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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.

			March 31, 2025
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	128		$	128		$	—		$	—		$	—
NDTF equity securities			7,828			7,800			2			—			26
NDTF debt securities			3,288			1,056			2,232			—			—
Other equity securities			113			113			—			—			—
Other debt securities			240			55			185			—			—
Other cash and cash equivalents			195			195			—			—			—
Derivative assets			472			19			450			3			—
Total assets			12,264			9,366			2,869			3			26
Derivative liabilities			(272)			—			(272)			—			—
Net assets			$	11,992		$	9,366		$	2,597		$	3		$	26

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	139		$	139		$	—		$	—		$	—
NDTF equity securities			8,233			8,203			2			—			28
NDTF debt securities			3,060			1,022			2,038			—			—
Other equity securities			160			160			—			—			—
Other debt securities			266			52			214			—			—
Other cash and cash equivalents			47			47			—			—			—
Derivative assets			434			2			423			9			—
Total assets			12,339			9,625			2,677			9			28
Derivative liabilities			(319)			(3)			(316)			—			—
Net assets			$	12,020		$	9,622		$	2,361		$	9		$	28

Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

												Derivatives (net)
									Three Months Ended March 31,
(in millions)															2025						2024
Balance at beginning of period															$	9					$	15
Purchases, sales, issuances and settlements:
Settlements															(6)						(13)
Total gains included on the Condensed Consolidated Balance Sheet															—						4
Balance at end of period															$	3					$	6

Quantitative Information Table - Level 3

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

			March 31, 2025
																					Weighted
			Fair Value																		Average
Investment Type			(in millions)			Valuation Technique			Unobservable Input			Range									Range
Duke Energy Ohio
FTRs			$	1		RTO auction pricing			FTR price – per MWh			$	0.36		-			$	1.42		$	0.70
Duke Energy Indiana
FTRs			2			RTO auction pricing			FTR price – per MWh			(0.48)			-			7.53			0.63
Duke Energy
Total Level 3 derivatives			$	3

December 31, 2024

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Range

Duke Energy Ohio

FTRs

$

1

RTO auction pricing

FTR price – per MWh

$

—

–

$

1.13

$

0.48

Duke Energy Indiana

FTRs

8

RTO auction pricing

FTR price – per MWh

(0.63)

–

9.24

0.94

Duke Energy

Total Level 3 derivatives

$

9

Schedule of Long Term Debt Fair Value

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

			March 31, 2025												December 31, 2024
(in millions)			Book Value						Fair Value						Book Value						Fair Value
Duke Energy(a)			$	83,880					$	76,709					$	80,689					$	73,440
Duke Energy Carolinas			18,234						16,740						17,490						15,975
Progress Energy			26,883						24,925						24,496						22,548
Duke Energy Progress			14,220						12,716						12,504						11,009
Duke Energy Florida			11,018						10,423						10,348						9,752
Duke Energy Ohio			4,166						3,871						4,165						3,871
Duke Energy Indiana			4,798						4,329						4,798						4,329
Piedmont			4,004						3,642						4,003						3,584

(a)Book value of long-term debt includes $1.0 billion at March 31, 2025, and December 31, 2024, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

Duke Energy Carolinas

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	53		$	53		$	—					$	—
NDTF equity securities			4,512			4,484			2						26
NDTF debt securities			1,811			525			1,286						—
Derivative assets			159			—			159						—
Total assets			6,535			5,062			1,447						26
Derivative liabilities			(64)			—			(64)						—
Net assets			$	6,471		$	5,062		$	1,383					$	26

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	62		$	62		$	—					$	—
NDTF equity securities			4,751			4,721			2						28
NDTF debt securities			1,651			520			1,131						—
Derivative assets			94			—			94						—
Total assets			6,558			5,303			1,227						28
Derivative liabilities			(88)			—			(88)						—
Net assets			$	6,470		$	5,303		$	1,139					$	28

Progress Energy

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	75		$	75		$	—					$	77		$	77		$	—
NDTF equity securities			3,316			3,316			—						3,482			3,482			—
NDTF debt securities			1,477			531			946						1,409			502			907
Other debt securities			24			—			24						24			—			24
Other cash and cash equivalents			21			21			—						23			23			—
Derivative assets			147			—			147						127			—			127
Total assets			5,060			3,943			1,117						5,142			4,084			1,058
Derivative liabilities			(37)			—			(37)						(58)			—			(58)
Net assets			$	5,023		$	3,943		$	1,080					$	5,084		$	4,084		$	1,000

Duke Energy Progress

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	62		$	62		$	—					$	54		$	54		$	—
NDTF equity securities			3,201			3,201			—						3,362			3,362			—
NDTF debt securities			1,300			399			901						1,221			365			856
Other cash and cash equivalents			14			14			—						16			16			—
Derivative assets			139			—			139						109			—			109
Total assets			4,716			3,676			1,040						4,762			3,797			965
Derivative liabilities			(25)			—			(25)						(57)			—			(57)
Net assets			$	4,691		$	3,676		$	1,015					$	4,705		$	3,797		$	908

Duke Energy Florida

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	13		$	13		$	—					$	23		$	23		$	—
NDTF equity securities			115			115			—						120			120			—
NDTF debt securities			177			132			45						188			137			51
Other debt securities			24			—			24						24			—			24
Other cash and cash equivalents			3			3			—						3			3			—
Derivative assets			8			—			8						18			—			18
Total assets			340			263			77						376			283			93
Derivative liabilities			(13)			—			(13)						(1)			—			(1)
Net assets			$	327		$	263		$	64					$	375		$	283		$	92

Duke Energy Indiana

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025															December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2			Level 3						Total Fair Value			Level 1			Level 2			Level 3
Other equity securities			$	43		$	43		$	—		$	—					$	89		$	89		$	—		$	—
Other debt securities			26			—			26			—						56			—			56			—
Other cash and cash equivalents			2			2			—			—						1			1			—			—
Derivative assets			53			19			32			2						44			—			36			8
Total assets			124			64			58			2						190			90			92			8
Derivative liabilities			(3)			—			(3)			—						(3)			(3)			—			—
Net assets			$	121		$	64		$	55		$	2					$	187		$	87		$	92		$	8

Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

												Derivatives (net)
									Three Months Ended March 31,
(in millions)															2025						2024
Balance at beginning of period															$	8					$	13
Purchases, sales, issuances and settlements:
Settlements															(6)						(11)
Total gains included on the Condensed Consolidated Balance Sheet															—						3
Balance at end of period															$	2					$	5

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

			March 31, 2025									December 31, 2024
(in millions)			Total Fair Value						Level 2									Total Fair Value			Level 1			Level 2
Derivative assets			$	—					$	—								$	1		$	1		$	—
Derivative liabilities			(108)						(108)									(94)			—			(94)
Net (liabilities) assets			$	(108)					$	(108)								$	(93)		$	1		$	(94)

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