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Debt and Credit Facilities (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables summarize outstanding debt.
 December 31, 2024
Weighted
AverageDukeDukeDukeDukeDuke
InterestDukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) Rate EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unsecured debt, maturing 2025-2082
4.53 %$34,283 $1,605 $2,085 $185 $250 $1,380 $390 $4,030 
Secured debt, maturing 2025-2052
3.75 %3,672 1,463 2,147 1,269 879 — — — 
First mortgage bonds, maturing 2025-2074(a)
4.24 %39,842 13,955 19,223 9,974 9,247 2,722 3,937 — 
Finance leases, maturing 2027-2054
570 270 581 515 66 — 10 — 
Tax-exempt bonds, maturing 2027-2046(b)
3.85 %1,331 — 500 500 — 77 352 — 
Notes payable and commercial paper(c)
4.67 %4,213 — — — — — — — 
Money pool/intercompany borrowings — 300 1,227 761 467 189 160 739 
Fair value hedge carrying value adjustment  (82)— — — — — — — 
Unamortized debt discount and premium, net(d)
 845 (20)(44)(24)(19)(23)(16)(8)
Unamortized debt issuance costs(e)
(401)(83)(146)(65)(76)(18)(25)(19)
Total debt 4.37 %$84,273 $17,490 $25,573 $13,115 $10,814 $4,327 $4,808 $4,742 
Short-term notes payable and commercial paper  (3,584)— — — — — — — 
Short-term money pool/intercompany borrowings — — (1,077)(611)(466)(162)(10)(739)
Current maturities of long-term debt(f)
 (4,349)(521)(1,517)(983)(534)(245)(4)(205)
Total long-term debt(f)
$76,340 $16,969 $22,979 $11,521 $9,814 $3,920 $4,794 $3,798 
(a)Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b)Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(c)Includes $625 million classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper program was 13 days.
(d)Duke Energy includes $925 million and $56 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(e)Duke Energy includes $23 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(f)Refer to Note 18 for additional information on amounts from consolidated VIEs.
 December 31, 2023
Weighted
AverageDukeDukeDukeDukeDuke
InterestDukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) Rate EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unsecured debt, maturing 2024-2082
4.36 %$30,435 $1,150 $1,800 $— $150 $1,155 $393 $3,695 
Secured debt, maturing 2024-2052
4.23 %4,202 1,441 2,379 1,121 1,258 — — — 
First mortgage bonds, maturing 2025-2073(a)
4.18 %37,443 12,955 18,550 9,475 9,075 2,300 3,638 — 
Finance leases, maturing 2024-2051(b)
639 277 571 552 19 — 9 — 
Tax-exempt bonds, maturing 2027-2046(c)
3.89 %1,331 — 500 500 — 77 352 — 
Notes payable and commercial paper(d)
5.58 %4,925 — — — — — — — 
Money pool/intercompany borrowings— 968 1,193 1,041 152 638 407 538 
Fair value hedge carrying value adjustment32 — — — — — — — 
Unamortized debt discount and premium, net(e)
916 (29)(46)(24)(20)(24)(16)(8)
Unamortized debt issuance costs(f)
(383)(82)(145)(60)(81)(15)(25)(19)
Total debt 4.35 %$79,540 $16,680 $24,802 $12,605 $10,553 $4,131 $4,758 $4,206 
Short-term notes payable and commercial paper  (4,288)— — — — — — — 
Short-term money pool/intercompany borrowings — (668)(1,043)(891)(152)(613)(256)(538)
Current maturities of long-term debt(g)
 (2,800)(19)(661)(72)(589)— (4)(40)
Total long-term debt(g)
$72,452 $15,993 $23,098 $11,642 $9,812 $3,518 $4,498 $3,628 
(a)    Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b)    Duke Energy includes $63 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP.
(c)    Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(d)    Includes $625 million that was classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper programs was 23 days.
(e)    Duke Energy includes $992 million and $69 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(f)    Duke Energy includes $25 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(g)     Refer to Note 18 for additional information on amounts from consolidated VIEs.
The following table shows the significant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateDecember 31, 2024
Unsecured Debt
Duke Energy (Parent)April 20253.364 %$420 
Duke Energy (Parent)April 20253.950 %250 
Duke Energy OhioJune 20256.900 %150 
Duke Energy (Parent)September 20250.900 %650 
Piedmont
September 20253.600 %150 
Duke Energy Florida(a)
October 20255.303 %100 
Duke Energy Ohio(b)
October 20253.230 %95 
Duke Energy (Parent)December 20255.000 %500 
Secured Debt
Duke Energy Carolinas(a)
January 2025
5.378 %305 
Duke Energy Carolinas(a)
January 2025
5.423 %195 
Duke Energy Progress(a)
April 2025
5.456 %240 
Duke Energy Progress(a)
April 2025
5.467 %160 
First Mortgage Bonds
Duke Energy Florida(a)(c)
October 2073
4.910 %200 
Duke Energy Florida(a)(c)
April 20744.910 %173 
Duke Energy Progress
August 20253.250 %500 
Other(d)
261 
Current maturities of long-term debt$4,349 
(a)    Debt has a floating interest rate. The $500 million in Duke Energy Carolinas borrowings due January 2025 were repaid in conjunction with the termination of the DERF accounts receivable securitization facility in January 2025.
(b)     Current maturity relates to Duke Energy Kentucky.
(c)    These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(d)    Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
The following tables show short-term obligations classified as long-term debt.
 Balance at December 31, 2024 and 2023
DukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasProgressOhioIndiana
Tax-exempt bonds $312 $— $— $27 $285 
Commercial paper(a)
625 300 150 25 150 
Total $937 $300 $150 $52 $435 
(a)    Progress Energy amounts are equal to Duke Energy Progress amounts.
Schedule of Maturities of Long-term Debt
The following table shows the annual maturities of long-term debt for the next five years and thereafter. Amounts presented exclude short-term notes payable, commercial paper and money pool borrowings and debt issuance costs for the Subsidiary Registrants.
 December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)
Energy(a)
CarolinasEnergyProgressFloridaOhioIndianaPiedmont
2025$4,349 $521 $1,525 $984 $541 $245 $4 $205 
20264,925 1,078 539 470 69 45 4 40 
20273,082 26 807 89 718 77 27 300 
20283,937 976 1,411 593 819 40 7 — 
20294,971 778 1,618 847 771 530 155 660 
Thereafter58,976 14,214 18,786 9,610 7,525 3,270 4,643 2,825 
Total long-term debt, including current maturities$80,240 $17,593 $24,686 $12,593 $10,443 $4,207 $4,840 $4,030 
(a)    Excludes $1,004 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition.
Schedule of Long-term Debt Instruments
The following tables summarize significant debt issuances (in millions).
Year Ended December 31, 2024
DukeDukeDukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Unsecured Debt
January 2024(a)
January 2027
4.850 %$600 $600 $— $— $— $— $— $— 
January 2024(a)
January 2029
4.850 %650 650 — — — — — — 
April 2024(e)
April 2031
5.648 %815 815 — — — — — — 
June 2024(d)
June 2034
5.450 %750 750 — — — — — — 
June 2024(d)
June 2054
5.800 %750 750 — — — — — — 
June 2024(h)
July 2031
5.900 %80 — — — — 80 — — 
June 2024(h)
July 2034
6.000 %95 — — — — 95 — — 
June 2024(h)
July 2039
6.170 %50 — — — — 50 — — 
August 2024(d)
February 2035
5.100 %375 — — — — — — 375 
August 2024(i)
September 2054
6.450 %1,000 1,000 — — — — — — 
Secured Debt
April 2024(f)
March 2044
5.404 %177 — — 177 — — — — 
First Mortgage Bonds
January 2024(b)
January 2034
4.850 %$575 $— $575 $— — $— $— $— 
January 2024(b)
January 2054
5.400 %425 — 425 — — — — — 
March 2024(b)
March 2034
5.250 %300 — — — — — 300 — 
March 2024(c)
March 2034
5.100 %500 — — 500 — — — — 
March 2024(d)
March 2054
5.550 %425 — — — — 425 — — 
April 2024(g)
April 2074
4.910 %173 — — — 173 — — — 
Total issuances$7,740 $4,565 $1,000 $677 $173 $650 $300 $375 
(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.
(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.
(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.
(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.
(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 15 for additional information.
(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 18 for more information.
(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 18 for more information.
(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.
(i)Duke Energy issued $1 billion of fixed-to-fixed reset rate junior subordinated debentures (the debentures) with proceeds used to redeem Duke Energy’s outstanding Series B Preferred Stock and for general corporate purposes. The debentures will bear interest at 6.45% until September 1, 2034, and thereafter the interest rate will reset every five years to the five-year U.S. Treasury rate plus a spread of 2.588%. The debentures have early redemption options and are callable on or after June 2034 for 100% of the principal plus accrued interest. See Note 20 for additional information.
Year Ended December 31, 2023
DukeDukeDukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Unsecured Debt
April 2023(a)
April 20264.125 %$1,725 $1,725 $— $— $— $— $— $— 
June 2023(b)
June 20335.400 %350 — — — — — — 350 
September 2023(c)
September 2033
5.750 %600 600 — — — — — — 
September 2023(c)
September 2053
6.100 %750 750 — — — — — — 
First Mortgage Bonds
January 2023(d)
January 20334.950 %900 — 900 — — — — — 
January 2023(d)
January 20535.350 %900 — 900 — — — — — 
March 2023(e)
March 20335.250 %500 — — 500 — — — — 
March 2023(e)
March 20535.350 %500 — — 500 — — — — 
March 2023(f)
April 20335.250 %375 — — — — 375 — — 
March 2023(f)
April 20535.650 %375 — — — — 375 — — 
March 2023(g)
April 20535.400 %500 — — — — — 500 — 
June 2023(h)
January 20334.950 %350 — 350 — — — — — 
June 2023(h)
January 20545.400 %500 — 500 — — — — — 
September 2023(h)
October 2073
4.910 %200 — — — 200 — — — 
November 2023(i)
November 2033
5.875 %600 — — — 600 — — — 
November 2023(i)
November 2053
6.200 %700 — — — 700 — — — 
Total issuances$9,825 $3,075 $2,650 $1,000 $1,500 $750 $500 $350 
(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.
(b)Debt issued to repay $45 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(c)Debt issued to repay $400 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(d)Debt issued to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.
(e)Debt issued to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.
(f)Debt issued to repay $300 million of maturities due September 2023, to pay down a portion of the $100 million Duke Energy Ohio Term Loan due October 2023, to repay a portion of short-term debt and for general corporate purposes.
(g)Debt issued to repay the $300 million Duke Energy Indiana Term Loan due October 2023, to pay down a portion of short-term debt and for general company purposes.
(h)Debt has a floating interest rate and was issued to pay down a portion of short-term debt and for general company purposes.
(i)Debt issued to repay the $800 million Duke Energy Florida Term Loan due April 2024, to pay down a portion of short-term debt and for general company purposes.
Schedule of Line of Credit Facilities
The table below includes borrowing sublimits and available capacity under these credit facilities.
 December 31, 2024
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions) Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$9,000 $2,275 $1,400 $1,500 $875 $1,050 $950 $950 
Reduction to backstop issuances
Commercial paper(b)
(3,143)(608)(300)(736)(448)(182)(160)(709)
Outstanding letters of credit (18)(6)(4)(1)(7)— — — 
Tax-exempt bonds (81)— — — — — (81)— 
Available capacity $5,758 $1,661 $1,096 $763 $420 $868 $709 $241 
(a)    Represents the sublimit of each borrower.
(b)    Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies in the Consolidated Balance Sheets.