Document


News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

February 9, 2023

Duke Energy reports fourth-quarter and full-year 2022 financial results

▪2022 reported EPS of $3.33 and adjusted EPS of $5.27, closing the year above the midpoint of updated guidance range

▪Constructive Carbon Plan outcome advances clean energy transition in the Carolinas

▪Five-year capital plan increases to $65 billion with over 80% funding investments in the grid and clean energy transition

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2022 full-year reported EPS of $3.33, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.27. This is compared to reported and adjusted EPS of $4.94 and $4.99, respectively, for the full-year 2021.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. In 2022, these included an estimated impairment on the sale of the Commercial Renewables business, charges related to regulatory matters and litigation, and workplace and workforce realignment costs.

Higher full-year 2022 adjusted results were primarily driven by higher electric volumes and favorable weather, in addition to rate case contributions. These items were partially offset by higher financing costs, higher depreciation and property taxes on a growing asset base, storm costs, and unfavorable market impacts on benefits trusts and captive insurance.

The company is reaffirming the adjusted 2023 EPS guidance range of $5.55 to $5.75, and long-term adjusted EPS growth rate of 5% to 7% through 2027 off the 2023 midpoint of $5.65. Management does not forecast reported GAAP EPS and related long-term growth rates.

“We delivered a strong fourth quarter, closing out a successful year during which we met our financial goals, made progress on our growth strategy, and advanced our clean energy transformation to benefit customers,” said Lynn Good, Duke Energy chair, president and chief executive officer. “Our path forward is clear and underpinned by the strength of our regulated businesses, a disciplined approach to cost management and a robust $65 billion capital plan. We’re well positioned to earn solidly within our 5% to 7% growth rate through 2027.”

“As we continue to navigate our energy transition, we’ll do so responsibly – protecting affordability and reliability for our customers and delivering consistent value to our communities and shareholders.”

Duke Energy News Release 2

Quarterly results

Duke Energy's fourth-quarter 2022 reported loss per share was $(0.71), compared to earnings per share of $0.93 for the fourth quarter of 2021. Duke Energy's fourth-quarter 2022 adjusted EPS was $1.11, compared to $0.88 for the fourth quarter of 2021. Higher adjusted results for the quarter compared to last year were driven by higher volumes, lower O&M expense, favorable weather, favorable riders and other retail margin, partially offset by higher interest expense.

In addition to the following summary of fourth-quarter 2022 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2022 compared to prior year are provided at the end of this news release.

The discussion below of fourth-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 fourth-quarter 2022 segment income of $811 million, compared to reported and adjusted segment income of $670 million and $675 million, respectively, in the fourth quarter of 2021. On an adjusted basis, this represents an increase of $0.17 per share. Higher quarterly results were primarily driven by higher volumes, favorable weather, and lower O&M expense. These items were partially offset by higher financing costs and higher depreciation and property tax expense on a growing asset base.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2022 segment income of $191 million, compared to reported and adjusted segment income of $137 million in the fourth quarter of 2021. On an adjusted basis, this represents an increase of $0.07 per share. Higher quarterly results were primarily driven by sales growth and rate case contributions.

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 basis, Other recognized a fourth-quarter 2022 net loss of $257 million, compared to a net loss of $128 million in the fourth quarter of 2021. In addition to the drivers outlined below, fourth-quarter 2022 results include charges related to litigation as well as workplace and workforce realignment costs.

On an adjusted basis, Other recognized a fourth-quarter 2022 net loss of $133 million, compared to a net loss of $122 million in the fourth quarter of 2021, a decrease of $0.01 per share. Lower quarterly results were primarily driven by higher financing costs, partially offset by lower contributions to the Duke Energy Foundation.

Duke Energy News Release 3

Discontinued Operations

Discontinued operations primarily includes the estimated impairment on the sale of the Commercial Renewables business along with results from Duke Energy's Commercial Renewables business. In November 2022, the company announced it had initiated a sale process of the Commercial Renewables business, which is expected to close later in 2023.

For the fourth quarter of 2022, Duke Energy's GAAP reported Loss From Discontinued Operations, net of tax, includes an estimated impairment loss on the sale of the Commercial Renewables business and other transaction costs of approximately $1.3 billion.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2022 was 5.5% compared to 0.1% in the fourth quarter of 2021. The increase was primarily due to realization of capital loss carry forward benefit in the prior year partially offset by an increase in charges due to workplace and workforce realignment.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2022 was 8.4% compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 0.3% in the fourth quarter of 2021. The increase was primarily due to realization of capital loss carry forward benefit in the prior year.

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 fourth-quarter and year-end 2022 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Brian Savoy, 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 844.200.6205 in the United States or 929.526.1599 outside the United States. The confirmation code is 242312. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available on the investors' section of the company's website on Feb. 10.

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 fourth-quarter and full-year 2022 and 2021 financial results:


(In millions, except per share amounts)	After-Tax Amount		4Q 2022 EPS		4Q 2021 EPS
(Loss) Earnings per share, as reported			$	(0.71)	$	0.93
Adjustments to reported EPS:
Fourth Quarter 2022


Workplace and workforce realignment	$	105	0.14
Regulatory matters and litigation	19		0.02

Discontinued operations	1,276		1.66
Fourth Quarter 2021
Workplace and workforce realignment	$	6			0.01
Regulatory settlements	5				0.01
Discontinued operations	(53)				(0.07)


Total adjustments			$	1.82	$	(0.05)
EPS, adjusted			$	1.11	$	0.88


(In millions, except per share amounts)	After-Tax Amount		Full-Year 2022 EPS		Full-Year 2021 EPS
EPS, as reported			$	3.33	$	4.94
Adjustments to reported EPS:
Full-Year 2022
Regulatory matters and litigation	$	176	0.23
Workplace and workforce realignment	105		0.14
Discontinued operations	1,216		1.57





Full-Year 2021
Workforce and workplace realignment	$	148			0.20
Regulatory settlements	69				0.09
Gas pipeline investments	15				0.02



Discontinued operations	(197)				(0.26)
Total adjustments			$	1.94	$	0.05
EPS, adjusted			$	5.27	$	4.99

Duke Energy News Release 5

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 (loss) 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 (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) 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:

•Workplace and workforce realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce reduction.

•Regulatory matters and litigation represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash and other unrelated ongoing litigation.

•Regulatory settlements represents an impairment charge related to the South Carolina Supreme Court decision on coal ash, insurance proceeds and Duke Energy Carolinas and Duke Energy Progress coal ash settlement.

•Gas pipeline investments represents additional exit obligations related to ACP.

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).

Duke Energy News Release 6

Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (loss) 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 (loss) 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

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 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 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 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2023 “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.

Duke Energy News Release 7

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 ability to implement our business strategy, including our carbon emission reduction goals;

◦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, asset retirement and construction costs related to carbon emissions reductions, 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;

◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦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, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, 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 investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;

◦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 or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, 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;

Duke Energy News Release 8

◦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, an individual utility’s generation mix, 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, timing and receipt of necessary regulatory approvals, 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, as well as the successful sale of the Commercial Renewables Disposal Groups;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦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;

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits;

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock; and

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 December 31, 2022

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters and Litigation			Workplace and Workforce Realignment			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	811	$	—		$	—		$	—		$	—	$	811
Gas Utilities and Infrastructure	191		—			—			—			—		191

Total Reportable Segment Income	1,002		—			—			—			—		1,002
Other	(257)		19		A	105		B	—			124		(133)
Intercompany Eliminations	1		—			—			(1)			(1)		—
Discontinued Operations	$	(1,277)	—			—			1,277		C	1,277		—
Net (Loss) Income Available to Duke Energy Corporation Common Stockholders	$	(531)	$	19		$	105		$	1,276		$	1,400	$	869
(LOSS) EARNINGS PER SHARE AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	(0.71)	$	0.02		$	0.14		$	1.66		$	1.82	$	1.11

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).

A – Net of $6 million tax benefit. $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations.

B – Net of $31 million tax benefit. $72 million recorded within Impairment of assets and other charges, $71 million recorded within Operations, maintenance and other and a $7 million gain recorded in Gains on sales of other assets and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

C – Recorded in Loss from Discontinued Operations, net of tax, and Net Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2022

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters and Litigation			Workplace and Workforce Realignment			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	4,048	$	157	A	$	—		$	—		$	157	$	4,205
Gas Utilities and Infrastructure	468		—			—			—			—		468

Total Reportable Segment Income	4,516		157			—			—			157		4,673
Other	(737)		19		B	105		C	—			124		(613)
Intercompany Eliminations	(1)		—			—			1			1		—
Discontinued Operations	(1,215)		—			—			1,215		D	1,215		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	2,563	$	176		$	105		$	1,216		$	1,497	$	4,060
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	3.33	$	0.23		$	0.14		$	1.57		$	1.94	$	5.27

A – Net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Consolidated Statements of Operations.

B – Net of $6 million tax benefit. $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations.

C – Net of $31 million tax benefit. $72 million recorded within Impairment of assets and other charges, $71 million recorded within Operations, maintenance and other and a $7 million gain recorded in Gains on sales of other assets and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

D – Recorded in Loss from Discontinued Operations, net of tax, and Net Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2021

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Workplace and Workforce Realignment			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	670	$	—		5		B	$	—		$	5	$	675
Gas Utilities and Infrastructure	137		—			—			—			—		137

Total Reportable Segment Income	807		—			5			—			5		812

Other	(128)		6		A	—			—			6		(122)
Intercompany Eliminations	(1)		—			—			1			1		—
Discontinued Operations	54		—			—			(54)		C	(54)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	732	$	6		$	5		$	(53)		$	(42)	$	690
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	0.93	$	0.01		$	0.01		$	(0.07)		$	(0.05)	$	0.88

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).

A – Net of $2 million tax benefit. $6 million reversal recorded within Impairment of assets and other charges and $14 million within Operations, maintenance and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

B – Net of $2 million tax benefit at Duke Energy Carolinas.

• $6 million of expense included within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statements of Operations related to the South Carolina Supreme Court decision on coal ash.

• $1 million of expense included within Depreciation and amortization on the Duke Energy Progress' Consolidated Statements of Operations related to the South Carolina Supreme Court decision on coal ash.

C – Recorded in Loss from Discontinued Operations, net of tax, and Net Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2021

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Gas Pipeline Investments			Workplace and Workforce Realignment			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	3,850	$	—		$	—		$	69	C	$	—		$	69	$	3,919
Gas Utilities and Infrastructure	396		15		A	—			—			—			15		411

Total Reportable Segment Income	4,246		15			—			69			—			84		4,330
Other	(641)		—			148		B	—			—			148		(493)
Intercompany Eliminations	(3)		—			—			—			3			3		—
Discontinued Operations	200		—			—			—			(200)		D	(200)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,802	$	15		$	148		$	69		$	(197)		$	35	$	3,837
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	4.94	$	0.02		$	0.20		$	0.09		$	(0.26)		$	0.05	$	4.99

A – Net of $5 million tax benefit. $20 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Consolidated Statements of Operations.

B – Net of $44 million tax benefit. $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

C – Net of $20 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.

• $160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other income and expenses, $5 million of expense within Operations,

maintenance and other, $13 million of income within Regulated electric operating revenues, $3 million of expense within Interest expense and $6 million of expense within Depreciation and

amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.

• $42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues, $5 million of expense within Interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.

D – Recorded in Loss from Discontinued Operations, net of tax, and Net Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

December 2022

(Dollars in millions)


	Three Months Ended December 31, 2022				Year Ended December 31, 2022
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income Before Income Taxes From Continuing Operations Before Income Taxes	$	813			$	4,253
Regulatory Matters and Litigation	25				282
Workplace and Workforce Realignment	136				136

Noncontrolling Interests	(11)				(56)
Preferred Dividends	(14)				(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	949			$	4,509

Reported Income Tax Expense From Continuing Operations	$	45	5.5	%	$	342	8.0	%
Regulatory Matters and Litigation	6				86
Workplace and Workforce Realignment	31				31

Noncontrolling interest portion of income taxes(a)	(2)				(10)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	80	8.4	%	$	449	10.0	%


	Three Months Ended December 31, 2021				Year Ended December 31, 2021
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	701			$	3,991
Regulatory Settlements	7				90
Gas Pipeline Investments	—				20
Workplace and Workforce Realignment	8				192
Noncontrolling Interests	(12)				(18)
Preferred Dividends	(14)				(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	690			$	4,169

Reported Income Tax Expense From Continuing Operations	$	1	0.1	%	$	268	6.7	%
Regulatory Settlements	2				21
Gas Pipeline Investments	—				5
Workplace and Workforce Realignment	2				44
Noncontrolling interest portion of income taxes(a)	$	(3)			$	(3)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	2	0.3	%	$	335	8.0	%

(a) Income tax related to non-pass-through entities for tax purposes.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2022 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2021 QTD Reported Earnings Per Share	$	0.87	$	0.18		$	(0.19)		$	0.07		$	0.93
Workplace and Workforce Realignment	—		—			0.01			—			0.01
Regulatory Settlements	0.01		—			—			—			0.01


Discontinued Operations	—		—			—			(0.07)			(0.07)

2021 QTD Adjusted Earnings Per Share	$	0.88	$	0.18		$	(0.18)		$	—		$	0.88
Weather	0.07		—			—			—			0.07
Volume	0.10		—			—			—			0.10
Riders and Other Retail Margin(a)	0.02		0.05			—			—			0.07
Rate case impacts, net(b)	—		0.01			—			—			0.01
Wholesale	(0.01)		—			—			—			(0.01)
Operations and maintenance, net of recoverables(c)	0.06		0.02			—			—			0.08


Interest Expense	(0.04)		(0.01)			(0.04)			—			(0.09)

Depreciation and amortization	(0.01)		—			—			—			(0.01)

Other(d)	(0.02)		—			0.03			—			0.01
Total variance	$	0.17	$	0.07		$	(0.01)		$	—		$	0.23

2022 QTD Adjusted Earnings Per Share	$	1.05	$	0.25		$	(0.19)		$	—		$	1.11
Workplace and Workforce Realignment	—		—			(0.14)			—			(0.14)
Regulatory Matters and Litigation	—		—			(0.02)			—			(0.02)
Discontinued Operations	—		—			—			(1.66)			(1.66)
2022 QTD Reported Earnings (Loss) Per Share	$	1.05	$	0.25		$	(0.35)		$	(1.66)		$	(0.71)

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 769 million shares to 770 million.

(a) Gas Utilities and Infrastructure includes increases related to the North Carolina and Ohio construction-based riders and customer growth.

(b) Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2021.

(c) Electric Utilities and Infrastructure includes lower outage and maintenance expenses, lower employee-related expenses and legal reserves, partially offset by higher bad debt expense.

(d) Electric Utilities and Infrastructure includes higher property tax expense. Other includes lower contributions to the Duke Energy Foundation, partially offset by higher income tax expense.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2022 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2021 YTD Reported Earnings Per Share	$	5.01	$	0.52		$	(0.85)		$	0.26		$	4.94
Gas Pipeline Investments	—		0.02			—			—			0.02
Workplace and Workforce Realignment	—		—			0.20			—			0.20
Regulatory Settlements	0.09		—			—			—			0.09




Discontinued Operations	—		—			—			(0.26)			(0.26)
2021 YTD Adjusted Earnings Per Share	$	5.10	$	0.54		$	(0.65)		$	—		$	4.99
Weather	0.14		—			—			—			0.14
Volume(a)	0.45		—			—			—			0.45
Riders and Other Retail Margin(b)	(0.05)		0.10			—			—			0.05
Rate case impacts, net(c)	0.03		0.06			—			—			0.09

Operations and maintenance, net of recoverables(d)	(0.06)		(0.03)			—			—			(0.09)


Interest Expense(e)	(0.05)		(0.03)			(0.07)			—			(0.15)
AFUDC Equity	0.05		(0.01)			—			—			0.04
Depreciation and amortization(e)	(0.04)		(0.02)			—			—			(0.06)

Other(f)	(0.11)		—			(0.08)			—			(0.19)
Total variance	$	0.36	$	0.07		$	(0.15)		$	—		$	0.28

2022 YTD Adjusted Earnings Per Share	$	5.46	$	0.61		$	(0.80)		$	—		$	5.27

Workplace and Workforce Realignment	—		—			(0.14)			—			(0.14)
Regulatory Matters and Litigation	(0.21)		—			(0.02)			—			(0.23)
Discontinued Operations	—		—			—			(1.57)			(1.57)
2022 YTD Reported Earnings Per Share	$	5.25	$	0.61		$	(0.96)		$	(1.57)		$	3.33

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 769 million shares to 770 million.

(a) Includes block and seasonal pricing (+$0.11).

(b) Electric Utilities and Infrastructure includes unfavorable fuel and other margin timing. Gas Utilities and Infrastructure includes increases related to the North Carolina and Ohio construction-based riders and customer growth.

(c) Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates, which became effective June 2021 (+$0.02) and DEF SBRA and multiyear rate plan (+$0.01); these

rate case impacts include interest expense (-$0.04). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2021.

(d) Electric Utilities and Infrastructure includes higher bad debt expense and higher storm costs (-$0.07), partially offset by lower employee-related expenses.

(e) Electric Utilities and Infrastructure excludes rate case impacts.

(f) Electric Utilities and Infrastructure includes higher property tax expense and the impact of GIC minority interest sale. Other includes lower market returns, partially offset by lower contributions to the Duke Energy Foundation.


DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)


	Years Ended December 31,
		2022		2021		2020
Operating Revenues
Regulated electric		$	25,759	$	22,319	$	21,461
Regulated natural gas		2,724		2,008		1,642
Nonregulated electric and other		285		294		263
Total operating revenues		28,768		24,621		23,366
Operating Expenses
Fuel used in electric generation and purchased power		8,782		6,255		6,051
Cost of natural gas		1,276		705		460
Operation, maintenance and other		5,734		5,703		5,502
Depreciation and amortization		5,086		4,762		4,504
Property and other taxes		1,466		1,355		1,311
Impairment of assets and other charges		259		353		978
Total operating expenses		22,603		19,133		18,806
Gains on Sales of Other Assets and Other, net		22		12		11
Operating Income		6,187		5,500		4,571
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates		113		62		(2,005)
Other income and expenses, net		392		636		451
Total other income and expenses		505		698		(1,554)
Interest Expense		2,439		2,207		2,097
Income From Continuing Operations Before Income Taxes		4,253		3,991		920
Income Tax Expense (Benefit) From Continuing Operations		342		268		(169)
Income From Continuing Operations		3,911		3,723		1,089
Loss From Discontinued Operations, net of tax		(1,323)		(144)		(7)
Net Income		2,588		3,579		1,082
Add: Net Loss Attributable to Noncontrolling Interests		81		329		295
Net Income Attributable to Duke Energy Corporation		2,669		3,908		$	1,377
Less: Preferred Dividends		106		106		$	107
Net Income Available to Duke Energy Corporation Common Stockholders		$	2,563	$	3,802	$	1,270

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted		$	4.90	$	4.68	$	1.33

(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted		$	(1.57)	$	0.26	$	0.39

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	3.33	$	4.94	$	1.72

Weighted average shares outstanding
Basic		770		769		737
Diluted		770		769		738

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	December 31, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	409	$	341

Receivables (net of allowance for doubtful accounts of $40 at 2022 and $45 at 2021)	1,309		1,085
Receivables of VIEs (net of allowance for doubtful accounts of $176 at 2022 and $76 at 2021)	3,106		2,437
Inventory	3,584		3,111
Regulatory assets (includes $106 at 2022 and $105 at 2021 related to VIEs)	3,485		2,150
Assets held for sale	262		232
Other (includes $116 at 2022 and $41 at 2021 related to VIEs)	1,067		584
Total current assets	13,222		9,940
Property, Plant and Equipment
Cost	163,839		154,496
Accumulated depreciation and amortization	(52,100)		(49,104)
Facilities to be retired, net	9		144
Net property, plant and equipment	111,748		105,536
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,715 at 2022 and $1,824 at 2021 related to VIEs)	14,820		12,487
Nuclear decommissioning trust funds	8,637		10,401
Operating lease right-of-use assets, net	1,042		1,136
Investments in equity method unconsolidated affiliates	455		457
Assets held for sale	5,634		6695
Other (includes $52 at 2022 and $30 at 2021 related to VIEs)	3,400		3,632
Total other noncurrent assets	53,291		54,111
Total Assets	$	178,261	$	169,587
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	4,754	$	3,531
Notes payable and commercial paper	3,952		3,304
Taxes accrued	722		731
Interest accrued	626		530
Current maturities of long-term debt (includes $350 at 2022 and $76 at 2021 related to VIEs)	4,154		3,387
Asset retirement obligations	773		647
Regulatory liabilities	1,466		1,211
Liabilities associated with assets held for sale	259		167
Other	2,167		2,423
Total current liabilities	18,873		15,931
Long-Term Debt (includes $3,108 at 2022 and $3,379 at 2021 related to VIEs)	67,061		60,448
Other Noncurrent Liabilities
Deferred income taxes	10,006		9,379
Asset retirement obligations	11,955		11,953
Regulatory liabilities	13,582		16,152
Operating lease liabilities	876		940
Accrued pension and other post-retirement benefit costs	832		855
Investment tax credits	849		833
Liabilities associated with assets held for sale	739		612
Other	1,502		1,348
Total other noncurrent liabilities	40,341		42,072
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021	989		989
Common Stock, $0.001 par value, 2 billion shares authorized; 770 million and 769 million shares outstanding at 2022 and 2021	1		1
Additional paid-in capital	44,862		44,371
Retained earnings	2,756		3,265
Accumulated other comprehensive loss	(140)		(303)
Total Duke Energy Corporation stockholders' equity	49,441		49,296
Noncontrolling interests	2,545		1,840
Total equity	51,986		51,136
Total Liabilities and Equity	$	178,261	$	169,587


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)

	Years Ended December 31,
	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	2,588	$	3,579	$	1,082
Adjustments to reconcile net income to net cash provided by operating activities	3,339		4,711		7,774
Net cash provided by operating activities	5,927		8,290		8,856

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(11,973)		(10,935)		(10,604)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	6,129		2,609		1,731



Net increase (decrease) in cash, cash equivalents and restricted cash	83		(36)		(17)
Cash, cash equivalents and restricted cash at beginning of period	520		556		573
Cash, cash equivalents and restricted cash at end of period	$	603	$	520	$	556

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,386	$	—	$	—	$	(8)	$	6,378
Regulated natural gas	—		922		—		(22)		900
Nonregulated electric and other	62		6		31		(26)		73
Total operating revenues	6,448		928		31		(56)		7,351
Operating Expenses
Fuel used in electric generation and purchased power	2,381		—		—		(20)		2,361
Cost of natural gas	—		417		—		—		417
Operation, maintenance and other	1,343		122		81		(35)		1,511
Depreciation and amortization	1,139		86		75		(7)		1,293
Property and other taxes	311		35		2		—		348
Impairment of assets and other charges	(15)		—		72		—		57
Total operating expenses	5,159		660		230		(62)		5,987
(Losses) Gains on Sales of Other Assets and Other, net	(5)		(3)		13		—		5
Operating Income (Loss)	1,284		265		(186)		6		1,369
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	1		6		14		—		21
Other income and expenses, net	85		11		56		(50)		102
Total Other Income and Expenses	86		17		70		(50)		123
Interest Expense	421		55		248		(45)		679
Income (Loss) from Continuing Operations Before Income Taxes	949		227		(364)		1		813
Income Tax Expense (Benefit) from Continuing Operations	130		36		(121)		—		45
Income (Loss) from Continuing Operations	819		191		(243)		1		768
Less: Net Income Attributable to Noncontrolling Interest	8		—		—		—		8
Income from Continuing Operations Attributable to Duke Energy Corporation	811		191		(243)		1		760
Less: Preferred Dividends	—		—		14		—		14
Segment Income/Other Net Loss	$	811	$	191	$	(257)	$	1	$	746
Discontinued Operations									(1,277)
Net Loss Available to Duke Energy Corporation Common Stockholders									$	(531)

Segment Income/Other Net Loss	$	811	$	191	$	(257)	$	1	$	746
Special Items	—		—		124		(1)		123
Adjusted Earnings(a)	$	811	$	191	$	(133)	$	—	$	869

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Year Ended December 31, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	25,790	$	—	$	2	$	(33)	$	25,759
Regulated natural gas	—		2,816		—		(92)		2,724
Nonregulated electric and other	234		24		120		(93)		285
Total operating revenues	26,024		2,840		122		(218)		28,768
Operating Expenses
Fuel used in electric generation and purchased power	8,862		—		—		(80)		8,782
Cost of natural gas	—		1,276		—		—		1,276
Operation, maintenance and other	5,354		532		(23)		(129)		5,734
Depreciation and amortization	4,550		327		236		(27)		5,086
Property and other taxes	1,315		138		13		—		1,466
Impairment of assets and other charges	199		(12)		72		—		259
Total operating expenses	20,280		2,261		298		(236)		22,603
Gains on Sales of Other Assets and Other, net	7		1		14		—		22
Operating Income (Loss)	5,751		580		(162)		18		6,187
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	7		20		86		—		113
Other income and expenses, net	460		58		(21)		(105)		392
Total Other Income and Expenses	467		78		65		(105)		505
Interest Expense	1,565		182		778		(86)		2,439
Income (Loss) from Continuing Operations Before Income Taxes	4,653		476		(875)		(1)		4,253
Income Tax Expense (Benefit) from Continuing Operations	578		8		(244)		—		342
Income (Loss) from Continuing Operations	4,075		468		(631)		(1)		3,911
Less: Net Income Attributable to Noncontrolling Interest	27		—		—		—		27
Income from Continuing Operations Attributable to Duke Energy Corporation	4,048		468		(631)		(1)		3,884
Less: Preferred Dividends	—		—		106		—		106
Segment Income/Other Net Loss	$	4,048	$	468	$	(737)	$	(1)	$	3,778
Discontinued Operations									(1,215)
Net Income Available to Duke Energy Corporation Common Stockholders									$	2,563

Segment Income/Other Net Loss	$	4,048	$	468	$	(737)	$	(1)	$	3,778
Special Items	157		—		124		1		282
Adjusted Earnings(a)	$	4,205	$	468	$	(613)	$	—	$	4,060

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,418	$	—	$	—	$	(71)	$	5,347
Regulated natural gas	—		718		—		(24)		694
Nonregulated electric and other	—		3		31		42		76
Total operating revenues	5,418		721		31		(53)		6,117
Operating Expenses
Fuel used in electric generation and purchased power	1,572		—		—		(19)		1,553
Cost of natural gas	—		275		—		—		275
Operation, maintenance and other	1,433		140		86		(34)		1,625
Depreciation and amortization	1,097		87		55		(7)		1,232
Property and other taxes	284		28		(2)		—		310
Impairment of assets and other charges	1		19		(6)		—		14
Total operating expenses	4,387		549		133		(60)		5,009
Gains on Sales of Other Assets and Other, net	2		—		—		—		2
Operating Income (Loss)	1,033		172		(102)		7		1,110
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(1)		6		11		—		16
Other income and expenses, net	114		12		32		(11)		147
Total Other Income and Expenses	113		18		43		(11)		163
Interest Expense	366		37		173		(4)		572
Income (Loss) from Continuing Operations Before Income Taxes	780		153		(232)		—		701
Income Tax Expense (Benefit) from Continuing Operations	101		16		(118)		2		1
Income (Loss) from Continuing Operations	679		137		(114)		(2)		700
Less: Net Income Attributable to Noncontrolling Interest	9		—		—		(1)		8
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	670		137		(114)		(1)		692
Less: Preferred Dividends	—		—		14		—		14
Segment Income/Other Net Loss	$	670	$	137	$	(128)	$	(1)	$	678
Discontinued Operations									54
Net Income Available to Duke Energy Corporation Common Stockholders									$	732

Segment Income/Other Net Loss	$	670	$	137	$	(128)	$	(1)	$	678
Special Items	5		—		6		1		12
Adjusted Earnings(a)	$	675	$	137	$	(122)	$	—	$	690

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Year Ended December 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	22,603	$	—	$	—	$	(284)	$	22,319
Regulated natural gas	—		2,099		—		(91)		2,008
Nonregulated electric and other	—		13		113		168		294
Total operating revenues	22,603		2,112		113		(207)		24,621
Operating Expenses
Fuel used in electric generation and purchased power	6,332		—		—		(77)		6,255
Cost of natural gas	—		705		—		—		705
Operation, maintenance and other	5,340		442		41		(120)		5,703
Depreciation and amortization	4,251		303		236		(28)		4,762
Property and other taxes	1,233		120		2		—		1,355
Impairment of assets and other charges	204		19		130		—		353
Total operating expenses	17,360		1,589		409		(225)		19,133
Gains (Losses) on Sales of Other Assets and Other, net	13		—		(1)		—		12
Operating Income (Loss)	5,256		523		(297)		18		5,500
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	7		8		47		—		62
Other income and expenses, net	527		62		78		(31)		636
Total Other Income and Expenses	534		70		125		(31)		698
Interest Expense	1,432		142		643		(10)		2,207
Income (Loss) from Continuing Operations Before Income Taxes	4,358		451		(815)		(3)		3,991
Income Tax Expense (Benefit) from Continuing Operations	494		55		(281)		—		268
Income (Loss) from Continuing Operations	3,864		396		(534)		(3)		3,723
Less: Net Income Attributable to Noncontrolling Interest	14		—		1		—		15
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	3,850		396		(535)		(3)		3,708
Less: Preferred Dividends	—		—		106		—		106
Segment Income/Other Net Loss	$	3,850	$	396	$	(641)	$	(3)	$	3,602
Discontinued Operations									200
Net Income Available to Duke Energy Corporation Common Stockholders									$	3,802

Segment Income/Other Net Loss	$	3,850	$	396	$	(641)	$	(3)	$	3,602
Special Items	69		15		148		3		235
Adjusted Earnings(a)	$	3,919	$	411	$	(493)	$	—	$	3,837

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

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	180	$	4	$	225	$	—	$	409

Receivables, net	819		467		24		(1)		1,309
Receivables of variable interest entities, net	3,106		—		—		—		3,106
Receivables from affiliated companies	79		99		1,750		(1,928)		—
Notes receivable from affiliated companies	—		—		3,521		(3,521)		—
Inventory	3,364		185		35		—		3,584
Regulatory assets	3,204		172		109		—		3,485
Assets held for sale	—		—		262		—		262
Other	701		64		302		—		1,067
Total current assets	11,453		991		6,228		(5,450)		13,222
Property, Plant and Equipment
Cost	145,975		15,264		2,691		(91)		163,839
Accumulated depreciation and amortization	(47,472)		(3,119)		(1,508)		(1)		(52,100)
Facilities to be retired, net	—		9		—		—		9
Net property, plant and equipment	98,503		12,154		1,183		(92)		111,748
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		19,303
Regulatory assets	13,528		812		480		—		14,820
Nuclear decommissioning trust funds	8,637		—		—		—		8,637
Operating lease right-of-use assets, net	773		4		264		1		1,042
Investments in equity method unconsolidated affiliates	99		240		116		—		455
Investment in consolidated subsidiaries	615		7		68,835		(69,457)		—
Assets held for sale	—		—		5,634		—		5,634
Other	2,143		320		1,601		(664)		3,400
Total other noncurrent assets	43,174		3,307		76,930		(70,120)		53,291
Total Assets	153,130		16,452		84,341		(75,662)		178,261
Segment reclassifications, intercompany balances and other	(851)		(41)		(74,770)		75,662		—
Segment Assets	$	152,279	$	16,411	$	9,571	$	—	$	178,261

(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2022
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	3,630	$	470	$	654	$	—	$	4,754
Accounts payable to affiliated companies	870		53		934		(1,857)		—
Notes payable to affiliated companies	2,920		690		—		(3,610)		—
Notes payable and commercial paper	—		—		3,952		—		3,952
Taxes accrued	709		125		(113)		1		722
Interest accrued	376		41		210		(1)		626
Current maturities of long-term debt	2,422		212		1,526		(6)		4,154
Asset retirement obligations	773		—		—		—		773
Regulatory liabilities	1,343		123		—		—		1,466
Liabilities associated with assets held for sale	—		—		259		—		259
Other	1,559		146		482		(20)		2,167
Total current liabilities	14,602		1,860		7,904		(5,493)		18,873
Long-Term Debt	40,012		3,874		23,262		(87)		67,061
Long-Term Debt Payable to Affiliated Companies	618		7		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	11,666		1,216		(2,876)		—		10,006
Asset retirement obligations	11,872		83		—		—		11,955
Regulatory liabilities	12,236		1,303		42		1		13,582
Operating lease liabilities	693		13		169		1		876
Accrued pension and other post-retirement benefit costs	313		30		489		—		832
Investment tax credits	848		1		—		—		849
Liabilities associated with assets held for sale	—		—		739		—		739
Other	791		268		633		(190)		1,502
Total other noncurrent liabilities	38,419		2,914		(804)		(188)		40,341
Equity
Total Duke Energy Corporation stockholders' equity	58,544		7,790		52,375		(69,268)		49,441
Noncontrolling interests	935		7		1,604		(1)		2,545
Total equity	59,479		7,797		53,979		(69,269)		51,986
Total Liabilities and Equity	153,130		16,452		84,341		(75,662)		178,261
Segment reclassifications, intercompany balances and other	(851)		(41)		(74,770)		75,662		—
Segment Liabilities and Equity	$	152,279	$	16,411	$	9,571	$	—	$	178,261

(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended December 31, 2022
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	2,013	$	1,571	$	1,463	$	478	$	1,087	$	(164)	$	6,448
Operating Expenses
Fuel used in electric generation and purchased power	592		576		575		218		585		(165)		2,381
Operation, maintenance and other	443		354		237		81		171		57		1,343
Depreciation and amortization	388		297		238		48		167		1		1,139
Property and other taxes	82		54		86		74		15		—		311
Impairment of assets and other charges	(15)		1		—		—		—		(1)		(15)
Total operating expenses	1,490		1,282		1,136		421		938		(108)		5,159
Losses on Sales of Other Assets and Other, net	—		(1)		(3)		—		—		(1)		(5)
Operating Income	523		288		324		57		149		(57)		1,284
Other Income and Expenses, net(b)	50		32		—		2		10		(8)		86
Interest Expense	142		94		104		20		51		10		421
Income Before Income Taxes	431		226		220		39		108		(75)		949
Income Tax Expense	58		34		48		2		19		(31)		130
Less: Net Income Attributable to Noncontrolling Interest	—		—		—		—		—		8		8
Segment Income	$	373	$	192	$	172	$	37	$	89	$	(52)	$	811

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

(b) Includes an equity component of allowance for funds used during construction of $23 million for Duke Energy Carolinas, $15 million for Duke Energy Progress and $3 million for Duke Energy Florida.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Year Ended December 31, 2022
(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	$	7,857	$	6,753	$	6,353	$	1,798	$	3,922	$	(659)	$	26,024
Operating Expenses
Fuel used in electric generation and purchased power	2,015		2,492		2,586		657		1,819		(707)		8,862
Operation, maintenance and other	1,845		1,447		948		345		719		50		5,354
Depreciation and amortization	1,526		1,187		955		221		645		16		4,550
Property and other taxes	340		190		421		288		75		1		1,315
Impairment of assets and other charges	(18)		5		—		1		211		—		199
Total operating expenses	5,708		5,321		4,910		1,512		3,469		(640)		20,280
Gains on Sales of Other Assets and Other, net	4		1		2		—		—		—		7
Operating Income	2,153		1,433		1,445		286		453		(19)		5,751
Other Income and Expenses, net(b)	224		118		84		13		38		(10)		467
Interest Expense	557		354		362		86		189		17		1,565
Income Before Income Taxes	1,820		1,197		1,167		213		302		(46)		4,653
Income Tax Expense	148		165		231		24		22		(12)		578
Less: Net Income Attributable to Noncontrolling Interest	—		—		—		—		—		27		$	27
Segment Income	$	1,672	$	1,032	$	936	$	189	$	280	$	(61)	$	4,048

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

(b) Includes an equity component of allowance for funds used during construction of $98 million for Duke Energy Carolinas, $52 million for Duke Energy Progress, $16 million for Duke Energy Florida, $4 million for Duke Energy Ohio and $13 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2022
(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	$	44	$	49	$	45	$	12	$	31	$	(1)	$	180

Receivables, net	338		167		148		42		112		12		819
Receivables of variable interest entities, net	928		793		496		—		—		889		3,106
Receivables from affiliated companies	390		25		2		228		298		(864)		79

Inventory	1,164		1,006		573		132		489		—		3,364

Regulatory assets	1,095		690		1,143		29		249		(2)		3,204
Other	216		170		108		13		197		(3)		701
Total current assets	4,175		2,900		2,515		456		1,376		31		11,453
Property, Plant and Equipment
Cost	54,650		38,875		25,940		8,181		18,122		207		145,975
Accumulated depreciation and amortization	(18,669)		(14,201)		(6,377)		(2,212)		(6,022)		9		(47,472)

Net property, plant and equipment	35,981		24,674		19,563		5,969		12,100		216		98,503
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	4,293		4,724		2,422		281		1,050		758		13,528
Nuclear decommissioning trust funds	4,783		3,430		424		—		—		—		8,637
Operating lease right-of-use assets, net	78		370		258		18		49		—		773
Investments in equity method unconsolidated affiliates	—		—		1		—		—		98		99
Investment in consolidated subsidiaries	72		17		6		300		3		217		615

Other	1,036		649		371		54		254		(221)		2,143
Total other noncurrent assets	10,262		9,190		3,482		1,249		1,356		17,635		43,174
Total Assets	50,418		36,764		25,560		7,674		14,832		17,882		153,130
Segment reclassifications, intercompany balances and other	(462)		(133)		(8)		(170)		207		(285)		(851)
Reportable Segment Assets	$	49,956	$	36,631	$	25,552	$	7,504	$	15,039	$	17,597	$	152,279

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

(b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2022
(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	$	1,472	$	601	$	880	$	261	$	391	$	25	$	3,630
Accounts payable to affiliated companies	209		508		177		21		206		(251)		870
Notes payable to affiliated companies	1,233		239		605		320		435		88		2,920

Taxes accrued	247		77		57		249		94		(15)		709
Interest accrued	120		101		80		27		48		—		376
Current maturities of long-term debt	1,018		369		329		310		303		93		2,422

Asset retirement obligations	261		288		1		17		206		—		773
Regulatory liabilities	530		332		244		50		187		—		1,343
Other	579		383		362		72		162		1		1,559
Total current liabilities	5,669		2,898		2,735		1,327		2,032		(59)		14,602
Long-Term Debt	12,948		10,568		9,381		2,339		3,854		922		40,012
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,206		2,488		2,791		799		1,341		41		11,666
Asset retirement obligations	5,121		5,535		357		80		744		35		11,872
Regulatory liabilities	5,783		4,120		633		268		1,454		(22)		12,236
Operating lease liabilities	83		335		211		17		47		—		693
Accrued pension and other post-retirement benefit costs	38		160		111		67		122		(185)		313
Investment tax credits	300		124		234		3		186		1		848

Other	528		77		84		53		66		(17)		791
Total other noncurrent liabilities	16,059		12,839		4,421		1,287		3,960		(147)		38,419
Equity
Total Duke Energy Corporation stockholders' equity	15,442		10,309		9,023		2,703		4,836		16,231		58,544
Noncontrolling interests(c)	—		—		—		—		—		935		935
Equity	15,442		10,309		9,023		2,703		4,836		17,166		59,479
Total Liabilities and Equity	50,418		36,764		25,560		7,674		14,832		17,882		153,130
Segment reclassifications, intercompany balances and other	(462)		(133)		(8)		(170)		207		(285)		(851)
Reportable Segment Liabilities and Equity	$	49,956	$	36,631	$	25,552	$	7,504	$	15,039	$	17,597	$	152,279

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

(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended December 31, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	225	$	703	$	—	$	—	$	928
Operating Expenses
Cost of natural gas	87		330		—		—		417
Operation, maintenance and other	30		93		1		(2)		122
Depreciation and amortization	29		56		—		1		86
Property and other taxes	23		13		—		(1)		35
Impairment of assets and other charges	—		(1)		—		1		—
Total operating expenses	169		491		1		(1)		660
Gains (Losses) on Sales of Other Assets and Other, net	1		(4)		—		—		(3)
Operating Income (Loss)	57		208		(1)		1		265
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—		6		—		6
Other income and expenses, net	2		11		(1)		(1)		11
Total other income and expenses	2		11		5		(1)		17
Interest Expense	18		38		(1)		—		55
Income Before Income Taxes	41		181		5		—		227
Income Tax Expense	7		25		2		2		36
Segment Income	$	34	$	156	$	3	$	(2)	$	191

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Year Ended December 31, 2022
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	716	$	2,124	$	—	$	—	$	2,840
Operating Expenses
Cost of natural gas	261		1,015		—		—		1,276
Operation, maintenance and other	170		360		4		(2)		532
Depreciation and amortization	103		222		—		2		327
Property and other taxes	81		57		—		—		138
Impairment of assets and other charges	(12)		—		—		—		(12)
Total operating expenses	603		1,654		4		—		2,261
Gains on Sales of Other Assets and Other, net	1		—		—		—		1
Operating Income (Loss)	114		470		(4)		—		580
Other Income and Expenses
Equity in losses of unconsolidated affiliates	—		—		20		—		20
Other income and expenses, net	7		47		5		(1)		58
Total other income and expenses	7		47		25		(1)		78
Interest Expense	43		140		(1)		—		182
Income Before Income Taxes	78		377		22		(1)		476
Income Tax (Benefit) Expense	(43)		43		7		1		8
Segment Income	$	121	$	334	$	15	$	(2)	$	468

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

(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities and losses from the cancellation of the ACP pipeline.

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2022
(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	$	—	$	—	$	—	$	4

Receivables, net	31		436		—		—		467

Receivables from affiliated companies	13		82		81		(77)		99

Inventory	12		172		—		1		185

Regulatory assets	53		119		—		—		172
Other	58		4		4		(2)		64
Total current assets	171		813		85		(78)		991
Property, Plant and Equipment
Cost	4,316		10,868		79		1		15,264
Accumulated depreciation and amortization	(1,038)		(2,080)		—		(1)		(3,119)
Facilities to be retired, net	—		9		—		—		9
Net property, plant and equipment	3,278		8,797		79		—		12,154
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	322		392		—		98		812
Operating lease right-of-use assets, net	—		4		—		—		4
Investments in equity method unconsolidated affiliates	—		—		235		5		240
Investment in consolidated subsidiaries	—		—		—		7		7

Other	17		271		31		1		320
Total other noncurrent assets	663		716		266		1,662		3,307
Total Assets	4,112		10,326		430		1,584		16,452
Segment reclassifications, intercompany balances and other	52		(83)		(81)		71		(41)
Reportable Segment Assets	$	4,164	$	10,243	$	349	$	1,655	$	16,411

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2022
(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	$	117	$	345	$	8	$	—	$	470
Accounts payable to affiliated companies	15		77		39		(78)		53
Notes payable to affiliated companies	177		514		—		(1)		690

Taxes accrued	58		74		(7)		—		125
Interest accrued	2		40		—		(1)		41
Current maturities of long-term debt	165		45		—		2		212


Regulatory liabilities	50		74		—		(1)		123
Other	2		81		60		3		146
Total current liabilities	586		1,250		100		(76)		1,860
Long-Term Debt	406		3,318		67		83		3,874
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	339		856		19		2		1,216
Asset retirement obligations	57		27		—		(1)		83
Regulatory liabilities	266		1,024		—		13		1,303
Operating lease liabilities	—		13		—		—		13
Accrued pension and other post-retirement benefit costs	23		7		—		—		30
Investment tax credits	—		1		—		—		1

Other	43		178		47		—		268
Total other noncurrent liabilities	728		2,106		66		14		2,914
Equity
Total Duke Energy Corporation stockholders' equity	2,385		3,652		190		1,563		7,790
Noncontrolling interests	—		—		7		—		7
Equity	2,385		3,652		197		1,563		7,797
Total Liabilities and Equity	4,112		10,326		430		1,584		16,452
Segment reclassifications, intercompany balances and other	52		(83)		(81)		71		(41)
Reportable Segment Liabilities and Equity	$	4,164	$	10,243	$	349	$	1,655	$	16,411

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

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


Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2022

		Three Months Ended December 31,						Years Ended December 31,
		2022	2021	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022	2021	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	18,686	19,337	(3.4	%)	1.8	%	87,671	87,452	0.3	%	2.1	%
	General Service	18,250	17,615	3.6	%	4.9	%	77,259	74,571	3.6	%	3.5	%
	Industrial	11,436	11,203	2.1	%	2.3	%	49,180	48,639	1.1	%	1.7	%
	Other Energy Sales	130	133	(2.3	%)	n/a		558	552	1.1	%	n/a
	Unbilled Sales	2,426	337	619.9	%	n/a		3,606	(339)	1,163.7	%	n/a
	Total Retail Sales	50,928	48,625	4.7	%	2.9	%	218,274	210,875	3.5	%	2.5	%
	Wholesale and Other	10,307	9,798	5.2	%			45,538	41,657	9.3	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	61,235	58,423	4.8	%			263,812	252,532	4.5	%

Average Number of Customers (Electric)
	Residential	7,166,766	7,043,459	1.8	%			7,121,050	6,996,634	1.8	%
	General Service	1,036,798	1,029,341	0.7	%			1,035,271	1,023,812	1.1	%
	Industrial	16,320	16,415	(0.6	%)			16,336	16,446	(0.7	%)
	Other Energy Sales	24,277	24,419	(0.6	%)			24,360	24,328	0.1	%
	Total Retail Customers	8,244,161	8,113,634	1.6	%			8,197,017	8,061,220	1.7	%
	Wholesale and Other	45	41	9.8	%			40	38	5.3	%
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,244,206	8,113,675	1.6	%			8,197,057	8,061,258	1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	8,920	6,646	34.2	%			38,295	46,173	(17.1	%)
	Nuclear	17,674	18,696	(5.5	%)			73,109	75,328	(2.9	%)
	Hydro	415	338	22.8	%			1,856	2,338	(20.6	%)
	Natural Gas and Oil	22,340	20,418	9.4	%			93,649	80,666	16.1	%
	Renewable Energy	507	351	44.4	%			2,347	1,532	53.2	%
	Total Generation(d)	49,856	46,449	7.3	%			209,256	206,037	1.6	%
	Purchased Power and Net Interchange(e)	14,409	15,589	(7.6	%)			66,587	61,147	8.9	%
	Total Sources of Energy	64,265	62,038	3.6	%			275,843	267,184	3.2	%
	Less: Line Loss and Other	3,030	3,615	(16.2	%)			12,031	14,652	(17.9	%)
	Total GWh Sources	61,235	58,423	4.8	%			263,812	252,532	4.5	%

Owned Megawatt (MW) Capacity(c)
	Summer							49,866	50,260
	Winter							53,034	53,625
Nuclear Capacity Factor (%)(f)								94	96

(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).

(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.


Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2022

		Three Months Ended December 31,								Years Ended December 31,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,269		6,284		(0.2	%)			29,377		29,244		0.5	%
	General Service	6,881		6,899		(0.3	%)			29,531		28,395		4.0	%
	Industrial	4,942		5,153		(4.1	%)			20,811		20,611		1.0	%
	Other Energy Sales	70		72		(2.8	%)			296		300		(1.3	%)
	Unbilled Sales	981		(75)		1,408.0	%			1,263		(160)		889.4	%
	Total Retail Sales	19,143		18,333		4.4	%	2.0	%	81,278		78,390		3.7	%	2.2	%
	Wholesale and Other	2,647		2,106		25.7	%			9,637		9,406		2.5	%
	Total Consolidated Electric Sales – Duke Energy Carolinas	21,790		20,439		6.6	%			90,915		87,796		3.6	%

Average Number of Customers
	Residential	2,395,446		2,351,455		1.9	%			2,378,411		2,332,625		2.0	%
	General Service	400,478		398,478		0.5	%			400,091		396,997		0.8	%
	Industrial	6,101		6,046		0.9	%			6,066		6,058		0.1	%
	Other Energy Sales	11,232		11,269		(0.3	%)			11,238		11,289		(0.5	%)
	Total Retail Customers	2,813,257		2,767,248		1.7	%			2,795,806		2,746,969		1.8	%
	Wholesale and Other	20		19		5.3	%			17		19		(10.5	%)
	Total Average Number of Customers – Duke Energy Carolinas	2,813,277		2,767,267		1.7	%			2,795,823		2,746,988		1.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,959		3,046		(35.7	%)			8,025		15,825		(49.3	%)
	Nuclear	11,282		10,912		3.4	%			44,225		45,446		(2.7	%)
	Hydro	243		159		52.8	%			999		1,340		(25.4	%)
	Natural Gas and Oil	7,112		5,009		42.0	%			28,563		19,975		43.0	%
	Renewable Energy	103		70		47.1	%			492		315		56.2	%
	Total Generation(d)	20,699		19,196		7.8	%			82,304		82,901		(0.7	%)
	Purchased Power and Net Interchange(e)	2,191		2,543		(13.8	%)			12,628		9,709		30.1	%
	Total Sources of Energy	22,890		21,739		5.3	%			94,932		92,610		2.5	%
	Less: Line Loss and Other	1,100		1,300		(15.4	%)			4,017		4,814		(16.6	%)
	Total GWh Sources	21,790		20,439		6.6	%			90,915		87,796		3.6	%

Owned MW Capacity(c)
	Summer									19,492		20,081
	Winter									20,350		20,957
Nuclear Capacity Factor (%)(f)										95		96

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,301		967		34.5	%			3,124		2,884		8.3	%
	Cooling Degree Days	21		79		(73.4	%)			1,628		1,573		3.5	%

	Variance from Normal
	Heating Degree Days	5.1	%	(21.7	%)					(1.8	%)	(9.2	%)
	Cooling Degree Days	(50.9	%)	87.9	%					4.3	%	0.7	%

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

(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.


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2022

		Three Months Ended December 31,								Years Ended December 31,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	3,891		4,044		(3.8	%)			18,499		18,645		(0.8	%)
	General Service	3,662		2,933		24.9	%			15,332		14,256		7.5	%
	Industrial	2,466		1,549		59.2	%			11,037		9,343		18.1	%
	Other Energy Sales	21		16		31.3	%			89		74		20.3	%
	Unbilled Sales	401		1,131		(64.5	%)			(106)		933		(111	%)
	Total Retail Sales	10,441		9,673		7.9	%	4.5	%	44,851		43,251		3.7	%	2.3	%
	Wholesale and Other	5,502		5,569		(1.2	%)			25,584		23,546		8.7	%
	Total Consolidated Electric Sales – Duke Energy Progress	15,943		15,242		4.6	%			70,435		66,797		5.4	%

Average Number of Customers
	Residential	1,444,585		1,418,470		1.8	%			1,434,751		1,408,491		1.9	%
	General Service	248,511		245,673		1.2	%			247,962		243,324		1.9	%
	Industrial	3,322		3,338		(0.5	%)			3,325		3,342		(0.5	%)
	Other Energy Sales	2,533		2,594		(2.4	%)			2,552		2,597		(1.7	%)
	Total Retail Customers	1,698,951		1,670,075		1.7	%			1,688,590		1,657,754		1.9	%
	Wholesale and Other	8		8		—	%			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,698,959		1,670,083		1.7	%			1,688,598		1,657,762		1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,139		445		156.0	%			6,513		5,928		9.9	%
	Nuclear	6,392		7,784		(17.9	%)			28,884		29,882		(3.3	%)
	Hydro	83		91		(8.8	%)			572		678		(15.6	%)
	Natural Gas and Oil	6,273		5,720		9.7	%			24,587		22,897		7.4	%
	Renewable Energy	46		55		(16.4	%)			248		253		(2.0	%)
	Total Generation(d)	13,933		14,095		(1.1	%)			60,804		59,638		2.0	%
	Purchased Power and Net Interchange(e)	2,482		2,179		13.9	%			11,202		9,687		15.6	%
	Total Sources of Energy	16,415		16,274		0.9	%			72,006		69,325		3.9	%
	Less: Line Loss and Other	472		1,032		(54.3	%)			1,571		2,528		(37.9	%)
	Total GWh Sources	15,943		15,242		4.6	%			70,435		66,797		5.4	%

Owned MW Capacity(c)
	Summer									12,464		12,469
	Winter									13,605		13,609
Nuclear Capacity Factor (%)(f)										92		95

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,061		855		24.1	%			2,676		2,604		2.8	%
	Cooling Degree Days	48		106		(54.7	%)			1,911		1,785		7.1	%

	Variance from Normal
	Heating Degree Days	(4.6	%)	(23.1	%)					(7.2	%)	(9.6	%)
	Cooling Degree Days	(22.8	%)	68.6	%					12.0	%	4.7	%

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

(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.


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2022

		Three Months Ended December 31,								Years Ended December 31,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	4,663		4,977		(6.3	%)			21,508		21,192		1.5	%
	General Service	3,654		3,712		(1.6	%)			15,463		14,943		3.5	%
	Industrial	797		745		7.0	%			3,508		3,292		6.6	%
	Other Energy Sales	8		7		14.3	%			33		24		37.5	%
	Unbilled Sales	247		(703)		135.1	%			567		(731)		177.6	%
	Total Retail Sales	9,369		8,738		7.2	%	7.0	%	41,079		38,720		6.1	%	5.5	%
	Wholesale and Other	1,048		953		10.0	%			5,135		3,702		38.7	%
	Total Electric Sales – Duke Energy Florida	10,417		9,691		7.5	%			46,214		42,422		8.9	%

Average Number of Customers
	Residential	1,730,814		1,701,486		1.7	%			1,719,905		1,689,516		1.8	%
	General Service	208,018		206,513		0.7	%			207,543		205,286		1.1	%
	Industrial	1,839		1,932		(4.8	%)			1,868		1,944		(3.9	%)
	Other Energy Sales	3,711		3,771		(1.6	%)			3,737		3,779		(1.1	%)
	Total Retail Customers	1,944,382		1,913,702		1.6	%			1,933,053		1,900,525		1.7	%
	Wholesale and Other	12		10		20.0	%			10		7		42.9	%
	Total Average Number of Customers – Duke Energy Florida	1,944,394		1,913,712		1.6	%			1,933,063		1,900,532		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,062		469		126.4	%			4,375		5,042		(13.2	%)


	Natural Gas and Oil	8,233		8,733		(5.7	%)			36,569		34,579		5.8	%
	Renewable Energy	353		222		59.0	%			1,581		942		67.8	%
	Total Generation(d)	9,648		9,424		2.4	%			42,525		40,563		4.8	%
	Purchased Power and Net Interchange(e)	815		772		5.6	%			4,817		4,286		12.4	%
	Total Sources of Energy	10,463		10,196		2.6	%			47,342		44,849		5.6	%
	Less: Line Loss and Other	46		505		(90.9	%)			1,128		2,427		(53.5	%)
	Total GWh Sources	10,417		9,691		7.5	%			46,214		42,422		8.9	%

Owned MW Capacity(c)
	Summer									10,488		10,288
	Winter									11,134		11,114

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	169		84		101.2	%			470		394		19.3	%
	Cooling Degree Days	544		584		(6.8	%)			3,527		3,488		1.1	%

	Variance from Normal
	Heating Degree Days	(10.4	%)	(55.4	%)					—	%	(30.6	%)
	Cooling Degree Days	11.1	%	20.3	%					—	%	8.6	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2022

		Three Months Ended December 31,								Years Ended December 31,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,897		1,987		(4.5	%)			9,031		9,080		(0.5	%)
	General Service	2,125		2,157		(1.5	%)			8,813		8,998		(2.1	%)
	Industrial	1,333		1,357		(1.8	%)			5,174		5,554		(6.8	%)
	Other Energy Sales	15		25		(40.0	%)			80		104		(23.1	%)
	Unbilled Sales	164		(13)		1,361.5	%			678		(161)		521.1	%
	Total Retail Sales	5,534		5,513		0.4	%	(0.4	%)	23,776		23,575		0.9	%	0.5	%
	Wholesale and Other	100		30		233.3	%			493		554		(11.0	%)
	Total Electric Sales – Duke Energy Ohio	5,634		5,543		1.6	%			24,269		24,129		0.6	%

Average Number of Customers
	Residential	820,302		807,707		1.6	%			816,187		805,256		1.4	%
	General Service	74,541		74,172		0.5	%			74,551		73,941		0.8	%
	Industrial	2,397		2,434		(1.5	%)			2,415		2,435		(0.8	%)
	Other Energy Sales	2,842		2,790		1.9	%			2,847		2,683		6.1	%
	Total Retail Customers	900,082		887,103		1.5	%			896,000		884,315		1.3	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	900,083		887,104		1.5	%			896,001		884,316		1.3	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	516		13		3,869.2	%			2,778		2,543		9.2	%


	Natural Gas and Oil	50		8		525.0	%			101		58		74.1	%

	Total Generation(d)	566		21		2,595.2	%			2,879		2,601		10.7	%
	Purchased Power and Net Interchange(e)	5,599		5,880		(4.8	%)			23,722		23,797		(0.3	%)
	Total Sources of Energy	6,165		5,901		4.5	%			26,601		26,398		0.8	%
	Less: Line Loss and Other	531		358		48.3	%			2,332		2,269		2.8	%
	Total GWh Sources	5,634		5,543		1.6	%			24,269		24,129		0.6	%

Owned MW Capacity(c)
	Summer									1,076		1,076
	Winter									1,164		1,164

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,799		1,474		22.0	%			4,815		4,516		6.6	%
	Cooling Degree Days	1		61		(98.4	%)			1,234		1,276		(3.3	%)

	Variance from Normal
	Heating Degree Days	(1.2	%)	(19.0	%)					(1.3	%)	(7.3	%)
	Cooling Degree Days	(92.5	%)	170.8	%					9.2	%	13.6	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2022

		Three Months Ended December 31,								Years Ended December 31,
		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2022		2021		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,966		2,045		(3.9	%)			9,256		9,291		(0.4	%)
	General Service	1,928		1,914		0.7	%			8,120		7,979		1.8	%
	Industrial	1,898		2,399		(20.9	%)			8,650		9,839		(12.1	%)
	Other Energy Sales	16		13		23.1	%			60		50		20.0	%
	Unbilled Sales	633		(3)		21,200.0	%			1,204		(220)		(647.3	%)
	Total Retail Sales	6,441		6,368		1.1	%	0.3	%	27,290		26,939		1.3	%	0.7	%
	Wholesale and Other	1,010		1,140		(11.4	%)			4,689		4,449		5.4	%
	Total Electric Sales – Duke Energy Indiana	7,451		7,508		(0.8	%)			31,979		31,388		1.9	%

Average Number of Customers
	Residential	775,619		764,341		1.5	%			771,796		760,746		1.5	%
	General Service	105,250		104,505		0.7	%			105,124		104,264		0.8	%
	Industrial	2,661		2,665		(0.2	%)			2,662		2,667		(0.2	%)
	Other Energy Sales	3,959		3,995		(0.9	%)			3,986		3,980		0.2	%
	Total Retail Customers	887,489		875,506		1.4	%			883,568		871,657		1.4	%
	Wholesale and Other	4		3		33.3	%			4		3		33.3	%
	Total Average Number of Customers – Duke Energy Indiana	887,493		875,509		1.4	%			883,572		871,660		1.4	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	4,244		2,673		58.8	%			16,604		16,835		(1.4	%)

	Hydro	89		88		1.1	%			285		320		(10.9	%)
	Natural Gas and Oil	672		948		(29.1	%)			3,829		3,157		21.3	%
	Renewable Energy	5		4		25.0	%			26		22		18.2	%
	Total Generation(d)	5,010		3,713		34.9	%			20,744		20,334		2.0	%
	Purchased Power and Net Interchange(e)	3,322		4,215		(21.2	%)			14,218		13,668		4.0	%
	Total Sources of Energy	8,332		7,928		5.1	%			34,962		34,002		2.8	%
	Less: Line Loss and Other	881		420		109.8	%			2,983		2,614		14.1	%
	Total GWh Sources	7,451		7,508		(0.8	%)			31,979		31,388		1.9	%

Owned MW Capacity(c)
	Summer									6,346		6,346
	Winter									6,781		6,781

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,945		1,639		18.7	%			5,310		4,930		7.7	%
	Cooling Degree Days	1		46		(97.8	%)			1,261		1,242		1.5	%

	Variance from Normal
	Heating Degree Days	(30.0	%)	(16.0	%)					1.1	%	(6.1	%)
	Cooling Degree Days	(94.2	%)	131.3	%					13.0	%	11.3	%

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

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

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2022

		Three Months Ended December 31,				Years Ended December 31,
		2022	2021	% Inc. (Dec.)		2022	2021	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	164,172,437	152,549,106	7.6	%	628,035,471	542,759,891	15.7	%
	Duke Energy Midwest LDC throughput (Mcf)	26,663,954	23,566,796	13.1	%	90,010,669	85,787,624	4.9	%

Average Number of Customers – Piedmont Natural Gas
	Residential	1,041,646	1,025,958	1.5	%	1,039,038	1,023,675	1.5	%
	Commercial	106,003	105,275	0.7	%	106,188	105,430	0.7	%
	Industrial	952	958	(0.6	%)	954	960	(0.6	%)
	Power Generation	19	19	—	%	19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,148,620	1,132,210	1.4	%	1,146,199	1,130,084	1.4	%

Average Number of Customers – Duke Energy Midwest
	Residential	518,104	513,825	0.8	%	515,669	512,106	0.7	%
	General Service	35,151	34,925	0.6	%	34,611	34,717	(0.3	%)
	Industrial	1,660	1,629	1.9	%	1,578	1,631	(3.2	%)
	Other	116	126	(7.9	%)	117	129	(9.3	%)
	Total Average Number of Gas Customers – Duke Energy Midwest	555,031	550,505	0.8	%	551,975	548,583	0.6	%

(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.