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Revenue | 3 Months Ended
--- | ---
Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I. Electric Utilities and Infrastructure EU&I 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) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total
Progress Energy | $ | 43 |  | $ | 66 |  | $ | 7 |  | $ | 7 |  | $ | 7 |  | $ | 36 |  | $ | 166 |
Duke Energy Progress | 6 |  | 8 |  | — |  | — |  | — |  | — |  | 14 |
Duke Energy Florida | 37 |  | 58 |  | 7 |  | 7 |  | 7 |  | 36 |  | 152 |
Duke Energy Indiana | 10 |  | 16 |  | 17 |  | 15 |  | 7 |  | 5 |  | 70 |
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 GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery. Fixed-capacity payments under long-term contracts for the GU&I 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) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total
Piedmont | $ | 51 |  | $ | 62 |  | $ | 61 |  | $ | 51 |  | $ | 49 |  | $ | 241 |  | $ | 515 |
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 March 31, 2023
|  | 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 | $ | 2,851 |  | $ | 824 |  | $ | 1,421 |  | $ | 607 |  | $ | 814 |  | $ | 234 |  | $ | 372 |  | $ | — |
General | 1,831 |  | 588 |  | 841 |  | 358 |  | 483 |  | 135 |  | 270 |  | — |
Industrial | 891 |  | 296 |  | 272 |  | 177 |  | 95 |  | 71 |  | 251 |  | — |
Wholesale | 550 |  | 135 |  | 348 |  | 319 |  | 29 |  | 9 |  | 58 |  | — |
Other revenues | 144 |  | 78 |  | 121 |  | 68 |  | 53 |  | 27 |  | 15 |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 6,267 |  | $ | 1,921 |  | $ | 3,003 |  | $ | 1,529 |  | $ | 1,474 |  | $ | 476 |  | $ | 966 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 507 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 162 |  | $ | — |  | $ | 345 |
Commercial | 233 |  | — |  | — |  | — |  | — |  | 58 |  | — |  | 175 |
Industrial | 47 |  | — |  | — |  | — |  | — |  | 9 |  | — |  | 37 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 23 |
Other revenues | 40 |  | — |  | — |  | — |  | — |  | 6 |  | — |  | 19 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 827 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 235 |  | $ | — |  | $ | 599 |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 7 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total revenue from contracts with customers | $ | 7,101 |  | $ | 1,921 |  | $ | 3,003 |  | $ | 1,529 |  | $ | 1,474 |  | $ | 711 |  | $ | 966 |  | $ | 599 |
Other revenue sources(a) | $ | 175 |  | $ | 13 |  | $ | 45 |  | $ | 4 |  | $ | 36 |  | $ | (2) |  | $ | 9 |  | $ | 76 |
Total revenues | $ | 7,276 |  | $ | 1,934 |  | $ | 3,048 |  | $ | 1,533 |  | $ | 1,510 |  | $ | 709 |  | $ | 975 |  | $ | 675 |
| Three Months Ended March 31, 2022
|  | 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 | $ | 2,767 |  | $ | 831 |  | $ | 1,368 |  | $ | 624 |  | $ | 744 |  | $ | 211 |  | $ | 354 |  | $ | — |
General | 1,604 |  | 544 |  | 726 |  | 325 |  | 401 |  | 116 |  | 218 |  | — |
Industrial | 772 |  | 276 |  | 270 |  | 194 |  | 76 |  | 35 |  | 192 |  | — |
Wholesale | 626 |  | 113 |  | 411 |  | 349 |  | 62 |  | 23 |  | 79 |  | — |
Other revenues | 202 |  | 111 |  | 211 |  | 139 |  | 72 |  | 21 |  | (36) |  | — |
Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 5,971 |  | $ | 1,875 |  | $ | 2,986 |  | $ | 1,631 |  | $ | 1,355 |  | $ | 406 |  | $ | 807 |  | $ | — |
Gas Utilities and Infrastructure |  |  |  |  |  |  |  |
Residential | $ | 572 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 149 |  | $ | — |  | $ | 423 |
Commercial | 269 |  | — |  | — |  | — |  | — |  | 64 |  | — |  | 204 |
Industrial | 57 |  | — |  | — |  | — |  | — |  | 7 |  | — |  | 50 |
Power Generation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 24 |
Other revenues | 115 |  | — |  | — |  | — |  | — |  | 6 |  | — |  | 93 |
Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 1,013 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 226 |  | $ | — |  | $ | 794 |
Other |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 7 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total revenue from contracts with customers | $ | 6,991 |  | $ | 1,875 |  | $ | 2,986 |  | $ | 1,631 |  | $ | 1,355 |  | $ | 632 |  | $ | 807 |  | $ | 794 |
Other revenue sources(a) | $ | 20 |  | $ | 13 |  | $ | 6 |  | $ | 1 |  | $ | — |  | $ | 6 |  | $ | 15 |  | $ | 11 |
Total revenues | $ | 7,011 |  | $ | 1,888 |  | $ | 2,992 |  | $ | 1,632 |  | $ | 1,355 |  | $ | 638 |  | $ | 822 |  | $ | 805 |
(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. 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 March 31, 2022 and 2023
|  | 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, 2021 | $ | 121 |  | $ | 42 |  | $ | 36 |  | $ | 21 |  | $ | 16 |  | $ | 4 |  | $ | 3 |  | $ | 15 |
Write-Offs | (23) |  | (9) |  | (10) |  | (2) |  | (8) |  | — |  | — |  | (1) |
Credit Loss Expense | 24 |  | 5 |  | 12 |  | 4 |  | 8 |  | — |  | — |  | 3 |
Other Adjustments | 17 |  | 14 |  | 13 |  | 8 |  | 5 |  | — |  | — |  | — |
Balance at March 31, 2022 | $ | 139 |  | $ | 52 |  | $ | 51 |  | $ | 31 |  | $ | 21 |  | $ | 4 |  | $ | 3 |  | $ | 17 |
Balance at December 31, 2022 | $ | 216 |  | $ | 68 |  | $ | 81 |  | $ | 44 |  | $ | 36 |  | $ | 6 |  | $ | 4 |  | $ | 14 |
Write-Offs | (42) |  | (20) |  | (22) |  | (9) |  | (12) |  | — |  | — |  | (1) |
Credit Loss Expense | 16 |  | 7 |  | 6 |  | 1 |  | 5 |  | 1 |  | — |  | 1 |
Other Adjustments | 24 |  | 15 |  | 10 |  | 9 |  | 1 |  | — |  | — |  | — |
Balance at March 31, 2023 | $ | 214 |  | $ | 70 |  | $ | 75 |  | $ | 45 |  | $ | 30 |  | $ | 7 |  | $ | 4 |  | $ | 14 |
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables. The aging of trade receivables is presented in the table below.
| March 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unbilled Revenue(a)(b) | $ | 1,070 |  | $ | 408 |  | $ | 284 |  | $ | 178 |  | $ | 106 |  | $ | 3 |  | $ | 20 |  | $ | 57 |
Current | 2,018 |  | 519 |  | 892 |  | 476 |  | 414 |  | 14 |  | 46 |  | 168 |
1-31 days past due | 254 |  | 64 |  | 103 |  | 68 |  | 35 |  | 5 |  | 9 |  | 18 |
31-61 days past due | 148 |  | 32 |  | 83 |  | 72 |  | 11 |  | 5 |  | 2 |  | 10 |
61-91 days past due | 33 |  | 9 |  | 13 |  | 8 |  | 5 |  | 2 |  | 1 |  | 2 |
91+ days past due | 217 |  | 60 |  | 65 |  | 24 |  | 41 |  | 48 |  | 16 |  | 3 |
Deferred Payment Arrangements(c) | 144 |  | 46 |  | 51 |  | 32 |  | 19 |  | 4 |  | — |  | 1 |
Trade and Other Receivables | $ | 3,884 |  | $ | 1,138 |  | $ | 1,491 |  | $ | 858 |  | $ | 631 |  | $ | 81 |  | $ | 94 |  | $ | 259 |
| December 31, 2022
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unbilled Revenue(a)(b) | $ | 1,457 |  | $ | 486 |  | $ | 355 |  | $ | 232 |  | $ | 123 |  | $ | 20 |  | $ | 28 |  | $ | 160 |
Current | 2,347 |  | 577 |  | 1,059 |  | 637 |  | 417 |  | 15 |  | 52 |  | 265 |
1-31 days past due | 261 |  | 96 |  | 60 |  | 15 |  | 45 |  | 5 |  | 17 |  | 15 |
31-61 days past due | 123 |  | 23 |  | 61 |  | 49 |  | 12 |  | 6 |  | 2 |  | 3 |
61-91 days past due | 74 |  | 25 |  | 18 |  | 9 |  | 9 |  | 3 |  | 11 |  | 2 |
91+ days past due | 209 |  | 70 |  | 74 |  | 27 |  | 47 |  | 26 |  | 6 |  | 4 |
Deferred Payment Arrangements(c) | 160 |  | 57 |  | 62 |  | 35 |  | 27 |  | 4 |  | — |  | 1 |
Trade and Other Receivables | $ | 4,631 |  | $ | 1,334 |  | $ | 1,689 |  | $ | 1,004 |  | $ | 680 |  | $ | 79 |  | $ | 116 |  | $ | 450 |
(a)Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets. (b)Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 12 for further information. These receivables for unbilled revenues are $103 million and $195 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022. (c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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