News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

May 9, 2023

Duke Energy reports first-quarter 2023 financial results

▪First-quarter 2023 reported EPS of $1.01 and adjusted EPS of $1.20

▪Results reflect mild winter weather, among the warmest on record and $0.22 below normal

▪Commercial Renewables sale process in late stage

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2023 reported EPS of $1.01, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.20. This is compared to reported EPS of $1.08 and adjusted EPS of $1.29 for the first quarter of 2022.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the first-quarter 2023 reported and adjusted EPS included an estimated impairment on the sale of the Commercial Renewables business.

Lower first-quarter 2023 adjusted results were driven by unfavorable weather, higher interest expense, and lower volumes. These items were partially offset by growth from riders and other retail margin, lower storm costs, and favorable rate case impacts.

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're making great progress on our strategy across our entire service territory, meeting our commitments and advancing investments in a balanced way to better serve our customers,” said Lynn Good, Duke Energy chair, president and chief executive officer. "From grid improvements, to adding renewables, to advancing policy, we're taking collective action to transform and ready the system for a zero-carbon future."

“We’re responding to warm winter weather in the first quarter through disciplined cost management and other agility measures. With three quarters remaining, including our strongest quarter ahead, we are reaffirming our 2023 EPS guidance range of $5.55 to $5.75. We're also on track to deliver our long-term growth rate of 5% to 7% through 2027, off the midpoint of the 2023 range.”

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Business segment results

In addition to the following summary of first-quarter 2023 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

On a reported and adjusted basis, Electric Utilities and Infrastructure recognized first-quarter 2023 segment income of $791 million, compared to reported and adjusted segment income of $723 million and $896 million, respectively, in the first quarter of 2022. On an adjusted basis, this represents a decrease of $0.14 per share. Lower quarterly results were primarily due to unfavorable weather, lower volumes and higher interest expense, partially offset by lower storm costs, riders and other retail margin, and favorable rate case impacts.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized first-quarter 2023 segment income of $287 million, compared to reported and adjusted segment income of $254 million in the first quarter of 2022. On an adjusted basis, this represents an increase of $0.04 per share. Higher quarterly results were primarily driven by growth from riders and other retail margin.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

On a reported and adjusted basis, Other recognized a first-quarter 2023 segment loss of $168 million, compared to reported and adjusted segment loss of $171 million in the first quarter of 2022. On an adjusted basis, this represents an increase of $0.01 per share. Higher quarterly results were primarily due to higher returns on investments, partially offset by higher interest expense.

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 in the second half of 2023.

For the first quarter of 2023, 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 $175 million.

Duke Energy News Release    3

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2023 was 13.8% compared to 2.9% in the first quarter of 2022. The increase in the effective tax rate was primarily due to a decrease in the amortization of excess deferred taxes.

The effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the first quarter of 2023 was 14.2% compared to 8.0% in the first quarter of 2022. The increase was primarily due to a decrease in the amortization of excess deferred taxes.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2023 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 U.S. or 929.526.1599 outside the U.S. The confirmation code is 676030. Please call in 10 to 15 minutes prior to the scheduled start time.

A recording of the webcast with transcript will be available on the investors' section of the company’s website by May 10.

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for first-quarter 2023 and 2022 financial results:

(In millions, except per share amounts)			After-Tax Amount			1Q 2023 EPS			1Q 2022 EPS
EPS, as reported						$	1.01		$	1.08
Adjustments to reported EPS:
First Quarter 2023
Discontinued operations			$	145		$	0.19
First Quarter 2022
Regulatory matters			$	173					$	0.23
Discontinued operations			(12)						(0.02)
Total adjustments						$	0.19		$	0.21
EPS, adjusted						$	1.20		$	1.29

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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 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 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 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:

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

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

Management evaluates segment performance based on segment income (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 as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income (loss) and other net loss.

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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 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. 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’ “World’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-Looking Information

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

◦The 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;

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◦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 United States 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;

◦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;

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◦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 United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

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

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

◦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.

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 any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2023

(Dollars in millions, except per share amounts)

						Reported Earnings																																				Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure						$	791																																			$	—					$	—					$	791
Gas Utilities and Infrastructure						287																																				—						—						287
Total Reportable Segment Income						1,078																																				—						—						1,078
Other						(168)																																				—						—						(168)
Discontinued Operations						(145)																																				145			A			145						—
Net Income Available to Duke Energy Corporation Common Stockholders						$	765																																			$	145					$	145					$	910
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.01																																			$	0.19					$	0.19					$	1.20

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

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

Weighted Average Shares (reported and adjusted) – 770 million

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2022

(Dollars in millions, except per share amounts)

									Special Item
			Reported Earnings						Regulatory Matters																														Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure			$	723					$	173		A																											$	—					$	173					$	896
Gas Utilities and Infrastructure			254																																				—						—						254
Total Reportable Segment Income			977						173																														—						173						1,150
Other			(171)						—																														—						—						(171)
Discontinued Operations			12						—																														$	(12)		B			(12)						—
Net Income Available to Duke Energy Corporation Common Stockholders			$	818					$	173																													$	(12)					$	161					$	979
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS			$	1.08					$	0.23																													$	(0.02)					$	0.21					$	1.29

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

A – Net of $62 million tax benefit. $211 million recorded within Impairment of assets and other charges and $46 million within Regulated electric (Operating revenues) related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. $22 million recorded within Noncontrolling Interests related to the same Duke Energy Indiana Supreme Court ruling.

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

Weighted Average Shares (reported and adjusted) – 770 million

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DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2023

(Dollars in millions)

			Three Months Ended    March 31, 2023
			Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes			$	1,125
Noncontrolling Interests			(25)
Preferred Dividends			(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	1,061
Reported Income Tax Expense From Continuing Operations			$	155					13.8		%
Noncontrolling Interest Portion of Income Taxes(a)			(4)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	151					14.2		%

			Three Months Ended    March 31, 2022
			Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes			$	860
Regulatory Matters			257
Noncontrolling Interests			(14)
Preferred Dividends			(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	1,064
Reported Income Tax Expense From Continuing Operations			$	25					2.9		%
Regulatory Matters			62
Noncontrolling Interest Portion of Income Taxes(a)			$	(2)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	85					8.0		%

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

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DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2023 YTD vs. Prior Year

(Dollars per share)			Electric Utilities and Infrastructure									Gas Utilities and Infrastructure															Other									Discontinued Operations									Consolidated
2022 YTD Reported Earnings Per Share			$	0.94								$	0.33																	$	(0.21)								$	0.02								$	1.08
Regulatory Matters			0.23									—																		—									—									0.23
Discontinued Operations			—									—																		—									(0.02)									(0.02)
2022 YTD Adjusted Earnings Per Share			$	1.17								$	0.33																	$	(0.21)								$	—								$	1.29
Weather			(0.19)									—																		—									—									(0.19)
Volume(a)			(0.10)									—																		—									—									(0.10)
Riders and Other Retail Margin(b)			0.09									0.04																		—									—									0.13
Rate case impacts, net(c)			0.09									—																		—									—									0.09
Wholesale			(0.03)									—																		—									—									(0.03)
Operations and maintenance, net of recoverables(d)			0.10									—																		—									—									0.10
Interest Expense(e)			(0.07)									—																		(0.07)									—									(0.14)
Depreciation and amortization(e)			(0.01)									—																		—									—									(0.01)
Other(f)			(0.02)									—																		0.08									—									0.06
Total variance			$	(0.14)								$	0.04																	$	0.01								$	—								$	(0.09)
2023 YTD Adjusted Earnings Per Share			$	1.03								$	0.37																	$	(0.20)								$	—								$	1.20
Discontinued Operations			—									—																		—									(0.19)									(0.19)
2023 YTD Reported Earnings Per Share			$	1.03								$	0.37																	$	(0.20)								$	(0.19)								$	1.01
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding is 770 million shares in 2022 and 2023.

(a)    Includes block pricing (-$0.02).

(b)    Electric Utilities and Infrastructure includes +$0.02 from rider growth and transmission revenues. Also includes favorable lighting revenues, higher late payment fees and regulatory true ups (+$0.02).

(c)    Electric Utilities and Infrastructure includes revenues from the DEF multiyear rate plan (+$0.04) and DOE nuclear fuel storage funding at DEF (+$0.05). Per the 2021 Settlement, DEF is permitted to recognize into earnings a total of $173 million through the approved settlement period, while also remaining within the approved return on equity band.

(d)    Electric Utilities and Infrastructure primarily due to higher storm costs in the prior year.    

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

(f)    Electric Utilities and Infrastructure includes the impact of GIC minority interest sale. Other includes higher returns on investments.

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DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
									Three Months Ended
									March 31,
															2023						2022
Operating Revenues
Regulated electric															$	6,324					$	5,933
Regulated natural gas															882						1,002
Nonregulated electric and other															70						76
Total operating revenues															7,276						7,011
Operating Expenses
Fuel used in electric generation and purchased power															2,377						1,817
Cost of natural gas															298						481
Operation, maintenance and other															1,310						1,548
Depreciation and amortization															1,227						1,257
Property and other taxes															389						382
Impairment of assets and other charges															8						215
Total operating expenses															5,609						5,700
Gains on Sales of Other Assets and Other, net															7						3
Operating Income															1,674						1,314
Other Income and Expenses
Equity in earnings of unconsolidated affiliates															20						26
Other income and expenses, net															151						89
Total other income and expenses															171						115
Interest Expense															720						569
Income From Continuing Operations Before Income Taxes															1,125						860
Income Tax Expense From Continuing Operations															155						25
Income From Continuing Operations															970						835
Loss From Discontinued Operations, net of tax															(209)						(15)
Net Income															761						820
Add: Net Loss Attributable to Noncontrolling Interests															43						37
Net Income Attributable to Duke Energy Corporation															804						857
Less: Preferred Dividends															39						39
Net Income Available to Duke Energy Corporation Common Stockholders															$	765					$	818
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.20					$	1.06
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted															$	(0.19)					$	0.02
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.01					$	1.08
Weighted average shares outstanding
Basic and Diluted															770						770

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DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			March 31, 2023						December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents			$	451					$	409
Receivables (net of allowance for doubtful accounts of $45 at 2023 and $40 at 2022)			1,035						1,309
Receivables of VIEs (net of allowance for doubtful accounts of $169 at 2023 and $176 at 2022)			2,635						3,106
Inventory			3,865						3,584
Regulatory assets (includes $106 at 2023 and 2022 related to VIEs)			3,502						3,485
Assets held for sale			374						356
Other (includes $42 at 2023 and $116 at 2022 related to VIEs)			452						973
Total current assets			12,314						13,222
Property, Plant and Equipment
Cost			166,096						163,839
Accumulated depreciation and amortization			(53,162)						(52,100)
Facilities to be retired, net			8						9
Net property, plant and equipment			112,942						111,748
Other Noncurrent Assets
Goodwill			19,303						19,303
Regulatory assets (includes $1,691 at 2023 and $1,715 at 2022 related to VIEs)			14,702						14,645
Nuclear decommissioning trust funds			9,124						8,637
Operating lease right-of-use assets, net			1,019						1,042
Investments in equity method unconsolidated affiliates			465						455
Assets held for sale			5,538						$	5,634
Other (includes $50 at 2023 and $52 at 2022 related to VIEs)			3,426						3,400
Total other noncurrent assets			53,577						53,116
Total Assets			$	178,833					$	178,086
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	3,214					$	4,754
Notes payable and commercial paper			3,731						3,952
Taxes accrued			586						722
Interest accrued			693						626
Current maturities of long-term debt (includes $101 at 2023 and $350 at 2022 related to VIEs)			3,330						3,878
Asset retirement obligations			732						773
Regulatory liabilities			1,283						1,466
Liabilities associated with assets held for sale			476						535
Other			1,970						2,167
Total current liabilities			16,015						18,873
Long-Term Debt (includes $3,334 at 2023 and $3,108 at 2022 related to VIEs)			69,107						65,873
Other Noncurrent Liabilities
Deferred income taxes			10,188						9,964
Asset retirement obligations			11,987						11,955
Regulatory liabilities			13,714						13,582
Operating lease liabilities			851						876
Accrued pension and other post-retirement benefit costs			820						832
Investment tax credits			852						849
Liabilities associated with assets held for sale			1,931						$	1,927
Other			1,417						1,502
Total other noncurrent liabilities			41,760						41,487
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2023 and 2022			973						973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2023 and 2022			989						989
Common stock, $0.001 par value, 2 billion shares authorized; 771 million and 770 million shares outstanding at 2023 and 2022			1						1
Additional paid-in capital			44,837						44,862
Retained earnings			2,626						2,637
Accumulated other comprehensive loss			(166)						(140)
Total Duke Energy Corporation stockholders' equity			49,260						49,322
Noncontrolling interests			2,691						2,531
Total equity			51,951						51,853
Total Liabilities and Equity			$	178,833					$	178,086

13

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
						Three Months Ended March 31,
						2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income						$	761					$	820
Adjustments to reconcile net income to net cash provided by operating activities						722						975
Net cash provided by operating activities						1,483						1,795
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities						(3,209)						(2,699)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities						1,747						1,404
Net increase in cash, cash equivalents and restricted cash						21						500
Cash, cash equivalents and restricted cash at beginning of period						603						520
Cash, cash equivalents and restricted cash at end of period						$	624					$	1,020

14

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	6,340		$	—					$	—		$	(16)		$	6,324
Regulated natural gas			—			905						—			(23)			882
Nonregulated electric and other			58			6						31			(25)			70
Total operating revenues			6,398			911						31			(64)			7,276
Operating Expenses
Fuel used in electric generation and purchased power			2,396			—						—			(19)			2,377
Cost of natural gas			—			298						—			—			298
Operation, maintenance and other			1,269			119						(35)			(43)			1,310
Depreciation and amortization			1,096			85						54			(8)			1,227
Property and other taxes			348			31						10			—			389
Impairment of assets and other charges			7			1						—			—			8
Total operating expenses			5,116			534						29			(70)			5,609
Gains on Sales of Other Assets and Other, net			1			—						6			—			7
Operating Income			1,283			377						8			6			1,674
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			1			6						13			—			20
Other income and expenses, net			129			17						49			(44)			151
Total Other Income and Expenses			130			23						62			(44)			171
Interest Expense			452			50						256			(38)			720
Income (Loss) from Continuing Operations before Income Taxes			961			350						(186)			—			1,125
Income Tax Expense (Benefit) from Continuing Operations			149			63						(57)			—			155
Income (Loss) from Continuing Operations			812			287						(129)			—			970
Less: Income Attributable to Noncontrolling Interest			21			—						—			—			21
Net Income (Loss) Attributable to Duke Energy Corporation			791			287						(129)			—			949
Less: Preferred Dividends			—			—						39			—			39
Segment Income/Other Net Loss			$	791		$	287					$	(168)		$	—		$	910
Discontinued Operations																		(145)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	765

15

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	5,940		$	—					$	—		$	(7)		$	5,933
Regulated natural gas			—			1,025						—			(23)			1,002
Nonregulated electric and other			62			7						30			(23)			76
Total operating revenues			6,002			1,032						30			(53)			7,011
Operating Expenses
Fuel used in electric generation and purchased power			1,837			—						—			(20)			1,817
Cost of natural gas			—			481						—			—			481
Operation, maintenance and other			1,426			182						(27)			(33)			1,548
Depreciation and amortization			1,131			79						53			(6)			1,257
Property and other taxes			337			41						4			—			382
Impairment of assets and other charges			214			—						—			1			215
Total operating expenses			4,945			783						30			(58)			5,700
Gains on Sales of Other Assets and Other, net			2			—						1			—			3
Operating Income			1,059			249						1			5			1,314
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			2			4						20			—			26
Other income and expenses, net			112			13						(25)			(11)			89
Total Other Income and Expenses			114			17						(5)			(11)			115
Interest Expense			376			40						158			(5)			569
Income (Loss) Before Income Taxes			797			226						(162)			(1)			860
Income Tax Expense (Benefit)			83			(28)						(30)			—			25
Net Income (Loss)			714			254						(132)			(1)			835
Add: Net Loss Attributable to Noncontrolling Interest			9			—						—			1			10
Net Income (Loss) Attributable to Duke Energy Corporation			723			254						(132)			—			845
Less: Preferred Dividends			—			—						39			—			39
Segment Income/Other Net Loss			$	723		$	254					$	(171)		$	—		$	806
Discontinued Operations																		12
Net Income Available to Duke Energy Corporation Common Stockholders																		$	818
Segment Income/Other Net Loss/Net Income Available to Duke Energy Corporation Common Stockholders			$	723		$	254					$	(171)		$	—		$	806
Special Items			173			—						—			—			173
Adjusted Earnings(a)			$	896		$	254					$	(171)		$	—		$	979

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

16

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other(a)			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents			$	129		$	11					$	310		$	1		$	451
Receivables, net			735			283						17			—			1,035
Receivables of variable interest entities, net			2,635			—						—			—			2,635
Receivables from affiliated companies			176			144						1,583			(1,903)			—
Notes receivable from affiliated companies			108			84						2,333			(2,525)			—
Inventory			3,718			113						35			(1)			3,865
Regulatory assets			3,263			137						102			—			3,502
Assets held for sale			—			—						374			—			374
Other			252			27						245			(72)			452
Total current assets			11,016			799						4,999			(4,500)			12,314
Property, Plant and Equipment
Cost			148,017			15,463						2,706			(90)			166,096
Accumulated depreciation and amortization			(48,470)			(3,159)						(1,533)			—			(53,162)
Facilities to be retired, net			—			8						—			—			8
Net property, plant and equipment			99,547			12,312						1,173			(90)			112,942
Other Noncurrent Assets
Goodwill			17,379			1,924						—			—			19,303
Regulatory assets			13,412			804						485			1			14,702
Nuclear decommissioning trust funds			9,124			—						—			—			9,124
Operating lease right-of-use assets, net			744			3						272			—			1,019
Investments in equity method unconsolidated affiliates			100			243						121			1			465
Investment in consolidated subsidiaries			592			5						69,678			(70,275)			—
Assets held for sale			—			—						5,538			—			5,538
Other			2,145			326						1,581			(626)			3,426
Total other noncurrent assets			43,496			3,305						77,675			(70,899)			53,577
Total Assets			154,059			16,416						83,847			(75,489)			178,833
Segment reclassifications, intercompany balances and other			(1,070)			(199)						(74,220)			75,489			—
Segment Assets			$	152,989		$	16,217					$	9,627		$	—		$	178,833

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

17

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other(a)			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable			$	2,468		$	267					$	478		$	1		$	3,214
Accounts payable to affiliated companies			731			39						1,015			(1,785)			—
Notes payable to affiliated companies			2,114			359						92			(2,565)			—
Notes payable and commercial paper			—			—						3,731			—			3,731
Taxes accrued			573			90						(77)			—			586
Interest accrued			426			46						222			(1)			693
Current maturities of long-term debt			876			211						2,248			(5)			3,330
Asset retirement obligations			732			—						—			—			732
Regulatory liabilities			1,138			145						—			—			1,283
Liabilities associated with assets held for sale			—			—						476			—			476
Other			1,511			112						497			(150)			1,970
Total current liabilities			10,569			1,269						8,682			(4,505)			16,015
Long-Term Debt			44,015			4,093						21,083			(84)			69,107
Long-Term Debt Payable to Affiliated Companies			618			7						—			(625)			—
Other Noncurrent Liabilities
Deferred income taxes			11,836			1,238						(2,886)			—			10,188
Asset retirement obligations			11,902			84						—			1			11,987
Regulatory liabilities			12,385			1,288						41			—			13,714
Operating lease liabilities			665			12						175			(1)			851
Accrued pension and other post-retirement benefit costs			300			30						490			—			820
Investment tax credits			851			1						—			—			852
Liabilities associated with assets held for sale			—			—						1,931			—			1,931
Other			768			261						577			(189)			1,417
Total other noncurrent liabilities			38,707			2,914						328			(189)			41,760
Equity
Total Duke Energy Corporation stockholders' equity			59,206			8,125						52,015			(70,086)			49,260
Noncontrolling interests			944			8						1,739			—			2,691
Total equity			60,150			8,133						53,754			(70,086)			51,951
Total Liabilities and Equity			154,059			16,416						83,847			(75,489)			178,833
Segment reclassifications, intercompany balances and other			(1,070)			(199)						(74,220)			75,489			—
Segment Liabilities and Equity			$	152,989		$	16,217					$	9,627		$	—		$	178,833

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

18

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2023
(In millions)			Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Eliminations/ Other			Electric Utilities and Infrastructure
Operating Revenues			$	1,934		$	1,533		$	1,510		$	474		$	975		$	(28)		$	6,398
Operating Expenses
Fuel used in electric generation and purchased power			623			545			646			176			449			(43)			2,396
Operation, maintenance and other			433			347			211			91			183			4			1,269
Depreciation and amortization			366			315			190			64			158			3			1,096
Property and other taxes			95			48			120			66			18			1			348
Impairment of assets and other charges			2			4			1			—			—			—			7
Total operating expenses			1,519			1,259			1,168			397			808			(35)			5,116
Gains on Sales of Other Assets and Other, net			—			—			1			—			—			—			1
Operating Income			415			274			343			77			167			7			1,283
Other Income and Expenses, net(b)			59			31			31			6			14			(11)			130
Interest Expense			160			102			115			25			52			(2)			452
Income Before Income Taxes			314			203			259			58			129			(2)			961
Income Tax Expense			37			30			51			9			22			—			149
Net Income (Loss)			277			173			208			49			107			(2)			812
Less: Income Attributable to Noncontrolling Interest(c)			—			—			—			—			—			21			21
Segment Income Attributable to Duke Energy Corporation			$	277		$	173		$	208		$	49		$	107		$	(23)		$	791

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

(b)    Includes an equity component of allowance for funds used during construction of $24 million for Duke Energy Carolinas, $13 million for Duke Energy Progress, $3 million for Duke Energy Florida and $1 million for Duke Energy Indiana.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

19

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2023
(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			$	24		$	50		$	26		$	18		$	11		$	—		$	129
Receivables, net			286			159			154			36			90			10			735
Receivables of variable interest entities, net			782			654			448			—			—			751			2,635
Receivables from affiliated companies			181			26			3			199			228			(461)			176
Notes receivable from affiliated companies			—			160			—			168			—			(220)			108
Inventory			1,303			1,082			630			143			560			—			3,718
Regulatory assets			1,311			764			784			22			91			291			3,263
Other			62			57			66			7			64			(4)			252
Total current assets			3,949			2,952			2,111			593			1,044			367			11,016
Property, Plant and Equipment
Cost			55,422			39,396			26,448			8,266			18,295			190			148,017
Accumulated depreciation and amortization			(19,083)			(14,452)			(6,552)			(2,258)			(6,136)			11			(48,470)
Facilities to be retired, net			—			—			—			—			—			—			—
Net property, plant and equipment			36,339			24,944			19,896			6,008			12,159			201			99,547
Other Noncurrent Assets
Goodwill			—			—			—			596			—			16,783			17,379
Regulatory assets			4,309			4,817			2,605			318			903			460			13,412
Nuclear decommissioning trust funds			5,076			3,640			408			—			—			—			9,124
Operating lease right-of-use assets, net			75			356			247			17			48			1			744
Investments in equity method unconsolidated affiliates			—			—			1			—			—			99			100
Investment in consolidated subsidiaries			55			13			3			310			1			210			592
Other			999			658			392			57			265			(226)			2,145
Total other noncurrent assets			10,514			9,484			3,656			1,298			1,217			17,327			43,496
Total Assets			50,802			37,380			25,663			7,899			14,420			17,895			154,059
Segment reclassifications, intercompany balances and other			(263)			(303)			(26)			(346)			192			(324)			(1,070)
Reportable Segment Assets			$	50,539		$	37,077		$	25,637		$	7,553		$	14,612		$	17,571		$	152,989

(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.

20

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2023
(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			$	872		$	511		$	616		$	219		$	247		$	3		$	2,468
Accounts payable to affiliated companies			236			252			110			22			60			51			731
Notes payable to affiliated companies			1,153			—			886			50			204			(179)			2,114
Taxes accrued			111			56			132			180			106			(12)			573
Interest accrued			142			90			106			29			59			—			426
Current maturities of long-term debt			18			370			330			310			3			(155)			876
Asset retirement obligations			249			272			1			14			197			(1)			732
Regulatory liabilities			418			293			180			39			207			1			1,138
Other			572			413			319			63			145			(1)			1,511
Total current liabilities			3,771			2,257			2,680			926			1,228			(293)			10,569
Long-Term Debt			14,788			11,527			9,353			2,862			4,350			1,135			44,015
Long-Term Debt Payable to Affiliated Companies			300			150			—			18			150			—			618
Other Noncurrent Liabilities
Deferred income taxes			4,316			2,542			2,813			809			1,313			43			11,836
Asset retirement obligations			5,148			5,552			346			82			741			33			11,902
Regulatory liabilities			5,817			4,178			618			271			1,517			(16)			12,385
Operating lease liabilities			80			320			201			17			46			1			665
Accrued pension and other post-retirement benefit costs			35			158			110			68			123			(194)			300
Investment tax credits			299			129			233			3			186			1			851
Other			534			89			78			53			32			(18)			768
Total other noncurrent liabilities			16,229			12,968			4,399			1,303			3,958			(150)			38,707
Equity
Total Duke Energy Corporation stockholders equity			15,714			10,478			9,231			2,790			4,734			16,259			59,206
Noncontrolling interests(c)			—			—			—			—			—			944			944
Total equity			15,714			10,478			9,231			2,790			4,734			17,203			60,150
Total Liabilities and Equity			50,802			37,380			25,663			7,899			14,420			17,895			154,059
Segment reclassifications, intercompany balances and other			(263)			(303)			(26)			(346)			192			(324)			(1,070)
Reportable Segment Liabilities and Equity			$	50,539		$	37,077		$	25,637		$	7,553		$	14,612		$	17,571		$	152,989

(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.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

21

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2023
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage(b)			Eliminations/ Adjustments			Gas Utilities and Infrastructure
Operating Revenues			$	235		$	675		$	—		$	1		$	911
Operating Expenses
Cost of natural gas			92			206			—			—			298
Operation, maintenance and other			30			88			1			—			119
Depreciation and amortization			27			57			—			1			85
Property and other taxes			14			16			—			1			31
Impairment of assets and other charges			—			1			—			—			1
Total operating expenses			163			368			1			2			534
Operating Income (Loss)			72			307			(1)			(1)			377
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates			—			—			6			—			6
Other income and expenses, net			3			15			—			(1)			17
Other Income and Expenses, net			3			15			6			(1)			23
Interest Expense			11			40			—			(1)			50
Income (Loss) Before Income Taxes			64			282			5			(1)			350
Income Tax Expense			12			50			1			—			63
Segment Income			$	52		$	232		$	4		$	(1)		$	287

(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.

22

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2023
(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			$	8		$	—		$	4		$	(1)		$	11
Receivables, net			38			245			—			—			283
Receivables from affiliated companies			59			86			80			(81)			144
Notes receivable from affiliated companies			93			—			—			(9)			84
Inventory			14			99			—			—			113
Regulatory assets			16			121			—			—			137
Other			14			8			4			1			27
Total current assets			242			559			88			(90)			799
Property, Plant and Equipment
Cost			4,277			11,101			86			(1)			15,463
Accumulated depreciation and amortization			(1,024)			(2,136)			—			1			(3,159)
Facilities to be retired, net			—			8			—			—			8
Net property, plant and equipment			3,253			8,973			86			—			12,312
Other Noncurrent Assets
Goodwill			324			49			—			1,551			1,924
Regulatory assets			322			389			—			93			804
Operating lease right-of-use assets, net			—			3			—			—			3
Investments in equity method unconsolidated affiliates			—			—			238			5			243
Investment in consolidated subsidiaries			—			—			—			5			5
Other			18			279			30			(1)			326
Total other noncurrent assets			664			720			268			1,653			3,305
Total Assets			4,159			10,252			442			1,563			16,416
Segment reclassifications, intercompany balances and other			(118)			(88)			(80)			87			(199)
Reportable Segment Assets			$	4,041		$	10,164		$	362		$	1,650		$	16,217

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

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

23

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2023
(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			$	64		$	191		$	12		$	—		$	267
Accounts payable to affiliated companies			12			73			36			(82)			39
Notes payable to affiliated companies			25			343			—			(9)			359
Taxes accrued			37			59			(6)			—			90
Interest accrued			3			43			—			—			46
Current maturities of long-term debt			165			45			—			1			211
Regulatory liabilities			23			122			—			—			145
Other			2			58			53			(1)			112
Total current liabilities			331			934			95			(91)			1,269
Long-Term Debt			629			3,319			66			79			4,093
Long-Term Debt Payable to Affiliated Companies			7			—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes			335			882			20			1			1,238
Asset retirement obligations			57			27			—			—			84
Regulatory liabilities			259			1,016			—			13			1,288
Operating lease liabilities			—			12			—			—			12
Accrued pension and other post-retirement benefit costs			23			7			—			—			30
Investment tax credits			—			1			—			—			1
Other			42			169			50			—			261
Total other noncurrent liabilities			716			2,114			70			14			2,914
Equity
Total Duke Energy Corporation stockholders' equity			2,476			3,885			203			1,561			8,125
Noncontrolling interests			—			—			8			—			8
Total equity			2,476			3,885			211			1,561			8,133
Total Liabilities and Equity			4,159			10,252			442			1,563			16,416
Segment reclassifications, intercompany balances and other			(118)			(88)			(80)			87			(199)
Reportable Segment Liabilities and Equity			$	4,041		$	10,164		$	362		$	1,650		$	16,217

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

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

24

Electric Utilities and Infrastructure
Quarterly Highlights
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
			Residential																											21,868						23,029						(5.0		%)				(3.4		%)
			General Service																											17,765						18,053						(1.6		%)				(3.2		%)
			Industrial																											11,846						12,501						(5.2		%)				(7.4		%)
			Other Energy Sales																											153						137						11.7		%				n/a
			Unbilled Sales																											(2,562)						(107)						(2,294.4		%)				n/a
			Total Retail Sales																											49,070						53,613						(8.5		%)				(4.1		%)
			Wholesale and Other																											9,176						10,754						(14.7		%)
			Total Consolidated Electric Sales – Electric Utilities and Infrastructure																											58,246						64,367						(9.5		%)
Average Number of Customers (Electric)
			Residential																											7,199,420						7,079,647						1.7		%
			General Service																											1,036,096						1,030,261						0.6		%
			Industrial																											16,265						16,390						(0.8		%)
			Other Energy Sales																											24,228						24,423						(0.8		%)
			Total Retail Customers																											8,276,009						8,150,721						1.5		%
			Wholesale and Other																											46						39						17.9		%
			Total Average Number of Customers – Electric Utilities and Infrastructure																											8,276,055						8,150,760						1.5		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											4,080						9,742						(58.1		%)
			Nuclear																											17,727						22,278						(20.4		%)
			Hydro																											758						590						28.5		%
			Natural Gas and Oil																											20,332						22,202						(8.4		%)
			Renewable Energy																											559						428						30.6		%
			Total Generation(d)																											43,456						55,240						(21.3		%)
			Purchased Power and Net Interchange(e)																											14,966						14,847						0.8		%
			Total Sources of Energy																											58,422						70,087						(16.6		%)
			Less: Line Loss and Other																											176						5,720						(96.9		%)
			Total GWh Sources																											58,246						64,367						(9.5		%)
Owned Megawatt (MW) Capacity(c)
			Summer																											50,111						49,671
			Winter																											53,154						53,001
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).

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

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

(e)    Purchased power includes renewable energy purchases.

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

25

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											7,708						8,057						(4.3		%)
			General Service																											6,899						6,846						0.8		%
			Industrial																											4,710						4,983						(5.5		%)
			Other Energy Sales																											71						77						(7.8		%)
			Unbilled Sales																											(955)						235						(506.4		%)
			Total Retail Sales																											18,433						20,198						(8.7		%)				(3.9		%)
			Wholesale and Other																											2,486						2,351						5.7		%
			Total Consolidated Electric Sales – Duke Energy Carolinas																											20,919						22,549						(7.2		%)
Average Number of Customers
			Residential																											2,407,382						2,363,649						1.9		%
			General Service																											399,791						398,003						0.4		%
			Industrial																											6,095						6,058						0.6		%
			Other Energy Sales																											11,226						11,246						(0.2		%)
			Total Retail Customers																											2,824,494						2,778,956						1.6		%
			Wholesale and Other																											23						17						35.3		%
			Total Average Number of Customers – Duke Energy Carolinas																											2,824,517						2,778,973						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											1,379						2,388						(42.3		%)
			Nuclear																											10,596						15,258						(30.6		%)
			Hydro																											480						338						42.0		%
			Natural Gas and Oil																											6,652						6,239						6.6		%
			Renewable Energy																											68						94						(27.7		%)
			Total Generation(d)																											19,175						24,317						(21.1		%)
			Purchased Power and Net Interchange(e)																											2,918						3,006						(2.9		%)
			Total Sources of Energy																											22,093						27,323						(19.1		%)
			Less: Line Loss and Other																											1,174						4,774						(75.4		%)
			Total GWh Sources																											20,919						22,549						(7.2		%)
Owned MW Capacity(c)
			Summer																											19,620						19,489
			Winter																											20,439						20,347
Nuclear Capacity Factor (%)(f)																														95						98
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,252						1,613						(22.4		%)
			Cooling Degree Days																											16						10						60.0		%
			Variance from Normal
			Heating Degree Days																											(22.4		%)				(6.1		%)
			Cooling Degree Days																											55.1		%				42.5		%

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

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

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

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

(e)    Purchased power includes renewable energy purchases.

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

26

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											4,846						5,233						(7.4		%)
			General Service																											3,439						3,796						(9.4		%)
			Industrial																											2,351						3,134						(25.0		%)
			Other Energy Sales																											22						12						83.3		%
			Unbilled Sales																											(732)						(614)						(19.2		%)
			Total Retail Sales																											9,926						11,561						(14.1		%)				(7.8		%)
			Wholesale and Other																											5,419						6,408						(15.4		%)
			Total Consolidated Electric Sales – Duke Energy Progress																											15,345						17,969						(14.6		%)
Average Number of Customers
			Residential																											1,451,398						1,426,389						1.8		%
			General Service																											247,775						246,149						0.7		%
			Industrial																											3,310						3,336						(0.8		%)
			Other Energy Sales																											2,519						2,569						(1.9		%)
			Total Retail Customers																											1,705,002						1,678,443						1.6		%
			Wholesale and Other																											8						8						—		%
			Total Average Number of Customers – Duke Energy Progress																											1,705,010						1,678,451						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											748						1,772						(57.8		%)
			Nuclear																											7,131						7,020						1.6		%
			Hydro																											254						225						12.9		%
			Natural Gas and Oil																											5,726						6,748						(15.1		%)
			Renewable Energy																											55						52						5.8		%
			Total Generation(d)																											13,914						15,817						(12.0		%)
			Purchased Power and Net Interchange(e)																											1,922						2,090						(8.0		%)
			Total Sources of Energy																											15,836						17,907						(11.6		%)
			Less: Line Loss and Other																											491						(62)						891.9		%
			Total GWh Sources																											15,345						17,969						(14.6		%)
Owned MW Capacity(c)
			Summer																											12,519						12,464
			Winter																											13,618						13,605
Nuclear Capacity Factor (%)(f)																														92						91
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,063						1,453						(26.8		%)
			Cooling Degree Days																											32						28						14.3		%
			Variance from Normal
			Heating Degree Days																											(26.9		%)				(8.3		%)
			Cooling Degree Days																											11.7		%				143.9		%

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

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

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

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

(e)    Purchased power includes renewable energy purchases.

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

27

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											4,493						4,527						(0.8		%)
			General Service																											3,407						3,345						1.9		%
			Industrial																											820						805						1.9		%
			Other Energy Sales																											8						9						(11.1		%)
			Unbilled Sales																											(139)						446						(131.2		%)
			Total Retail Sales																											8,589						9,132						(5.9		%)				(4.7		%)
			Wholesale and Other																											401						770						(47.9		%)
			Total Electric Sales – Duke Energy Florida																											8,990						9,902						(9.2		%)
Average Number of Customers
			Residential																											1,740,847						1,711,431						1.7		%
			General Service																											208,644						206,990						0.8		%
			Industrial																											1,812						1,901						(4.7		%)
			Other Energy Sales																											3,704						3,762						(1.5		%)
			Total Retail Customers																											1,955,007						1,924,084						1.6		%
			Wholesale and Other																											10						10						—		%
			Total Average Number of Customers – Duke Energy Florida																											1,955,017						1,924,094						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											508						823						(38.3		%)
			Natural Gas and Oil																											7,641						7,964						(4.1		%)
			Renewable Energy																											434						279						55.6		%
			Total Generation(d)																											8,583						9,066						(5.3		%)
			Purchased Power and Net Interchange(e)																											714						605						18.0		%
			Total Sources of Energy																											9,297						9,671						(3.9		%)
			Less: Line Loss and Other																											307						(231)						232.9		%
			Total GWh Sources																											8,990						9,902						(9.2		%)
Owned MW Capacity(c)
			Summer																											10,549						10,296
			Winter																											11,152						11,104
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											178						297						(40.1		%)
			Cooling Degree Days																											397						293						35.5		%
			Variance from Normal
			Heating Degree Days																											(40.2		%)				(18.6		%)
			Cooling Degree Days																											35.4		%				46.0		%

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

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

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

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

(e)    Purchased power includes renewable energy purchases.

28

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,327						2,461						(5.4		%)
			General Service																											2,111						2,151						(1.9		%)
			Industrial																											1,384						1,296						6.8		%
			Other Energy Sales																											35						26						34.6		%
			Unbilled Sales																											(250)						(103)						(142.7		%)
			Total Retail Sales																											5,607						5,831						(3.8		%)				0.5		%
			Wholesale and Other																											35						166						(78.9		%)
			Total Electric Sales – Duke Energy Ohio																											5,642						5,997						(5.9		%)
Average Number of Customers
			Residential																											822,107						810,878						1.4		%
			General Service																											74,570						74,385						0.2		%
			Industrial																											2,395						2,431						(1.5		%)
			Other Energy Sales																											2,836						2,843						(0.2		%)
			Total Retail Customers																											901,908						890,537						1.3		%
			Wholesale and Other																											1						1						—		%
			Total Average Number of Customers – Duke Energy Ohio																											901,909						890,538						1.3		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											456						898						(49.2		%)
			Natural Gas and Oil																											11						5						120.0		%
			Total Generation(d)																											467						903						(48.3		%)
			Purchased Power and Net Interchange(e)																											5,755						5,829						(1.3		%)
			Total Sources of Energy																											6,222						6,732						(7.6		%)
			Less: Line Loss and Other																											580						735						(21.1		%)
			Total GWh Sources																											5,642						5,997						(5.9		%)
Owned MW Capacity(c)
			Summer																											1,076						1,076
			Winter																											1,164						1,164
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,097						2,519						(16.8		%)
			Cooling Degree Days																											—						—						—		%
			Variance from Normal
			Heating Degree Days																											(16.7		%)				(1.7		%)
			Cooling Degree Days																											—		%				(100.0		%)

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

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

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

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

(e)    Purchased power includes renewable energy purchases.

29

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2023
												Three Months Ended March 31,
																														2023						2022						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,494						2,751						(9.3		%)
			General Service																											1,909						1,915						(0.3		%)
			Industrial																											2,581						2,283						13.1		%
			Other Energy Sales																											17						13						30.8		%
			Unbilled Sales																											(486)						(71)						(584.5		%)
			Total Retail Sales																											6,515						6,891						(5.5		%)				(1.3		%)
			Wholesale and Other																											835						1,059						(21.2		%)
			Total Electric Sales – Duke Energy Indiana																											7,350						7,950						(7.5		%)
Average Number of Customers
			Residential																											777,686						767,300						1.4		%
			General Service																											105,316						104,734						0.6		%
			Industrial																											2,653						2,664						(0.4		%)
			Other Energy Sales																											3,943						4,003						(1.5		%)
			Total Retail Customers																											889,598						878,701						1.2		%
			Wholesale and Other																											4						3						33.3		%
			Total Average Number of Customers – Duke Energy Indiana																											889,602						878,704						1.2		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											989						3,861						(74.4		%)
			Hydro																											24						27						(11.1		%)
			Natural Gas and Oil																											302						1,246						(75.8		%)
			Renewable Energy																											2						3						(33.3		%)
			Total Generation(d)																											1,317						5,137						(74.4		%)
			Purchased Power and Net Interchange(e)																											3,657						3,317						10.3		%
			Total Sources of Energy																											4,974						8,454						(41.2		%)
			Less: Line Loss and Other																											(2,376)						504						(571.4		%)
			Total GWh Sources																											7,350						7,950						(7.5		%)
Owned MW Capacity(c)
			Summer																											6,347						6,346
			Winter																											6,781						6,781
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,299						2,798						(17.8		%)
			Cooling Degree Days																											—						—						—		%
			Variance from Normal
			Heating Degree Days																											(17.8		%)				1.8		%
			Cooling Degree Days																											—		%				(100.0		%)

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

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

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

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

(e)    Purchased power includes renewable energy purchases.

30

Gas Utilities and Infrastructure
Quarterly Highlights
March 2023
												Three Months Ended March 31,
																								2023						2022						% Inc. (Dec.)
Total Sales
			Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)																					161,463,793						180,187,101						(10.4		%)
			Duke Energy Midwest LDC throughput (Mcf)																					32,001,725						37,246,072						(14.1		%)
Average Number of Customers – Piedmont Natural Gas
			Residential																					1,055,702						1,039,353						1.6		%
			Commercial																					107,487						106,865						0.6		%
			Industrial																					954						958						(0.4		%)
			Power Generation																					19						19						—		%
			Total Average Number of Gas Customers – Piedmont Natural Gas																					1,164,162						1,147,195						1.5		%
Average Number of Customers – Duke Energy Midwest
			Residential																					519,502						515,357						0.8		%
			General Service																					35,356						35,169						0.5		%
			Industrial																					1,715						1,629						5.3		%
			Other																					115						133						(13.5		%)
			Total Average Number of Gas Customers – Duke Energy Midwest																					556,688						552,288						0.8		%

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

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