News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

February 8, 2024

Duke Energy reports fourth-quarter and full-year 2023 financial results

▪2023 reported EPS of $3.54 and adjusted EPS of $5.56, closing the year within guidance range

▪Constructive rate case outcomes and portfolio simplification in 2023 provide clarity and momentum

▪Five-year capital plan increasing to $73 billion to support unprecedented growth in the communities we serve

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2023 full-year reported EPS of $3.54, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.56. This is compared to reported and adjusted EPS of $3.17 and $5.27, respectively, for the full-year 2022.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. In 2023, these included charges related to organizational optimization and regulatory matters along with results from discontinued operations.

Higher full-year 2023 adjusted results were primarily driven by contributions from rate cases, growth from riders and other retail margin and lower O&M expense along with a lower effective tax rate. These items were partially offset by higher interest expense and depreciation on a growing asset base along with unfavorable weather and electric volumes.

The company is introducing 2024 adjusted EPS guidance of $5.85 to $6.10, and reaffirming its long-term adjusted EPS growth rate of 5% to 7% through 2028 off the 2024 midpoint of $5.98. Management does not forecast reported GAAP EPS and related long-term growth rates.

“Today we announced strong fourth-quarter results, concluding a year of resilience and agility as we overcame external challenges. We advanced strategic initiatives and delivered constructive regulatory outcomes that benefit our customers and company, while maintaining our commitment to safety, reliability and affordability,” said Lynn Good, Duke Energy chair, president and chief executive officer.

“We enter 2024 with a clear vision, significant momentum and an increased $73 billion, five-year capital plan that will support our energy transition and the unprecedented growth of our jurisdictions. The strength of our regulated utilities and our increasing capital profile give us confidence in our ability to deliver sustainable value and earnings growth of 5% to 7% through 2028.”

Duke Energy News Release     2

Quarterly results

Duke Energy's fourth-quarter 2023 reported EPS was $1.27, compared to reported loss per share of $0.86 for the fourth quarter of 2022. Duke Energy's fourth-quarter 2023 adjusted EPS was $1.51, compared to $1.11 for the fourth quarter of 2022. Higher adjusted results for the quarter compared to last year were driven by lower O&M expense, favorable rate case impacts along with growth from riders and other retail margin, and lower tax expense and franchise tax benefits, partially offset by higher interest expense and depreciation on a growing asset base.

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

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth-quarter 2023 segment income of $1,135 million, compared to reported segment income of $692 million in the fourth quarter of 2022. In addition to the drivers outlined below, fourth-quarter 2023 results include impacts related to the Duke Energy Carolinas rate case order, which was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2023 segment income of $1,115 million, compared to adjusted segment income of $811 million, in the fourth quarter of 2022. On an adjusted basis, this represents an increase of $0.40 per share. Higher quarterly results were primarily driven by lower O&M expense, favorable rate case impacts along with growth from riders and other retail margin, and lower tax expense. These items were partially offset by higher interest expense and depreciation on a growing asset base.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2023 segment income of $192 million, compared to reported and adjusted segment income of $191 million in the fourth quarter of 2022. Flat quarterly results were primarily driven by favorable riders and other retail margin offset by higher interest expense.

Other

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

On a reported basis, Other recognized a fourth-quarter 2023 net loss of $228 million, compared to a net loss of $257 million in the fourth quarter of 2022. In addition to the drivers outlined below, fourth-quarter 2023 results include charges related to organizational optimization, which was treated as a special item and excluded from adjusted earnings.

Duke Energy News Release     3

On an adjusted basis, Other recognized a net loss of $133 million, in the fourth quarter of both 2023 and 2022. Flat quarterly results were primarily driven by higher interest expense offset by franchise tax benefits.

Discontinued Operations

Discontinued operations primarily includes the impairments recorded related to the sale of the Commercial Renewables business along with the operating 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. The sales of the utility-scale solar and wind assets as well as the distributed generation assets closed in October 2023, completing the company's transition to a fully regulated utility.

For the fourth quarter of 2023, Duke Energy's GAAP reported Loss From Discontinued Operations, net of tax, includes an impairment loss on the sale of the Commercial Renewables business and other transaction costs.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2023 was 9.7% compared to 0.5% in the fourth quarter of 2022. The increase was primarily due to a decrease in the amortization of excess deferred taxes and regulatory settlement charges in the prior year.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2023 was 10.5% compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 8.4% in the fourth 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 from 10 to 11 a.m. ET today to discuss fourth-quarter and year-end 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 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 616981. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available on the investors' section of the company's website on February 9.

Duke Energy News Release     4

Special Items and Non-GAAP Reconciliation

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

(In millions, except per share amounts)			After-Tax Amount			4Q 2023 EPS			4Q 2022 EPS
Earnings (Loss) per Share, as reported						$	1.27		$	(0.86)
Adjustments to reported EPS:
Fourth Quarter 2023
Regulatory matters			$	(20)		(0.03)
Organizational optimization			95			0.13
Discontinued operations			108			0.14
Fourth Quarter 2022
Workplace and workforce realignment			$	105					0.14
Regulatory matters and litigation			138						0.17
Discontinued operations			1,276						1.66
Total adjustments						$	0.24		$	1.97
EPS, adjusted						$	1.51		$	1.11

(In millions, except per share amounts)			After-Tax Amount			Full-Year 2023 EPS			Full-Year 2022 EPS
EPS, as reported						$	3.54		$	3.17
Adjustments to reported EPS:
Full-Year 2023
Regulatory matters			$	64		0.08
Organizational optimization			95			0.13
Discontinued operations			1,391			1.81
Full-Year 2022
Workforce and workplace realignment			$	105					0.14
Regulatory matters and litigation			295						0.39
Discontinued operations			1,216						1.57
Total adjustments						$	2.02		$	2.10
EPS, adjusted						$	5.56		$	5.27

Duke Energy News Release     5

Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.

Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:

•Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' North Carolina rate case orders.

•Organizational optimization represents costs associated with strategic repositioning to a fully regulated utility.

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

•Regulatory matters and litigation represents the net impact of charges related to the Indiana court rulings on coal ash and other unrelated ongoing litigation.

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

Duke Energy News Release     6

Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (loss) provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income (loss) and other net loss.

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 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’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Duke Energy News Release     7

Forward-Looking Information

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

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

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

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

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

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

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology;

◦Additional competition in electric and natural gas markets and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;

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◦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;

◦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 businesses and the success of efforts to invest in and develop new opportunities;

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

◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

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

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; 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 an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2023

(Dollars in millions, except per share amounts)

												Special Items
						Reported Earnings						Regulatory Matters						Organizational Optimization																														Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	1,135					$	(20)		A			$	—																													$	—					$	(20)					$	1,115
Gas Utilities and Infrastructure						192						—						—																														—						—						192
Total Reportable Segment Income						1,327						(20)						—																														—						(20)						1,307
Other						(228)												95			B																											—						95						(133)
Discontinued Operations						$	(108)					—						—																														108			C			108						—
Net Income Available to Duke Energy Corporation Common Stockholders						$	991					$	(20)					$	95																													$	108					$	183					$	1,174
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.27					$	(0.03)					$	0.13																													$	0.14					$	0.24					$	1.51

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

A – Net of $7 million tax expense.

•$27 million reversal recorded within Impairment of assets and other charges on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility.

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

Weighted Average Shares (reported and adjusted) – 771 million

9

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2023

(Dollars in millions, except per share amounts)

												Special Items
						Reported Earnings						Regulatory Matters						Organizational Optimization																																										Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	4,223					$	64		A			$	—																																									$	—					$	64					$	4,287
Gas Utilities and Infrastructure						519						—						—																																										—						—						519
Total Reportable Segment Income						4,742						64						—																																										—						64						4,806
Other						(616)						—						95			B																																							—						95						(521)
Discontinued Operations						(1,391)						—						—																																										1,391			C			1,391						—
Net Income Available to Duke Energy Corporation Common Stockholders						$	2,735					$	64					$	95																																									$	1,391					$	1,550					$	4,285
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	3.54					$	0.08					$	0.13																																									$	1.81					$	2.02					$	5.56

A – Net of $10 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.

•$35 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

•$33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility.

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

Weighted Average Shares (reported and adjusted) – 771 million

10

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2022

(Dollars in millions, except per share amounts)

									Special Items
			Reported Earnings						Regulatory Matters and Litigation						Workplace and Workforce Realignment																								Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure			$	692					$	119		A			—																								$	—					$	119					$	811
Gas Utilities and Infrastructure			191						—						—																								—						—						191
Total Reportable Segment Income			883						119						—																								—						119						1,002
Other			(257)						19			B			105			C																					—						124						(133)
Intercompany Eliminations			1						—						—																								$	(1)					(1)						—
Discontinued Operations			(1,277)						—						—																								1,277			D			1,277						—
Net Income Available to Duke Energy Corporation Common Stockholders			$	(650)					$	138					$	105																							$	1,276					$	1,519					$	869
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS			$	(0.86)					$	0.17					$	0.14																							$	1.66					$	1.97					$	1.11

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

A – Net of $42 million tax benefit. $175 million recorded within Impairment of assets and other charges and $14 million within Noncontrolling Interests related to the Duke Energy Indiana court ruling on the Consolidated Statements of Operations.

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

C – Net of $31 million tax benefit. $72 million recorded within Impairment of assets and other charges, $71 million recorded within Operations, maintenance and other and a $7 million gain recorded in

Gains on sales of other assets and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated

Statements of Operations.

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

Weighted Average Shares (reported and adjusted) – 770 million

11

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2022

(Dollars in millions, except per share amounts)

												Special Items
						Reported Earnings						Regulatory Matters and Litigation						Workplace and Workforce Realignment																														Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	3,929					$	276		A			$	—																													$	—					$	276					$	4,205
Gas Utilities and Infrastructure						468												—																														—						—						468
Total Reportable Segment Income						4,397						276						—																														—						276						4,673
Other						(737)						19			B			105			C																											—						124						(613)
Intercompany Eliminations						(1)						—						—																														1						1						—
Discontinued Operations						(1,215)						—						—																														1,215			D			1,215						—
Net Income Available to Duke Energy Corporation Common Stockholders						$	2,444					$	295					$	105																													$	1,216					$	1,616					$	4,060
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	3.17					$	0.39					$	0.14																													$	1.57					$	2.10					$	5.27

A – Net of $122 million tax benefit. $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on the Consolidated Statements of Operations.

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

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

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

Weighted Average Shares (reported and adjusted) – 770 million

12

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

December 2023

(Dollars in millions)

			Three Months Ended    December 31, 2023												Year Ended    December 31, 2023
			Balance						Effective Tax Rate						Balance						Effective Tax Rate
Reported Income Before Income Taxes From Continuing Operations Before Income Taxes			$	1,257											$	4,767
Regulatory Matters			(27)												84
Organizational Optimization			124												124
Noncontrolling Interests			(29)												(121)
Preferred Dividends			(14)												(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	1,311											$	4,748
Reported Income Tax Expense From Continuing Operations			$	122					9.7		%				$	438					9.2		%
Regulatory Matters			(7)												20
Organizational Optimization			29												29
Noncontrolling interest portion of income taxes(a)			(7)												(24)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	137					10.5		%				$	463					9.8		%

			Three Months Ended    December 31, 2022												Year Ended    December 31, 2022
			Balance						Effective Tax Rate						Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes			$	638											$	4,078
Regulatory Settlements			200												457
Workplace and Workforce Realignment			136												136
Noncontrolling Interests			(11)												(56)
Preferred Dividends			(14)												(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	949											$	4,509
Reported Income Tax Expense From Continuing Operations			$	3					0.5		%				$	300					7.4		%
Regulatory Matters and Litigation			48												128
Workplace and Workforce Realignment			31												31
Noncontrolling interest portion of income taxes(a)			(2)												(10)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items			$	80					8.4		%				$	449					10.0		%

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

13

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2023 QTD vs. Prior Year

(Dollars per share)			Electric Utilities and Infrastructure									Gas Utilities and Infrastructure															Other									Discontinued Operations									Consolidated
2022 QTD Reported Earnings Per Share			$	0.90								$	0.25																	$	(0.35)								$	(1.66)								$	(0.86)
Workplace and Workforce Realignment			—									—																		0.14									—									0.14
Regulatory Matters and Litigation			0.15									—																		0.02									—									0.17
Discontinued Operations			—									—																		—									1.66									1.66
2022 QTD Adjusted Earnings Per Share			$	1.05								$	0.25																	$	(0.19)								$	—								$	1.11
Weather			(0.05)									—																		—									—									(0.05)
Volume			0.04									—																		—									—									0.04
Riders and Other Retail Margin(a)			0.08									0.01																		—									—									0.09
Rate case impacts, net(b)			0.13									—																		—									—									0.13
Wholesale(c)			0.04									—																		—									—									0.04
Operations and maintenance, net of recoverables(d)			0.16									—																		—									—									0.16
Interest Expense(e)			(0.07)									(0.01)																		(0.05)									—									(0.13)
Depreciation and amortization(e)			(0.06)									—																		—									—									(0.06)
Other(f)			0.13									—																		0.05									—									0.18
Total variance			$	0.40								$	—																	$	—								$	—								$	0.40
2023 QTD Adjusted Earnings Per Share			$	1.45								$	0.25																	$	(0.19)								$	—								$	1.51
Organizational Optimization			—									—																		(0.13)									—									(0.13)
Regulatory Matters			0.03									—																		—									—									0.03
Discontinued Operations			—									—																		—									(0.14)									(0.14)
2023 QTD Reported Earnings Per Share			$	1.48								$	0.25																	$	(0.32)								$	(0.14)								$	1.27
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 770 million shares to 771 million.

(a)    Electric Utilities and Infrastructure includes riders and transmission revenues (+$0.04) and favorable fuel and purchased power (+$0.02).

(b)    Electric Utilities and Infrastructure includes impacts from the Duke Energy Progress (DEP) South Carolina rates, effective April 2023 and DEP North Carolina interim rates, effective June 2023 (+$0.05), Duke Energy Florida (DEF) multiyear rate plan including DOE nuclear fuel storage funding (+$0.04), Duke Energy Carolinas (DEC) North Carolina interim rates, effective September 2023, (+$0.03) and Duke Energy Ohio (DEO) and Duke Energy Kentucky (DEK) rates, effective January 2023 and October 2023, respectively (+$0.01). 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.

(c)    Primarily due to higher capacity rates.

(d)    Electric Utilities and Infrastructure is primarily due to lower costs as a result of cost management initiatives, lower customer experience and solutions costs and lower storm costs.

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

(f)    Electric Utilities and Infrastructure includes lower tax expense. Other primarily includes franchise tax benefits.

14

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 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			$	5.09								$	0.61																	$	(0.96)								$	(1.57)								$	3.17
Regulatory Matters and Litigation			0.37																											0.02									—									0.39
Workplace and Workforce Realignment			—									—																		0.14									—									0.14
Discontinued Operations			—									—																		—									1.57									1.57
2022 YTD Adjusted Earnings Per Share			$	5.46								$	0.61																	$	(0.80)								$	—								$	5.27
Weather			(0.34)									—																		—									—									(0.34)
Volume			(0.17)									—																		—									—									(0.17)
Riders and Other Retail Margin(a)			0.36									0.08																		—									—									0.44
Rate case impacts, net(b)			0.35																											—									—									0.35
Wholesale			(0.01)									—																		—									—									(0.01)
Operations and maintenance, net of recoverables(c)			0.35									0.02																		—									—									0.37
Interest Expense(d)			(0.30)									(0.03)																		(0.28)									—									(0.61)
AFUDC Equity			(0.01)									—																		—									—									(0.01)
Depreciation and amortization(d)			(0.17)									(0.01)																		—									—									(0.18)
Other(e)			0.04									0.01																		0.40									—									0.45
Total variance			$	0.10								$	0.07																	$	0.12								$	—								$	0.29
2023 YTD Adjusted Earnings Per Share			$	5.56								$	0.68																	$	(0.68)								$	—								$	5.56
Organizational Optimization			—									—																		(0.13)									—									(0.13)
Regulatory Matters			(0.08)									—																		—									—									(0.08)
Discontinued Operations			—									—																		—									(1.81)									(1.81)
2023 YTD Reported Earnings Per Share			$	5.48								$	0.68																	$	(0.81)								$	(1.81)								$	3.54
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 770 million shares to 771 million.

(a)    Electric Utilities and Infrastructure includes riders and transmission revenues (+$0.13), favorable fuel and purchased power (+$0.12) and revenues from customer programs (+$0.05).

(b)    Electric Utilities and Infrastructure includes impacts from the DEF multiyear rate plan (+$0.06), DOE nuclear fuel storage funding at DEF (+$0.14), DEP South Carolina rates, effective April 2023 and DEP North Carolina interim rates, effective June 2023 (+$0.10), DEC North Carolina interim rates, effective September 2023, (+$0.03) and DEO and DEK rates, effective January 2023 and October 2023, respectively (+$0.02). 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.

(c)    Electric Utilities and Infrastructure is primarily due to lower costs as a result of cost management initiatives, lower customer experience and solutions costs and lower storm costs.

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

(e)    Other includes a favorable adjustment related to certain allowable tax deductions (+$0.16), higher returns on investments (+$0.16) and franchise tax benefits.

15

DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
									Years Ended December 31,
															2023						2022						2021
Operating Revenues
Regulated electric															$	26,617					$	25,759					$	22,319
Regulated natural gas															2,152						2,724						2,008
Nonregulated electric and other															291						285						294
Total operating revenues															29,060						28,768						24,621
Operating Expenses
Fuel used in electric generation and purchased power															9,086						8,782						6,255
Cost of natural gas															593						1,276						705
Operation, maintenance and other															5,625						5,734						5,703
Depreciation and amortization															5,253						5,086						4,762
Property and other taxes															1,400						1,466						1,355
Impairment of assets and other charges															85						434						353
Total operating expenses															22,042						22,778						19,133
Gains on Sales of Other Assets and Other, net															52						22						12
Operating Income															7,070						6,012						5,500
Other Income and Expenses
Equity in earnings of unconsolidated affiliates															113						113						62
Other income and expenses, net															598						392						636
Total other income and expenses															711						505						698
Interest Expense															3,014						2,439						2,207
Income From Continuing Operations Before Income Taxes															4,767						4,078						3,991
Income Tax Expense From Continuing Operations															438						300						268
Income From Continuing Operations															4,329						3,778						3,723
Loss From Discontinued Operations, net of tax															(1,455)						(1,323)						(144)
Net Income															2,874						2,455						3,579
Add: Net (Income) Loss Attributable to Noncontrolling Interests															(33)						95						329
Net Income Attributable to Duke Energy Corporation															2,841						2,550						$	3,908
Less: Preferred Dividends															106						106						106
Net Income Available to Duke Energy Corporation Common Stockholders															$	2,735					$	2,444					$	3,802
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted															$	5.35					$	4.74					$	4.68
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted															$	(1.81)					$	(1.57)					$	0.26
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted															$	3.54					$	3.17					$	4.94
Weighted average shares outstanding
Basic and Diluted															771						770						769

16

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			December 31, 2023						December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents			$	253					$	409
Receivables (net of allowance for doubtful accounts of $55 at 2023 and $40 at 2022)			1,112						1,309
Receivables of VIEs (net of allowance for doubtful accounts of $150 at 2023 and $176 at 2022)			3,019						3,106
Inventory (includes $462 at 2023 related to VIEs)			4,292						3,584
Regulatory assets (includes $110 at 2023 and $106 at 2022 related to VIEs)			3,648						3,485
Assets held for sale			14						356
Other (includes $90 at 2023 and $116 at 2022 related to VIEs)			431						973
Total current assets			12,769						13,222
Property, Plant and Equipment
Cost			171,351						163,839
Accumulated depreciation and amortization			(56,038)						(52,100)
Facilities to be retired, net			2						9
Net property, plant and equipment			115,315						111,748
Other Noncurrent Assets
Goodwill			19,303						19,303
Regulatory assets (includes $1,642 at 2023 and $1,715 at 2022 related to VIEs)			13,618						14,645
Nuclear decommissioning trust funds			10,143						8,637
Operating lease right-of-use assets, net			1,092						1,042
Investments in equity method unconsolidated affiliates			492						455
Assets held for sale			197						5634
Other (includes $49 at 2023 and $52 at 2022 related to VIEs)			3,964						3,400
Total other noncurrent assets			48,809						53,116
Total Assets			$	176,893					$	178,086
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $188 at 2023 related to VIEs)			$	4,228					$	4,754
Notes payable and commercial paper			4,288						3,952
Taxes accrued			816						722
Interest accrued			745						626
Current maturities of long-term debt (includes $428 at 2023 and $350 at 2022 related to VIEs)			2,800						3,878
Asset retirement obligations			596						773
Regulatory liabilities			1,369						1,466
Liabilities associated with assets held for sale			122						535
Other			2,319						2,167
Total current liabilities			17,283						18,873
Long-Term Debt (includes $3,000 at 2023 and $3,108 at 2022 related to VIEs)			72,452						65,873
Other Noncurrent Liabilities
Deferred income taxes			10,556						9,964
Asset retirement obligations			8,560						11,955
Regulatory liabilities			14,039						13,582
Operating lease liabilities			917						876
Accrued pension and other post-retirement benefit costs			485						832
Investment tax credits			864						849
Liabilities associated with assets held for sale			157						1927
Other (includes $35 at 2023 related to VIEs)			1,393						1,502
Total other noncurrent liabilities			36,971						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			44,920						44,862
Retained earnings			2,235						2,637
Accumulated other comprehensive loss			(6)						(140)
Total Duke Energy Corporation stockholders' equity			49,112						49,322
Noncontrolling interests			1,075						2,531
Total equity			50,187						51,853
Total Liabilities and Equity			$	176,893					$	178,086

17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
						Years Ended December 31,
						2023						2022						2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income						$	2,874					$	2,455					$	3,579
Adjustments to reconcile net income to net cash provided by operating activities						6,914						3,472						4,711
Net cash provided by operating activities						9,788						5,927						8,290
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities						(12,475)						(11,973)						(10,935)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities						2,441						6,129						2,609
Net (decrease) increase in cash, cash equivalents and restricted cash						(246)						83						(36)
Cash, cash equivalents and restricted cash at beginning of period						603						520						556
Cash, cash equivalents and restricted cash at end of period						$	357					$	603					$	520

18

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended December 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	6,495		$	—					$	—		$	(18)		$	6,477
Regulated natural gas			—			677						—			(22)			655
Nonregulated electric and other			63			6						36			(25)			80
Total operating revenues			6,558			683						36			(65)			7,212
Operating Expenses
Fuel used in electric generation and purchased power			2,119			—						—			(20)			2,099
Cost of natural gas			—			159						—			—			159
Operation, maintenance and other			1,301			123						133			(45)			1,512
Depreciation and amortization			1,191			92						64			(7)			1,340
Property and other taxes			243			36						(15)			—			264
Impairment of assets and other charges			(25)			—						14			—			(11)
Total operating expenses			4,829			410						196			(72)			5,363
(Losses) Gains on Sales of Other Assets and Other, net			(2)			1						8			(1)			6
Operating Income (Loss)			1,727			274						(152)			6			1,855
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			2			7						19			—			28
Other income and expenses, net			127			13						71			(44)			167
Total Other Income and Expenses			129			20						90			(44)			195
Interest Expense			486			59						287			(39)			793
Income (Loss) from Continuing Operations Before Income Taxes			1,370			235						(349)			1			1,257
Income Tax Expense (Benefit) from Continuing Operations			211			45						(135)			1			122
Income (Loss) from Continuing Operations			1,159			190						(214)			—			1,135
Less: Net Income (Loss) Attributable to Noncontrolling Interest			24			(2)						—			—			22
Income from Continuing Operations Attributable to Duke Energy Corporation			1,135			192						(214)			—			1,113
Less: Preferred Dividends			—			—						14			—			14
Segment Income/Other Net Loss			$	1,135		$	192					$	(228)		$	—		$	1,099
Discontinued Operations																		(108)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	991
Segment Income/Other Net Loss			$	1,135		$	192					$	(228)		$	—		$	1,099
Special Items			(20)			—						95			—			75
Adjusted Earnings(a)			$	1,115		$	192					$	(133)		$	—		$	1,174

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

19

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Year Ended December 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	26,685		$	—					$	—		$	(68)		$	26,617
Regulated natural gas			—			2,242						—			(90)			2,152
Nonregulated electric and other			236			24						134			(103)			291
Total operating revenues			26,921			2,266						134			(261)			29,060
Operating Expenses
Fuel used in electric generation and purchased power			9,164			—						—			(78)			9,086
Cost of natural gas			—			593						—			—			593
Operation, maintenance and other			5,309			455						36			(175)			5,625
Depreciation and amortization			4,684			349						248			(28)			5,253
Property and other taxes			1,320			129						(49)			—			1,400
Impairment of assets and other charges			75			(4)						14			—			85
Total operating expenses			20,552			1,522						249			(281)			22,042
Gains on Sales of Other Assets and Other, net			28			—						24			—			52
Operating Income (Loss)			6,397			744						(91)			20			7,070
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			7			40						66			—			113
Other income and expenses, net			510			66						192			(170)			598
Total Other Income and Expenses			517			106						258			(170)			711
Interest Expense			1,850			217						1,097			(150)			3,014
Income (Loss) from Continuing Operations Before Income Taxes			5,064			633						(930)			—			4,767
Income Tax Expense (Benefit) from Continuing Operations			742			116						(420)			—			438
Income (Loss) from Continuing Operations			4,322			517						(510)			—			4,329
Less: Net Income Attributable to Noncontrolling Interest			99			(2)						—			—			97
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation			4,223			519						(510)			—			4,232
Less: Preferred Dividends			—			—						106			—			106
Segment Income/Other Net Loss			$	4,223		$	519					$	(616)		$	—		$	4,126
Discontinued Operations																		(1,391)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	2,735
Segment Income/Other Net Loss			$	4,223		$	519					$	(616)		$	—		$	4,126
Special Items			64			—						95			—			159
Adjusted Earnings(a)			$	4,287		$	519					$	(521)		$	—		$	4,285

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

20

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended December 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	6,386		$	—					$	—		$	(8)		$	6,378
Regulated natural gas			—			922						—			(22)			900
Nonregulated electric and other			62			6						31			(26)			73
Total operating revenues			6,448			928						31			(56)			7,351
Operating Expenses
Fuel used in electric generation and purchased power			2,381			—						—			(20)			2,361
Cost of natural gas			—			417						—			—			417
Operation, maintenance and other			1,343			122						81			(35)			1,511
Depreciation and amortization			1,139			86						74			(6)			1,293
Property and other taxes			311			35						2			—			348
Impairment of assets and other charges			160			—						72			—			232
Total operating expenses			5,334			660						229			(61)			6,162
(Loss) Gain on Sales of Other Assets and Other, net			(5)			(3)						13			—			5
Operating Income (Loss)			1,109			265						(185)			5			1,194
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			1			6						14			—			21
Other income and expenses, net			85			11						56			(50)			102
Total Other Income and Expenses			86			17						70			(50)			123
Interest Expense			421			55						249			(46)			679
Income (Loss) from Continuing Operations Before Income Taxes			774			227						(364)			1			638
Income Tax Expense (Benefit) from Continuing Operations			88			36						(121)			—			3
Income (Loss) from Continuing Operations			686			191						(243)			1			635
Less: Net Income Attributable to Noncontrolling Interest			(6)			—						—			—			(6)
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation			692			191						(243)			1			641
Less: Preferred Dividends			—			—						14			—			14
Segment Income/Other Net Loss			$	692		$	191					$	(257)		$	1		$	627
Discontinued Operations																		(1,277)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	(650)
Segment Income/Other Net Loss			$	692		$	191					$	(257)		$	1		$	627
Special Items			119			—						124			(1)			242
Adjusted Earnings(a)			$	811		$	191					$	(133)		$	—		$	869

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

21

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Year Ended December 31, 2022
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	25,790		$	—					$	2		$	(33)		$	25,759
Regulated natural gas			—			2,816						—			(92)			2,724
Nonregulated electric and other			234			24						120			(93)			285
Total operating revenues			26,024			2,840						122			(218)			28,768
Operating Expenses
Fuel used in electric generation and purchased power			8,862			—						—			(80)			8,782
Cost of natural gas			—			1,276						—			—			1,276
Operation, maintenance and other			5,354			532						(23)			(129)			5,734
Depreciation and amortization			4,550			327						236			(27)			5,086
Property and other taxes			1,315			138						13			—			1,466
Impairment of assets and other charges			374			(12)						72			—			434
Total operating expenses			20,455			2,261						298			(236)			22,778
Gain on Sales of Other Assets and Other, net			7			1						14			—			22
Operating Income (Loss)			5,576			580						(162)			18			6,012
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			7			20						86			—			113
Other income and expenses, net			460			58						(21)			(105)			392
Total Other Income and Expenses			467			78						65			(105)			505
Interest Expense			1,565			182						778			(86)			2,439
Income (Loss) from Continuing Operations Before Income Taxes			4,478			476						(875)			(1)			4,078
Income Tax Expense (Benefit) from Continuing Operations			536			8						(244)			—			300
Income (Loss) from Continuing Operations			3,942			468						(631)			(1)			3,778
Less: Net Income Attributable to Noncontrolling Interest			13			—						—			—			13
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation			3,929			468						(631)			(1)			3,765
Less: Preferred Dividends			—			—						106			—			106
Segment Income/Other Net Loss			$	3,929		$	468					$	(737)		$	(1)		$	3,659
Discontinued Operations																		(1,215)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	2,444
Segment Income/Other Net Loss			$	3,929		$	468					$	(737)		$	(1)		$	3,659
Special Items			276			—						124			1			401
Adjusted Earnings(a)			$	4,205		$	468					$	(613)		$	—		$	4,060

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

22

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			December 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other(a)			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents			$	84		$	8					$	161		$	—		$	253
Receivables, net			722			357						33			—			1,112
Receivables of variable interest entities, net			3,020			—						—			(1)			3,019
Receivables from affiliated companies			474			86						494			(1,054)			—
Notes receivable from affiliated companies			—			—						3,118			(3,118)			—
Inventory			4,130			129						33			—			4,292
Regulatory assets			3,355			179						114			—			3,648
Assets held for sale			—			—						14			—			14
Other			342			37						50			2			431
Total current assets			12,127			796						4,017			(4,171)			12,769
Property, Plant and Equipment
Cost			151,893			16,623						2,921			(86)			171,351
Accumulated depreciation and amortization			(51,020)			(3,360)						(1,658)			—			(56,038)
Facilities to be retired, net			—			2						—			—			2
Net property, plant and equipment			100,873			13,265						1,263			(86)			115,315
Other Noncurrent Assets
Goodwill			17,380			1,924						—			(1)			19,303
Regulatory assets			12,326			817						475			—			13,618
Nuclear decommissioning trust funds			10,143			—						—			—			10,143
Operating lease right-of-use assets, net			760			4						328			—			1,092
Investments in equity method unconsolidated affiliates			97			259						136			—			492
Investment in consolidated subsidiaries			448			7						70,211			(70,666)			—
Assets held for sale			—			—						197			—			197
Other			2,348			325						1,915			(624)			3,964
Total other noncurrent assets			43,502			3,336						73,262			(71,291)			48,809
Total Assets			156,502			17,397						78,542			(75,548)			176,893
Segment reclassifications, intercompany balances and other			(1,053)			(48)						(74,447)			75,548			—
Segment Assets			$	155,449		$	17,349					$	4,095		$	—		$	176,893

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

23

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			December 31, 2023
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other(a)			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable			$	3,117		$	400					$	710		$	1		$	4,228
Accounts payable to affiliated companies			588			92						304			(984)			—
Notes payable to affiliated companies			2,402			754						—			(3,156)			—
Notes payable and commercial paper			—			—						4,288			—			4,288
Taxes accrued			1,081			40						(305)			—			816
Interest accrued			464			43						240			(2)			745
Current maturities of long-term debt			740			42						2,024			(6)			2,800
Asset retirement obligations			596			—						—			—			596
Regulatory liabilities			1,251			119						—			(1)			1,369
Liabilities associated with assets held for sale			—			—						122			—			122
Other			1,744			82						523			(30)			2,319
Total current liabilities			11,983			1,572						7,906			(4,178)			17,283
Long-Term Debt			44,995			4,395						23,142			(80)			72,452
Long-Term Debt Payable to Affiliated Companies			618			7						—			(625)			—
Other Noncurrent Liabilities
Deferred income taxes			12,067			1,380						(2,891)			—			10,556
Asset retirement obligations			8,474			85						—			1			8,560
Regulatory liabilities			12,751			1,255						34			(1)			14,039
Operating lease liabilities			682			11						224			—			917
Accrued pension and other post-retirement benefit costs			252			30						204			(1)			485
Investment tax credits			863			1						—			—			864
Liabilities associated with assets held for sale			—			—						157			—			157
Other			806			224						549			(186)			1,393
Total other noncurrent liabilities			35,895			2,986						(1,723)			(187)			36,971
Equity
Total Duke Energy Corporation stockholders' equity			62,011			8,428						49,151			(70,478)			49,112
Noncontrolling interests			1,000			9						66			—			1,075
Total equity			63,011			8,437						49,217			(70,478)			50,187
Total Liabilities and Equity			156,502			17,397						78,542			(75,548)			176,893
Segment reclassifications, intercompany balances and other			(1,053)			(48)						(74,447)			75,548			—
Segment Liabilities and Equity			$	155,449		$	17,349					$	4,095		$	—		$	176,893

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

24

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended December 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			$	2,133		$	1,644		$	1,580		$	457		$	793		$	(49)		$	6,558
Operating Expenses
Fuel used in electric generation and purchased power			701			518			605			123			237			(65)			2,119
Operation, maintenance and other			421			300			321			83			175			1			1,301
Depreciation and amortization			407			331			211			71			166			5			1,191
Property and other taxes			44			21			77			83			17			1			243
Impairment of assets and other charges			(26)			(2)			—			2			(1)			2			(25)
Total operating expenses			1,547			1,168			1,214			362			594			(56)			4,829
Gains (Losses) on Sales of Other Assets and Other, net			—			1			1			1			—			(5)			(2)
Operating Income			586			477			367			96			199			2			1,727
Other Income and Expenses, net(b)			58			30			24			5			18			(6)			129
Interest Expense			182			112			108			30			56			(2)			486
Income Before Income Taxes			462			395			283			71			161			(2)			1,370
Income Tax Expense			61			55			60			12			32			(9)			211
Less: Net Income Attributable to Noncontrolling Interest			—			—			—			—			—			24			24
Segment Income			$	401		$	340		$	223		$	59		$	129		$	(17)		$	1,135

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

(b)    Includes an equity component of allowance for funds used during construction of $22 million for Duke Energy Carolinas, $14 million for Duke Energy Progress, $5 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $3 million for Duke Energy Indiana.

25

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Year Ended December 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			$	8,288		$	6,488		$	7,036		$	1,868		$	3,399		$	(158)		$	26,921
Operating Expenses
Fuel used in electric generation and purchased power			2,524			2,203			2,823			608			1,217			(211)			9,164
Operation, maintenance and other			1,689			1,342			1,212			351			695			20			5,309
Depreciation and amortization			1,593			1,266			885			257			666			17			4,684
Property and other taxes			320			164			480			294			59			3			1,320
Impairment of assets and other charges			44			29			(1)			2			(1)			2			75
Total operating expenses			6,170			5,004			5,399			1,512			2,636			(169)			20,552
Gains (Losses) on Sales of Other Assets and Other, net			26			3			2			1			—			(4)			28
Operating Income			2,144			1,487			1,639			357			763			7			6,397
Other Income and Expenses, net(b)			241			125			80			28			77			(34)			517
Interest Expense			686			427			413			116			213			(5)			1,850
Income Before Income Taxes			1,699			1,185			1,306			269			627			(22)			5,064
Income Tax Expense			162			158			268			42			115			(3)			742
Less: Net Income Attributable to Noncontrolling Interest			—			—			—			—			—			99			$	99
Segment Income			$	1,537		$	1,027		$	1,038		$	227		$	512		$	(118)		$	4,223

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

(b)    Includes an equity component of allowance for funds used during construction of $91 million for Duke Energy Carolinas, $52 million for Duke Energy Progress, $15 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $10 million for Duke Energy Indiana.

26

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			December 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			$	9		$	18		$	24		$	17		$	8		$	8		$	84
Receivables, net			265			139			83			69			156			10			722
Receivables of variable interest entities, net			991			833			532			—			—			664			3,020
Receivables from affiliated companies			203			16			238			273			197			(453)			474
Inventory			1,484			1,227			674			163			582			—			4,130
Regulatory assets			1,564			942			720			29			102			(2)			3,355
Other			31			71			50			97			98			(5)			342
Total current assets			4,547			3,246			2,321			648			1,143			222			12,127
Property, Plant and Equipment
Cost			56,670			39,283			28,353			8,585			18,900			102			151,893
Accumulated depreciation and amortization			(19,896)			(15,227)			(7,067)			(2,349)			(6,501)			20			(51,020)
Net property, plant and equipment			36,774			24,056			21,286			6,236			12,399			122			100,873
Other Noncurrent Assets
Goodwill			—			—			—			596			—			16,784			17,380
Regulatory assets			3,916			4,546			1,883			378			894			709			12,326
Nuclear decommissioning trust funds			5,686			4,075			382			—			—			—			10,143
Operating lease right-of-use assets, net			78			318			299			15			50			—			760
Investments in equity method unconsolidated affiliates			—			—			1			—			—			96			97
Investment in consolidated subsidiaries			36			19			8			381			4			—			448
Other			1,110			682			428			62			326			(260)			2,348
Total other noncurrent assets			10,826			9,640			3,001			1,432			1,274			17,329			43,502
Total Assets			52,147			36,942			26,608			8,316			14,816			17,673			156,502
Segment reclassifications, intercompany balances and other			(239)			(122)			(246)			(338)			150			(258)			(1,053)
Reportable Segment Assets			$	51,908		$	36,820		$	26,362		$	7,978		$	14,966		$	17,415		$	155,449

(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.

27

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			December 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			$	1,183		$	634		$	738		$	247		$	300		$	15		$	3,117
Accounts payable to affiliated companies			195			332			135			16			176			(266)			588
Notes payable to affiliated companies			668			891			152			398			256			37			2,402
Taxes accrued			297			184			190			348			70			(8)			1,081
Interest accrued			179			114			86			31			54			—			464
Current maturities of long-term debt			19			72			589			—			4			56			740
Asset retirement obligations			224			244			1			6			120			1			596
Regulatory liabilities			587			300			118			36			209			1			1,251
Other			669			482			350			64			184			(5)			1,744
Total current liabilities			4,021			3,253			2,359			1,146			1,373			(169)			11,983
Long-Term Debt			15,693			11,492			9,812			2,863			4,348			787			44,995
Long-Term Debt Payable to Affiliated Companies			300			150			—			18			150			—			618
Other Noncurrent Liabilities
Deferred income taxes			4,432			2,568			2,735			839			1,436			57			12,067
Asset retirement obligations			3,789			3,626			274			71			689			25			8,474
Regulatory liabilities			5,990			4,375			708			242			1,459			(23)			12,751
Operating lease liabilities			75			293			251			15			46			2			682
Accrued pension and other post-retirement benefit costs			57			146			98			70			115			(234)			252
Investment tax credits			301			129			242			5			186			—			863
Other			582			103			86			52			1			(18)			806
Total other noncurrent liabilities			15,226			11,240			4,394			1,294			3,932			(191)			35,895
Equity
Total Duke Energy Corporation stockholders' equity			16,907			10,807			10,043			2,995			5,013			16,246			62,011
Noncontrolling interests(c)			—			—			—			—			—			1,000			1,000
Equity			16,907			10,807			10,043			2,995			5,013			17,246			63,011
Total Liabilities and Equity			52,147			36,942			26,608			8,316			14,816			17,673			156,502
Segment reclassifications, intercompany balances and other			(239)			(122)			(246)			(338)			150			(258)			(1,053)
Reportable Segment Liabilities and Equity			$	51,908		$	36,820		$	26,362		$	7,978		$	14,966		$	17,415		$	155,449

(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.

28

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended December 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			$	175		$	509		$	—		$	(1)		$	683
Operating Expenses
Cost of natural gas			45			114			—			—			159
Operation, maintenance and other			33			91			—			(1)			123
Depreciation and amortization			29			62			1			—			92
Property and other taxes			23			13			—			—			36
Impairment of assets and other charges			—			—			—			—			—
Total operating expenses			130			280			1			(1)			410
Gains on Sales of Other Assets and Other, net			1			—			—			—			1
Operating Income (Loss)			46			229			(1)			—			274
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			—			—			7			—			7
Other income and expenses, net			3			16			(4)			(2)			13
Total other income and expenses			3			16			3			(2)			20
Interest Expense			15			45			—			(1)			59
Income Before Income Taxes			34			200			2			(1)			235
Income Tax Expense			5			39			2			(1)			45
Add: Loss Attributable to Noncontrolling Interest			—			—			2			—			2
Segment Income			$	29		$	161		$	2		$	—		$	192

(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.

29

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Year Ended December 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			$	639		$	1,628		$	—		$	(1)		$	2,266
Operating Expenses
Cost of natural gas			163			430			—			—			593
Operation, maintenance and other			118			336			2			(1)			455
Depreciation and amortization			110			237			1			1			349
Property and other taxes			70			59			—			—			129
Impairment of assets and other charges			—			(4)			—			—			(4)
Total operating expenses			461			1,058			3			—			1,522
Operating Income (Loss)			178			570			(3)			(1)			744
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			—			—			40			—			40
Other income and expenses, net			14			59			(6)			(1)			66
Total other income and expenses			14			59			34			(1)			106
Interest Expense			53			165			—			(1)			217
Income Before Income Taxes			139			464			31			(1)			633
Income Tax Expense			23			84			9			—			116
Add: Loss Attributable to Noncontrolling Interest			$	—		$	—		$	2		—			$	2
Segment Income			$	116		$	380		$	24		$	(1)		$	519

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

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

30

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			December 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			$	7		$	—		$	1		$	—		$	8
Receivables, net			43			311			3			—			357
Receivables from affiliated companies			—			84			74			(72)			86
Inventory			16			112			—			1			129
Regulatory assets			18			161			—			—			179
Other			24			6			7			—			37
Total current assets			108			674			85			(71)			796
Property, Plant and Equipment
Cost			4,625			11,907			92			(1)			16,623
Accumulated depreciation and amortization			(1,101)			(2,260)			—			1			(3,360)
Facilities to be retired, net			—			2			—			—			2
Net property, plant and equipment			3,524			9,649			92			—			13,265
Other Noncurrent Assets
Goodwill			324			49			—			1,551			1,924
Regulatory assets			325			410			—			82			817
Operating lease right-of-use assets, net			1			4			—			(1)			4
Investments in equity method unconsolidated affiliates			—			—			254			5			259
Investment in consolidated subsidiaries			—			—			—			7			7
Other			20			276			29			—			325
Total other noncurrent assets			670			739			283			1,644			3,336
Total Assets			4,302			11,062			460			1,573			17,397
Segment reclassifications, intercompany balances and other			44			(84)			(74)			66			(48)
Reportable Segment Assets			$	4,346		$	10,978		$	386		$	1,639		$	17,349

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

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

31

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			December 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			$	76		$	315		$	9		$	—		$	400
Accounts payable to affiliated companies			41			93			30			(72)			92
Notes payable to affiliated companies			215			538			—			1			754
Taxes accrued			(42)			86			(4)			—			40
Interest accrued			4			39			—			—			43
Current maturities of long-term debt			—			40			—			2			42
Regulatory liabilities			20			98			—			1			119
Other			4			76			4			(2)			82
Total current liabilities			318			1,285			39			(70)			1,572
Long-Term Debt			630			3,628			70			67			4,395
Long-Term Debt Payable to Affiliated Companies			7			—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes			436			919			23			2			1,380
Asset retirement obligations			59			26			—			—			85
Regulatory liabilities			255			988			—			12			1,255
Operating lease liabilities			1			10			—			—			11
Accrued pension and other post-retirement benefit costs			22			8			—			—			30
Investment tax credits			—			1			—			—			1
Other			47			172			6			(1)			224
Total other noncurrent liabilities			820			2,124			29			13			2,986
Equity
Total Duke Energy Corporation stockholders' equity			2,527			4,025			313			1,563			8,428
Noncontrolling interests			—			—			9			—			9
Equity			2,527			4,025			322			1,563			8,437
Total Liabilities and Equity			4,302			11,062			460			1,573			17,397
Segment reclassifications, intercompany balances and other			44			(84)			(74)			66			(48)
Reportable Segment Liabilities and Equity			$	4,346		$	10,978		$	386		$	1,639		$	17,349

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

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

32

Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
			Residential			18,602						18,686						(0.4		%)				(0.4		%)				85,107						87,671						(2.9		%)				(1.5		%)
			General Service			18,254						18,250						—		%				1.8		%				76,961						77,259						(0.4		%)				(0.6		%)
			Industrial			11,238						11,436						(1.7		%)				(8.1		%)				47,673						49,180						(3.1		%)				(5.9		%)
			Other Energy Sales			139						130						6.9		%				n/a						570						558						2.2		%				n/a
			Unbilled Sales			1,258						2,426						(48.1		%)				n/a						(1,261)						3,606						(135.0		%)				n/a
			Total Retail Sales			49,491						50,928						(2.8		%)				(1.4)		%				209,050						218,274						(4.2		%)				(2.2		%)
			Wholesale and Other			10,348						10,307						0.4		%										42,212						45,538						(7.3		%)
			Total Consolidated Electric Sales – Electric Utilities and Infrastructure			59,839						61,235						(2.3		%)										251,262						263,812						(4.8		%)
Average Number of Customers (Electric)
			Residential			7,312,926						7,166,766						2.0		%										7,252,831						7,121,050						1.9		%
			General Service			1,040,029						1,036,798						0.3		%										1,037,303						1,035,271						0.2		%
			Industrial			15,895						16,320						(2.6		%)										16,098						16,336						(1.5		%)
			Other Energy Sales			23,968						24,277						(1.3		%)										24,111						24,360						(1.0		%)
			Total Retail Customers			8,392,818						8,244,161						1.8		%										8,330,343						8,197,017						1.6		%
			Wholesale and Other			50						45						11.1		%										49						40						22.5		%
			Total Average Number of Customers – Electric Utilities and Infrastructure			8,392,868						8,244,206						1.8		%										8,330,392						8,197,057						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			8,598						8,588						0.1		%										34,065						37,261						(8.6		%)
			Nuclear			18,796						17,674						6.3		%										74,966						73,109						2.5		%
			Hydro			260						415						(37.3		%)										1,916						1,856						3.2		%
			Natural Gas and Oil			19,657						22,340						(12.0		%)										88,100						93,649						(5.9		%)
			Renewable Energy			591						507						16.6		%										2,795						2,347						19.1		%
			Total Generation(d)			47,902						49,524						(3.3		%)										201,842						208,222						(3.1		%)
			Purchased Power and Net Interchange(e)			14,724						14,409						2.2		%										62,504						66,587						(6.1		%)
			Total Sources of Energy			62,626						63,933						(2.0		%)										264,346						274,809						(3.8		%)
			Less: Line Loss and Other			2,787						2,698						3.3		%										13,084						10,997						19.0		%
			Total GWh Sources			59,839						61,235						(2.3		%)										251,262						263,812						(4.8		%)
Owned Megawatt (MW) Capacity(c)
			Summer																											50,321						49,866
			Winter																											54,762						54,715
Nuclear Capacity Factor (%)(f)																														96						94

(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.

33

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential			6,290						6,269						0.3		%										28,348						29,377						(3.5		%)
			General Service			7,327						6,881						6.5		%										29,816						29,531						1.0		%
			Industrial			4,675						4,942						(5.4		%)										19,736						20,811						(5.2		%)
			Other Energy Sales			70						70						—		%										279						296						(5.7		%)
			Unbilled Sales			546						981						(44.3		%)										(331)						1,263						(126.2		%)
			Total Retail Sales			18,908						19,143						(1.2		%)				0.1		%				77,848						81,278						(4.2		%)				(1.7		%)
			Wholesale and Other			2,360						2,647						(10.8		%)										9,787						9,637						1.6		%
			Total Consolidated Electric Sales – Duke Energy Carolinas			21,268						21,790						(2.4		%)										87,635						90,915						(3.6		%)
Average Number of Customers
			Residential			2,450,456						2,395,446						2.3		%										2,428,460						2,378,411						2.1		%
			General Service			401,216						400,478						0.2		%										400,097						400,091						—		%
			Industrial			5,976						6,101						(2.0		%)										6,047						6,066						(0.3		%)
			Other Energy Sales			11,164						11,232						(0.6		%)										11,204						11,238						(0.3		%)
			Total Retail Customers			2,868,812						2,813,257						2.0		%										2,845,808						2,795,806						1.8		%
			Wholesale and Other			25						20						25.0		%										26						17						52.9		%
			Total Average Number of Customers – Duke Energy Carolinas			2,868,837						2,813,277						2.0		%										2,845,834						2,795,823						1.8		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			2,557						1,959						30.5		%										9,079						8,025						13.1		%
			Nuclear			10,712						11,282						(5.1		%)										44,004						44,225						(0.5		%)
			Hydro			76						243						(68.7		%)										918						999						(8.1		%)
			Natural Gas and Oil			5,284						7,112						(25.7		%)										25,323						28,563						(11.3		%)
			Renewable Energy			75						103						(27.2		%)										341						492						(30.7		%)
			Total Generation(d)			18,704						20,699						(9.6		%)										79,665						82,304						(3.2		%)
			Purchased Power and Net Interchange(e)			3,478						2,191						58.7		%										12,119						12,628						(4.0		%)
			Total Sources of Energy			22,182						22,890						(3.1		%)										91,784						94,932						(3.3		%)
			Less: Line Loss and Other			914						1,100						(16.9		%)										4,149						4,017						3.3		%
			Total GWh Sources			21,268						21,790						(2.4		%)										87,635						90,915						(3.6		%)
Owned MW Capacity(c)
			Summer																											19,691						19,492
			Winter																											20,735						20,653
Nuclear Capacity Factor (%)(f)																														95						95
Heating and Cooling Degree Days
			Actual
			Heating Degree Days			1,117						1,301						(14.1		%)										2,576						3,124						(17.5		%)
			Cooling Degree Days			45						21						114.3		%										1,440						1,628						(11.5		%)
			Variance from Normal
			Heating Degree Days			(9.3		%)				5.1		%																(19.0		%)				(1.8		%)
			Cooling Degree Days			3.3		%				(50.9		%)																(7.6		%)				4.3		%

(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.

34

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential			3,890						3,891						—		%										17,742						18,499						(4.1		%)
			General Service			3,363						3,662						(8.2		%)										14,717						15,332						(4.0		%)
			Industrial			2,285						2,466						(7.3		%)										9,692						11,037						(12.2		%)
			Other Energy Sales			22						21						4.8		%										85.97						89						(3.4		%)
			Unbilled Sales			438						401						9.2		%										(346)						(106)						(226		%)
			Total Retail Sales			9,998						10,441						(4.2		%)				(3.4		%)				41,891						44,851						(6.6		%)				(3.9		%)
			Wholesale and Other			6,216						5,502						13.0		%										24,826						25,584						(3.0		%)
			Total Consolidated Electric Sales – Duke Energy Progress			16,214						15,943						1.7		%										66,717						70,435						(5.3		%)
Average Number of Customers
			Residential			1,478,243						1,444,585						2.3		%										1,464,921						1,434,751						2.1		%
			General Service			247,632						248,511						(0.4		%)										247,425						247,962						(0.2		%)
			Industrial			3,264						3,322						(1.7		%)										3,290						3,325						(1.1		%)
			Other Energy Sales			2,469						2,533						(2.5		%)										2,492						2,552						(2.4		%)
			Total Retail Customers			1,731,608						1,698,951						1.9		%										1,718,128						1,688,590						1.7		%
			Wholesale and Other			8						8						—		%										8						8						—		%
			Total Average Number of Customers – Duke Energy Progress			1,731,616						1,698,959						1.9		%										1,718,136						1,688,598						1.7		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			836						1,139						(26.6		%)										5,226						6,513						(19.8		%)
			Nuclear			8,084						6,392						26.5		%										30,962						28,884						7.2		%
			Hydro			80						83						(3.6		%)										603						572						5.4		%
			Natural Gas and Oil			5,818						6,273						(7.3		%)										22,886						24,587						(6.9		%)
			Renewable Energy			57						46						23.9		%										260						248						4.8		%
			Total Generation(d)			14,875						13,933						6.8		%										59,937						60,804						(1.4		%)
			Purchased Power and Net Interchange(e)			1,910						2,482						(23.0		%)										9,291						11,202						(17.1		%)
			Total Sources of Energy			16,785						16,415						2.3		%										69,228						72,006						(3.9		%)
			Less: Line Loss and Other			571						472						21.0		%										2,511						1,571						59.8		%
			Total GWh Sources			16,214						15,943						1.7		%										66,717						70,435						(5.3		%)
Owned MW Capacity(c)
			Summer																											12,538						12,464
			Winter																											13,770						13,770
Nuclear Capacity Factor (%)(f)																														98						92
Heating and Cooling Degree Days
			Actual
			Heating Degree Days			962						1,061						(9.3		%)										2,159						2,676						(19.3		%)
			Cooling Degree Days			55						48						14.6		%										1,755						1,911						(8.2		%)
			Variance from Normal
			Heating Degree Days			(12.8		%)				(4.6		%)																(25.1		%)				(7.2		%)
			Cooling Degree Days			(13.3		%)				(22.8		%)																2.8		%				12.0		%

(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.

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

35

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential			4,654						4,663						(0.2		%)										21,750						21,508						1.1		%
			General Service			3,713						3,654						1.6		%										15,655						15,463						1.2		%
			Industrial			836						797						4.9		%										3,396						3,508						(3.2		%)
			Other Energy Sales			8						8						—		%										31						33						(6.1		%)
			Unbilled Sales			(306)						247						(223.9		%)										(49)						567						(108.6		%)
			Total Retail Sales			8,905						9,369						(5.0		%)				(2.6		%)				40,783						41,079						(0.7		%)				(1.2		%)
			Wholesale and Other			424						1,048						(59.5		%)										2,601						5,135						(49.3		%)
			Total Electric Sales – Duke Energy Florida			9,329						10,417						(10.4		%)										43,384						46,214						(6.1		%)
Average Number of Customers
			Residential			1,769,252						1,730,814						2.2		%										1,753,585						1,719,905						2.0		%
			General Service			209,682						208,018						0.8		%										209,179						207,543						0.8		%
			Industrial			1,742						1,839						(5.3		%)										1,773						1,868						(5.1		%)
			Other Energy Sales			3,648						3,711						(1.7		%)										3,676						3,737						(1.6		%)
			Total Retail Customers			1,984,324						1,944,382						2.1		%										1,968,213						1,933,053						1.8		%
			Wholesale and Other			12						12						—		%										10						10						—		%
			Total Average Number of Customers – Duke Energy Florida			1,984,336						1,944,394						2.1		%										1,968,223						1,933,063						1.8		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			845						1,062						(20.4		%)										3,829						4,375						(12.5		%)
			Natural Gas and Oil			7,729						8,233						(6.1		%)										35,554						36,569						(2.8		%)
			Renewable Energy			453						353						28.3		%										2,165						1,581						36.9		%
			Total Generation(d)			9,027						9,648						(6.4		%)										41,548						42,525						(2.3		%)
			Purchased Power and Net Interchange(e)			610						815						(25.2		%)										3,504						4,817						(27.3		%)
			Total Sources of Energy			9,637						10,463						(7.9		%)										45,052						47,342						(4.8		%)
			Less: Line Loss and Other			308						46						569.6		%										1,668						1,128						47.9		%
			Total GWh Sources			9,329						10,417						(10.4		%)										43,384						46,214						(6.1		%)
Owned MW Capacity(c)
			Summer																											10,697						10,488
			Winter																											12,303						12,305
Heating and Cooling Degree Days
			Actual
			Heating Degree Days			138						169						(18.3		%)										316						470						(32.8		%)
			Cooling Degree Days			476						544						(12.5		%)										3,680						3,527						4.3		%
			Variance from Normal
			Heating Degree Days			(27.7		%)				(10.4		%)																(44.8		%)				—		%
			Cooling Degree Days			(2.3		%)				11.1		%																14.1		%				—		%

(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.

36

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential			1,860						1,897						(2.0		%)										8,598						9,031						(4.8		%)
			General Service			2,134						2,125						0.4		%										8,943						8,813						1.5		%
			Industrial			1,251						1,333						(6.2		%)										5,425						5,174						4.9		%
			Other Energy Sales			23						15						53.3		%										109						80						36.3		%
			Unbilled Sales			207						164						26.2		%										(166)						678						(124.5		%)
			Total Retail Sales			5,475						5,534						(1.1		%)				—		%				22,909						23,776						(3.6		%)				(0.7		%)
			Wholesale and Other			138						100						38.0		%										398						493						(19.3		%)
			Total Electric Sales – Duke Energy Ohio			5,613						5,634						(0.4		%)										23,307						24,269						(4.0		%)
Average Number of Customers
			Residential			827,321						820,302						0.9		%										823,904						816,187						0.9		%
			General Service			75,459						74,541						1.2		%										74,957						74,551						0.5		%
			Industrial			2,270						2,397						(5.3		%)										2,340						2,415						(3.1		%)
			Other Energy Sales			2,823						2,842						(0.7		%)										2,834						2,847						(0.5		%)
			Total Retail Customers			907,873						900,082						0.9		%										904,035						896,000						0.9		%
			Wholesale and Other			1						1						—		%										1						1						—		%
			Total Average Number of Customers – Duke Energy Ohio			907,874						900,083						0.9		%										904,036						896,001						0.9		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			468						516						(9.3		%)										2,211						2,778						(20.4		%)
			Natural Gas and Oil			61						50						22.0		%										192						101						90.1		%
			Total Generation(d)			529						566						(6.5		%)										2,403						2,879						(16.5		%)
			Purchased Power and Net Interchange(e)			5,539						5,599						(1.1		%)										23,010						23,722						(3.0		%)
			Total Sources of Energy			6,068						6,165						(1.6		%)										25,413						26,601						(4.5		%)
			Less: Line Loss and Other			455						531						(14.3		%)										2,106						2,332						(9.7		%)
			Total GWh Sources			5,613						5,634						(0.4		%)										23,307						24,269						(4.0		%)
Owned MW Capacity(c)
			Summer																											1,076						1,076
			Winter																											1,164						1,164
Heating and Cooling Degree Days
			Actual
			Heating Degree Days			1,569						1,799						(12.8		%)										4,103						4,815						(14.8		%)
			Cooling Degree Days			31						1						3,000.0		%										1,021						1,234						(17.3		%)
			Variance from Normal
			Heating Degree Days			(13.2		%)				(1.2		%)																(15.9		%)				(1.3		%)
			Cooling Degree Days			34.3		%				(92.5		%)																(9.4		%)				9.2		%

(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.

37

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2023
						Three Months Ended December 31,																								Years Ended December 31,
						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)						2023						2022						% Inc.(Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential			1,909						1,966						(2.9		%)										8,669						9,256						(6.3		%)
			General Service			1,716						1,928						(11.0		%)										7,829						8,120						(3.6		%)
			Industrial			2,192						1,898						15.5		%										9,425						8,650						9.0		%
			Other Energy Sales			16						16						—		%										64.847						60						8.1		%
			Unbilled Sales			373						633						(41.1		%)										(369)						1,204						(130.6		%)
			Total Retail Sales			6,206						6,441						(3.6		%)				(1.9		%)				25,619						27,290						(6.1		%)				(3.5		%)
			Wholesale and Other			1,209						1,010						19.7		%										4,600						4,689						(1.9		%)
			Total Electric Sales – Duke Energy Indiana			7,415						7,451						(0.5		%)										30,219						31,979						(5.5		%)
Average Number of Customers
			Residential			787,654						775,619						1.6		%										781,961						771,796						1.3		%
			General Service			106,040						105,250						0.8		%										105,645						105,124						0.5		%
			Industrial			2,643						2,661						(0.7		%)										2,648						2,662						(0.5		%)
			Other Energy Sales			3,863						3,959						(2.4		%)										3,905						3,986						(2.0		%)
			Total Retail Customers			900,200						887,489						1.4		%										894,159						883,568						1.2		%
			Wholesale and Other			4						4						—		%										4						4						—		%
			Total Average Number of Customers – Duke Energy Indiana			900,204						887,493						1.4		%										894,163						883,572						1.2		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal			3,892						3,912						(0.5		%)										13,720						15,570						(11.9		%)
			Hydro			104						89						16.9		%										395						285						38.6		%
			Natural Gas and Oil			765						672						13.8		%										4,145						3,829						8.3		%
			Renewable Energy			6						5						20.0		%										29						26						11.5		%
			Total Generation(d)			4,767						4,678						1.9		%										18,289						19,710						(7.2		%)
			Purchased Power and Net Interchange(e)			3,187						3,322						(4.1		%)										14,580						14,218						2.5		%
			Total Sources of Energy			7,954						8,000						(0.6		%)										32,869						33,928						(3.1		%)
			Less: Line Loss and Other			539						549						(1.8		%)										2,650						1,949						36.0		%
			Total GWh Sources			7,415						7,451						(0.5		%)										30,219						31,979						(5.5		%)
Owned MW Capacity(c)
			Summer																											6,319						6,346
			Winter																											6,790						6,823
Heating and Cooling Degree Days
			Actual
			Heating Degree Days			1,650						1,945						(15.2		%)										4,429						5,310						(16.6		%)
			Cooling Degree Days			39						1						3,800.0		%										1,078						1,261						(14.5		%)
			Variance from Normal
			Heating Degree Days			(15.4		%)				(30.0		%)																(15.7		%)				1.1		%
			Cooling Degree Days			84.4		%				(94.2		%)																(4.2		%)				13.0		%

(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.

38

Gas Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2023
						Three Months Ended December 31,																		Years Ended December 31,
						2023						2022						% Inc. (Dec.)						2023						2022						% Inc. (Dec.)
Total Sales
			Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)			142,826,255						164,172,437						(13.0		%)				569,752,712						628,035,471						(9.3		%)
			Duke Energy Midwest LDC throughput (Mcf)			24,442,871						26,663,954						(8.3		%)				80,252,769						90,010,669						(10.8		%)
Average Number of Customers – Piedmont Natural Gas
			Residential			1,058,794						1,041,646						1.6		%				1,055,478						1,039,038						1.6		%
			Commercial			107,116						106,003						1.0		%				107,112						106,188						0.9		%
			Industrial			947						952						(0.5		%)				953						954						(0.1		%)
			Power Generation			19						19						—		%				19						19						—		%
			Total Average Number of Gas Customers – Piedmont Natural Gas			1,166,876						1,148,620						1.6		%				1,163,562						1,146,199						1.5		%
Average Number of Customers – Duke Energy Midwest
			Residential			521,862						518,104						0.7		%				518,707						515,669						0.6		%
			General Service			34,856						35,151						(0.8		%)				34,381						34,611						(0.7		%)
			Industrial			2,094						1,660						26.1		%				1,832						1,578						16.1		%
			Other			116						116						—		%				116						117						(0.9		%)
			Total Average Number of Gas Customers – Duke Energy Midwest			558,928						555,031						0.7		%				555,036						551,975						0.6		%

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

39