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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA created a new, zero-emission nuclear power PTC available for taxpayers beginning January 1, 2024. In 2024, Duke Energy Carolinas and Duke Energy Progress recorded a PTC deferred tax asset of approximately $209 million and $34 million, respectively. These amounts represent the net realizable value of the PTCs, which were deferred to a regulatory liability. The Subsidiary Registrants will work with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 4 for additional information on Duke Energy Carolinas' approval for a stand-alone rider starting January 1, 2025. The Company will continue to assess its calculations and interpretations as new information and guidance becomes available.
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Duke Energy13.1 %13.7 %13.2 %13.7 %
Duke Energy Carolinas10.9 %10.6 %11.2 %11.0 %
Progress Energy16.6 %16.7 %16.6 %16.7 %
Duke Energy Progress14.9 %14.1 %14.9 %14.4 %
Duke Energy Florida19.5 %19.9 %19.5 %19.9 %
Duke Energy Ohio17.2 %15.5 %17.0 %16.2 %
Duke Energy Indiana16.7 %17.4 %16.9 %17.3 %
Piedmont20.0 %25.0 %19.6 %17.8 %
The increase in the ETR for Duke Energy Ohio for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax income.
The decrease in the ETR for Piedmont for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax losses.
The increase in the ETR for Piedmont for the six months ending June 30, 2024, was primarily due to a decrease in amortization of EDIT.