolidated VIEs for additional information related to CRC.
Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value.
The following table shows the gross and net receivables sold.

| Duke Energy Ohio |  | Duke Energy Indiana
(in millions) | September 30, 2020 |  |  | December 31, 2019 |  |  | September 30, 2020 |  |  | December 31, 2019 |
Receivables sold | $ | 226 |  |  | $ | 253 |  |  | $ | 310 |  |  | $ | 307 |
Less: Retained interests | 45 |  |  | 64 |  |  | 74 |  |  | 77 |
Net receivables sold | $ | 181 |  |  | $ | 189 |  |  | $ | 236 |  |  | $ | 230 |

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FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES

The following table shows sales and cash flows related to receivables sold.

| Duke Energy Ohio |  | Duke Energy Indiana
| Three Months Ended |  | Nine Months Ended |  | Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables sold | $ | 462 |  |  | $ | 479 |  |  | $ | 1,428 |  |  | $ | 1,483 |  |  | $ | 717 |  |  | $ | 762 |  |  | $ | 1,947 |  |  | $ | 2,172 |
Loss recognized on sale | 2 |  |  | 4 |  |  | 8 |  |  | 11 |  |  | 3 |  |  | 4 |  |  | 9 |  |  | 13 |
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash proceeds from receivables sold | $ | 449 |  |  | $ | 471 |  |  | $ | 1,439 |  |  | $ | 1,516 |  |  | $ | 689 |  |  | $ | 762 |  |  | $ | 1,941 |  |  | $ | 2,200 |
Collection fees received | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Return received on retained interests | 1 |  |  | 1 |  |  | 3 |  |  | 5 |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 7 |

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.
13. REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.
Electric Utilities and Infrastructure
Electric Utilities and Infrastructure earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.
The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:

| Remaining Performance Obligations
(in millions) | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total |
Progress Energy | $ | 30 |  | $ | 92 |  | $ | 94 |  | $ | 44 |  | $ | 45 |  | $ | 58 |  | $ | 363 |
Duke Energy Progress | 2 |  | 8 |  | 8 |  | 8 |  | 8 |  | — |  | 34 |
Duke Energy Florida | 28 |  | 84 |  | 86 |  | 36 |  | 37 |  | 58 |  | 329 |
Duke Energy Indiana | 2 |  | 5 |  | — |  | 7 |  | 12 |  | 36 |  | 62 |

Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.
Gas Utilities and Infrastructure
Gas Utilities and Infrastructure earns its revenues through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.
Fixed-capacity payments under long-term contracts for the Gas Utilities and Infrastructure segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows:

| Remaining Performance Obligations
(in millions) | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total |
Piedmont | $ | 17 |  | $ | 65 |  | $ | 64 |  | $ | 61 |  | $ | 58 |  | $ | 377 |  | $ | 642 |

Commercial Renewables
Commercial Renewables earns the majority of its revenues through long-term PPAs and generally sells all of its wind and solar facility output, electricity and Renewable Energy Certificates (RECs) to customers. The majority of these PPAs have historically been accounted for as leases. For PPAs that are not accounted for as leases, the delivery of electricity and the delivery of RECs are considered separate performance obligations.
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FINANCIAL STATEMENTS | REVENUE

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

| Three Months Ended September 30, 2020
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
(in millions) | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
By market or type of customer | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Electric Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 2,936 |  | $ | 883 |  | $ | 1,550 |  | $ | 616 |  | $ | 934 |  | $ | 213 |  | $ | 289 |  | $ | — |
General | 1,804 |  | 664 |  | 805 |  | 384 |  | 421 |  | 119 |  | 212 |  | — |
Industrial | 797 |  | 342 |  | 245 |  | 179 |  | 66 |  | 35 |  | 175 |  | — |
Wholesale | 603 |  | 117 |  | 412 |  | 358 |  | 54 |  | 10 |  | 64 |  | — |
Other revenues | 238 |  | 62 |  | 167 |  | 75 |  | 92 |  | 23 |  | 22 |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 6,378 |  | $ | 2,068 |  | $ | 3,179 |  | $ | 1,612 |  | $ | 1,567 |  | $ | 400 |  | $ | 762 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 112 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 55 |  | $ | — |  | $ | 57 |
Commercial | 64 |  | — |  | — |  | — |  | — |  | 20 |  | — |  | 44 |
Industrial | 24 |  | — |  | — |  | — |  | — |  | 3 |  | — |  | 22 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 10 |
Other revenues | 16 |  | — |  | — |  | — |  | — |  | 3 |  | — |  | 11 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 216 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 81 |  | $ | — |  | $ | 144 |
Commercial Renewables |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 57 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 7 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total revenue from contracts with customers | $ | 6,658 |  | $ | 2,068 |  | $ | 3,179 |  | $ | 1,612 |  | $ | 1,567 |  | $ | 481 |  | $ | 762 |  | $ | 144 |
Other revenue sources(a) | $ | 63 |  | $ | (10 | ) | $ | 18 |  | $ | 14 |  | $ | — |  | $ | (8 | ) | $ | (1 | ) | $ | 18 |
Total revenues | $ | 6,721 |  | $ | 2,058 |  | $ | 3,197 |  | $ | 1,626 |  | $ | 1,567 |  | $ | 473 |  | $ | 761 |  | $ | 162 |

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

90

FINANCIAL STATEMENTS | REVENUE

| Three Months Ended September 30, 2019
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
(in millions) | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
By market or type of customer | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Electric Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 2,923 |  | $ | 892 |  | $ | 1,522 |  | $ | 625 |  | $ | 897 |  | $ | 215 |  | $ | 294 |  | $ | — |
General | 1,885 |  | 687 |  | 843 |  | 399 |  | 444 |  | 127 |  | 225 |  | — |
Industrial | 869 |  | 372 |  | 255 |  | 189 |  | 66 |  | 40 |  | 204 |  | — |
Wholesale | 617 |  | 113 |  | 429 |  | 368 |  | 61 |  | 13 |  | 63 |  | — |
Other revenues | 198 |  | 76 |  | 118 |  | 70 |  | 48 |  | 18 |  | 22 |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 6,492 |  | $ | 2,140 |  | $ | 3,167 |  | $ | 1,651 |  | $ | 1,516 |  | $ | 413 |  | $ | 808 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 113 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 53 |  | $ | — |  | $ | 59 |
Commercial | 68 |  | — |  | — |  | — |  | — |  | 21 |  | — |  | 47 |
Industrial | 26 |  | — |  | — |  | — |  | — |  | 4 |  | — |  | 25 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 13 |
Other revenues | 16 |  | — |  | — |  | — |  | — |  | 3 |  | — |  | 13 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 223 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 81 |  | $ | — |  | $ | 157 |
Commercial Renewables |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 69 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 8 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total revenue from contracts with customers | $ | 6,792 |  | $ | 2,140 |  | $ | 3,167 |  | $ | 1,651 |  | $ | 1,516 |  | $ | 494 |  | $ | 808 |  | $ | 157 |
Other revenue sources(a) | $ | 148 |  | $ | 22 |  | $ | 75 |  | $ | 37 |  | $ | 32 |  | $ | (5 | ) | $ | (1 | ) | $ | 11 |
Total revenues | $ | 6,940 |  | $ | 2,162 |  | $ | 3,242 |  | $ | 1,688 |  | $ | 1,548 |  | $ | 489 |  | $ | 807 |  | $ | 168 |

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

91

FINANCIAL STATEMENTS | REVENUE

| Nine Months Ended September 30, 2020
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
(in millions) | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
By market or type of customer | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Electric Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 7,451 |  | $ | 2,316 |  | $ | 3,792 |  | $ | 1,578 |  | $ | 2,214 |  | $ | 558 |  | $ | 785 |  | $ | — |
General | 4,691 |  | 1,720 |  | 2,080 |  | 1,001 |  | 1,079 |  | 336 |  | 554 |  | — |
Industrial | 2,148 |  | 871 |  | 673 |  | 487 |  | 186 |  | 103 |  | 502 |  | — |
Wholesale | 1,535 |  | 332 |  | 1,018 |  | 877 |  | 141 |  | 22 |  | 163 |  | — |
Other revenues | 713 |  | 184 |  | 476 |  | 208 |  | 268 |  | 62 |  | 63 |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 16,538 |  | $ | 5,423 |  | $ | 8,039 |  | $ | 4,151 |  | $ | 3,888 |  | $ | 1,081 |  | $ | 2,067 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 631 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 214 |  | $ | — |  | $ | 417 |
Commercial | 308 |  | — |  | — |  | — |  | — |  | 86 |  | — |  | 222 |
Industrial | 92 |  | — |  | — |  | — |  | — |  | 12 |  | — |  | 80 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 27 |
Other revenues | 58 |  | — |  | — |  | — |  | — |  | 12 |  | — |  | 46 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 1,089 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 324 |  | $ | — |  | $ | 792 |
Commercial Renewables |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 170 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 20 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total Revenue from contracts with customers | $ | 17,817 |  | $ | 5,423 |  | $ | 8,039 |  | $ | 4,151 |  | $ | 3,888 |  | $ | 1,405 |  | $ | 2,067 |  | $ | 792 |
Other revenue sources(a) | $ | 274 |  | $ | (7 | ) | $ | 78 |  | $ | 56 |  | $ | 9 |  | $ | (11 | ) | $ | 3 |  | $ | 79 |
Total revenues | $ | 18,091 |  | $ | 5,416 |  | $ | 8,117 |  | $ | 4,207 |  | $ | 3,897 |  | $ | 1,394 |  | $ | 2,070 |  | $ | 871 |

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

92

FINANCIAL STATEMENTS | REVENUE

| Nine Months Ended September 30, 2019
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
(in millions) | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
By market or type of customer | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Electric Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 7,597 |  | $ | 2,331 |  | $ | 3,879 |  | $ | 1,657 |  | $ | 2,222 |  | $ | 563 |  | $ | 825 |  | $ | — |
General | 4,896 |  | 1,714 |  | 2,225 |  | 1,044 |  | 1,181 |  | 335 |  | 619 |  | — |
Industrial | 2,339 |  | 927 |  | 708 |  | 514 |  | 194 |  | 109 |  | 595 |  | — |
Wholesale | 1,685 |  | 341 |  | 1,133 |  | 992 |  | 141 |  | 36 |  | 176 |  | — |
Other revenues | 557 |  | 222 |  | 389 |  | 239 |  | 150 |  | 59 |  | 66 |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 17,074 |  | $ | 5,535 |  | $ | 8,334 |  | $ | 4,446 |  | $ | 3,888 |  | $ | 1,102 |  | $ | 2,281 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 673 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 229 |  | $ | — |  | $ | 443 |
Commercial | 359 |  | — |  | — |  | — |  | — |  | 96 |  | — |  | 263 |
Industrial | 103 |  | — |  | — |  | — |  | — |  | 14 |  | — |  | 91 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 39 |
Other revenues | 101 |  | — |  | — |  | — |  | — |  | 13 |  | — |  | 88 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 1,236 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 352 |  | $ | — |  | $ | 924 |
Commercial Renewables |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 157 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 18 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total Revenue from contracts with customers | $ | 18,485 |  | $ | 5,535 |  | $ | 8,334 |  | $ | 4,446 |  | $ | 3,888 |  | $ | 1,454 |  | $ | 2,281 |  | $ | 924 |
Other revenue sources(a) | $ | 491 |  | $ | 84 |  | $ | 224 |  | $ | 113 |  | $ | 99 |  | $ | (1 | ) | $ | 8 |  | $ | 32 |
Total revenues | $ | 18,976 |  | $ | 5,619 |  | $ | 8,558 |  | $ | 4,559 |  | $ | 3,987 |  | $ | 1,453 |  | $ | 2,289 |  | $ | 956 |

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

As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.

| Three Months Ended September 30, 2020
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Balance at June 30, 2020 | $ | 102 |  | $ | 14 |  | $ | 29 |  | $ | 14 |  | $ | 14 |  | $ | 5 |  | $ | 3 |  | $ | 6 |
Write-Offs | 12 |  | (2 | ) | 15 |  | 13 |  | 2 |  | — |  | — |  | — |
Credit Loss Expense | (9 | ) | — |  | (16 | ) | (15 | ) | — |  | — |  | — |  | 3 |
Other Adjustments | 28 |  | 10 |  | 9 |  | 9 |  | — |  | — |  | — |  | — |
Balance at September 30, 2020 | $ | 133 |  | $ | 22 |  | $ | 37 |  | $ | 21 |  | $ | 16 |  | $ | 5 |  | $ | 3 |  | $ | 9 |

93

FINANCIAL STATEMENTS | REVENUE

| Nine Months Ended September 30, 2020
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Balance at December 31, 2019 | $ | 76 |  | $ | 10 |  | $ | 16 |  | $ | 8 |  | $ | 7 |  | $ | 4 |  | $ | 3 |  | $ | 6 |
Cumulative Change in Accounting Principle | 5 |  | 1 |  | 2 |  | 1 |  | 1 |  | — |  | — |  | 1 |
Write-Offs | (7 | ) | (8 | ) | 8 |  | 8 |  | — |  | — |  | — |  | (5 | )
Credit Loss Expense | 24 |  | 9 |  | 2 |  | (5 | ) | 8 |  | 1 |  | — |  | 7 |
Other Adjustments | 35 |  | 10 |  | 9 |  | 9 |  | — |  | — |  | — |  | — |
Balance at September 30, 2020 | $ | 133 |  | $ | 22 |  | $ | 37 |  | $ | 21 |  | $ | 16 |  | $ | 5 |  | $ | 3 |  | $ | 9 |

Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, including the impacts of COVID-19, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables. Due to the COVID-19 pandemic, as described in Note 1, certain jurisdictions have resumed standard billing and credit practices, disconnections for nonpayment and late payment charges, all of which were previously suspended in the first quarter of 2020. The specific actions taken by each Duke Energy Registrant are described in Note 3. The impact of COVID-19 and Duke Energy’s related response on customers’ ability to pay for service is uncertain, and it is reasonably possible eventual write-offs of customer receivables may increase over current estimates.
The aging of trade receivables is presented in the table below. Duke Energy considers receivables greater than 30 days outstanding past due.

| September 30, 2020
|  | Duke |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont |
Unbilled Receivables | $ | 788 |  | $ | 284 |  | $ | 274 |  | $ | 139 |  | $ | 135 |  | $ | 1 |  | $ | 16 |  | $ | 5 |
0-30 days | 1,800 |  | 475 |  | 847 |  | 439 |  | 406 |  | 44 |  | 23 |  | 66 |
30-60 days | 227 |  | 86 |  | 84 |  | 48 |  | 36 |  | 7 |  | 2 |  | 8 |
60-90 days | 94 |  | 39 |  | 31 |  | 20 |  | 11 |  | 3 |  | 1 |  | 3 |
90+ days | 263 |  | 85 |  | 68 |  | 37 |  | 31 |  | 40 |  | 9 |  | 20 |
Trade and Other Receivables | $ | 3,172 |  | $ | 969 |  | $ | 1,304 |  | $ | 683 |  | $ | 619 |  | $ | 95 |  | $ | 51 |  | $ | 102 |

UNBILLED REVENUE
Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed. Unbilled revenues can vary significantly from period to period as a result of seasonality, weather, customer usage patterns, customer mix, average price in effect for customer classes, timing of rendering customer bills and meter reading schedules and the impact of weather normalization or margin decoupling mechanisms.
Unbilled revenues are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets as shown in the following table.

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
Duke Energy | $ | 788 |  |  | $ | 843 |
Duke Energy Carolinas | 284 |  |  | 298 |
Progress Energy | 274 |  |  | 217 |
Duke Energy Progress | 139 |  |  | 122 |
Duke Energy Florida | 135 |  |  | 95 |
Duke Energy Ohio | 1 |  |  | 1 |
Duke Energy Indiana | 16 |  |  | 16 |
Piedmont | 5 |  |  | 78 |

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FINANCIAL STATEMENTS | REVENUE

Additionally, Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 12 for further information. These receivables for unbilled revenues are shown in the table below.

(in millions) | September 30, 2020 |  |  | December 31, 2019 |
Duke Energy Ohio | $ | 66 |  |  | $ | 82 |
Duke Energy Indiana | 106 |  |  | 115 |

14. STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as stock options and equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share amounts) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net income available to Duke Energy common stockholders | $ | 1,265 |  |  | $ | 1,327 |  |  | $ | 1,347 |  |  | $ | 3,047 |
Accumulated preferred stock dividends adjustment | 12 |  |  | (2 | ) |  | 13 |  |  | (2 | )
Less: Impact of participating securities | 1 |  |  | 1 |  |  | 2 |  |  | 4 |
Income from continuing operations available to Duke Energy common stockholders | $ | 1,276 |  |  | $ | 1,324 |  |  | $ | 1,358 |  |  | $ | 3,041 |
Weighted average common shares outstanding – basic | 735 |  |  | 729 |  |  | 735 |  |  | 728 |
Equity forwards | — |  |  | — |  |  | — |  |  | — |
Weighted average common shares outstanding – diluted | 735 |  |  | 729 |  |  | 735 |  |  | 728 |
EPS available to Duke Energy common stockholders |  |  |  |  |  |  |
Basic and diluted | $ | 1.74 |  |  | $ | 1.82 |  |  | $ | 1.85 |  |  | $ | 4.18 |
Potentially dilutive items excluded from the calculation(a) | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
Dividends declared per common share | $ | 0.965 |  |  | $ | 0.945 |  |  | $ | 2.855 |  |  | $ | 2.800 |
Dividends declared on Series A preferred stock per depositary share(b) | $ | 0.359 |  |  | $ | 0.359 |  |  | $ | 1.078 |  |  | $ | 0.667 |
Dividends declared on Series B preferred stock per share(c) | $ | 24.375 |  |  | $ | — |  |  | $ | 49.292 |  |  | $ | — |

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

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

(c) | 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

Common Stock
In November 2019, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2022. In March 2020, Duke Energy marketed approximately 940,000 shares of common stock through an equity forward transaction under the ATM with an initial forward price of $89.76 per share. In May 2020, Duke Energy marketed approximately 903,000 shares of common stock through an equity forward transaction under the ATM with an initial forward price of $82.44 per share. In August 2020, Duke Energy marketed approximately 936,000 shares of common stock through an equity forward transaction under the ATM with an initial forward price of $79.52 per share.
Separately, in November 2019, Duke Energy marketed an equity offering of 28.75 million shares of common stock through an Underwriting Agreement. In connection with the offering, Duke Energy entered into an equity forward sales agreement with an initial forward price of $85.99 per share.
95

FINANCIAL STATEMENTS | STOCKHOLDERS' EQUITY

The equity forward sales agreements require Duke Energy to either physically settle the transaction by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement, or net settle in whole or in part through the delivery or receipt of cash or shares. The initial forward sale price will be subject to adjustment based on a floating interest rate factor and other fixed amounts specified in the relevant forward sale agreements. The settlement alternatives are at Duke Energy's election and settlement of the forward sales agreements are expected to occur on or prior to December 31, 2020. If Duke Energy had elected to net share settle these contracts as of September 30, 2020, Duke Energy would have been required to deliver 1.9 million shares. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to these ATM offerings until settlements of the equity forwards occur. Until settlement of the equity forwards, EPS dilution resulting from the agreements, if any, will be determined under the treasury stock method.
15. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.

| Three Months Ended September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Service cost | $ | 41 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |
Interest cost on projected benefit obligation | 67 |  |  | 16 |  |  | 21 |  |  | 10 |  |  | 12 |  |  | 4 |  |  | 6 |  |  | 2 |
Expected return on plan assets | (143 | ) |  | (36 | ) |  | (48 | ) |  | (22 | ) |  | (25 | ) |  | (7 | ) |  | (11 | ) |  | (5 | )
Amortization of actuarial loss | 32 |  |  | 7 |  |  | 10 |  |  | 4 |  |  | 6 |  |  | 2 |  |  | 3 |  |  | 2 |
Amortization of prior service credit | (8 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | )
Amortization of settlement charges | 11 |  |  | 6 |  |  | 5 |  |  | 5 |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Net periodic pension costs | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | 1 |  |  | $ | (1 | )

| Three Months Ended September 30, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Service cost | $ | 42 |  |  | $ | 13 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |
Interest cost on projected benefit obligation | 77 |  |  | 17 |  |  | 24 |  |  | 10 |  |  | 14 |  |  | 5 |  |  | 6 |  |  | 2 |
Expected return on plan assets | (140 | ) |  | (36 | ) |  | (45 | ) |  | (22 | ) |  | (22 | ) |  | (7 | ) |  | (11 | ) |  | (5 | )
Amortization of actuarial loss | 28 |  |  | 6 |  |  | 10 |  |  | 4 |  |  | 6 |  |  | 2 |  |  | 3 |  |  | 2 |
Amortization of prior service credit | (8 | ) |  | (2 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | )
Net periodic pension costs | $ | (1 | ) |  | $ | (2 | ) |  | $ | 1 |  |  | $ | (1 | ) |  | $ | 3 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (2 | )

| Nine Months Ended September 30, 2020
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Service cost | $ | 124 |  |  | $ | 38 |  |  | $ | 36 |  |  | $ | 20 |  |  | $ | 16 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |
Interest cost on projected benefit obligation | 202 |  |  | 47 |  |  | 64 |  |  | 29 |  |  | 35 |  |  | 12 |  |  | 17 |  |  | 7 |
Expected return on plan assets | (429 | ) |  | (108 | ) |  | (143 | ) |  | (66 | ) |  | (76 | ) |  | (21 | ) |  | (32 | ) |  | (16 | )
Amortization of actuarial loss | 96 |  |  | 21 |  |  | 30 |  |  | 13 |  |  | 17 |  |  | 5 |  |  | 9 |  |  | 7 |
Amortization of prior service credit | (24 | ) |  | (6 | ) |  | (2 | ) |  | (1 | ) |  | (1 | ) |  | — |  |  | (1 | ) |  | (7 | )
Amortization of settlement charges | 16 |  |  | 8 |  |  | 6 |  |  | 6 |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Net periodic pension costs | $ | (15 | ) |  | $ | — |  |  | $ | (9 | ) |  | $ | 1 |  |  | $ | (8 | ) |  | $ | (1 | ) |  | $ | — |  |  | $ | (4 | )

96

FINANCIAL STATEMENTS | EMPLOYEE BENEFIT PLANS

| Nine Months Ended September 30, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Service cost | $ | 116 |  |  | $ | 37 |  |  | $ | 34 |  |  | $ | 19 |  |  | $ | 15 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |
Interest cost on projected benefit obligation | 242 |  |  | 58 |  |  | 76 |  |  | 34 |  |  | 41 |  |  | 14 |  |  | 19 |  |  | 8 |
Expected return on plan assets | (426 | ) |  | (111 | ) |  | (134 | ) |  | (66 | ) |  | (66 | ) |  | (21 | ) |  | (32 | ) |  | (16 | )
Amortization of actuarial loss | 77 |  |  | 17 |  |  | 28 |  |  | 10 |  |  | 18 |  |  | 3 |  |  | 6 |  |  | 5 |
Amortization of prior service credit | (24 | ) |  | (6 | ) |  | (2 | ) |  | (1 | ) |  | (1 | ) |  | — |  |  | (1 | ) |  | (7 | )
Net periodic pension costs | $ | (15 | ) |  | $ | (5 | ) |  | $ | 2 |  |  | $ | (4 | ) |  | $ | 7 |  |  | $ | (1 | ) |  | $ | (2 | ) |  | $ | (6 | )

NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2020, and 2019.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2020, and 2019.
16. INCOME TAXES
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Duke Energy | 7.8 | % |  | 12.4 | % |  | (6.4 | )% |  | 12.5 | %
Duke Energy Carolinas | 12.0 | % |  | 16.7 | % |  | 13.6 | % |  | 17.7 | %
Progress Energy | 10.4 | % |  | 15.3 | % |  | 13.4 | % |  | 16.2 | %
Duke Energy Progress | 3.1 | % |  | 14.7 | % |  | 10.0 | % |  | 16.1 | %
Duke Energy Florida | 21.4 | % |  | 16.5 | % |  | 20.3 | % |  | 18.0 | %
Duke Energy Ohio | 16.7 | % |  | 12.9 | % |  | 16.6 | % |  | 15.2 | %
Duke Energy Indiana | 19.6 | % |  | 23.2 | % |  | 19.4 | % |  | 23.7 | %
Piedmont | 16.7 | % |  | 35.7 | % |  | 3.7 | % |  | 18.5 | %

The decrease in the ETR for Duke Energy for the three months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy for the nine months ended September 30, 2020, was primarily due to the impact of the cancellation of the ACP pipeline project recorded in the second quarter of 2020 and an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Carolinas for the three and nine months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Progress Energy for the three and nine months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Progress for the three and nine months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes.
The increase in the ETR for Duke Energy Florida for the three and nine months ended September 30, 2020, was primarily due to favorable tax adjustments in the prior year.
The increase in the ETR for Duke Energy Ohio for the three and nine months ended September 30, 2020, was primarily due to favorable tax adjustments in the prior year.
The decrease in the ETR for Duke Energy Indiana for the three and nine months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes.
The decrease in the ETR for Piedmont for the three months ended September 30, 2020, was primarily due to a decrease in the amortization of excess deferred taxes, in relation to pretax losses.
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The decrease in the ETR for Piedmont for the nine months ended September 30, 2020, was primarily due to an increase in the amortization of excess deferred taxes and an increase in AFUDC equity.
OTHER TAX MATTERS
On March 27, 2020, the CARES Act was enacted. The CARES Act is an emergency economic stimulus package in response to the COVID-19 pandemic. Among other provisions, the CARES Act accelerates the remaining AMT credit refund allowances resulting in taxpayers being able to immediately claim a refund in full for any AMT credit carryforwards. As a result, the remaining AMT credit carryforwards were reclassified in the first quarter 2020 to a current receivable included in Other within Current Assets on the Condensed Consolidated Balance Sheets. In the third quarter of 2020, Duke Energy received $572 million related to these AMT credit carryforwards and $19 million of interest income. The other provisions within the CARES Act do not materially impact Duke Energy's income tax accounting. See Note 1 for information on COVID-19.
17. SUBSEQUENT EVENTS
For information on subsequent events related to regulatory matters, see Note 3.
On October 29, 2020, Tropical Storm Zeta impacted Duke Energy Carolinas territory causing nearly 1 million customer power outages. The estimated cost of this storm has not been determined, but is expected to be less than $100 million.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy is an energy company headquartered in Charlotte, North Carolina. Duke Energy operates in the U.S. primarily through its wholly owned subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which, along with Duke Energy, are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the nine months ended September 30, 2020, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2019.
Executive Overview
Road to Net-Zero Carbon
Duke Energy has committed to net-zero carbon emissions from electric generation by 2050 in a reliable and cost-effective manner. Our commitment to address our climate is integrated into everything we do as we seek to reduce our greenhouse gas emissions and mitigate risk. We have already lowered our carbon emissions by 39% since 2005, retired over 50 coal units since 2010 and expanded our renewables portfolio by adding 8,000 MW of wind and solar onto our system through 2019.
To further support our climate strategy, Duke Energy has announced plans to convert most of its 10,000-vehicle fleet to electric by 2030. In October 2020, Duke Energy also announced its commitment to achieve net-zero methane emissions across our local gas distribution companies by 2030.
On September 1, 2020, Duke Energy Carolinas and Duke Energy Progress filed integrated resource plans with the utility commissions in North Carolina and South Carolina, presenting six potential pathways to transition the energy system to further accelerate carbon reduction over the next 15 years. These pathways were designed with extensive input from more than 200 diverse groups and will continue to be developed with engagement from policymakers and stakeholders. Each potential pathway keeps the company on a trajectory to meet carbon goals while exploring accelerated coal retirement options, increasing renewables, including offshore wind, and further developing new technologies. We expect that execution of some combination of pathways will reduce carbon emissions between approximately 55%-75% through the 2035 planning horizon and will require total incremental investment capital of between $20 billion to $50 billion.
Duke Energy Florida is investing to bring 700 MW of solar online by 2022 and has filed a $1 billion shared solar program called Clean Energy Connection, which will add another 750 MW of solar by the end of 2024. Duke Energy Indiana continues to focus on accelerating closure of coal plants, planning to add to the 1,100 MW of coal that has been retired since 2010.
We will closely monitor the impacts of these plans as they accelerate coal plant retirements and may cause us to seek specific regulatory recovery.
COVID-19
The COVID-19 pandemic is having a significant impact on global health and economic environments. Retail electric sales are down approximately 3% for the year compared to the prior year due to the pandemic. This reduction however is not as steep as expected in our revised March 2020 forecast. The company incurred approximately $39 million and $91 million of incremental COVID-19 costs before deferral for the three and nine months ended September 30, 2020, respectively. These costs are primarily bad debt expense, personal protective equipment and cleaning supplies. For the nine months ended September 30, 2020, the company has deferred approximately $56 million. Further, the company waived approximately $29 million and $54 million of late payment fees for the three and nine months ended September 30, 2020, respectively. The Duke Energy Registrants are monitoring developments closely, have taken steps to mitigate the impacts to our business, and have a pandemic response plan in place to protect our employees, customers and communities.

• | Employees. The health of our employees is of paramount importance. Power plants and electricity and natural gas delivery facilities are staffed. Employees who are not involved with power generation, power delivery, customer service or certain other functions have been performing their work duties remotely from home. Employees who need to interact with customers in person are following the Centers for Disease Control and Prevention’s safety guidelines, including social distancing and use of face masks. Operating procedure changes include additional cleaning and disinfection procedures at our facilities.

• | Customers. The Duke Energy Subsidiary Registrants have resumed certain standard billing and credit practices, disconnections for nonpayment and late payment charges, all of which were previously suspended in the first quarter of 2020 in order to give customers experiencing financial hardship extra time to make payments. See Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information. The COVID-19 pandemic and stay-at-home orders caused many commercial and industrial customers to reduce or suspend operations beginning in late March and April, which has impacted the Duke Energy Registrants’ volumes during the nine months ended September 30, 2020. Many of these customers have begun to restart their businesses.

• | Communities. The Duke Energy Foundation announced approximately $6.5 million in donations and grants during the nine months ended September 30, 2020, to support hunger relief, local health and human services nonprofits, and education initiatives across the Duke Energy Registrants’ service territories.

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• | Policymaker actions. The CARES Act was signed by President Trump on March 27, 2020. Duke Energy Registrants are benefiting from certain provisions such as the accelerated refund of AMT credits, which resulted in receipt of a $572 million refund and $19 million of interest income in September 2020, and deferral of certain payroll taxes through December 31, 2020. See Note 16 to the Condensed Consolidated Financial Statements, “Income Taxes,” for additional information.

• | Cost mitigation. Duke Energy has developed and executed a significant cost containment plan during 2020 to offset a portion of the revenue decline experienced as a result of the COVID-19 pandemic. This plan includes a variety of cost efficiency measures, including managing plant costs due to lower production, lower employee expenses and lower financing costs due to favorable market conditions.

Regulatory Activity. See Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.

• | On July 31, 2020, Duke Energy Carolinas, Duke Energy Progress and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement, which is subject to review and approval of the NCUC, resolving certain remaining issues in the 2019 base rate proceeding. The Duke Energy Carolinas hearing concluded on September 18, 2020 and the Duke Energy Progress hearing concluded on October 6, 2020. Duke Energy Carolinas and Duke Energy Progress expect the NCUC to issue an order on each net rate increase in early 2021. On August 4, 2020, and August 7, 2020, respectively, Duke Energy Carolinas and Duke Energy Progress filed a motion for approval of notice required to implement temporary rates, seeking to exercise its statutory right to implement temporary rates subject to refund. The NCUC approved these requests and rates were effective on August 24, 2020, and September 1, 2020, for Duke Energy Carolinas and Duke Energy Progress, respectively.

• | On October 26, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the NCUC seeking authorization for the financing of each utilities' storm recovery activities as a result of Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. The total revenue requirement over the proposed 15-year bond period for the storm recovery charges is approximately $262 million for Duke Energy Carolinas and $842 million for Duke Energy Progress. The utilities estimate that securitization of the respective storm recovery costs will result in expected customer savings of 32% for Duke Energy Carolinas customers and 33% for Duke Energy Progress customers.

• | Duke Energy Indiana filed a general rate case with the IURC on July 2, 2019. The IURC issued its order June 29, 2020, approving a revenue increase of approximately $146 million, before utility receipt taxes. Step one rates are estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates are estimated to be the remaining 25% of the total rate increase and will be effective in the first quarter of 2021. Several groups filed notices of appeal of the IURC order on July 29, 2020.

• | COVID-19 deferral requests

◦ | Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the NCUC for deferral treatment of incremental costs and waived customer fees due to the COVID-19 pandemic on August 7, 2020. Duke Energy Carolinas and Duke Energy Progress filed a similar request with the PSCSC on August 14, 2020.

◦ | Duke Energy Ohio on May 11, 2020, filed with the PUCO a request seeking deferral of incremental costs incurred due to the COVID-19 pandemic, as well as specific miscellaneous lost revenues. The request seeks to use existing bad debts and uncollectible riders already in place for both electric and natural gas operations. Duke Energy Ohio would subsequently file for rider recovery at a later date. On June 17, 2020, the PUCO approved Duke Energy Ohio’s deferral application.

◦ | On May 8, 2020, Duke Energy Indiana, along with other Indiana utilities, filed a request with the IURC for approval of deferral treatment for costs associated with the COVID-19 pandemic. On June 29, 2020, the IURC issued its order permitting jurisdictional utilities to use regulatory accounting for any impacts associated with the prohibition on utility disconnections, waiver or exclusion of certain utility fees, the use of expanded payment arrangements to aid customers, and for COVID-19 related uncollectible and incremental bad debt expense.

Matters Impacting Future Results
The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.
COVID-19
Duke Energy cannot predict the extent to which the COVID-19 pandemic will impact its results of operations, financial position and cash flows in the future. Duke Energy will continue to actively monitor the impacts of COVID-19 including the economic slowdown caused by business closures or by reduced operations of businesses and governmental agencies. The pandemic and resultant economic slowdown will adversely affect the company’s customers, suppliers and partners and could cause an increase in certain costs, such as bad debt, and a reduction in the demand for energy. It could also cause delays in construction for Commercial Renewables and availability of financing. The company also has various pending rate case proceedings that have been delayed. Duke Energy has cost mitigation plans in place to partially offset these impacts, and the ability to execute these plans is critical to preserving future financial results. Furthermore, the actions of federal, state or local authorities may impact our business operations in ways that we currently cannot anticipate. See Item 1A. Risk Factors for discussion of risks associated with COVID-19 and Liquidity and Capital Resources within this section for a discussion of liquidity impacts of COVID-19.
ACP
On July 5, 2020, Duke Energy and Dominion Energy determined that they would no longer invest in the construction of the Atlantic Coast Pipeline. Duke Energy has recorded approximately $2.1 billion of pretax charges and expects additional charges of less than $50 million to be recorded when certain exit costs related to the project are incurred by ACP. Estimates used to calculate the loss could be revised and exit obligations, which have not yet been incurred or recorded could have an adverse impact on future results. Furthermore, the loss of earnings from this project, including AFUDC, will lower Duke Energy's future expected results. See Notes 1, 3, 4 and 11 to the Condensed Consolidated Financial Statements, "Organization and Basis of Presentation," "Regulatory Matters," "Commitments and Contingencies," and "Variable Interest Entities," respectively, for additional information.
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MD&A | MATTERS IMPACTING FUTURE RESULTS

Regulatory Matters
Coal Ash Costs
On December 31, 2019, Duke Energy Carolinas and Duke Energy Progress entered into a settlement agreement with North Carolina Department of Environmental Quality and certain community groups under which Duke Energy Carolinas and Duke Energy Progress agreed to excavate seven of the nine remaining coal ash basins in North Carolina with ash moved to on-site lined landfills. At the two remaining basins, uncapped basin ash will be excavated and moved to lined landfills. Duke Energy Carolinas and Duke Energy Progress have also received orders from the PSCSC granting the companies’ requests for retail rate increases but denying recovery of certain coal ash costs. Duke Energy Carolinas and Duke Energy Progress have appealed these decisions to the South Carolina Supreme Court and those appeals are pending. Appeals of the 2017 North Carolina approved rate cases for Duke Energy Carolinas and Duke Energy Progress are still pending at the North Carolina Supreme Court. The North Carolina Attorney General and various intervenors primarily dispute the allowance of recovery of coal ash costs from customers, which was approved by the NCUC. An order from regulatory or judicial authorities disallowing recovery of costs related to closure of these ash basins could have an adverse impact on future results.
In 2015, the EPA published in the Federal Register a rule to regulate the disposal of CCR from electric utilities as solid waste. Duke Energy Indiana has interpreted the rule to identify the coal ash basin sites impacted and has assessed the amounts of coal ash subject to the rule and a method of compliance. Duke Energy Indiana's interpretation of the requirements of the CCR rule is subject to potential legal challenges and further regulatory approvals, which could result in additional ash basin closure requirements, higher costs of compliance and greater AROs. Additionally, Duke Energy Indiana has retired facilities that are not subject to the CCR rule. Duke Energy Indiana may incur costs at these facilities to comply with environmental regulations or to mitigate risks associated with on-site storage of coal ash. An order from regulatory authorities disallowing recovery of costs related to closure of ash basins could have an adverse impact.
Storm Costs
Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida’s service territories were impacted by several named storms in 2018. Hurricane Florence, Hurricane Michael and Winter Storm Diego caused flooding, extensive damage and widespread power outages to the service territories of Duke Energy Carolinas and Duke Energy Progress. Duke Energy Florida’s service territory was also impacted by Hurricane Michael, a Category 5 hurricane and the most powerful storm to hit the Florida Panhandle in recorded history. In September 2019, Hurricane Dorian impacted Duke Energy Progress and Duke Energy Florida's service territories. A significant portion of the incremental operation and maintenance expenses related to these storms has been deferred. An order from regulatory authorities disallowing the deferral and future recovery of storm restoration costs could have an adverse impact.
Grid Improvement Costs
Duke Energy Carolinas received an order from the NCUC in 2018, which denied the Grid Rider Stipulation and deferral treatment of grid improvement costs. Duke Energy Carolinas and Duke Energy Progress have petitioned for deferral of future grid improvement costs in their 2019 rate cases. There could be adverse impact if grid improvement costs are not ultimately approved for recovery and/or deferral treatment.
Rate Cases
In 2019, Duke Energy Carolinas and Duke Energy Progress filed general rate cases with the NCUC. The outcome of these rate cases could have a material impact.
MGP
The PUCO has issued an order authorizing recovery of MGP costs at certain sites in Ohio with a deadline to complete the MGP environmental investigation and remediation work prior to December 31, 2016. This deadline was subsequently extended to December 31, 2019. Duke Energy Ohio has filed for a request for extension of the deadline. A hearing on that request has not been scheduled. Disallowance of costs incurred, failure to complete the work by the deadline or failure to obtain an extension from the PUCO could result in an adverse impact.
For additional information, see Note 3 to the Condensed Consolidated Financial Statements, “Regulatory Matters.”
Commercial Renewables
Duke Energy continues to monitor recoverability of a renewable merchant plant located in the Electric Reliability Council of Texas West market, due to declining market pricing and declining long-term forecasted energy prices, primarily driven by lower forecasted natural gas prices. Based on the most recent recoverability test performed this quarter, the carrying value approximated the aggregate estimated future undiscounted cash flows for this plant. A continued decline in energy market pricing would likely result in a future impairment. Impairment of this asset could result in adverse impacts. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, "Business Segments."
See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Duke Energy Registrants' Annual Reports on Form 10-K for the year ended December 31, 2019, for discussion of risks associated with the Tax Act.
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures such as adjusted earnings and adjusted EPS discussed below. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.
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Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings and GAAP Reported EPS, respectively.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:

• | Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit costs related to Constitution.

• | Severance represents the reversal of 2018 costs, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and the Duke Energy Progress 2019 North Carolina rate cases.

• | Regulatory Settlements represents charges related to Duke Energy Carolinas' and Duke Energy Progress' partial settlements in the 2019 North Carolina rate cases.

• | Impairment Charges represents a reduction of a prior year impairment at Citrus County CC.

Three Months Ended September 30, 2020, as compared to September 30, 2019
GAAP reported EPS was $1.74 for the third quarter of 2020 compared to $1.82 in the third quarter of 2019. GAAP reported earnings decreased primarily due to unfavorable weather, additional charges related to the gas pipeline investments and higher depreciation expense, partially offset by positive rate case impacts and lower operations and maintenance expense.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s third quarter 2020 adjusted EPS was $1.87 compared to $1.79 for the third quarter of 2019. The increase in adjusted earnings was primarily due to positive rate case impacts and lower operations and maintenance expense, partially offset by unfavorable weather.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

| Three Months Ended September 30,
| 2020 |  | 2019
(in millions, except per share amounts) | Earnings |  | EPS |  | Earnings |  | EPS
GAAP Reported Earnings/GAAP Reported EPS | $ | 1,265 |  |  | $ | 1.74 |  |  | $ | 1,327 |  |  | $ | 1.82 |
Adjustments: |  |  |  |  |  |  |
Gas Pipeline Investments(a) | 69 |  |  | 0.09 |  |  | — |  |  | — |
Regulatory Settlements(b) | 27 |  |  | 0.04 |  |  | — |  |  | — |
Impairment Charges(c) | — |  |  | — |  |  | (19 | ) |  | (0.03 | )
Adjusted Earnings/Adjusted EPS | $ | 1,361 |  |  | $ | 1.87 |  |  | $ | 1,308 |  |  | $ | 1.79 |

(a) | Net of tax benefit of $21 million.

(b) | Net of tax benefit of $8 million.

(c) | Net of $6 million tax expense.

Nine Months Ended September 30, 2020, as compared to September 30, 2019
GAAP Reported EPS was $1.85 for the nine months ended September 30, 2020, compared to $4.18 for the nine months ended September 30, 2019. GAAP reported earnings decreased primarily due to the cancellation of the ACP pipeline.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $4.09 for the nine months ended September 30, 2020, compared to $4.15 for the nine months ended September 30, 2019. The decrease in adjusted earnings was primarily due to unfavorable weather, higher depreciation expense, a prior year adjustment related to income tax recognition for equity method investments and preferred stock dividends. This was partially offset by positive rate case impacts, growth in Commercial Renewables and lower operations and maintenance expense.
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The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

| Nine Months Ended September 30,
| 2020 |  | 2019
(in millions, except per-share amounts) | Earnings |  | EPS |  | Earnings |  | EPS
GAAP Reported Earnings/GAAP Reported EPS | $ | 1,347 |  |  | $ | 1.85 |  |  | $ | 3,047 |  |  | $ | 4.18 |
Adjustments: |  |  |  |  |  |  |
Gas Pipeline Investments(a) | 1,695 |  |  | 2.30 |  |  | — |  |  | — |
Severance(b) | (75 | ) |  | (0.10 | ) |  | — |  |  | — |
Regulatory Settlements(c) | 27 |  |  | 0.04 |  |  | — |  |  | — |
Impairment Charges(d) | — |  |  | — |  |  | (19 | ) |  | (0.03 | )
Adjusted Earnings/Adjusted EPS | $ | 2,994 |  |  | $ | 4.09 |  |  | $ | 3,028 |  |  | $ | 4.15 |

(a) | Net of tax benefit of $395 million.

(b) | Net of tax expense of $23 million.

(c) | Net of tax benefit of $8 million.

(d) | Net of tax expense of $6 million.

SEGMENT RESULTS
The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements.
Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The remainder of Duke Energy’s operations is presented as Other. See Note 2 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.
Electric Utilities and Infrastructure

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |  |  | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 6,379 |  |  | $ | 6,577 |  |  | $ | (198 | ) |  | $ | 16,596 |  |  | $ | 17,381 |  |  | $ | (785 | )
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,869 |  |  | 1,994 |  |  | (125 | ) |  | 4,703 |  |  | 5,286 |  |  | (583 | )
Operation, maintenance and other | 1,326 |  |  | 1,357 |  |  | (31 | ) |  | 3,891 |  |  | 3,957 |  |  | (66 | )
Depreciation and amortization | 1,053 |  |  | 1,026 |  |  | 27 |  |  | 3,023 |  |  | 2,924 |  |  | 99 |
Property and other taxes | 286 |  |  | 301 |  |  | (15 | ) |  | 885 |  |  | 899 |  |  | (14 | )
Impairment charges | 20 |  |  | (20 | ) |  | 40 |  |  | 23 |  |  | (16 | ) |  | 39 |
Total operating expenses | 4,554 |  |  | 4,658 |  |  | (104 | ) |  | 12,525 |  |  | 13,050 |  |  | (525 | )
Gains on Sales of Other Assets and Other, net | 3 |  |  | — |  |  | 3 |  |  | 11 |  |  | — |  |  | 11 |
Operating Income | 1,828 |  |  | 1,919 |  |  | (91 | ) |  | 4,082 |  |  | 4,331 |  |  | (249 | )
Other Income and Expenses, net | 67 |  |  | 87 |  |  | (20 | ) |  | 241 |  |  | 267 |  |  | (26 | )
Interest Expense | 308 |  |  | 336 |  |  | (28 | ) |  | 991 |  |  | 1,004 |  |  | (13 | )
Income Before Income Taxes | 1,587 |  |  | 1,670 |  |  | (83 | ) |  | 3,332 |  |  | 3,594 |  |  | (262 | )
Income Tax Expense | 206 |  |  | 285 |  |  | (79 | ) |  | 493 |  |  | 650 |  |  | (157 | )
Segment Income | $ | 1,381 |  |  | $ | 1,385 |  |  | $ | (4 | ) |  | $ | 2,839 |  |  | $ | 2,944 |  |  | $ | (105 | )
Duke Energy Carolinas GWh sales | 23,726 |  |  | 25,587 |  |  | (1,861 | ) |  | 64,045 |  |  | 69,019 |  |  | (4,974 | )
Duke Energy Progress GWh sales | 19,035 |  |  | 19,502 |  |  | (467 | ) |  | 49,512 |  |  | 52,072 |  |  | (2,560 | )
Duke Energy Florida GWh sales | 12,973 |  |  | 12,996 |  |  | (23 | ) |  | 32,390 |  |  | 32,618 |  |  | (228 | )
Duke Energy Ohio GWh sales | 6,678 |  |  | 7,135 |  |  | (457 | ) |  | 17,763 |  |  | 18,959 |  |  | (1,196 | )
Duke Energy Indiana GWh sales | 8,463 |  |  | 8,711 |  |  | (248 | ) |  | 22,842 |  |  | 24,181 |  |  | (1,339 | )
Total Electric Utilities and Infrastructure GWh sales | 70,875 |  |  | 73,931 |  |  | (3,056 | ) |  | 186,552 |  |  | 196,849 |  |  | (10,297 | )
Net proportional MW capacity in operation |  |  |  |  |  |  |  | 50,371 |  |  | 49,711 |  |  | 660 |

Three Months Ended September 30, 2020, as compared to September 30, 2019
Electric Utilities and Infrastructure’s variance is due to lower fuel revenues and unfavorable weather partially offset by higher revenues resulting from the Indiana retail rate case and Duke Energy Florida base and solar rate adjustments. The following is a detailed discussion of the variance drivers by line item.
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MD&A | SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Operating Revenues. The variance was driven primarily by:

• | a $168 million decrease in fuel revenues driven by lower sales volumes as well as an accelerated refund of fuel costs at Duke Energy Florida in response to the COVID-19 pandemic;

• | a $75 million decrease in retail sales, net of fuel revenues, due to unfavorable weather compared to prior year; and

• | a $62 million decrease in rider revenues primarily due to energy efficiency programs.

Partially offset by:

• | a $75 million increase due to higher pricing from the Indiana retail rate case, net of rider revenues; and

• | a $28 million increase in retail pricing due to Duke Energy Florida's base rate adjustments related to annual increases from the 2017 Settlement Agreement and the Solar Base Rate Adjustment.

Operating Expenses. The variance was driven primarily by:

• | a $125 million decrease in fuel used in electric generation and purchased power primarily due to lower generation demand and lower fuel costs;

• | a $31 million decrease in operation, maintenance and other expense primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case; and

• | a $15 million decrease in property and other taxes primarily due to prior year property tax reassessments.

Partially offset by:

• | a $40 million increase in impairment charges primarily due to an impairment of Duke Energy Carolina's Clemson assets and a prior year reduction of an impairment at Duke Energy Florida's Citrus County CC; and

• | a $27 million increase in depreciation and amortization expense primarily due to additional plant in service and change in depreciation rates due to the Indiana retail rate case.

Other Income and Expenses, net. The variance was primarily due to lower AFUDC equity in the current year.
Interest Expense. The variance was primarily due to lower interest rates on outstanding debt.
Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income and an increase in the amortization of excess deferred taxes. The ETRs for the three months ended September 30, 2020, and 2019 were 13.0% and 17.1%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes.
Nine Months Ended September 30, 2020, as compared to September 30, 2019
Electric Utilities and Infrastructure’s variance is due to unfavorable weather, lower weather-normal retail sale volumes driven by impacts from the COVID-19 pandemic and lower wholesale revenues, partially offset by higher revenues resulting from the Indiana and South Carolina retail rate cases and Duke Energy Florida base and solar rate adjustments. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:

• | a $642 million decrease in fuel revenues driven by lower sales volumes as well as an accelerated refund of fuel costs at Duke Energy Florida in response to the COVID-19 pandemic;

• | a $199 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year;

• | a $58 million decrease in wholesale revenues, net of fuel, primarily due to higher recovery of coal ash cost in the prior year and lower capacity volumes at Duke Energy Progress;

• | a $40 million decrease in rider revenues from energy efficiency programs; and

• | a $24 million decrease in weather-normal retail sale volumes due to lower nonresidential customer demand driven by impacts from the COVID-19 pandemic.

Partially offset by:

• | a $75 million increase due to higher pricing from the Indiana retail rate case, net of rider revenues;

• | a $67 million increase in retail pricing due to Duke Energy Florida's base rate adjustments related to annual increases from the 2017 Settlement Agreement and the Solar Base Rate Adjustment; and

• | a $32 million increase due to higher pricing from South Carolina retail rate case, net of a return of EDIT to customers.

Operating Expenses. The variance was driven primarily by:

• | a $583 million decrease in fuel used in electric generation and purchased power primarily due to lower generation demand and lower fuel, coal, and natural gas costs;

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MD&A | SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

• | a $66 million decrease in operation, maintenance and other expense primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case; and

• | a $14 million decrease in property and other taxes primarily due to prior year property tax reassessments.

Partially offset by:

• | a $99 million increase in depreciation and amortization expense primarily due to additional plant in service and a change in depreciation rates from the Indiana and South Carolina retail rate cases; and

• | a $39 million increase in impairment charges primarily due to an impairment of Duke Energy Carolina's Clemson assets and a prior year reduction of an impairment at Duke Energy Florida's Citrus County CC.

Other Income and Expenses, net. The variance was primarily due to lower AFUDC equity in the current year.
Interest Expense. The variance was primarily due to lower interest rates on outstanding debt.
Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income and an increase in the amortization of excess deferred taxes. The ETRs for the nine months ended September 30, 2020, and 2019, were 14.8% and 18.1%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes.
Gas Utilities and Infrastructure

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |  |  | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 241 |  |  | $ | 249 |  |  | $ | (8 | ) |  | $ | 1,194 |  |  | $ | 1,311 |  |  | $ | (117 | )
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of natural gas | 41 |  |  | 48 |  |  | (7 | ) |  | 300 |  |  | 451 |  |  | (151 | )
Operation, maintenance and other | 103 |  |  | 108 |  |  | (5 | ) |  | 312 |  |  | 325 |  |  | (13 | )
Depreciation and amortization | 65 |  |  | 64 |  |  | 1 |  |  | 193 |  |  | 192 |  |  | 1 |
Property and other taxes | 26 |  |  | 24 |  |  | 2 |  |  | 82 |  |  | 84 |  |  | (2 | )
Impairment charges | 7 |  |  |  |  | 7 |  |  | 7 |  |  | — |  |  | 7 |
Total operating expenses | 242 |  |  | 244 |  |  | (2 | ) |  | 894 |  |  | 1,052 |  |  | (158 | )
Operating (Loss) Income | (1 | ) |  | 5 |  |  | (6 | ) |  | 300 |  |  | 259 |  |  | 41 |
Other Income and Expenses |  |  |  |  |  |  |  |  |  |  |
Equity in (losses) earnings of unconsolidated affiliates | (71 | ) |  | 37 |  |  | (108 | ) |  | (2,004 | ) |  | 101 |  |  | (2,105 | )
Other income and expenses, net | 16 |  |  | 5 |  |  | 11 |  |  | 42 |  |  | 18 |  |  | 24 |
Total other income and expenses | (55 | ) |  | 42 |  |  | (97 | ) |  | (1,962 | ) |  | 119 |  |  | (2,081 | )
Interest Expense | 35 |  |  | 29 |  |  | 6 |  |  | 103 |  |  | 86 |  |  | 17 |
(Loss) Income Before Income Taxes | (91 | ) |  | 18 |  |  | (109 | ) |  | (1,765 | ) |  | 292 |  |  | (2,057 | )
Income Tax Benefit | (18 | ) |  | (8 | ) |  | (10 | ) |  | (365 | ) |  | — |  |  | (365 | )
Segment (Loss) Income | $ | (73 | ) |  | $ | 26 |  |  | $ | (99 | ) |  | $ | (1,400 | ) |  | $ | 292 |  |  | $ | (1,692 | )
Piedmont LDC throughput (dekatherms) | 115,549,371 |  |  | 121,378,484 |  |  | (5,829,113 | ) |  | 360,861,306 |  |  | 377,729,141 |  |  | (16,867,835 | )
Duke Energy Midwest LDC throughput (Mcf) | 9,678,342 |  |  | 9,997,444 |  |  | (319,102 | ) |  | 58,570,583 |  |  | 62,278,623 |  |  | (3,708,040 | )

Three Months Ended September 30, 2020, as compared to September 30, 2019
Gas Utilities and Infrastructure’s results were impacted primarily by the cancellation of the ACP pipeline. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:

• | an $8 million decrease due to lower natural gas costs passed through to customers and decreased off-system sales natural gas costs; and

• | a $4 million decrease due to return of EDIT to customers.

Partially offset by:

• | a $5 million increase due to North Carolina base rate case increases.

Operating Expenses. The variance was driven primarily by:

• | a $7 million decrease in cost of natural gas primarily due to lower natural gas prices and decreased off-system sales natural gas costs.

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MD&A | SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Partially offset by:

• | a $7 million increase in impairment charges due to Piedmont ACP project materials write-off.

Equity in (losses) earnings of unconsolidated affiliates. The variance was driven primarily by additional charges related to the cancellation of the ACP pipeline.
Income Tax Benefit. The increase in the tax benefit was primarily due to a decrease in pretax income, partially offset by a decrease in AFUDC Equity.
Nine Months Ended September 30, 2020, as compared to September 30, 2019
Gas Utilities and Infrastructure’s results were impacted primarily by the cancellation of the ACP pipeline. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:

• | a $151 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs; and

• | a $31 million decrease due to return of EDIT to customers.

Partially offset by:

• | a $65 million increase due to North Carolina base rate case increases.

Operating Expenses. The variance was driven primarily by:

• | a $151 million decrease in cost of natural gas due to lower natural gas prices, lower volumes and decreased off-system sales natural gas costs; and

• | a $13 million decrease in operation, maintenance and other due to deferral of previously expensed IT project costs and employee labor and benefits costs.

Partially offset by:

• | a $7 million increase in impairment charges due to Piedmont ACP project materials write-off.

Equity in (losses) earnings of unconsolidated affiliates. The variance was driven primarily by the cancellation of the ACP pipeline.
Other Income and Expenses, net. The variance was driven primarily by AFUDC equity and intercompany interest related to Belews Creek and Marshall Power Generation contracts.
Interest Expense. The variance was driven primarily by interest on the EDIT balance being returned to customers and higher debt outstanding in the current year, offset by lower AFUDC debt income.
Income Tax Benefit. The increase in tax benefit was primarily due to a decrease in pretax income driven by the impact of the cancellation of the ACP pipeline project recorded in the second quarter of 2020. The ETRs for the nine months ended September 30, 2020, and 2019, were 20.7% and 0.0%, respectively. The increase in the ETR was primarily due to an adjustment, recorded in the first quarter of 2019, related to the income tax recognition for equity method investments. The equity method investment adjustment was immaterial and relates to prior years.
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MD&A | SEGMENT RESULTS — COMMERCIAL RENEWABLES

Commercial Renewables

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |  |  | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 126 |  |  | $ | 138 |  |  | $ | (12 | ) |  | $ | 378 |  |  | $ | 362 |  |  | $ | 16 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Operation, maintenance and other | 72 |  |  | 81 |  |  | (9 | ) |  | 204 |  |  | 211 |  |  | (7 | )
Depreciation and amortization | 52 |  |  | 43 |  |  | 9 |  |  | 148 |  |  | 123 |  |  | 25 |
Property and other taxes | 8 |  |  | 6 |  |  | 2 |  |  | 24 |  |  | 18 |  |  | 6 |
Impairment charges | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Total operating expenses | 132 |  |  | 130 |  |  | 2 |  |  | 382 |  |  | 352 |  |  | 30 |
Operating (Loss) Income | (6 | ) |  | 8 |  |  | (14 | ) |  | (4 | ) |  | 10 |  |  | (14 | )
Other Income and Expenses, net | (1 | ) |  | 13 |  |  | (14 | ) |  | — |  |  | 3 |  |  | (3 | )
Interest Expense | 18 |  |  | 35 |  |  | (17 | ) |  | 49 |  |  | 78 |  |  | (29 | )
Loss Before Income Taxes | (25 | ) |  | (14 | ) |  | (11 | ) |  | (53 | ) |  | (65 | ) |  | 12 |
Income Tax Benefit | (15 | ) |  | (35 | ) |  | 20 |  |  | (52 | ) |  | (94 | ) |  | 42 |
Add: Loss Attributable to Noncontrolling Interests | 70 |  |  | 19 |  |  | 51 |  |  | 208 |  |  | 110 |  |  | 98 |
Segment Income | $ | 60 |  |  | $ | 40 |  |  | $ | 20 |  |  | $ | 207 |  |  | $ | 139 |  |  | $ | 68 |
Renewable plant production, GWh | 2,563 |  |  | 2,146 |  |  | 417 |  |  | 7,660 |  |  | 6,528 |  |  | 1,132 |
Net proportional MW capacity in operation(a) |  |  |  |  |  |  |  | 3,984 |  |  | 3,162 |  |  | 822 |

(a) | Certain projects are included in tax equity structures where investors have differing interests in the project's economic attributes. One hundred percent of the tax equity project's capacity is included in the table above.

Three Months Ended September 30, 2020, as compared to September 30, 2019
Commercial Renewables' results were favorable primarily due to the growth of new tax equity investments, which includes over 200 MW of capacity installed during the third quarter 2020. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was primarily driven by a $10 million decrease resulting from lower wind resource and solar irradiance and a $13 million decrease within the distributed energy portfolios for lower engineering and construction costs related to project delays from COVID-19. This was partially offset by a $12 million increase from growth of new projects placed in service.
Operating Expenses. The variance was due to an $18 million increase in operating expenses driven by the growth of new projects placed in service. This was partially offset by $12 million decrease within the distributed energy portfolios for lower engineering and construction costs related to project delays from COVID-19 and $4 million of continued cost saving measures.
Other Income and Expenses, net. The decrease in other income was primarily due to a $12 million reclassification to Interest Expense in the prior year of non-qualifying hedge activity.
Interest Expense. The decrease was primarily due to a $12 million reclassification from Other Income and Expenses, net and a $3 million reclassification from Operating Expenses in the prior year of non-qualifying hedge activity as well as higher capitalized interest of $2 million in the current year for solar and wind projects in development.
Income Tax Benefit. The decrease in the tax benefit was primarily driven by an increase in taxes associated with tax equity investments and a decrease in production tax credits generated.
Loss Attributable to Noncontrolling Interests. The increase was driven by the growth of new tax equity investments.
Nine Months Ended September 30, 2020, as compared to September 30, 2019
Commercial Renewables' results were favorable primarily due to growth of new tax equity investments. Since the third quarter of 2019, Commercial Renewables has placed in service approximately 800 MW of capacity.
The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was primarily driven by a $32 million increase associated with the growth of new projects placed in service. This was partially offset by an $18 million decrease within the distributed energy portfolios for lower engineering and construction costs related to delays from COVID-19.
Operating Expenses. The variance was primarily driven by a $45 million increase in operating expenses due to the growth of new projects placed in service and a $6 million impairment charge related to a non-contracted wind project located within the Electric Reliability Council of Texas west market. This was partially offset by a $22 million decrease within the distributed energy portfolios for lower engineering and construction costs related to delays from COVID-19.
Interest Expense. The decrease was primarily driven by $15 million of non-qualifying hedge activity in the prior year and higher capitalized interest of $11 million in the current year for solar and wind projects in development.
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PART I
Income Tax Benefit. The decrease in the tax benefit was primarily driven by an increase in taxes associated with tax equity investments and a decrease in production tax credits generated.
Loss Attributable to Noncontrolling Interests. The increase was driven primarily by the growth of new tax equity investments.
Other

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |  |  | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 24 |  |  | $ | 25 |  |  | $ | (1 | ) |  | $ | 73 |  |  | $ | 71 |  |  | $ | 2 |
Operating Expenses | 37 |  |  | 27 |  |  | 10 |  |  | (15 | ) |  | 66 |  |  | (81 | )
Operating (Loss) Income | (13 | ) |  | (2 | ) |  | (11 | ) |  | 88 |  |  | 5 |  |  | 83 |
Other Income and Expenses, net | 43 |  |  | 24 |  |  | 19 |  |  | 55 |  |  | 98 |  |  | (43 | )
Interest Expense | 160 |  |  | 185 |  |  | (25 | ) |  | 498 |  |  | 536 |  |  | (38 | )
Loss Before Income Taxes | (130 | ) |  | (163 | ) |  | 33 |  |  | (355 | ) |  | (433 | ) |  | 78 |
Income Tax Benefit | (66 | ) |  | (54 | ) |  | (12 | ) |  | (149 | ) |  | (132 | ) |  | (17 | )
Less: Preferred Dividends | 39 |  |  | 15 |  |  | 24 |  |  | 93 |  |  | 27 |  |  | 66 |
Net Loss | $ | (103 | ) |  | $ | (124 | ) |  | $ | 21 |  |  | $ | (299 | ) |  | $ | (328 | ) |  | $ | 29 |

Three Months Ended September 30, 2020, as compared to September 30, 2019
The variance was primarily driven by higher returns on investments that fund certain employee benefit obligations, lower state income tax expense and higher Bison investment income. The following is a detailed discussion of the variance drivers by line item.
Operating Expenses. The increase was primarily driven by higher administrative expenses and higher expenses associated with certain employee benefit obligations.
Other Income and Expenses, net. The variance was primarily due to higher returns on investments that fund certain employee benefit obligations and higher Bison investment income.
Interest Expense. The variance was primarily due to lower outstanding short-term debt and lower interest rates.
Income Tax Benefit. The increase in the tax benefit was primarily driven by the issuance of guidance impacting taxes previously recorded, partially offset by a decrease in pretax losses. The ETRs for the three months ended September 30, 2020, and 2019 were 50.8% and 33.1%, respectively. The increase in the ETR was primarily due to the issuance of guidance impacting taxes previously recorded.
Preferred Dividends. The variance was driven by the declaration of preferred stock dividends on preferred stock issued in 2019.
Nine Months Ended September 30, 2020, as compared to September 30, 2019
The variance was primarily driven by a reversal of corporate allocated severance costs and lower state income tax expense, partially offset by lower returns on investments, higher loss experience related to non-property captive insurance claims and the declaration of preferred stock dividends. The following is a detailed discussion of the variance drivers by line item.
Operating Expenses. The decrease was primarily due to the deferral of 2018 corporate allocated severance costs due to the partial settlement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case, partially offset by higher loss experience related to non-property captive insurance claims.
Other Income and Expenses, net. The variance was primarily due to lower returns on investments that fund certain employee benefit obligations and lower earnings on the NMC investment.
Interest Expense. The variance was primarily due to lower outstanding short-term debt and lower interest rates.
Income Tax Benefit. The increase in the tax benefit was primarily driven by lower state income tax expense, partially offset by a decrease in pretax losses. The ETRs for the nine months ended September 30, 2020, and 2019 were 42.0% and 30.5%, respectively. The increase in the ETR was primarily due to lower state income tax expense.
Preferred Dividends. The variance was driven by the declaration of preferred stock dividends on preferred stock issued in 2019.
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MD&A | DUKE ENERGY CAROLINAS

DUKE ENERGY CAROLINAS
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 5,416 |  |  | $ | 5,619 |  |  | $ | (203 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 1,326 |  |  | 1,371 |  |  | (45 | )
Operation, maintenance and other | 1,218 |  |  | 1,324 |  |  | (106 | )
Depreciation and amortization | 1,090 |  |  | 1,013 |  |  | 77 |
Property and other taxes | 213 |  |  | 221 |  |  | (8 | )
Impairment charges | 22 |  |  | 11 |  |  | 11 |
Total operating expenses | 3,869 |  |  | 3,940 |  |  | (71 | )
Gains on Sales of Other Assets and Other, net | 1 |  |  | — |  |  | 1 |
Operating Income | 1,548 |  |  | 1,679 |  |  | (131 | )
Other Income and Expenses, net | 128 |  |  | 106 |  |  | 22 |
Interest Expense | 370 |  |  | 346 |  |  | 24 |
Income Before Income Taxes | 1,306 |  |  | 1,439 |  |  | (133 | )
Income Tax Expense | 178 |  |  | 255 |  |  | (77 | )
Net Income | $ | 1,128 |  |  | $ | 1,184 |  |  | $ | (56 | )

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year | 2020 |
Residential sales | (2.2 | )%
General service sales | (6.5 | )%
Industrial sales | (9.4 | )%
Wholesale power sales | (3.0 | )%
Joint dispatch sales | (56.0 | )%
Total sales | (7.2 | )%
Average number of customers | 1.9 | %

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $131 million decrease in retail sales due to unfavorable weather in the current year;

• | an $86 million decrease in fuel revenues due to lower prices and retail sales volumes; and

• | a $22 million decrease in rider revenues primarily due to energy efficiency programs.

Partially offset by:

• | a $19 million increase in weather-normal retail sales volumes; and

• | a $17 million increase due to higher pricing from the South Carolina and North Carolina retail rate case, net of a return of EDIT to customers.

Operating Expenses. The variance was driven primarily by:

• | a $106 million decrease in operation, maintenance and other expense primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case, part ially offset by higher storm restoration costs; and

• | a $45 million decrease in fuel used in electric generation and purchased power primarily due to lower retail sales volumes, net of a prior period true up.

Partially offset by:

• | a $77 million increase in depreciation and amortization expense primarily due to additional plant in service and new depreciation rates associated with the South Carolina rate case.

Other Income and Expenses, net. The variance was primarily due to higher AFUDC equity in the current year.
Interest Expense. The variance was primarily due to higher debt outstanding in the current year.
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MD&A | DUKE ENERGY CAROLINAS

Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income and an increase in the amortization of excess deferred taxes.
PROGRESS ENERGY
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 8,117 |  |  | $ | 8,558 |  |  | $ | (441 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 2,628 |  |  | 3,100 |  |  | (472 | )
Operation, maintenance and other | 1,789 |  |  | 1,813 |  |  | (24 | )
Depreciation and amortization | 1,356 |  |  | 1,377 |  |  | (21 | )
Property and other taxes | 419 |  |  | 439 |  |  | (20 | )
Impairment charges | 1 |  |  | (25 | ) |  | 26 |
Total operating expenses | 6,193 |  |  | 6,704 |  |  | (511 | )
Gains on Sales of Other Assets and Other, net | 9 |  |  | — |  |  | 9 |
Operating Income | 1,933 |  |  | 1,854 |  |  | 79 |
Other Income and Expenses, net | 89 |  |  | 106 |  |  | (17 | )
Interest Expense | 599 |  |  | 650 |  |  | (51 | )
Income Before Income Taxes | 1,423 |  |  | 1,310 |  |  | 113 |
Income Tax Expense | 190 |  |  | 212 |  |  | (22 | )
Net Income | 1,233 |  |  | 1,098 |  |  | 135 |

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $485 million decrease in fuel revenues driven by lower sales volumes as well as an accelerated refund of fuel costs in response to the COVID-19 pandemic at Duke Energy Florida and lower fuel prices, volumes and native load transfer sales in the current year at Duke Energy Progress;

• | a $47 million decrease in wholesale power revenues, net of fuel, primarily due to higher recovery of coal ash cost in the prior year and lower capacity volumes at Duke Energy Progress, partially offset by increased demand at Duke Energy Florida;

• | a $47 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year at Duke Energy Progress, partially offset by favorable weather in the current year at Duke Energy Florida;

• | a $44 million decrease in rider revenues primarily due to the Crystal River 3 uprate regulatory asset being fully recovered in 2019 at Duke Energy Florida; and

• | a $24 million decrease in weather-normal retail sales volume.

Partially offset by:

• | a $107 million increase in storm revenues due to Hurricane Dorian collections at Duke Energy Florida;

• | a $67 million increase in retail pricing due to base rate adjustments related to annual increases from the 2017 Settlement Agreement and the Solar Base Rate Adjustment at Duke Energy Florida;

• | a $15 million increase due to higher pricing from the South Carolina retail rate case, net of a return of EDIT to customers at Duke Energy Progress; and

• | an $8 million increase in other revenues primarily due to increased transmission and lighting equipment revenues at Duke Energy Florida.

Operating Expenses. The variance was driven primarily by:

• | a $472 million decrease in fuel used in electric generation and purchased power primarily due to lower demand and changes in generation mix at Duke Energy Progress and lower fuel costs at Duke Energy Florida;

• | a $24 million decrease in operation, maintenance and other expense at Duke Energy Progress primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case, reduced outage costs and energy efficiency program costs, partially offset by storm cost amortizations at Duke Energy Florida;

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MD&A | PROGRESS ENERGY

• | a $21 million decrease in depreciation and amortization expense primarily driven by a decrease in coal ash amortization, partially offset by a higher depreciable base and impacts from North Carolina and the South Carolina rate cases at Duke Energy Progress; and

• | a $20 million decrease in property and other taxes driven by lower gross receipts taxes due to decreased fuel revenues and lower accrued property taxes at Duke Energy Florida.

Partially offset by:

• | a $26 million increase in impairment charges primarily due to the prior year's impairment reduction related to Citrus County CC at Duke Energy Florida.

Other Income and Expenses, net. The variance was primarily due to lower AFUDC equity in the current year at Duke Energy Progress.
Interest Expense. The variance was driven primarily by lower interest rates on outstanding debt at Duke Energy Progress.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income.
DUKE ENERGY PROGRESS
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 4,207 |  |  | $ | 4,559 |  |  | $ | (352 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 1,337 |  |  | 1,571 |  |  | (234 | )
Operation, maintenance and other | 970 |  |  | 1,070 |  |  | (100 | )
Depreciation and amortization | 833 |  |  | 855 |  |  | (22 | )
Property and other taxes | 129 |  |  | 131 |  |  | (2 | )
Impairment charges | 5 |  |  | — |  |  | 5 |
Total operating expenses | 3,274 |  |  | 3,627 |  |  | (353 | )
Gains on Sales of Other Assets and Other, net | 8 |  |  | — |  |  | 8 |
Operating Income | 941 |  |  | 932 |  |  | 9 |
Other Income and Expenses, net | 52 |  |  | 75 |  |  | (23 | )
Interest Expense | 203 |  |  | 232 |  |  | (29 | )
Income Before Income Taxes | 790 |  |  | 775 |  |  | 15 |
Income Tax Expense | 79 |  |  | 125 |  |  | (46 | )
Net Income | $ | 711 |  |  | $ | 650 |  |  | $ | 61 |

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period | 2020 |
Residential sales | (2.8 | )%
General service sales | (7.7 | )%
Industrial sales | (5.4 | )%
Wholesale power sales | (9.5 | )%
Joint dispatch sales | 19.9 | %
Total sales | (4.9 | )%
Average number of customers | 1.7 | %

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $230 million decrease in fuel cost recovery driven by lower fuel prices and volumes as well as less native load transfer sales in the current year;

• | a $73 million decrease in retail sales due to unfavorable weather in the current year;

• | a $58 million decrease in wholesale power revenues, net of fuel, primarily due to higher recovery of coal ash cost in the prior year and decreased volumes, partially offset by increased capacity rates; and

• | a $14 million decrease in weather-normal retail sales volumes in the current year.

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MD&A | DUKE ENERGY PROGRESS

Partially Offset by:

• | a $15 million increase due to higher pricing from the South Carolina and North Carolina retail rate cases, net of a return of EDIT to customers.

Operating Expenses. The variance was driven primarily by:

• | a $234 million decrease in fuel used in electric generation and purchased power primarily due to lower demand and changes in generation mix; and

• | a $100 million decrease in operation, maintenance and other expense primarily driven by the deferral of 2018 severance costs due to the partial settlement agreement between Duke Energy Carolinas and the Public Staff of the NCUC related to the 2019 North Carolina retail rate case, reduced outage costs and energy efficiency program costs; and

• | a $22 million decrease in depreciation and amortization expense primarily driven by a decrease in coal ash amortization, partially offset by a higher depreciable base and impacts from North Carolina and the South Carolina rate cases.

Other Income and Expenses, net. The variance was primarily due to lower AFUDC equity in the current year.
Interest Expense. The variance was driven primarily by lower interest rates on outstanding debt.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income.
DUKE ENERGY FLORIDA
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 3,897 |  |  | $ | 3,987 |  |  | $ | (90 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 1,291 |  |  | 1,529 |  |  | (238 | )
Operation, maintenance and other | 806 |  |  | 730 |  |  | 76 |
Depreciation and amortization | 523 |  |  | 522 |  |  | 1 |
Property and other taxes | 290 |  |  | 309 |  |  | (19 | )
Impairment charges | (4 | ) |  | (25 | ) |  | 21 |
Total operating expenses | 2,906 |  |  | 3,065 |  |  | (159 | )
Operating Income | 991 |  |  | 922 |  |  | 69 |
Other Income and Expenses, net | 36 |  |  | 39 |  |  | (3 | )
Interest Expense | 245 |  |  | 246 |  |  | (1 | )
Income Before Income Taxes | 782 |  |  | 715 |  |  | 67 |
Income Tax Expense | 159 |  |  | 129 |  |  | 30 |
Net Income | $ | 623 |  |  | $ | 586 |  |  | $ | 37 |

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period | 2020 |
Residential sales | 2.9 | %
General service sales | (6.0 | )%
Industrial sales | 6.9 | %
Wholesale and other | (6.8 | )%
Total sales | (0.7 | )%
Average number of customers | 1.7 | %

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $255 million decrease in fuel revenues driven by lower sales volumes as well as an accelerated refund of fuel costs in response to the COVID-19 pandemic;

• | a $44 million decrease in rider revenues primarily due to full recovery of the Crystal River 3 uprate regulatory asset in 2019; and

• | a $10 million decrease in weather-normal retail sales volumes.

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MD&A | DUKE ENERGY FLORIDA

Partially offset by:

• | a $107 million increase in storm revenues due to Hurricane Dorian collections;

• | a $67 million increase in retail pricing due to base rate adjustments related to annual increases from the 2017 Settlement Agreement and the Solar Base Rate Adjustment;

• | a $26 million increase in retail sales, net of fuel revenues, due to favorable weather in the current year;

• | an $11 million increase in wholesale power revenues, net of fuel, primarily due to increased demand; and

• | an $8 million increase in other revenues primarily due to increased transmission revenues and lighting equipment rentals, partially offset by lower late payment and service charge revenues due to a moratorium during the COVID-19 pandemic.

Operating Expenses. The variance was driven primarily by:

• | a $238 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel costs; and

• | a $19 million decrease in property and other taxes driven by lower gross receipts taxes due to decreased fuel revenues and lower accrued property taxes.

Partially offset by:

• | a $76 million increase in operation, maintenance and other expense primarily due to storm cost amortizations; and

• | a $21 million increase in impairment charges primarily due to the prior year's impairment reduction related to Citrus County CC.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and favorable tax adjustments in the prior year.
DUKE ENERGY OHIO
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues |  |  |  |  |
Regulated electric | $ | 1,070 |  |  | $ | 1,099 |  |  | $ | (29 | )
Regulated natural gas | 324 |  |  | 354 |  |  | (30 | )
Total operating revenues | 1,394 |  |  | 1,453 |  |  | (59 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 258 |  |  | 293 |  |  | (35 | )
Cost of natural gas | 46 |  |  | 68 |  |  | (22 | )
Operation, maintenance and other | 333 |  |  | 378 |  |  | (45 | )
Depreciation and amortization | 208 |  |  | 199 |  |  | 9 |
Property and other taxes | 244 |  |  | 229 |  |  | 15 |
Total operating expenses | 1,089 |  |  | 1,167 |  |  | (78 | )
Operating Income | 305 |  |  | 286 |  |  | 19 |
Other Income and Expenses, net | 11 |  |  | 19 |  |  | (8 | )
Interest Expense | 75 |  |  | 81 |  |  | (6 | )
Income Before Income Taxes | 241 |  |  | 224 |  |  | 17 |
Income Tax Expense | 40 |  |  | 34 |  |  | 6 |
Net Income | $ | 201 |  |  | $ | 190 |  |  | $ | 11 |

The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

| Electric | Natural Gas
Increase (Decrease) over prior year | 2020 |  | 2020 |
Residential sales | (0.1 | )% | (6.6 | )%
General service sales | (7.8 | )% | (9.4 | )%
Industrial sales | (7.9 | )% | (3.9 | )%
Wholesale electric power sales | (37.3 | )% | n/a |
Other natural gas sales | n/a |  | (1.8 | )%
Total sales | (6.3 | )% | (6.0 | )%
Average number of customers | 1.4 | % | 1.1 | %

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MD&A | DUKE ENERGY OHIO

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $46 million decrease in fuel related revenues primarily due to lower prices and decreased volumes;

• | a $13 million decrease in revenues due to unfavorable weather in the current year;

• | a $10 million decrease in other revenues due to lower OVEC sales into PJM;

• | a $7 million decrease in revenues primarily due to the suspension of the Manufactured Gas Plant rider and lower energy efficiency riders, partially offset by the Distribution Capital Investment rider; and

• | a $7 million decrease in bulk power marketing sales.

Partially offset by:

• | a $17 million increase in retail pricing primarily due to rate case impacts in Kentucky; and

• | an $11 million increase in PJM transmission revenues as a result of increased capital spend.

Operating Expenses. The variance was driven primarily by:

• | a $57 million decrease in fuel expense, primarily driven by lower retail prices, decreased volumes and lower OVEC costs; and

• | a $45 million decrease in operations, maintenance and other expense primarily due to Customer Connect and Network Integration Transmission Services deferrals, the timing of energy efficiency programs and outage costs, lower employee benefit expenses and lower vegetation and pole maintenance costs.

Partially offset by:

• | a $15 million increase in property and other taxes primarily due to higher property taxes primarily due to increased plant in service, partially offset by lower kilowatt taxes and franchise taxes; and

• | a $9 million increase in depreciation and amortization primarily driven by an increase in distribution plant, partially offset by lower amortization due to the suspension of the MGP rider in Ohio and environmental surcharge mechanism amortization of deferred coal ash pond ARO.

Other Income and Expenses, net. The decrease was primarily due to lower AFUDC equity and lower intercompany interest income, partially offset by a decrease in write-offs associated with certified supplier uncollectible amounts.
DUKE ENERGY INDIANA
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 2,070 |  |  | $ | 2,289 |  |  | $ | (219 | )
Operating Expenses |  |  |  |  |
Fuel used in electric generation and purchased power | 577 |  |  | 720 |  |  | (143 | )
Operation, maintenance and other | 564 |  |  | 569 |  |  | (5 | )
Depreciation and amortization | 415 |  |  | 393 |  |  | 22 |
Property and other taxes | 57 |  |  | 55 |  |  | 2 |
Total operating expenses | 1,613 |  |  | 1,737 |  |  | (124 | )
Operating Income | 457 |  |  | 552 |  |  | (95 | )
Other Income and Expenses, net | 28 |  |  | 35 |  |  | (7 | )
Interest Expense | 114 |  |  | 111 |  |  | 3 |
Income Before Income Taxes | 371 |  |  | 476 |  |  | (105 | )
Income Tax Expense | 72 |  |  | 113 |  |  | (41 | )
Net Income | $ | 299 |  |  | $ | 363 |  |  | $ | (64 | )

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MD&A | DUKE ENERGY INDIANA

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year | 2020 |
Residential sales | (1.1 | )%
General service sales | (7.1 | )%
Industrial sales | (9.8 | )%
Wholesale power sales | 3.8 | %
Total sales | (5.5 | )%
Average number of customers | 1.5 | %

Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $157 million decrease in fuel revenues primarily due to lower fuel cost recovery driven by customer demand and fuel prices;

• | a $91 million decrease primarily due to IGCC rider revenues as a result of lower Edwardsport sales volumes and credit adjustment rider refunds related to IGCC Settlements;

• | a $20 million decrease in weather-normal retail sales volumes driven by lower nonresidential customer demand;

• | an $11 million decrease in retail sales due to unfavorable weather in the current year; and

• | an $11 million decrease in wholesale revenues primarily related to the true up of wholesale transmission revenues and lower rates in the current year.

Partially offset by:

• | a $75 million increase primarily due to higher pricing from the Indiana retail rate case, net of certain rider revenues moving to base.

Operating Expenses. The variance was driven primarily by:

• | a $143 million decrease in fuel used in electric generation and purchased power expense primarily due to lower coal and natural gas costs, lower amortization of deferred fuel costs and lower purchased power expense.

Partially offset by:

• | a $22 million increase in depreciation and amortization primarily due to a change in depreciation rates from the Indiana retail rate case and additional plant in service.

Other Income and Expenses, net. The decrease was primarily due to life insurance proceeds received in the prior year.
Income Tax Expense. The decrease in income tax expense was primarily due to a decrease in pretax income and an increase in the amortization of excess deferred taxes.
PIEDMONT
Results of Operations

| Nine Months Ended September 30,
(in millions) | 2020 |  |  | 2019 |  |  | Variance |
Operating Revenues | $ | 871 |  |  | $ | 956 |  |  | $ | (85 | )
Operating Expenses |  |  |  |  |
Cost of natural gas | 254 |  |  | 384 |  |  | (130 | )
Operation, maintenance and other | 234 |  |  | 241 |  |  | (7 | )
Depreciation and amortization | 133 |  |  | 127 |  |  | 6 |
Property and other taxes | 37 |  |  | 39 |  |  | (2 | )
Impairment charges | 7 |  |  | — |  |  | 7 |
Total operating expenses | 665 |  |  | 791 |  |  | (126 | )
Operating Income | 206 |  |  | 165 |  |  | 41 |
Other Income and Expenses, net | 44 |  |  | 19 |  |  | 25 |
Interest Expense | 89 |  |  | 65 |  |  | 24 |
Income Before Income Taxes | 161 |  |  | 119 |  |  | 42 |
Income Tax Expense | 6 |  |  | 22 |  |  | (16 | )
Net Income | $ | 155 |  |  | $ | 97 |  |  | $ | 58 |

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MD&A | PIEDMONT

The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.

Increase (Decrease) over prior year | 2020 |
Residential deliveries | (3.7 | )%
Commercial deliveries | (10.3 | )%
Industrial deliveries | (3.6 | )%
Power generation deliveries | (3.9 | )%
For resale | (11.3 | )%
Total throughput deliveries | (4.5 | )%
Secondary market volumes | (10.1 | )%
Average number of customers | 2.1 | %

Due to the margin decoupling mechanism in North Carolina and the weather normalization adjustment (WNA) mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers, changes in throughput deliveries do not have a material impact on Piedmont's revenues or earnings. The margin decoupling mechanism adjusts for variations in residential and commercial use per customer, including those due to weather and conservation. The WNA mechanisms mostly offset the impact of weather on bills rendered, but do not ensure full recovery of approved margin during periods when winter weather is significantly warmer or colder than normal.
Nine Months Ended September 30, 2020, as compared to September 30, 2019
Operating Revenues. The variance was driven primarily by:

• | a $130 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs;

• | a $31 million decrease due to return of EDIT to customers; and

• | a $7 million decrease due to NCUC approval related to tax reform accounting from fixed-rate contracts in the prior year.

Partially offset by:

• | a $65 million increase due to North Carolina base rate case increases; and

• | a $16 million increase due to North Carolina IMR increases.

Operating Expenses. The variance was driven primarily by:

• | a $130 million decrease in cost of natural gas due to lower natural gas prices, lower volumes, and decreased off-system sales natural gas costs.

Partially offset by:

• | a $7 million increase in impairment charges due to Piedmont ACP project materials write-off.

Other Income and Expenses, net. The variance was driven primarily by AFUDC equity and intercompany interest related to Belews Creek and Marshall Power Generation contracts.
Interest Expense. The variance was driven primarily by interest on the EDIT balance being returned to customers and higher debt outstanding in the current year, partially offset by lower AFUDC debt income.
Income Tax Expense. The decrease in income tax expense was primarily due to an increase in the amortization of excess deferred taxes and an increase in AFUDC Equity, partially offset by an increase in pretax income.
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash
Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2019, included a summary and detailed discussion of projected primary sources and uses of cash for 2020 to 2022.
During March 2020, in response to market volatility and the ongoing economic uncertainty related to COVID-19, Duke Energy took several actions to enhance the company's liquidity position including:

• | Duke Energy drew down the remaining $500 million of availability under the existing $1 billion Three-Year Revolving Credit Facility. That additional borrowing was subsequently repaid during the second quarter of 2020; and

• | Duke Energy entered into and borrowed the full amount under a $1.5 billion, 364-day Term Loan Credit Agreement. The Term Loan Credit Agreement contained a provision for additional borrowing capacity of $500 million. Duke Energy exercised the provision and borrowed an additional $188 million, for a total borrowing of approximately $1.7 billion. In the third quarter of 2020, Duke Energy repaid $844 million of the 364-day Term Loan.

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MD&A | LIQUIDITY AND CAPITAL RESOURCES

Following March 2020, access to credit and equity markets has normalized. In addition to the financings to address the company's liquidity position, for the nine months ended September 30, 2020, Duke Energy issued approximately $5.6 billion in debt, raised $157 million of common equity through its dividend reinvestment program and paid down $500 million on the Three-Year Revolving Credit Facility. Despite the recovery in capital markets, Duke Energy continues to monitor access to credit and equity markets amid the ongoing economic uncertainty related to COVID-19.
As of September 30, 2020, Duke Energy had approximately $308 million of cash on hand, $5.9 billion available under its $8 billion Master Credit Facility and $500 million available under the $1 billion Three-Year Revolving Credit Facility. Duke Energy has additional liquidity available totaling approximately $2.6 billion under outstanding equity forward agreements. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs. Duke Energy continues to monitor access to credit and equity markets. Refer to Notes 5 and 14 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities" and "Stockholders' Equity," respectively, for information regarding Duke Energy's debt and equity issuances, debt maturities and available credit facilities including the Master Credit Facility.
In light of the COVID-19 pandemic and cancellation of the ACP pipeline, Duke Energy currently does not expect significant changes to the total projected capital and investment expenditures provided in the Form 10-K for the year ended December 31, 2019. However, Duke Energy will continue to reassess capital projects depending on the duration and severity of economic impacts caused by the pandemic.
Credit Ratings
In October 2020, Moody's Investors Services, Inc. revised the credit rating outlook for Duke Energy Corporation, Duke Energy Carolinas and Duke Energy Progress from stable to negative. The change in outlook is principally due to the company's capital and investment expenditure program and potentially adverse regulatory decisions in Duke Energy's two largest subsidiaries, specifically regarding the recovery of and return on coal ash remediation expenditures and higher costs due to severe storms. There have been no changes by any of the rating agencies to the credit ratings of any of the Duke Energy Registrants during 2020. Standard & Poors Rating Services continues to maintain a stable outlook on Duke Energy Corporation and its subsidiaries.
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.

|  | Nine Months Ended
|  | September 30,
(in millions) |  | 2020 |  |  | 2019 |
Cash flows provided by (used in): |  |  |  |
Operating activities |  | $ | 6,766 |  |  | $ | 5,637 |
Investing activities |  | (7,964 | ) |  | (8,633 | )
Financing activities |  | 1,225 |  |  | 2,987 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | 27 |  |  | (9 | )
Cash, cash equivalents and restricted cash at beginning of period |  | 573 |  |  | 591 |
Cash, cash equivalents and restricted cash at end of period |  | $ | 600 |  |  | $ | 582 |

OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.

|  | Nine Months Ended
|  | September 30,
(in millions) |  | 2020 |  |  | 2019 |  |  | Variance |
Net income |  | $ | 1,232 |  |  | $ | 2,964 |  |  | $ | (1,732 | )
Non-cash adjustments to net income |  | 6,194 |  |  | 4,376 |  |  | 1,818 |
Contributions to qualified pension plans |  | — |  |  | (77 | ) |  | 77 |
Payments for asset retirement obligations |  | (463 | ) |  | (582 | ) |  | 119 |
Refund of AMT credit carryforwards |  | 572 |  |  | — |  |  | 572 |
Working capital |  | (769 | ) |  | (1,044 | ) |  | 275 |
Net cash provided by operating activities |  | $ | 6,766 |  |  | $ | 5,637 |  |  | $ | 1,129 |

The variance was primarily due to:

• | a $572 million refund of AMT credit carryforwards;

• | a $119 million decrease in payments for asset retirement obligations;

• | a $77 million decrease in contributions to qualified pension plans; and

• | timing of payments of property taxes and higher Nuclear Electric Insurance Limited (NEIL) refunds in the current year.

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MD&A | LIQUIDITY AND CAPITAL RESOURCES

INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.

|  | Nine Months Ended
|  | September 30,
(in millions) |  | 2020 |  |  | 2019 |  |  | Variance |
Capital, investment and acquisition expenditures |  | $ | (7,684 | ) |  | $ | (8,348 | ) |  | $ | 664 |
Other investing items |  | (280 | ) |  | (285 | ) |  | 5 |
Net cash used in investing activities |  | $ | (7,964 | ) |  | $ | (8,633 | ) |  | $ | 669 |

The variance relates primarily to decreases in capital expenditures due to lower overall investments in the Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables segments.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.

|  | Nine Months Ended
|  | September 30,
(in millions) |  | 2020 |  |  | 2019 |  |  | Variance |
Issuances of long-term debt, net |  | $ | 2,694 |  |  | $ | 3,394 |  |  | $ | (700 | )
Issuances of common stock |  | 75 |  |  | 41 |  |  | 34 |
Issuances of preferred stock |  | — |  |  | 1,963 |  |  | (1,963 | )
Notes payable, commercial paper and other short-term borrowings |  | 260 |  |  | (1,019 | ) |  | 1,279 |
Dividends paid |  | (2,113 | ) |  | (1,990 | ) |  | (123 | )
Contributions from noncontrolling interests |  | 402 |  |  | 615 |  |  | (213 | )
Other financing items |  | (93 | ) |  | (17 | ) |  | (76 | )
Net cash provided by financing activities |  | $ | 1,225 |  |  | $ | 2,987 |  |  | $ | (1,762 | )

The variance was primarily due to:

• | a $1,963 million decrease in proceeds from the issuance of preferred stock;

• | a $700 million decrease in proceeds from net issuances of long-term debt primarily due to the timing of issuances and redemptions of long-term debt; and

• | a $415 million decrease related to the sale of a noncontrolling interest in the Commercial Renewables segment.

Partially offset by:

• | a $1,279 million increase in net proceeds from issuances of notes payable and commercial paper including borrowings of $844 million under the 364-day Term Loan Credit Agreement; and

• | a $200 million increase related to contributions from noncontrolling interests for tax equity financing activity in the Commercial Renewables segment.

OTHER MATTERS
Environmental Regulations
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for further information regarding potential plant retirements and regulatory filings related to the Duke Energy Registrants.
On May 14, 2020, the five-year probation period following the Dan River coal ash spill ended. The court-appointed monitor confirmed in U.S. District Court for the Eastern District of North Carolina that Duke Energy met or exceeded every obligation throughout the process. Separately, in a final report to the EPA, it was noted that the company made significant enhancements to its Ethics and Compliance Program and its environmental compliance programs.
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MD&A | OTHER MATTERS

Section 126 Petitions
On November 16, 2016, the state of Maryland filed a petition with EPA under Section 126 of the Clean Air Act alleging that 19 power plants, including two plants (three units) that Duke Energy Registrants own and operate, contribute to violations of EPA’s National Ambient Air Quality Standards (NAAQS) for ozone in the state of Maryland. On March 12, 2018, the state of New York filed a petition with EPA, also under Section 126 of the Clean Air Act alleging that over 60 power plants, including five that Duke Energy Registrants own and operate, contribute to violations of EPA’s ozone NAAQS in the state of New York. Both Maryland and New York sought EPA orders requiring the states in which the named power plants operate to impose more stringent NOx emission limitations on the plants. On October 5, 2018, EPA denied the Maryland petition. That same day, Maryland appealed EPA's denial. On October 18, 2019, EPA denied the New York petition, and New York appealed that decision on October 29, 2019. On May 19, 2020, the U.S. Court of Appeals for the D.C. Circuit issued its decision, finding, with one exception, that EPA reasonably denied the Maryland petition. The court remanded one issue to EPA regarding target sources lacking catalytic controls. All of the Duke Energy units targeted have selective catalytic reduction so the decision is favorable for these units.
A different panel of the same court heard oral argument in New York’s appeal of EPA’s denial of its Section 126 Petition on May 7, 2020, and on July 14, 2020, the panel issued its decision remanding the Petition to EPA for further review. The Duke Energy Registrants cannot predict the outcome of this matter.
Off-Balance Sheet Arrangements
During the three and nine months ended September 30, 2020, there were no material changes to Duke Energy’s off-balance sheet arrangements. See Notes 1, 3, 4 and 11 to the Condensed Consolidated Financial Statements, "Organization and Basis of Presentation," "Regulatory Matters," "Commitments and Contingencies," and "Variable Interest Entities," respectively, for additional information on ACP. See Note 13 to the Condensed Consolidated Financial Statements, "Stockholders' Equity," for information regarding equity forward sales agreements. For additional information on Duke Energy’s off-balance sheet arrangements, see “Off-Balance Sheet Arrangements” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2019.
Contractual Obligations
Duke Energy enters into contracts that require payment of cash at certain specified periods, based on certain specified minimum quantities and prices. During the three and nine months ended September 30, 2020, there were no material changes in Duke Energy's contractual obligations. For an in-depth discussion of Duke Energy’s contractual obligations, see “Contractual Obligations” and “Quantitative and Qualitative Disclosures about Market Risk” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2019.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of the Annual Report on Form 10-K for the Duke Energy Registrants. During the three and nine months ended September 30, 2020, there were no material changes to the Duke Energy Registrants' disclosures about market risk, other than as described below.
Credit Risk
In response to the COVID-19 pandemic, in March 2020, the Duke Energy Subsidiary Registrants announced a suspension of disconnections for nonpayment to be effective throughout the national emergency. Disconnections have resumed and there is an expectation of an increase in charge-offs in the future. In addition, the Registrants are monitoring the effects of the resultant economic slowdown on counterparties’ abilities to perform under their contractual obligations.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2020, and, based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2020, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.
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OTHER INFORMATION |

ITEM 1. LEGAL PROCEEDINGS
For information regarding material legal proceedings, including regulatory and environmental matters, see Note 3, "Regulatory Matters," and Note 4, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2019.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in the Duke Energy Registrants' Annual Report on Form 10-K for the year ended December 31, 2019, which could materially affect the Duke Energy Registrants’ financial condition or future results. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in the Annual Report on Form 10-K for the year ended December 31, 2019.
The Duke Energy Registrants’ operations have been and may be affected by COVID-19 in ways listed below and in ways the registrants cannot predict at this time.
The COVID-19 pandemic has begun to impact the Duke Energy Registrants' business strategy, results of operations, financial position and cash flows, albeit not materially as of this filing date, from specific activities listed below:

• | Decreased demand for electricity and natural gas;

• | Delays in rate cases and other legal proceedings;

• | The health and availability of our critical personnel and their ability to perform business functions; and

• | Actions of state utility commissions or federal or state governments to allow customers to suspend or delay payment of bills related to the provision of electric or natural gas services.

Furthermore, due to the unpredictability of the COVID-19 pandemic’s ongoing impact on global health and economic stability as of this filing date, the Duke Energy Registrants expect that the activities listed below could negatively impact their business strategy, results of operations, financial position and cash flows:

• | An inability to procure satisfactory levels of fuels or other necessary equipment to continue production of electricity and delivery of natural gas;

• | An inability to obtain labor or equipment necessary for the construction of generation projects or pipeline expansion;

• | An inability to maintain information technology systems and protections from cyberattack;

• | An inability to obtain financing in volatile financial markets;

• | Additional federal regulation tied to stimulus and other aid packages; and

• | Impairment charges, which could include real estate as options for working remotely are evaluated and goodwill.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
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EXHIBITS |

ITEM 6. EXHIBITS
Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).

|  |  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
Exhibit |  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
Number |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
4.1 | Ninetieth Supplemental Indenture, dated as of August 1, 2020 (incorporated by reference to Exhibit 4.1 to Registrant's Current Report on Form 8-K filed on August 20, 2020, File No. 1-3382). |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
4.2 | First Supplemental Indenture, dated as of August 1, 2020 (incorporated by reference to Exhibit 4.2 to Registrant's Form 8-K filed on August 20, 2020, File No. 1-3382). |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
4.3 | Twenty-fourth Supplemental Indenture, dated as of September 11, 2020 (incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed on September 11, 2020, File No. 1-32853). | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
10.1 | Amended and Restated Duke Energy Corporation Executive Cash Balance Plan, dated as of September 30, 2020 (incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on September 25, 2020, File No. 1-32853). | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
10.2 | Amended and Restated Duke Energy Corporation Executive Savings Plan, dated as of October 1, 2020 (incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed on September 25, 2020, File No. 1-32853). | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
*31.1.1 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
*31.1.2 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  | X |  |  |  |  |  |  |  |  |  |  |  |
*31.1.3 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  | X |  |  |  |  |  |  |  |  |  |
*31.1.4 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
*31.1.5 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  | X |  |  |  |  |  |
*31.1.6 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
*31.1.7 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
*31.1.8 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X
*31.2.1 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
*31.2.2 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  | X |  |  |  |  |  |  |  |  |  |  |  |

121

EXHIBITS |

*31.2.3 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  | X |  |  |  |  |  |  |  |  |  |
*31.2.4 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
*31.2.5 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  | X |  |  |  |  |  |
*31.2.6 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
*31.2.7 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
*31.2.8 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X
*32.1.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
*32.1.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  | X |  |  |  |  |  |  |  |  |  |  |  |
*32.1.3 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  | X |  |  |  |  |  |  |  |  |  |
*32.1.4 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
*32.1.5 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  | X |  |  |  |  |  |
*32.1.6 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
*32.1.7 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
*32.1.8 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X
*32.2.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
*32.2.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  | X |  |  |  |  |  |  |  |  |  |  |  |
*32.2.3 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  | X |  |  |  |  |  |  |  |  |  |
*32.2.4 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
*32.2.5 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  | X |  |  |  |  |  |
*32.2.6 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  | X |  |  |  |

122

EXHIBITS |

*32.2.7 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
*32.2.8 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X
*101.INS | XBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*101.SCH | XBRL Taxonomy Extension Schema Document. | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*101.CAL | XBRL Taxonomy Calculation Linkbase Document. | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*101.LAB | XBRL Taxonomy Label Linkbase Document. | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*101.PRE | XBRL Taxonomy Presentation Linkbase Document. | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*101.DEF | XBRL Taxonomy Definition Linkbase Document. | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
*104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X

The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.
123

SIGNATURES |

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

|  | DUKE ENERGY CORPORATION DUKE ENERGY CAROLINAS, LLC PROGRESS ENERGY, INC. DUKE ENERGY PROGRESS, LLC DUKE ENERGY FLORIDA, LLC DUKE ENERGY OHIO, INC. DUKE ENERGY INDIANA, LLC PIEDMONT NATURAL GAS COMPANY, INC.
Date: | November 5, 2020 | /s/ STEVEN K. YOUNG
|  | Steven K. Young Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: | November 5, 2020 | /s/ DWIGHT L. JACOBS
|  | Dwight L. Jacobs Senior Vice President, Chief Accounting Officer, Tax and Controller (Principal Accounting Officer)

124