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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.
June 30, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$151 $151 $— $— $— 
NDTF equity securities7,859 7,827 — — 32 
NDTF debt securities2,933 917 2,016 — — 
Other equity securities177 177 — — — 
Other debt securities269 47 222 — — 
Other cash and cash equivalents124 124 — — — 
Derivative assets247 3 209 35 — 
Total assets11,760 9,246 2,447 35 32 
Derivative liabilities(473)(39)(434)— — 
Net assets$11,287 $9,207 $2,013 $35 $32 
December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$133 $133 $— $— $— 
NDTF equity securities7,278 7,241 — — 37 
NDTF debt securities2,732 829 1,903 — — 
Other equity securities158 158 — — — 
Other debt securities271 55 216 — — 
Other cash and cash equivalents31 31 — — — 
Derivative assets189 37 137 15 — 
Total assets10,792 8,484 2,256 15 37 
Derivative liabilities(729)(60)(669)— — 
Net assets$10,063 $8,424 $1,587 $15 $37 
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions) 2024202320242023
Balance at beginning of period$6 $12 $15 $34 
Purchases, sales, issuances and settlements:
Purchases29 47 29 47 
Settlements(10)(38)(23)(58)
Total gains included on the Condensed Consolidated Balance Sheet
10 20 14 18 
Balance at end of period$35 $41 $35 $41 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$2 RTO auction pricingFTR price – per MWh$0.22 -$1.78 $0.52 
Duke Energy Indiana 
FTRs33 RTO auction pricingFTR price – per MWh(0.31)-14.00 1.82 
Duke Energy
Total Level 3 derivatives$35 
December 31, 2023
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio   
FTRs$2 RTO auction pricingFTR price – per MWh$0.36 -$2.11 $0.71 
Duke Energy Indiana   
FTRs13 RTO auction pricingFTR price – per MWh(1.05)-9.64 1.26 
Duke Energy
Total Level 3 derivatives$15 
Schedule of Long Term Debt Fair Value
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
June 30, 2024December 31, 2023
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$78,779 $70,796 $75,252 $69,790 
Duke Energy Carolinas17,026 15,409 16,012 15,077 
Progress Energy24,259 22,144 23,759 22,553 
Duke Energy Progress12,343 10,785 11,714 10,595 
Duke Energy Florida10,273 9,594 10,401 10,123 
Duke Energy Ohio4,163 3,829 3,518 3,310 
Duke Energy Indiana4,800 4,317 4,502 4,230 
Piedmont3,669 3,221 3,668 3,336 
(a)Book value of long-term debt includes $1.1 billion and $1.0 billion at June 30, 2024, and December 31, 2023, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
Duke Energy Carolinas  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$57 $57 $— $— 
NDTF equity securities4,527 4,495 — 32 
NDTF debt securities1,584 455 1,129 — 
Derivative assets46 — 46 — 
Total assets6,214 5,007 1,175 32 
Derivative liabilities(161)— (161)— 
Net assets$6,053 $5,007 $1,014 $32 
December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$51 $51 $— $— 
NDTF equity securities4,196 4,159 — 37 
NDTF debt securities1,438 375 1,063 — 
Derivative assets35 — 35 — 
Total assets5,720 4,585 1,098 37 
Derivative liabilities(260)— (260)— 
Net assets$5,460 $4,585 $838 $37 
Progress Energy  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$94 $94 $— $82 $82 $— 
NDTF equity securities3,332 3,332 — 3,082 3,082 — 
NDTF debt securities1,349 462 887 1,294 454 840 
Other debt securities23 — 23 23 — 23 
Other cash and cash equivalents25 25 — 18 18 — 
Derivative assets64 — 64 34 — 34 
Total assets4,887 3,913 974 4,533 3,636 897 
Derivative liabilities(119)— (119)(234)— (234)
Net assets$4,768 $3,913 $855 $4,299 $3,636 $663 
Duke Energy Progress  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$77 $77 $— $55 $55 $— 
NDTF equity securities3,205 3,205 — 2,970 2,970 — 
NDTF debt securities1,143 305 838 1,050 266 784 
Other cash and cash equivalents18 18 — 14 14 — 
Derivative assets63 — 63 32 — 32 
Total assets4,506 3,605 901 4,121 3,305 816 
Derivative liabilities(118)— (118)(219)— (219)
Net assets$4,388 $3,605 $783 $3,902 $3,305 $597 
Duke Energy Florida  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$17 $17 $— $27 $27 $— 
NDTF equity securities127 127 — 112 112 — 
NDTF debt securities206 157 49 244 188 56 
Other debt securities23 — 23 23 — 23 
Other cash and cash equivalents3 3 — 3 3 — 
Derivative assets1 — 1 2 — 2 
Total assets377 304 73 411 330 81 
Derivative liabilities(2)— (2)(15)— (15)
Net assets$375 $304 $71 $396 $330 $66 
Duke Energy Indiana  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$110 $110 $— $— $98 $98 $— $— 
Other debt securities62 — 62 — 64 — 64 — 
Other cash and cash equivalents2 2 — — 1 1 — — 
Derivative assets58 3 22 33 25 5 7 13 
Total assets232 115 84 33 188 104 71 13 
Derivative liabilities(8)(8)— — (18)(18)— — 
Net assets$224 $107 $84 $33 $170 $86 $71 $13 
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Balance at beginning of period$5 $11 $13 $29 
Purchases, sales, issuances and settlements:
Purchases27 42 27 42 
Settlements(9)(37)(20)(56)
Total gains included on the Condensed Consolidated Balance Sheet
10 21 13 22 
Balance at end of period$33 $37 $33 $37 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $1 $1 $— 
Derivative liabilities(132)— (132)(147)— (147)
Net (liabilities) assets$(131)$1 $(132)$(146)$1 $(147)