EX-99.1 2 er-20210331xearningsreleas.htm EXHIBIT 99.1

News Release |  |

Media Contact: Catherine Butler
24-Hour: 800.559.3853
Analyst Contact: Jack Sullivan
Office: 980.373.3564
May 10, 2021
Duke Energy reports first quarter 2021 financial results
▪First quarter 2021 reported EPS of $1.25 and adjusted EPS of $1.26
▪Delivered strong adjusted EPS results to start the year, driven by Electric Utilities and Infrastructure growth
▪Advanced clean energy transformation with 570 MW of renewable generation placed in service and the retirement of a 270 MW coal unit during the quarter
▪Company reaffirms 2021 adjusted EPS guidance range of $5.00 to $5.30 and long-term adjusted EPS growth rate of 5% to 7% through 2025
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first quarter 2021 reported EPS of $1.25, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.26. This is compared to reported EPS of $1.24 and adjusted EPS of $1.14 for the first quarter of 2020.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the first quarter 2021 reported and adjusted EPS was due to exit obligations from gas pipeline investments.
Higher first quarter 2021 adjusted results were led by growth in Electric Utilities and Infrastructure from rate case contributions and prior year unfavorable weather. Gas Utilities and Infrastructure also benefited from customer growth, rate case contributions and rider programs. Higher market returns on certain benefit trusts and lower financing costs drove higher results in the Other segment. These items were partially offset by impacts from Texas Storm Uri, the loss of ACP earnings, higher depreciation and amortization on a growing asset base and share dilution.
“We’re off to a very strong start in 2021, executing well and delivering on our commitments to our customers, communities and investors,” said Lynn Good, Duke Energy chair, president and chief executive officer. “We are positioned to deliver sustainable long-term value as we accelerate our clean energy transformation by investing in renewables, battery storage and in our delivery system. As a result, we have reaffirmed our 2021 adjusted EPS guidance range of $5.00 to $5.30 and long-term growth rate of 5% to 7%, off the 2021 midpoint.”

Duke Energy News Release 2
Business segment results
In addition to the following summary of first quarter 2021 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.
The discussion below of first quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported and adjusted basis, Electric Utilities and Infrastructure recognized first quarter 2021 segment income of $820 million, compared to segment income of $705 million in the first quarter of 2020, an increase of $0.15 per share, excluding share dilution of $0.04 per share. Higher quarterly results were primarily due to contributions from rate cases (+$0.10 per share), prior year unfavorable weather (+$0.09 per share) and timing of O&M expenses (+$0.03 per share). These results were partially offset by higher depreciation and amortization on a growing asset base (-$0.04 per share) and unfavorable retail and wholesale volumes (-$0.03 per share). First quarter 2020 retail and wholesale volumes were on a pre-pandemic basis.
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized first quarter 2021 segment income of $245 million, compared to $249 million in the first quarter of 2020. Lower first quarter 2021 results include exit obligations for ACP. These charges were treated as special items and excluded from adjusted earnings.
On an adjusted basis, Gas Utilities and Infrastructure recognized first quarter 2021 segment income of $250 million, compared to $249 million in the first quarter of 2020, flat excluding share dilution of $0.02 per share. Riders and margin expansion (+$0.03 per share) and contributions from the Tennessee rate case (+$0.01 per share) were offset by the loss of ACP earnings (-$0.03 per share) and higher property taxes and depreciation on a growing asset base (-$0.01).
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized first quarter 2021 segment income of $27 million, compared to reported and adjusted segment income of $57 million in the first quarter of 2020. This represents a decrease of $0.04 per share due to impacts from Texas Storm Uri in February 2021.

Duke Energy News Release 3
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported and adjusted basis, Other recognized a first quarter 2021 net loss of $139 million. This is compared to a reported and adjusted net loss of $112 million and $187 million, respectively, in the first quarter of 2020, an increase of $0.06 per share, excluding share dilution of -$0.01 per share. Higher quarterly results at Other were primarily due to market returns on certain benefit trusts (+$0.04 per share) and lower financing costs (+$0.02 per share).
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the first quarter of 2021 was 8.2% compared to 13.3% in the first quarter of 2020. The decrease in the effective tax rate was primarily due to an increase in the amortization of excess deferred taxes.
The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the first quarter of 2021 was 8.1% compared to 12.2% in the first quarter of 2020. The decrease was primarily due to an increase in the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss first quarter 2021 financial results. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 800.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 5906267. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until 1 p.m. ET, May 20, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 5906267. An audio replay and transcript will also be available by accessing the investors section of the company’s website.

Duke Energy News Release 4
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted earnings per share for first quarter 2021 and 2020 financial results:

(In millions, except per share amounts) | After-Tax Amount | 1Q 2021 EPS | 1Q 2020 EPS
EPS, as reported |  | $ | 1.25 |  | $ | 1.24 |
Adjustments to reported EPS: |  |  |
First Quarter 2021 |  |  |
Exit obligations for gas pipeline investments | $ | 5 |  | 0.01 |  |
First Quarter 2020 |  |  |
Severance | $ | (75) |  |  | (0.10) |
Total adjustments |  | $ | 0.01 |  | $ | (0.10) |
EPS, adjusted |  | $ | 1.26 |  | $ | 1.14 |

Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items. 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. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income Available to Duke Energy Corporation common stockholders (GAAP reported earnings), Basic earnings per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings per share), and the reported effective tax rate, respectively.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
•Gas Pipeline Investments represents additional exit obligations related to ACP.
•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.

Duke Energy News Release 5
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).
Management evaluates segment performance based on segment income and other net loss. Segment income is defined as income from continuing operations 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. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy News Release 6
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to operate or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2021 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The impact of the COVID-19 pandemic;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations 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;

Duke Energy News Release 7
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;
◦Advancements in technology;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing customer expectations and demands including heightened emphasis on environmental, social and governance concerns;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or equity method investment carrying values; and
◦The ability to implement our business strategy, including enhancing existing technology systems.

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

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended March 31, 2021
(Dollars in millions, except per share amounts)

|  |  |  | Special Item |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Reported Earnings |  | Gas Pipeline Investments |  |  |  |  |  |  |  |  |  |  |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 820 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 820 |
Gas Utilities and Infrastructure |  | 245 |  |  | 5 |  | A |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 250 |
Commercial Renewables |  | 27 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 27 |
Total Reportable Segment Income |  | 1,092 |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 1,097 |
Other |  | (139) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (139) |
Net Income Available to Duke Energy Corporation Common Stockholders |  | $ | 953 |  |  | $ | 5 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5 |  |  | $ | 958 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS |  | $ | 1.25 |  |  | $ | 0.01 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.01 |  |  | $ | 1.26 |

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $1 million tax benefit. $6 million of exit obligations recorded within Equity in (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 769 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended March 31, 2020
(Dollars in millions, except per share amounts)

|  |  | Special Item |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Earnings |  | Severance |  |  |  |  |  |  |  |  |  |  |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 705 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 705 |
Gas Utilities and Infrastructure | 249 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 249 |
Commercial Renewables | 57 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 57 |
Total Reportable Segment Income | 1,011 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 1,011 |
Other | (112) |  |  | (75) |  | A |  |  |  |  |  |  |  |  |  |  | (75) |  |  | (187) |
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 899 |  |  | $ | (75) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (75) |  |  | $ | 824 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.24 |  |  | $ | (0.10) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (0.10) |  |  | $ | 1.14 |

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $23 million tax expense. $98 million reversal of 2018 charges recorded within Operations, maintenance and other on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 734 million
10

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
March 2021
(Dollars in millions)

|  |  | Three Months Ended March 31, 2021 |
|  |  |  |  | Balance |  | Effective Tax Rate |
Reported Income Before Income Taxes |  |  |  |  | $ | 1,025 |  |  |  |
Exit Obligations for Gas Pipeline Investments |  |  |  |  | 6 |  |  |  |
Noncontrolling Interests |  |  |  |  | 51 |  |  |  |
Preferred Dividends |  |  |  |  | (39) |  |  |  |
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  |  |  |  | $ | 1,043 |  |  |  |
Reported Income Tax Expense |  |  |  |  | $ | 84 |  |  | 8.2 | % |
Gas Pipeline Investments |  |  |  |  | 1 |  |  |  |
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  |  |  |  | $ | 85 |  |  | 8.1 | % |

|  |  | Three Months Ended March 31, 2020 |
|  |  |  |  | Balance |  | Effective Tax Rate |
Reported Income Before Income Taxes |  |  |  |  | $ | 1,027 |  |  |  |
Severance |  |  |  |  | (98) |  |  |  |
Noncontrolling Interests |  |  |  |  | 48 |  |  |  |
Preferred Dividends |  |  |  |  | (39) |  |  |  |
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  |  |  |  | $ | 938 |  |  |  |
Reported Income Tax Expense |  |  |  |  | $ | 137 |  |  | 13.3 | % |
Severance |  |  |  |  | (23) |  |  |  |
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items |  |  |  |  | $ | 114 |  |  | 12.2 | % |

11

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
March 2021 YTD vs. Prior Year

(Dollars per share) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  | Commercial Renewables |  | Other |  |  |  | Consolidated
2020 YTD Reported Earnings Per Share | $ | 0.96 |  |  |  | $ | 0.35 |  |  |  | $ | 0.08 |  |  |  | $ | (0.15) |  |  |  |  |  |  | $ | 1.24 |  |
Severance | — |  |  |  | — |  |  |  | — |  |  |  | (0.10) |  |  |  |  |  |  | (0.10) |  |
2020 YTD Adjusted Earnings Per Share | $ | 0.96 |  |  |  | $ | 0.35 |  |  |  | $ | 0.08 |  |  |  | $ | (0.25) |  |  |  |  |  |  | $ | 1.14 |  |
Weather | 0.09 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | 0.09 |  |
Volume | (0.01) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | (0.01) |  |
Riders and Other Retail Margin | — |  |  |  | 0.03 |  |  |  | — |  |  |  | — |  |  |  |  |  |  | 0.03 |  |
Rate case impacts, net(a) | 0.10 |  |  |  | 0.01 |  |  |  | — |  |  |  | — |  |  |  |  |  |  | 0.11 |  |
Wholesale | (0.02) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | (0.02) |  |
Operations and maintenance, net of recoverables(b) | 0.03 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | 0.03 |  |
Midstream Gas Pipelines(c) | — |  |  |  | (0.03) |  |  |  | — |  |  |  | — |  |  |  |  |  |  | (0.03) |  |
Duke Energy Renewables(d) | — |  |  |  | — |  |  |  | (0.04) |  |  |  | — |  |  |  |  |  |  | (0.04) |  |
Interest Expense | 0.01 |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |  |  |  |  |  | 0.03 |  |
Depreciation and amortization(e) | (0.04) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | (0.04) |  |
Other(f) | (0.01) |  |  |  | (0.01) |  |  |  | — |  |  |  | 0.04 |  |  |  |  |  |  | 0.02 |  |
Total variance before share count | $ | 0.15 |  |  |  | $ | — |  |  |  | $ | (0.04) |  |  |  | $ | 0.06 |  |  |  |  |  |  | $ | 0.17 |  |
Change in share count | (0.04) |  |  |  | (0.02) |  |  |  | — |  |  |  | 0.01 |  |  |  |  |  |  | (0.05) |  |
2021 YTD Adjusted Earnings Per Share | $ | 1.07 |  |  |  | $ | 0.33 |  |  |  | $ | 0.04 |  |  |  | $ | (0.18) |  |  |  |  |  |  | $ | 1.26 |  |
Gas Pipeline Investments | — |  |  |  | (0.01) |  |  |  | — |  |  |  | — |  |  |  |  |  |  | (0.01) |  |
2021 YTD Reported Earnings Per Share | $ | 1.07 |  |  |  | $ | 0.32 |  |  |  | $ | 0.04 |  |  |  | $ | (0.18) |  |  |  |  |  |  | $ | 1.25 |  |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 734 million shares to 769 million.

(a) Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.08), DEI base rate increases, effective August 2020 (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont Tennessee rate case, effective January 2021.
(b) Primarily due to lower labor costs and employee-related expenses, partially offset by higher storm costs.
(c) Primarily the loss of ACP earnings.
(d) Primarily due to Texas Storm Uri in February 2021.
(e) Excludes rate case impacts.
(f) Other includes market returns certain benefit trusts.
12

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020 |  |
Operating Revenues |  |  |  |  |  |  |  |  |
Regulated electric |  |  |  |  | $ | 5,219 |  |  | $ | 5,124 |  |  |
Regulated natural gas |  |  |  |  | 749 |  |  | 638 |  |  |
Nonregulated electric and other |  |  |  |  | 182 |  |  | 187 |  |  |
Total operating revenues |  |  |  |  | 6,150 |  |  | 5,949 |  |  |
Operating Expenses |  |  |  |  |  |  |  |  |
Fuel used in electric generation and purchased power |  |  |  |  | 1,443 |  |  | 1,447 |  |  |
Cost of natural gas |  |  |  |  | 276 |  |  | 199 |  |  |
Operation, maintenance and other |  |  |  |  | 1,402 |  |  | 1,339 |  |  |
Depreciation and amortization |  |  |  |  | 1,226 |  |  | 1,130 |  |  |
Property and other taxes |  |  |  |  | 353 |  |  | 345 |  |  |
Impairment of assets and other charges |  |  |  |  | — |  |  | 2 |  |  |
Total operating expenses |  |  |  |  | 4,700 |  |  | 4,462 |  |  |
Gains on Sales of Other Assets and Other, net |  |  |  |  | — |  |  | 1 |  |  |
Operating Income |  |  |  |  | 1,450 |  |  | 1,488 |  |  |
Other Income and Expenses |  |  |  |  |  |  |  |  |
Equity in (losses) earnings of unconsolidated affiliates |  |  |  |  | (17) |  |  | 44 |  |  |
Other income and expenses, net |  |  |  |  | 127 |  |  | 46 |  |  |
Total other income and expenses |  |  |  |  | 110 |  |  | 90 |  |  |
Interest Expense |  |  |  |  | 535 |  |  | 551 |  |  |
Income Before Income Taxes |  |  |  |  | 1,025 |  |  | 1,027 |  |  |
Income Tax Expense |  |  |  |  | 84 |  |  | 137 |  |  |
Net Income |  |  |  |  | 941 |  |  | 890 |  |  |
Add: Net Loss Attributable to Noncontrolling Interests |  |  |  |  | 51 |  |  | 48 |  |  |
Net Income Attributable to Duke Energy Corporation |  |  |  |  | 992 |  |  | 938 |  |  |
Less: Preferred Dividends |  |  |  |  | 39 |  |  | 39 |  |  |
Net Income Available to Duke Energy Corporation Common Stockholders |  |  |  |  | $ | 953 |  |  | $ | 899 |  |  |
Earnings Per Share – Basic and Diluted |  |  |  |  |  |  |  |  |
Net income available to Duke Energy Corporation common stockholders |  |  |  |  |  |  |  |  |
Basic and Diluted |  |  |  |  | $ | 1.25 |  |  | $ | 1.24 |  |  |
Weighted average shares outstanding |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | 769 |  |  | 734 |  |  |
Diluted |  |  |  |  | 769 |  |  | 736 |  |  |

13

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In millions) | March 31, 2021 |  | December 31, 2020
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 379 |  |  | $ | 259 |
Receivables (net of allowance for doubtful accounts of $31 at 2021 and $29 at 2020) | 950 |  |  | 1,009 |
Receivables of VIEs (net of allowance for doubtful accounts of $116 at 2021 and $117 at 2020) | 1,834 |  |  | 2,144 |
Inventory | 3,076 |  |  | 3,167 |
Regulatory assets (includes $54 at 2021 and $53 at 2020 related to VIEs) | 1,650 |  |  | 1,641 |
Other (includes $333 at 2021 and $296 at 2020 related to VIEs) | 619 |  |  | 462 |
Total current assets | 8,508 |  |  | 8,682 |
Property, Plant and Equipment |  |  |
Cost | 157,372 |  |  | 155,580 |
Accumulated depreciation and amortization | (49,772) |  |  | (48,827) |
Generation facilities to be retired, net | 29 |  |  | 29 |
Net property, plant and equipment | 107,629 |  |  | 106,782 |
Other Noncurrent Assets |  |  |
Goodwill | 19,303 |  |  | 19,303 |
Regulatory assets (includes $927 at 2021 and $937 at 2020 related to VIEs) | 12,441 |  |  | 12,421 |
Nuclear decommissioning trust funds | 9,410 |  |  | 9,114 |
Operating lease right-of-use assets, net | 1,540 |  |  | 1,524 |
Investments in equity method unconsolidated affiliates | 919 |  |  | 961 |
Other (includes $82 at 2021 and $81 at 2020 related to VIEs) | 3,715 |  |  | 3,601 |
Total other noncurrent assets | 47,328 |  |  | 46,924 |
Total Assets | $ | 163,465 |  |  | $ | 162,388 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 2,497 |  |  | $ | 3,144 |
Notes payable and commercial paper | 4,064 |  |  | 2,873 |
Taxes accrued | 574 |  |  | 482 |
Interest accrued | 536 |  |  | 537 |
Current maturities of long-term debt (includes $472 at 2021 and 2020 related to VIEs) | 5,586 |  |  | 4,238 |
Asset retirement obligations | 709 |  |  | 718 |
Regulatory liabilities | 1,509 |  |  | 1,377 |
Other | 1,858 |  |  | 2,936 |
Total current liabilities | 17,333 |  |  | 16,305 |
Long-Term Debt (includes $3,686 at 2021 and $3,535 at 2020 related to VIEs) | 54,768 |  |  | 55,625 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 9,459 |  |  | 9,244 |
Asset retirement obligations | 12,299 |  |  | 12,286 |
Regulatory liabilities | 15,070 |  |  | 15,029 |
Operating lease liabilities | 1,352 |  |  | 1,340 |
Accrued pension and other post-retirement benefit costs | 1,010 |  |  | 969 |
Investment tax credits | 747 |  |  | 687 |
Other (includes $331 at 2021 and $316 at 2020 related to VIEs) | 1,769 |  |  | 1,719 |
Total other noncurrent liabilities | 41,706 |  |  | 41,274 |
Commitments and Contingencies |  |  |
Equity |  |  |
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020 | 973 |  |  | 973 |
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020 | 989 |  |  | 989 |
Common Stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 2020 | 1 |  |  | 1 |
Additional paid-in capital | 43,761 |  |  | 43,767 |
Retained earnings | 2,680 |  |  | 2,471 |
Accumulated other comprehensive loss | (218) |  |  | (237) |
Total Duke Energy Corporation stockholders' equity | 48,186 |  |  | 47,964 |
Noncontrolling interests | 1,472 |  |  | 1,220 |
Total equity | 49,658 |  |  | 49,184 |
Total Liabilities and Equity | $ | 163,465 |  |  | $ | 162,388 |

14

DUKE ENERGY CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In millions) |
|  | Three Months Ended March 31, |
|  | 2021 |  | 2020 |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |
Net Income |  | $ | 941 |  |  | $ | 890 |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities |  | 1,147 |  |  | 664 |  |  |  |
Net cash provided by operating activities |  | 2,088 |  |  | 1,554 |  |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |
Net cash used in investing activities |  | (3,137) |  |  | (3,022) |  |  |  |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |
Net cash provided by financing activities |  | 1,185 |  |  | 2,593 |  |  |  |
Net increase in cash, cash equivalents and restricted cash |  | 136 |  |  | 1,125 |  |  |  |
Cash, cash equivalents and restricted cash at beginning of period |  | 556 |  |  | 573 |  |  |  |
Cash, cash equivalents and restricted cash at end of period |  | $ | 692 |  |  | $ | 1,698 |  |  |  |

15

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended March 31, 2021
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 5,281 |  | $ | — |  | $ | — |  | $ | — |  | $ | (62) |  | $ | 5,219 |
Regulated natural gas | — |  | 772 |  | — |  | — |  | (23) |  | 749 |
Nonregulated electric and other | — |  | 3 |  | 119 |  | 26 |  | 34 |  | 182 |
Total operating revenues | 5,281 |  | 775 |  | 119 |  | 26 |  | (51) |  | 6,150 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,462 |  | — |  | — |  | — |  | (19) |  | 1,443 |
Cost of natural gas | — |  | 276 |  | — |  | — |  | — |  | 276 |
Operation, maintenance and other | 1,282 |  | 102 |  | 72 |  | (24) |  | (30) |  | 1,402 |
Depreciation and amortization | 1,057 |  | 68 |  | 53 |  | 55 |  | (7) |  | 1,226 |
Property and other taxes | 311 |  | 35 |  | 9 |  | (3) |  | 1 |  | 353 |
Total operating expenses | 4,112 |  | 481 |  | 134 |  | 28 |  | (55) |  | 4,700 |
Operating Income (Loss) | 1,169 |  | 294 |  | (15) |  | (2) |  | 4 |  | 1,450 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates | 3 |  | — |  | (27) |  | 7 |  | — |  | (17) |
Other income and expenses, net | 101 |  | 17 |  | 2 |  | 14 |  | (7) |  | 127 |
Total Other Income and Expenses | 104 |  | 17 |  | (25) |  | 21 |  | (7) |  | 110 |
Interest Expense | 340 |  | 33 |  | 13 |  | 151 |  | (2) |  | 535 |
Income (Loss) Before Income Taxes | 933 |  | 278 |  | (53) |  | (132) |  | (1) |  | 1,025 |
Income Tax Expense (Benefit) | 113 |  | 33 |  | (29) |  | (32) |  | (1) |  | 84 |
Net Income (Loss) | 820 |  | 245 |  | (24) |  | (100) |  | — |  | 941 |
Add: Net Loss Attributable to Noncontrolling Interest | — |  | — |  | 51 |  | — |  | — |  | 51 |
Net Income Attributable to Duke Energy Corporation | 820 |  | 245 |  | 27 |  | (100) |  | — |  | 992 |
Less: Preferred Dividends | — |  | — |  | — |  | 39 |  | — |  | 39 |
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 820 |  | $ | 245 |  | $ | 27 |  | $ | (139) |  | $ | — |  | $ | 953 |
Special Item | — |  | 5 |  | — |  | — |  | — |  | 5 |
Adjusted Earnings(a) | $ | 820 |  | $ | 250 |  | $ | 27 |  | $ | (139) |  | $ | — |  | $ | 958 |

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
16

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended March 31, 2020
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 5,183 |  | $ | — |  | $ | 1 |  | $ | — |  | $ | (60) |  | $ | 5,124 |
Regulated natural gas | — |  | 661 |  | — |  | — |  | (23) |  | 638 |
Nonregulated electric and other | — |  | 3 |  | 128 |  | 23 |  | 33 |  | 187 |
Total operating revenues | 5,183 |  | 664 |  | 129 |  | 23 |  | (50) |  | 5,949 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,467 |  | — |  | — |  | — |  | (20) |  | 1,447 |
Cost of natural gas | — |  | 199 |  | — |  | — |  | — |  | 199 |
Operation, maintenance and other | 1,325 |  | 110 |  | 69 |  | (138) |  | (27) |  | 1,339 |
Depreciation and amortization | 977 |  | 66 |  | 48 |  | 45 |  | (6) |  | 1,130 |
Property and other taxes | 303 |  | 30 |  | 8 |  | 4 |  | — |  | 345 |
Impairment of assets and other charges | 2 |  | — |  | — |  | — |  | — |  | 2 |
Total operating expenses | 4,074 |  | 405 |  | 125 |  | (89) |  | (53) |  | 4,462 |
Gains on Sales of Other Assets and Other, net | 1 |  | — |  | — |  | — |  | — |  | 1 |
Operating Income | 1,110 |  | 259 |  | 4 |  | 112 |  | 3 |  | 1,488 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates | 2 |  | 37 |  | (2) |  | 7 |  | — |  | 44 |
Other income and expenses, net | 83 |  | 12 |  | 1 |  | (40) |  | (10) |  | 46 |
Total Other Income and Expenses | 85 |  | 49 |  | (1) |  | (33) |  | (10) |  | 90 |
Interest Expense | 339 |  | 31 |  | 18 |  | 171 |  | (8) |  | 551 |
Income (Loss) Before Income Taxes | 856 |  | 277 |  | (15) |  | (92) |  | 1 |  | 1,027 |
Income Tax Expense (Benefit) | 151 |  | 28 |  | (24) |  | (19) |  | 1 |  | 137 |
Net Income (Loss) | 705 |  | 249 |  | 9 |  | (73) |  | — |  | 890 |
Add: Net Loss Attributable to Noncontrolling Interest | — |  | — |  | 48 |  | — |  | — |  | 48 |
Net Income Attributable to Duke Energy Corporation | 705 |  | 249 |  | 57 |  | (73) |  | — |  | 938 |
Less: Preferred Dividends | — |  | — |  | — |  | 39 |  | — |  | 39 |
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 705 |  | $ | 249 |  | $ | 57 |  | $ | (112) |  | $ | — |  | $ | 899 |
Special Item | — |  | — |  | — |  | (75) |  | — |  | (75) |
Adjusted Earnings(a) | $ | 705 |  | $ | 249 |  | $ | 57 |  | $ | (187) |  | $ | — |  | $ | 824 |

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
17

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

| March 31, 2021
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy
Current Assets |  |  |  |  |  |
Cash and cash equivalents | $ | 110 |  | $ | 6 |  | $ | 13 |  | $ | 251 |  | $ | (1) |  | $ | 379 |
Receivables, net | 487 |  | 266 |  | 191 |  | 5 |  | 1 |  | 950 |
Receivables of variable interest entities, net | 1,834 |  | — |  | — |  | — |  | — |  | 1,834 |
Receivables from affiliated companies | 117 |  | 337 |  | 655 |  | 1,212 |  | (2,321) |  | — |
Notes receivable from affiliated companies | 21 |  | 189 |  | — |  | 1,110 |  | (1,320) |  | — |
Inventory | 2,885 |  | 54 |  | 93 |  | 45 |  | (1) |  | 3,076 |
Regulatory assets | 1,434 |  | 119 |  | — |  | 97 |  | — |  | 1,650 |
Other | 337 |  | 18 |  | 241 |  | 83 |  | (60) |  | 619 |
Total current assets | 7,225 |  | 989 |  | 1,193 |  | 2,803 |  | (3,702) |  | 8,508 |
Property, Plant and Equipment |  |  |  |  |  |
Cost | 135,001 |  | 13,056 |  | 6,910 |  | 2,504 |  | (99) |  | 157,372 |
Accumulated depreciation and amortization | (44,481) |  | (2,609) |  | (1,272) |  | (1,409) |  | (1) |  | (49,772) |
Generation facilities to be retired, net | 29 |  | — |  | — |  | — |  | — |  | 29 |
Net property, plant and equipment | 90,549 |  | 10,447 |  | 5,638 |  | 1,095 |  | (100) |  | 107,629 |
Other Noncurrent Assets |  |  |  |  |  |
Goodwill | 17,379 |  | 1,924 |  | — |  | — |  | — |  | 19,303 |
Regulatory assets | 11,198 |  | 731 |  | — |  | 513 |  | (1) |  | 12,441 |
Nuclear decommissioning trust funds | 9,410 |  | — |  | — |  | — |  | — |  | 9,410 |
Operating lease right-of-use assets, net | 1,123 |  | 19 |  | 122 |  | 276 |  | — |  | 1,540 |
Investments in equity method unconsolidated affiliates | 108 |  | 215 |  | 484 |  | 112 |  | — |  | 919 |
Investment in consolidated subsidiaries | 558 |  | 3 |  | — |  | 65,375 |  | (65,936) |  | — |
Other | 2,063 |  | 305 |  | 113 |  | 1,857 |  | (623) |  | 3,715 |
Total other noncurrent assets | 41,839 |  | 3,197 |  | 719 |  | 68,133 |  | (66,560) |  | 47,328 |
Total Assets | 139,613 |  | 14,633 |  | 7,550 |  | 72,031 |  | (70,362) |  | 163,465 |
Segment reclassifications, intercompany balances and other | (879) |  | (494) |  | (656) |  | (68,321) |  | 70,350 |  | — |
Segment Assets | $ | 138,734 |  | $ | 14,139 |  | $ | 6,894 |  | $ | 3,710 |  | $ | (12) |  | $ | 163,465 |

18

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

| March 31, 2021
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy
Current Liabilities |  |  |  |  |  |
Accounts payable | $ | 1,819 |  | $ | 214 |  | $ | 108 |  | $ | 355 |  | $ | 1 |  | $ | 2,497 |
Accounts payable to affiliated companies | 608 |  | 22 |  | 658 |  | 945 |  | (2,233) |  | — |
Notes payable to affiliated companies | 1,113 |  | 80 |  | 50 |  | 89 |  | (1,332) |  | — |
Notes payable and commercial paper | — |  | — |  | 89 |  | 3,975 |  | — |  | 4,064 |
Taxes accrued | 582 |  | 50 |  | (150) |  | 93 |  | (1) |  | 574 |
Interest accrued | 357 |  | 45 |  | 2 |  | 133 |  | (1) |  | 536 |
Current maturities of long-term debt | 2,888 |  | 187 |  | 166 |  | 2,349 |  | (4) |  | 5,586 |
Asset retirement obligations | 709 |  | — |  | — |  | — |  | — |  | 709 |
Regulatory liabilities | 1,417 |  | 91 |  | — |  | 1 |  | — |  | 1,509 |
Other | 1,336 |  | 116 |  | 106 |  | 437 |  | (137) |  | 1,858 |
Total current liabilities | 10,829 |  | 805 |  | 1,029 |  | 8,377 |  | (3,707) |  | 17,333 |
Long-Term Debt | 33,899 |  | 3,649 |  | 1,585 |  | 15,730 |  | (95) |  | 54,768 |
Long-Term Debt Payable to Affiliated Companies | 618 |  | 7 |  | — |  | — |  | (625) |  | — |
Other Noncurrent Liabilities |  |  |  |  |  |
Deferred income taxes | 10,533 |  | 1,140 |  | (595) |  | (1,619) |  | — |  | 9,459 |
Asset retirement obligations | 12,081 |  | 63 |  | 155 |  | — |  | — |  | 12,299 |
Regulatory liabilities | 13,621 |  | 1,426 |  | — |  | 23 |  | — |  | 15,070 |
Operating lease liabilities | 1,027 |  | 17 |  | 126 |  | 182 |  | — |  | 1,352 |
Accrued pension and other post-retirement benefit costs | 456 |  | 37 |  | (27) |  | 545 |  | (1) |  | 1,010 |
Investment tax credits | 745 |  | 2 |  | — |  | — |  | — |  | 747 |
Other | 803 |  | 261 |  | 357 |  | 536 |  | (188) |  | 1,769 |
Total other noncurrent liabilities | 39,266 |  | 2,946 |  | 16 |  | (333) |  | (189) |  | 41,706 |
Equity |  |  |  |  |  |
Total Duke Energy Corporation stockholders' equity | 55,001 |  | 7,226 |  | 3,450 |  | 48,255 |  | (65,746) |  | 48,186 |
Noncontrolling interests | — |  | — |  | 1,470 |  | 2 |  | — |  | 1,472 |
Total equity | 55,001 |  | 7,226 |  | 4,920 |  | 48,257 |  | (65,746) |  | 49,658 |
Total Liabilities and Equity | 139,613 |  | 14,633 |  | 7,550 |  | 72,031 |  | (70,362) |  | 163,465 |
Segment reclassifications, intercompany balances and other | (879) |  | (494) |  | (656) |  | (68,321) |  | 70,350 |  | — |
Segment Liabilities and Equity | $ | 138,734 |  | $ | 14,139 |  | $ | 6,894 |  | $ | 3,710 |  | $ | (12) |  | $ | 163,465 |

19

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended March 31, 2021
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure
Operating Revenues | $ | 1,716 |  | $ | 1,401 |  | $ | 1,101 |  | $ | 363 |  | $ | 745 |  | $ | (45) |  | $ | 5,281 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 422 |  | 436 |  | 359 |  | 82 |  | 217 |  | (54) |  | 1,462 |
Operation, maintenance and other | 432 |  | 352 |  | 238 |  | 81 |  | 176 |  | 3 |  | 1,282 |
Depreciation and amortization | 359 |  | 285 |  | 200 |  | 54 |  | 152 |  | 7 |  | 1,057 |
Property and other taxes | 83 |  | 49 |  | 93 |  | 71 |  | 21 |  | (6) |  | 311 |
Total operating expenses | 1,296 |  | 1,122 |  | 890 |  | 288 |  | 566 |  | (50) |  | 4,112 |
Operating Income | 420 |  | 279 |  | 211 |  | 75 |  | 179 |  | 5 |  | 1,169 |
Other Income and Expenses, net(b) | 48 |  | 24 |  | 18 |  | 4 |  | 9 |  | 1 |  | 104 |
Interest Expense | 124 |  | 69 |  | 80 |  | 22 |  | 50 |  | (5) |  | 340 |
Income Before Income Taxes | 344 |  | 234 |  | 149 |  | 57 |  | 138 |  | 11 |  | 933 |
Income Tax Expense | 25 |  | 21 |  | 30 |  | 7 |  | 24 |  | 6 |  | 113 |
Segment Income | $ | 319 |  | $ | 213 |  | $ | 119 |  | $ | 50 |  | $ | 114 |  | $ | 5 |  | $ | 820 |

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $16 million for Duke Energy Carolinas, $8 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana.
20

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

| March 31, 2021
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 12 |  | $ | 46 |  | $ | 22 |  | $ | 13 |  | $ | 17 |  | $ | — |  | $ | 110 |
Receivables, net | 171 |  | 80 |  | 84 |  | 88 |  | 63 |  | 1 |  | 487 |
Receivables of variable interest entities, net | 613 |  | 422 |  | 327 |  | — |  | — |  | 472 |  | 1,834 |
Receivables from affiliated companies | 119 |  | 70 |  | 7 |  | 58 |  | 62 |  | (199) |  | 117 |
Notes receivable from affiliated companies | — |  | — |  | — |  | — |  | 51 |  | (30) |  | 21 |
Inventory | 1,021 |  | 882 |  | 455 |  | 91 |  | 436 |  | — |  | 2,885 |
Regulatory assets | 433 |  | 469 |  | 352 |  | 23 |  | 151 |  | 6 |  | 1,434 |
Other | 90 |  | 138 |  | 82 |  | (3) |  | 34 |  | (4) |  | 337 |
Total current assets | 2,459 |  | 2,107 |  | 1,329 |  | 270 |  | 814 |  | 246 |  | 7,225 |
Property, Plant and Equipment |  |  |  |  |  |  |
Cost | 51,027 |  | 36,077 |  | 22,459 |  | 7,500 |  | 17,548 |  | 390 |  | 135,001 |
Accumulated depreciation and amortization | (17,690) |  | (13,064) |  | (5,646) |  | (2,249) |  | (5,821) |  | (11) |  | (44,481) |
Generation facilities to be retired, net | — |  | 29 |  | — |  | — |  | — |  | — |  | 29 |
Net property, plant and equipment | 33,337 |  | 23,042 |  | 16,813 |  | 5,251 |  | 11,727 |  | 379 |  | 90,549 |
Other Noncurrent Assets |  |  |  |  |  |  |
Goodwill | — |  | — |  | — |  | 596 |  | — |  | 16,783 |  | 17,379 |
Regulatory assets | 3,028 |  | 4,033 |  | 1,717 |  | 353 |  | 1,217 |  | 850 |  | 11,198 |
Nuclear decommissioning trust funds | 5,147 |  | 3,645 |  | 617 |  | — |  | — |  | 1 |  | 9,410 |
Operating lease right-of-use assets, net | 105 |  | 386 |  | 333 |  | 20 |  | 54 |  | 225 |  | 1,123 |
Investments in equity method unconsolidated affiliates | — |  | — |  | 1 |  | — |  | — |  | 107 |  | 108 |
Investment in consolidated subsidiaries | 49 |  | 14 |  | 2 |  | 244 |  | 1 |  | 248 |  | 558 |
Other | 1,186 |  | 759 |  | 354 |  | 58 |  | 251 |  | (545) |  | 2,063 |
Total other noncurrent assets | 9,515 |  | 8,837 |  | 3,024 |  | 1,271 |  | 1,523 |  | 17,669 |  | 41,839 |
Total Assets | 45,311 |  | 33,986 |  | 21,166 |  | 6,792 |  | 14,064 |  | 18,294 |  | 139,613 |
Segment reclassifications, intercompany balances and other | (313) |  | (119) |  | (103) |  | (248) |  | (77) |  | (19) |  | (879) |
Reportable Segment Assets | $ | 44,998 |  | $ | 33,867 |  | $ | 21,063 |  | $ | 6,544 |  | $ | 13,987 |  | $ | 18,275 |  | $ | 138,734 |

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company.
21

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

| March 31, 2021
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure
Current Liabilities |  |  |  |  |  |  |
Accounts payable | $ | 643 |  | $ | 339 |  | $ | 457 |  | $ | 217 |  | $ | 163 |  | $ | — |  | $ | 1,819 |
Accounts payable to affiliated companies | 206 |  | 225 |  | 108 |  | 17 |  | 72 |  | (20) |  | 608 |
Notes payable to affiliated companies | 508 |  | 163 |  | 279 |  | 180 |  | — |  | (17) |  | 1,113 |
Taxes accrued | 140 |  | 75 |  | 85 |  | 166 |  | 122 |  | (6) |  | 582 |
Interest accrued | 128 |  | 71 |  | 75 |  | 24 |  | 59 |  | — |  | 357 |
Current maturities of long-term debt | 507 |  | 1,302 |  | 824 |  | 23 |  | 123 |  | 109 |  | 2,888 |
Asset retirement obligations | 258 |  | 267 |  | — |  | 8 |  | 176 |  | — |  | 709 |
Regulatory liabilities | 559 |  | 618 |  | 84 |  | 37 |  | 119 |  | — |  | 1,417 |
Other | 440 |  | 382 |  | 356 |  | 63 |  | 83 |  | 12 |  | 1,336 |
Total current liabilities | 3,389 |  | 3,442 |  | 2,268 |  | 735 |  | 917 |  | 78 |  | 10,829 |
Long-Term Debt | 11,522 |  | 7,904 |  | 7,060 |  | 2,446 |  | 3,818 |  | 1,149 |  | 33,899 |
Long-Term Debt Payable to Affiliated Companies | 300 |  | 150 |  | — |  | 18 |  | 150 |  | — |  | 618 |
Other Noncurrent Liabilities |  |  |  |  |  |  |
Deferred income taxes | 3,960 |  | 2,386 |  | 2,210 |  | 711 |  | 1,231 |  | 35 |  | 10,533 |
Asset retirement obligations | 5,117 |  | 5,366 |  | 493 |  | 61 |  | 997 |  | 47 |  | 12,081 |
Regulatory liabilities | 6,540 |  | 4,454 |  | 672 |  | 343 |  | 1,629 |  | (17) |  | 13,621 |
Operating lease liabilities | 93 |  | 356 |  | 292 |  | 20 |  | 52 |  | 214 |  | 1,027 |
Accrued pension and other post-retirement benefit costs | 72 |  | 240 |  | 230 |  | 85 |  | 172 |  | (343) |  | 456 |
Investment tax credits | 235 |  | 131 |  | 208 |  | 3 |  | 168 |  | — |  | 745 |
Other | 617 |  | 87 |  | 59 |  | 59 |  | 34 |  | (53) |  | 803 |
Total other noncurrent liabilities | 16,634 |  | 13,020 |  | 4,164 |  | 1,282 |  | 4,283 |  | (117) |  | 39,266 |
Equity | 13,466 |  | 9,470 |  | 7,674 |  | 2,311 |  | 4,896 |  | 17,184 |  | 55,001 |
Total Liabilities and Equity | 45,311 |  | 33,986 |  | 21,166 |  | 6,792 |  | 14,064 |  | 18,294 |  | 139,613 |
Segment reclassifications, intercompany balances and other | (313) |  | (119) |  | (103) |  | (248) |  | (77) |  | (19) |  | (879) |
Reportable Segment Liabilities and Equity | $ | 44,998 |  | $ | 33,867 |  | $ | 21,063 |  | $ | 6,544 |  | $ | 13,987 |  | $ | 18,275 |  | $ | 138,734 |

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
22

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended March 31, 2021
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC |  |  | Gas Utilities and Infrastructure(b)
Operating Revenues | $ | 169 |  | $ | 606 |  |  |  | $ | 775 |
Operating Expenses |  |  |  |  |
Cost of natural gas | 51 |  | 225 |  |  |  | 276 |
Operation, maintenance and other | 25 |  | 77 |  |  |  | 102 |
Depreciation and amortization | 20 |  | 48 |  |  |  | 68 |
Property and other taxes | 21 |  | 14 |  |  |  | 35 |
Total operating expenses | 117 |  | 364 |  |  |  | 481 |
Operating Income | 52 |  | 242 |  |  |  | 294 |
Other income and expenses, net | 2 |  | 15 |  |  |  | 17 |
Interest Expense | 4 |  | 29 |  |  |  | 33 |
Income Before Income Taxes | 50 |  | 228 |  |  |  | 278 |
Income Tax Expense | 7 |  | 26 |  |  |  | 33 |
Segment Income | $ | 43 |  | $ | 202 |  |  |  | $ | 245 |

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
23

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

| March 31, 2021
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure
Current Assets |  |  |  |  |
Cash and cash equivalents | $ | 4 |  | $ | 1 |  | $ | — |  | $ | 1 |  | $ | 6 |
Receivables, net | 10 |  | 257 |  | — |  | (1) |  | 266 |
Receivables from affiliated companies | 2 |  | 65 |  | 355 |  | (85) |  | 337 |
Notes receivable from affiliated companies | — |  | 198 |  | — |  | (9) |  | 189 |
Inventory | 17 |  | 37 |  | — |  | — |  | 54 |
Regulatory assets | 18 |  | 100 |  | — |  | 1 |  | 119 |
Other | 7 |  | 11 |  | 1 |  | (1) |  | 18 |
Total current assets | 58 |  | 669 |  | 356 |  | (94) |  | 989 |
Property, Plant and Equipment |  |  |  |  |
Cost | 3,699 |  | 9,357 |  | — |  | — |  | 13,056 |
Accumulated depreciation and amortization | (801) |  | (1,809) |  | — |  | 1 |  | (2,609) |
Net property, plant and equipment | 2,898 |  | 7,548 |  | — |  | 1 |  | 10,447 |
Other Noncurrent Assets |  |  |  |  |
Goodwill | 324 |  | 49 |  | — |  | 1,551 |  | 1,924 |
Regulatory assets | 280 |  | 324 |  | — |  | 127 |  | 731 |
Operating lease right-of-use assets, net | — |  | 19 |  | — |  | — |  | 19 |
Investments in equity method unconsolidated affiliates | — |  | — |  | 210 |  | 5 |  | 215 |
Investment in consolidated subsidiaries | — |  | — |  | — |  | 3 |  | 3 |
Other | 17 |  | 273 |  | 16 |  | (1) |  | 305 |
Total other noncurrent assets | 621 |  | 665 |  | 226 |  | 1,685 |  | 3,197 |
Total Assets | 3,577 |  | 8,882 |  | 582 |  | 1,592 |  | 14,633 |
Segment reclassifications, intercompany balances and other | (2) |  | (54) |  | 5 |  | (443) |  | (494) |
Reportable Segment Assets | $ | 3,575 |  | $ | 8,828 |  | $ | 587 |  | $ | 1,149 |  | $ | 14,139 |

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
24

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

| March 31, 2021
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure
Current Liabilities |  |  |  |  |
Accounts payable | $ | 49 |  | $ | 166 |  | $ | — |  | $ | (1) |  | $ | 214 |
Accounts payable to affiliated companies | 5 |  | 45 |  | 62 |  | (90) |  | 22 |
Notes payable to affiliated companies | 90 |  | — |  | — |  | (10) |  | 80 |
Taxes accrued | 16 |  | 67 |  | (33) |  | — |  | 50 |
Interest accrued | 8 |  | 37 |  | — |  | — |  | 45 |
Current maturities of long-term debt | 26 |  | 160 |  | — |  | 1 |  | 187 |
Regulatory liabilities | 21 |  | 70 |  | — |  | — |  | 91 |
Other | 4 |  | 72 |  | 39 |  | 1 |  | 116 |
Total current liabilities | 219 |  | 617 |  | 68 |  | (99) |  | 805 |
Long-Term Debt | 570 |  | 2,967 |  | — |  | 112 |  | 3,649 |
Long-Term Debt Payable to Affiliated Companies | 7 |  | — |  | — |  | — |  | 7 |
Other Noncurrent Liabilities |  |  |  |  |
Deferred income taxes | 298 |  | 821 |  | 19 |  | 2 |  | 1,140 |
Asset retirement obligations | 43 |  | 20 |  | — |  | — |  | 63 |
Regulatory liabilities | 397 |  | 1,015 |  | — |  | 14 |  | 1,426 |
Operating lease liabilities | — |  | 17 |  | — |  | — |  | 17 |
Accrued pension and other post-retirement benefit costs | 29 |  | 8 |  | — |  | — |  | 37 |
Investment tax credits | 1 |  | 1 |  | — |  | — |  | 2 |
Other | 35 |  | 177 |  | 49 |  | — |  | 261 |
Total other noncurrent liabilities | 803 |  | 2,059 |  | 68 |  | 16 |  | 2,946 |
Equity | 1,978 |  | 3,239 |  | 446 |  | 1,563 |  | 7,226 |
Total Liabilities and Equity | 3,577 |  | 8,882 |  | 582 |  | 1,592 |  | 14,633 |
Segment reclassifications, intercompany balances and other | (2) |  | (54) |  | 5 |  | (443) |  | (494) |
Reportable Segment Liabilities and Equity | $ | 3,575 |  | $ | 8,828 |  | $ | 587 |  | $ | 1,149 |  | $ | 14,139 |

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
25

Electric Utilities and Infrastructure
Quarterly Highlights
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 23,769 |  |  | 20,874 |  |  | 13.9 | % |  | 2.6 | %
| General Service |  |  |  |  |  |  |  |  | 17,308 |  |  | 17,682 |  |  | (2.1 | %) |  | (5.0 | %)
| Industrial |  |  |  |  |  |  |  |  | 11,769 |  |  | 11,983 |  |  | (1.8 | %) |  | (2.0 | %)
| Other Energy Sales |  |  |  |  |  |  |  |  | 139 |  |  | 144 |  |  | (3.5 | %) |  | n/a
| Unbilled Sales |  |  |  |  |  |  |  |  | (2,082) |  |  | (585) |  |  | (255.9 | %) |  | n/a
| Total Retail Sales |  |  |  |  |  |  |  |  | 50,903 |  |  | 50,098 |  |  | 1.6 | % |  | (1.1 | %)
| Wholesale and Other |  |  |  |  |  |  |  |  | 9,880 |  |  | 8,854 |  |  | 11.6 | % |  |
| Total Consolidated Electric Sales – Electric Utilities and Infrastructure |  |  |  |  |  |  |  |  | 60,783 |  |  | 58,952 |  |  | 3.1 | % |  |
Average Number of Customers (Electric) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 6,937,684 |  |  | 6,811,644 |  |  | 1.9 | % |  |
| General Service |  |  |  |  |  |  |  |  | 1,011,684 |  |  | 996,789 |  |  | 1.5 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 17,187 |  |  | 17,314 |  |  | (0.7 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 30,668 |  |  | 30,930 |  |  | (0.8 | %) |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 7,997,223 |  |  | 7,856,677 |  |  | 1.8 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 39 |  |  | 46 |  |  | (15.2 | %) |  |
| Total Average Number of Customers – Electric Utilities and Infrastructure |  |  |  |  |  |  |  |  | 7,997,262 |  |  | 7,856,723 |  |  | 1.8 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 13,071 |  |  | 7,152 |  |  | 82.8 | % |  |
| Nuclear |  |  |  |  |  |  |  |  | 18,972 |  |  | 18,804 |  |  | 0.9 | % |  |
| Hydro |  |  |  |  |  |  |  |  | 963 |  |  | 1,021 |  |  | (5.7 | %) |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 17,584 |  |  | 19,587 |  |  | (10.2 | %) |  |
| Renewable Energy |  |  |  |  |  |  |  |  | 301 |  |  | 215 |  |  | 40.0 | % |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 50,891 |  |  | 46,779 |  |  | 8.8 | % |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 13,690 |  |  | 15,163 |  |  | (9.7 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 64,581 |  |  | 61,942 |  |  | 4.3 | % |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 3,798 |  |  | 2,990 |  |  | 27.0 | % |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 60,783 |  |  | 58,952 |  |  | 3.1 | % |  |
Owned Megawatt (MW) Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 50,374 |  |  | 50,635 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 53,795 |  |  | 54,175 |  |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 99 |  |  | 97 |  |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
26

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 8,354 |  |  | 7,361 |  |  | 13.5 | % |  |
| General Service |  |  |  |  |  |  |  |  | 6,570 |  |  | 6,815 |  |  | (3.6 | %) |  |
| Industrial |  |  |  |  |  |  |  |  | 4,758 |  |  | 4,875 |  |  | (2.4 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 75 |  |  | 79 |  |  | (5.1 | %) |  |
| Unbilled Sales |  |  |  |  |  |  |  |  | (355) |  |  | (75) |  |  | (373.3 | %) |  |
| Total Retail Sales |  |  |  |  |  |  |  |  | 19,402 |  |  | 19,055 |  |  | 1.8 | % |  | (1.5 | %)
| Wholesale and Other |  |  |  |  |  |  |  |  | 2,560 |  |  | 2,181 |  |  | 17.4 | % |  |
| Total Consolidated Electric Sales – Duke Energy Carolinas |  |  |  |  |  |  |  |  | 21,962 |  |  | 21,236 |  |  | 3.4 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 2,333,704 |  |  | 2,285,112 |  |  | 2.1 | % |  |
| General Service |  |  |  |  |  |  |  |  | 371,039 |  |  | 364,075 |  |  | 1.9 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 6,070 |  |  | 6,113 |  |  | (0.7 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 22,453 |  |  | 22,787 |  |  | (1.5 | %) |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 2,733,266 |  |  | 2,678,087 |  |  | 2.1 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 19 |  |  | 24 |  |  | (20.8 | %) |  |
| Total Average Number of Customers – Duke Energy Carolinas |  |  |  |  |  |  |  |  | 2,733,285 |  |  | 2,678,111 |  |  | 2.1 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 4,118 |  |  | 2,459 |  |  | 67.5 | % |  |
| Nuclear |  |  |  |  |  |  |  |  | 11,651 |  |  | 11,522 |  |  | 1.1 | % |  |
| Hydro |  |  |  |  |  |  |  |  | 619 |  |  | 743 |  |  | (16.7 | %) |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 4,496 |  |  | 4,868 |  |  | (7.6 | %) |  |
| Renewable Energy |  |  |  |  |  |  |  |  | 67 |  |  | 44 |  |  | 52.3 | % |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 20,951 |  |  | 19,636 |  |  | 6.7 | % |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 2,159 |  |  | 2,415 |  |  | (10.6 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 23,110 |  |  | 22,051 |  |  | 4.8 | % |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 1,148 |  |  | 815 |  |  | 40.9 | % |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 21,962 |  |  | 21,236 |  |  | 3.4 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 20,001 |  |  | 20,192 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 20,877 |  |  | 21,127 |  |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 101 |  |  | 99 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | 1,683 |  |  | 1,390 |  |  | 21.1 | % |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | 5 |  |  | 35 |  |  | (85.7 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | (2.0 | %) |  | (19.6 | %) |  |  |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | (33.2 | %) |  | 382.8 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
27

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 5,481 |  |  | 4,618 |  |  | 18.7 | % |  |
| General Service |  |  |  |  |  |  |  |  | 3,441 |  |  | 3,471 |  |  | (0.9 | %) |  |
| Industrial |  |  |  |  |  |  |  |  | 2,452 |  |  | 2,497 |  |  | (1.8 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 19 |  |  | 19 |  |  | — | % |  |
| Unbilled Sales |  |  |  |  |  |  |  |  | (591) |  |  | (355) |  |  | (66.5 | %) |  |
| Total Retail Sales |  |  |  |  |  |  |  |  | 10,802 |  |  | 10,250 |  |  | 5.4 | % |  | (0.4 | %)
| Wholesale and Other |  |  |  |  |  |  |  |  | 5,735 |  |  | 5,420 |  |  | 5.8 | % |  |
| Total Consolidated Electric Sales – Duke Energy Progress |  |  |  |  |  |  |  |  | 16,537 |  |  | 15,670 |  |  | 5.5 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 1,391,105 |  |  | 1,362,360 |  |  | 2.1 | % |  |
| General Service |  |  |  |  |  |  |  |  | 241,471 |  |  | 237,477 |  |  | 1.7 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 3,997 |  |  | 4,002 |  |  | (0.1 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 1,415 |  |  | 1,416 |  |  | (0.1 | %) |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 1,637,988 |  |  | 1,605,255 |  |  | 2.0 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 8 |  |  | 9 |  |  | (11.1 | %) |  |
| Total Average Number of Customers – Duke Energy Progress |  |  |  |  |  |  |  |  | 1,637,996 |  |  | 1,605,264 |  |  | 2.0 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 2,207 |  |  | 615 |  |  | 258.9 | % |  |
| Nuclear |  |  |  |  |  |  |  |  | 7,321 |  |  | 7,282 |  |  | 0.5 | % |  |
| Hydro |  |  |  |  |  |  |  |  | 280 |  |  | 241 |  |  | 16.2 | % |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 5,432 |  |  | 5,891 |  |  | (7.8 | %) |  |
| Renewable Energy |  |  |  |  |  |  |  |  | 49 |  |  | 52 |  |  | (5.8 | %) |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 15,289 |  |  | 14,081 |  |  | 8.6 | % |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 1,811 |  |  | 2,099 |  |  | (13.7 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 17,100 |  |  | 16,180 |  |  | 5.7 | % |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 563 |  |  | 510 |  |  | 10.4 | % |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 16,537 |  |  | 15,670 |  |  | 5.5 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 12,468 |  |  | 12,442 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 13,612 |  |  | 13,497 |  |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 94 |  |  | 93 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | 1,548 |  |  | 1,186 |  |  | 30.5 | % |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | 14 |  |  | 52 |  |  | (73.1 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | (2.3 | %) |  | (25.8 | %) |  |  |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | 32.1 | % |  | 349.1 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
28

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 4,488 |  |  | 4,060 |  |  | 10.5 | % |  |
| General Service |  |  |  |  |  |  |  |  | 3,216 |  |  | 3,285 |  |  | (2.1 | %) |  |
| Industrial |  |  |  |  |  |  |  |  | 812 |  |  | 769 |  |  | 5.6 | % |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 6 |  |  | 6 |  |  | — | % |  |
| Unbilled Sales |  |  |  |  |  |  |  |  | (402) |  |  | 183 |  |  | (319.7 | %) |  |
| Total Retail Sales |  |  |  |  |  |  |  |  | 8,120 |  |  | 8,303 |  |  | (2.2 | %) |  | 0.3 | %
| Wholesale and Other |  |  |  |  |  |  |  |  | 434 |  |  | 314 |  |  | 38.2 | % |  |
| Total Electric Sales – Duke Energy Florida |  |  |  |  |  |  |  |  | 8,554 |  |  | 8,617 |  |  | (0.7 | %) |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 1,675,242 |  |  | 1,642,342 |  |  | 2.0 | % |  |
| General Service |  |  |  |  |  |  |  |  | 206,790 |  |  | 204,184 |  |  | 1.3 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 1,951 |  |  | 2,010 |  |  | (2.9 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 1,488 |  |  | 1,492 |  |  | (0.3 | %) |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 1,885,471 |  |  | 1,850,028 |  |  | 1.9 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 7 |  |  | 8 |  |  | (12.5 | %) |  |
| Total Average Number of Customers – Duke Energy Florida |  |  |  |  |  |  |  |  | 1,885,478 |  |  | 1,850,036 |  |  | 1.9 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 1,036 |  |  | 35 |  |  | 2,860.0 | % |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 7,176 |  |  | 8,266 |  |  | (13.2 | %) |  |
| Renewable Energy |  |  |  |  |  |  |  |  | 184 |  |  | 114 |  |  | 61.4 | % |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 8,396 |  |  | 8,415 |  |  | (0.2 | %) |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 837 |  |  | 901 |  |  | (7.1 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 9,233 |  |  | 9,316 |  |  | (0.9 | %) |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 679 |  |  | 699 |  |  | (2.9 | %) |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 8,554 |  |  | 8,617 |  |  | (0.7 | %) |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 10,206 |  |  | 10,302 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 11,081 |  |  | 11,347 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | 295 |  |  | 220 |  |  | 34.1 | % |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | 268 |  |  | 470 |  |  | (43.0 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | (20.2 | %) |  | (9.8 | %) |  |  |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | 40.4 | % |  | 138.0 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
29

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 2,587 |  |  | 2,290 |  |  | 13.0 | % |  |
| General Service |  |  |  |  |  |  |  |  | 2,172 |  |  | 2,198 |  |  | (1.2 | %) |  |
| Industrial |  |  |  |  |  |  |  |  | 1,335 |  |  | 1,365 |  |  | (2.2 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 26 |  |  | 27 |  |  | (3.7 | %) |  |
| Unbilled Sales |  |  |  |  |  |  |  |  | (321) |  |  | (152) |  |  | (111.2 | %) |  |
| Total Retail Sales |  |  |  |  |  |  |  |  | 5,799 |  |  | 5,728 |  |  | 1.2 | % |  | (2.1 | %)
| Wholesale and Other |  |  |  |  |  |  |  |  | 205 |  |  | 95 |  |  | 115.8 | % |  |
| Total Electric Sales – Duke Energy Ohio |  |  |  |  |  |  |  |  | 6,004 |  |  | 5,823 |  |  | 3.1 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 785,987 |  |  | 779,652 |  |  | 0.8 | % |  |
| General Service |  |  |  |  |  |  |  |  | 89,654 |  |  | 88,871 |  |  | 0.9 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 2,479 |  |  | 2,491 |  |  | (0.5 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 3,456 |  |  | 3,431 |  |  | 0.7 | % |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 881,576 |  |  | 874,445 |  |  | 0.8 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | — | % |  |
| Total Average Number of Customers – Duke Energy Ohio |  |  |  |  |  |  |  |  | 881,577 |  |  | 874,446 |  |  | 0.8 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 966 |  |  | 622 |  |  | 55.3 | % |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 2 |  |  | (1) |  |  | 300.0 | % |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 968 |  |  | 621 |  |  | 55.9 | % |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 5,781 |  |  | 5,874 |  |  | (1.6 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 6,749 |  |  | 6,495 |  |  | 3.9 | % |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 745 |  |  | 672 |  |  | 10.9 | % |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 6,004 |  |  | 5,823 |  |  | 3.1 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 1,076 |  |  | 1,076 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 1,164 |  |  | 1,164 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | 2,500 |  |  | 2,186 |  |  | 14.4 | % |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | — |  |  | 5 |  |  | (100.0 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | (2.3 | %) |  | (15.1 | %) |  |  |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | (100.0 | %) |  | 45.7 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
30

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc.(Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 2,859 |  |  | 2,545 |  |  | 12.3 | % |  |
| General Service |  |  |  |  |  |  |  |  | 1,909 |  |  | 1,913 |  |  | (0.2 | %) |  |
| Industrial |  |  |  |  |  |  |  |  | 2,412 |  |  | 2,477 |  |  | (2.6 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 13 |  |  | 13 |  |  | — | % |  |
| Unbilled Sales |  |  |  |  |  |  |  |  | (413) |  |  | (186) |  |  | (122.0 | %) |  |
| Total Retail Sales |  |  |  |  |  |  |  |  | 6,780 |  |  | 6,762 |  |  | 0.3 | % |  | (1.6 | %)
| Wholesale and Other |  |  |  |  |  |  |  |  | 946 |  |  | 844 |  |  | 12.1 | % |  |
| Total Electric Sales – Duke Energy Indiana |  |  |  |  |  |  |  |  | 7,726 |  |  | 7,606 |  |  | 1.6 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  |  |  | 751,646 |  |  | 742,178 |  |  | 1.3 | % |  |
| General Service |  |  |  |  |  |  |  |  | 102,730 |  |  | 102,182 |  |  | 0.5 | % |  |
| Industrial |  |  |  |  |  |  |  |  | 2,690 |  |  | 2,698 |  |  | (0.3 | %) |  |
| Other Energy Sales |  |  |  |  |  |  |  |  | 1,856 |  |  | 1,804 |  |  | 2.9 | % |  |
| Total Retail Customers |  |  |  |  |  |  |  |  | 858,922 |  |  | 848,862 |  |  | 1.2 | % |  |
| Wholesale and Other |  |  |  |  |  |  |  |  | 4 |  |  | 4 |  |  | — | % |  |
| Total Average Number of Customers – Duke Energy Indiana |  |  |  |  |  |  |  |  | 858,926 |  |  | 848,866 |  |  | 1.2 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal |  |  |  |  |  |  |  |  | 4,744 |  |  | 3,421 |  |  | 38.7 | % |  |
| Hydro |  |  |  |  |  |  |  |  | 64 |  |  | 37 |  |  | 73.0 | % |  |
| Natural Gas and Oil |  |  |  |  |  |  |  |  | 478 |  |  | 563 |  |  | (15.1 | %) |  |
| Renewable Energy |  |  |  |  |  |  |  |  | 1 |  |  | 5 |  |  | (80.0 | %) |  |
| Total Generation(d) |  |  |  |  |  |  |  |  | 5,287 |  |  | 4,026 |  |  | 31.3 | % |  |
| Purchased Power and Net Interchange(e) |  |  |  |  |  |  |  |  | 3,102 |  |  | 3,874 |  |  | (19.9 | %) |  |
| Total Sources of Energy |  |  |  |  |  |  |  |  | 8,389 |  |  | 7,900 |  |  | 6.2 | % |  |
| Less: Line Loss and Other |  |  |  |  |  |  |  |  | 663 |  |  | 294 |  |  | 125.5 | % |  |
| Total GWh Sources |  |  |  |  |  |  |  |  | 7,726 |  |  | 7,606 |  |  | 1.6 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 6,623 |  |  | 6,623 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 7,061 |  |  | 7,040 |  |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | 2,705 |  |  | 2,457 |  |  | 10.1 | % |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days |  |  |  |  |  |  |  |  | (1.6 | %) |  | (10.6 | %) |  |  |  |
| Cooling Degree Days |  |  |  |  |  |  |  |  | (100.0 | %) |  | (100.0 | %) |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
31

Gas Utilities and Infrastructure
Quarterly Highlights
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc. (Dec.)
Total Sales |  |  |  |  |  |  |  |  |  |  |
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) |  |  |  |  |  |  | 149,626,582 |  |  | 148,503,995 |  |  | 0.8 | %
| Duke Energy Midwest LDC throughput (Mcf) |  |  |  |  |  |  | 37,109,003 |  |  | 33,785,834 |  |  | 9.8 | %
Average Number of Customers – Piedmont Natural Gas |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  | 1,021,856 |  |  | 998,267 |  |  | 2.4 | %
| Commercial |  |  |  |  |  |  | 106,055 |  |  | 105,460 |  |  | 0.6 | %
| Industrial |  |  |  |  |  |  | 965 |  |  | 974 |  |  | (0.9 | %)
| Power Generation |  |  |  |  |  |  | 19 |  |  | 17 |  |  | 11.8 | %
| Total Average Number of Gas Customers – Piedmont Natural Gas |  |  |  |  |  |  | 1,128,895 |  |  | 1,104,718 |  |  | 2.2 | %
Average Number of Customers – Duke Energy Midwest |  |  |  |  |  |  |  |  |  |  |
| Residential |  |  |  |  |  |  | 501,260 |  |  | 496,426 |  |  | 1.0 | %
| General Service |  |  |  |  |  |  | 44,628 |  |  | 45,131 |  |  | (1.1 | %)
| Industrial |  |  |  |  |  |  | 1,610 |  |  | 1,622 |  |  | (0.7 | %)
| Other |  |  |  |  |  |  | 131 |  |  | 132 |  |  | (0.8 | %)
| Total Average Number of Gas Customers – Duke Energy Midwest |  |  |  |  |  |  | 547,629 |  |  | 543,311 |  |  | 0.8 | %

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

Commercial Renewables
Quarterly Highlights
March 2021
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  | 2021 |  | 2020 |  | % Inc. (Dec.)
| Renewable Plant Production, GWh |  |  |  |  |  |  | 2,588 |  |  | 2,437 |  |  | 6.2 | %
| Net Proportional MW Capacity in Operation(a) |  |  |  |  |  |  | 4,294 |  |  | 3,502 |  |  | 22.6 | %

(a) Includes 100% tax equity project capacity.
32