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Debt and Credit Facilities (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table summarizes significant debt issuances (in millions).
Nine Months Ended September 30, 2024
Duke DukeDukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergy EnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Unsecured Debt
January 2024(a)
January 2027
4.850 %$600 $600 $— $— $— $— $— $— 
January 2024(a)
January 2029
4.850 %650 650 — — — — — — 
April 2024(e)
April 2031
5.648 %815 815 — — — — — — 
June 2024(d)
June 2034
5.450 %750 750 — — — — — — 
June 2024(d)
June 2054
5.800 %750 750 — — — — — — 
June 2024(h)
July 2031
5.900 %80 — — — — 80 — — 
June 2024(h)
July 2034
6.000 %95 — — — — 95 — — 
June 2024(h)
July 2039
6.170 %50 — — — — 50 — — 
August 2024(d)
February 2035
5.100 %375 — — — — — — 375 
August 2024(i)
September 2054
6.450 %1,000 1,000 — — — — — — 
Secured Debt
April 2024(f)
March 2044
5.404 %177 — — 177 — — — — 
First Mortgage Bonds
January 2024(b)
January 2034
4.850 %$575 $— $575 $— — $— $— $— 
January 2024(b)
January 2054
5.400 %425 — 425 — — — — — 
March 2024(b)
March 2034
5.250 %300 — — — — — 300 — 
March 2024(c)
March 2034
5.100 %500 — — 500 — — — — 
March 2024(d)
March 2054
5.550 %425 — — — — 425 — — 
April 2024(g)
April 2074
5.008 %173 — — — 173 — — — 
Total issuances$7,740 $4,565 $1,000 $677 $173 $650 $300 $375 
(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.
(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.
(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.
(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.
(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 10 for additional information.
(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 13 for more information.
(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 13 for more information.
(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.
(i)Duke Energy issued $1 billion of fixed-to-fixed reset rate junior subordinated debentures (the debentures) with proceeds used to redeem Duke Energy’s outstanding Series B Preferred Stock and for general corporate purposes. The debentures will bear interest at 6.45% until September 1, 2034, and thereafter the interest rate will reset every five years to the five-year U.S. Treasury rate plus a spread of 2.588%. The debentures have early redemption options and are callable on or after June 2034 for 100% of the principal plus accrued interest. See Note 15 for additional information.
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateSeptember 30, 2024
Unsecured Debt
Duke Energy (Parent)April 20253.364 %$420 
Duke Energy (Parent)April 20253.950 %250 
Duke Energy (Parent)September 20250.900 %650 
Duke Energy OhioJune 20256.900 %150 
Duke Energy Progress
August 20253.250 %500 
Piedmont
September 20253.600 %150 
Secured Debt
Duke Energy Carolinas(a)
January 2025
6.036 %305 
Duke Energy Carolinas(a)
January 2025
6.097 %195 
Duke Energy Progress(a)
April 2025
6.096 %240 
Duke Energy Progress(a)
April 2025
6.096 %160 
First Mortgage Bonds
Duke Energy Florida(a)(b)
October 2073
5.005 %200 
Duke Energy Florida(a)(b)
April 20745.008 %173 
Other(c)
204 
Current maturities of long-term debt$3,597 
(a)Debt has a floating interest rate.
(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
Schedule of Line of Credit Facilities
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
September 30, 2024
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$9,000 $2,275 $1,400 $1,500 $875 $1,050 $950 $950 
Reduction to backstop issuances
Commercial paper(b)
(3,526)(1,526)(300)(698)(175)(206)(160)(461)
Outstanding letters of credit(24)(12)(4)(1)(7)— — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$5,369 $737 $1,096 $801 $693 $844 $709 $489 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.