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Dispositions | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions | DISPOSITIONS Minority Interest in Florida Progress On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments. At the first closing, Florida Progress will issue to Investor 9.2% of the Florida Progress membership interests for $2.8 billion. The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner. The transaction is subject to the satisfaction of certain customary conditions described in the investment agreement, including receipt of the approval of the FERC and completion of review by CFIUS, as well as approval, or a determination that the transaction does not require approval, by the NRC. The investment agreement also provides that, upon termination of the investment agreement under certain specified circumstances prior to the first closing, the Investor would be required to pay Progress Energy a termination fee of $240 million. Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029. The investment agreement limits Florida Progress’ ability to declare dividends before the first closing (anticipated to be in early 2026). The Investor will receive certain limited rights commensurate wit h its 19.7% i nvestment in Florida Progress. Duke Energy and Progress Energy will retain control of Florida Progress, so no gain or loss is expected to be recognized on the Condensed Consolidated Statements of Operations. The investment will be presented as noncontrolling interest within stockholders' equity. Sale of Piedmont's Tennessee Business On July 27, 2025, Piedmont entered into a purchase agreement with Spire Inc., a Missouri corporation, for the sale of Piedmont's Tennessee business with expected proceeds of $2.48 billion, subject to closing adjustments, with proceeds due at closing. Piedmont’s Tennessee business is included within the GU&I segment of Duke Energy and Piedmont. Piedmont expects to complete the sale on March 31, 2026. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. The HSR waiting period for the transaction expired in September 2025. The purchase agreement contains certain termination rights and provides that Spire Inc. may be required to pay a termination fee for an amount equal to 6.5% of the purchase price to Piedmont upon termination of the purchase agreement under certain circumstances. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Proceeds from the sale are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term. Sale of Commercial Renewables Segment In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. The balance of the remaining proceeds of $551 million is included in Receivable from sales of Commercial Renewables Disposal Groups as of December 31, 2024, on Duke Energy's Condensed Consolidated Balance Sheets. O n April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material. Assets Held For Sale and Discontinued Operations The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations. The Piedmont Tennessee Disposal Group was classified as held for sale in the third quarter of 2025. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria in August 2025. The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's and Piedmont's Condensed Consolidated Balance Sheets.
| September 30, 2025 |
| Piedmont |  | Duke Energy |
(in millions) | Piedmont Tennessee Disposal Group |  | Piedmont Tennessee Disposal Group | Commercial Renewables Disposal Groups | Total |
Current Assets Held for Sale |  |  |  |  |  |
Receivables, net | $ | 28 |  |  | $ | 28 |  | $ | — |  | $ | 28 |  |
Inventory | 12 |  |  | 12 |  | — |  | 12 |  |
Other | 7 |  |  | 7 |  | — |  | 7 |  |
Total current assets held for sale | 47 |  |  | 47 |  | — |  | 47 |  |
Noncurrent Assets Held for Sale |  |  |  |  |  |
Property, Plant and Equipment |  |  |  |  |  |
Cost | 2,185 |  |  | 2,185 |  | — |  | 2,185 |  |
Accumulated depreciation and amortization | (414) |  |  | (414) |  | — |  | (414) |  |
Net property, plant and equipment | 1,771 |  |  | 1,771 |  | — |  | 1,771 |  |
Goodwill | 10 |  |  | 294 |  | — |  | 294 |  |
Regulatory assets | 41 |  |  | 41 |  | — |  | 41 |  |
Total noncurrent assets held for sale | 1,822 |  |  | 2,106 |  | — |  | 2,106 |  |
Total Assets Held for Sale | $ | 1,869 |  |  | $ | 2,153 |  | $ | — |  | $ | 2,153 |  |
Current Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Accounts payable | $ | 35 |  |  | $ | 35 |  | $ | 18 |  | $ | 53 |  |
Other | 4 |  |  | 4 |  | — |  | 4 |  |
Total current liabilities associated with assets held for sale | 39 |  |  | 39 |  | 18 |  | 57 |  |
Noncurrent Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Asset retirement obligations | 4 |  |  | 4 |  | — |  | 4 |  |
Regulatory liabilities | 158 |  |  | 158 |  | — |  | 158 |  |
Other | 5 |  |  | 5 |  | — |  | 5 |  |
Total noncurrent liabilities associated with assets held for sale | 167 |  |  | 167 |  | — |  | 167 |  |
Total Liabilities Associated with Assets Held for Sale | $ | 206 |  |  | $ | 206 |  | $ | 18 |  | $ | 224 |  |
As o f September 30, 2025, $18 million of current liabilities held for sale balance relates to the previously sold Commercial Renewables Disposal Groups' assets and is expected to settle by December 31, 2025.
| December 31, 2024 |
| Piedmont |  | Duke Energy |
(in millions) | Piedmont Tennessee Disposal Group |  | Piedmont Tennessee Disposal Group | Commercial Renewables Disposal Groups | Total |
Current Assets Held for Sale |  |  |  |  |  |
Receivables, net | $ | 64 |  |  | $ | 64 |  | $ | — |  | $ | 64 |  |
Inventory | 12 |  |  | 12 |  | — |  | 12 |  |
Other | 16 |  |  | 16 |  | 4 |  | 20 |  |
Total current assets held for sale | 92 |  |  | 92 |  | 4 |  | 96 |  |
Noncurrent Assets Held for Sale |  |  |  |  |  |
Property, Plant and Equipment |  |  |  |  |  |
Cost | 2,069 |  |  | 2,069 |  | 109 |  | 2,178 |  |
Accumulated depreciation and amortization | (392) |  |  | (392) |  | (24) |  | (416) |  |
Net property, plant and equipment | 1,677 |  |  | 1,677 |  | 85 |  | 1,762 |  |
Goodwill | 10 |  |  | 294 |  | — |  | 294 |  |
Regulatory assets | 35 |  |  | 35 |  | — |  | 35 |  |
Operating lease right-of-use assets, net | — |  |  | — |  | 4 |  | 4 |  |
Total noncurrent assets held for sale | 1,722 |  |  | 2,006 |  | 89 |  | 2,095 |  |
Total Assets Held for Sale | $ | 1,814 |  |  | $ | 2,098 |  | $ | 93 |  | $ | 2,191 |  |
Current Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Accounts payable | $ | 42 |  |  | $ | 42 |  | $ | 19 |  | $ | 61 |  |
Taxes accrued | 1 |  |  | 1 |  | 1 |  | 2 |  |
Current maturities of long-term debt | — |  |  | — |  | 43 |  | 43 |  |
Unrealized losses on commodity hedges | — |  |  | — |  | 13 |  | 13 |  |
Other | 9 |  |  | 9 |  | 4 |  | 13 |  |
Total current liabilities associated with assets held for sale | 52 |  |  | 52 |  | 80 |  | 132 |  |
Noncurrent Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Asset retirement obligations | 4 |  |  | 4 |  | 5 |  | 9 |  |
Regulatory liabilities | 173 |  |  | 173 |  | — |  | 173 |  |
Operating lease liabilities | — |  |  | — |  | 5 |  | 5 |  |
Unrealized losses on commodity hedges | — |  |  | — |  | 66 |  | 66 |  |
Other | 5 |  |  | 5 |  | 13 |  | 18 |  |
Total noncurrent liabilities associated with assets held for sale | 182 |  |  | 182 |  | 89 |  | 271 |  |
Total Liabilities Associated with Assets Held for Sale | $ | 234 |  |  | $ | 234 |  | $ | 169 |  | $ | 403 |  |
As of December 31, 2024, the noncontrolling interest balance is $18 million and relates to the previously sold Commercial Renewables Disposal Groups. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Income (Loss) from Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations.
|  |  | Three Months Ended | Nine Months Ended
|  |  | September 30, | September 30,
(in millions) |  |  | 2024 | 2025 |  | 2024
Operating revenues |  |  | $ | 2 |  | $ | 4 |  |  | $ | 9 |
Operation, maintenance and other |  |  | 3 | 1 |  |  | 19
Property and other taxes |  |  | — |  | — |  |  | 1
Interest expense |  |  | 1 |  | — |  |  | 3
Loss on disposal |  |  | 17 |  | 4 |  |  | 22 |
Loss before income taxes |  |  | (19) |  | (1) |  |  | (36) |
Income tax benefit |  |  | (44) |  | — |  |  | (48) |
Income (Loss) from discontinued operations |  |  | $ | 25 |  | $ | (1) |  |  | $ | 12 |
Add: Net income attributable to noncontrolling interest included in discontinued operations |  |  | (3) |  | — |  |  | (3) |
Net income (loss) from discontinued operations attributable to Duke Energy Corporation |  |  | $ | 22 |  | $ | (1) |  |  | $ | 9 |
Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
| Nine Months Ended
| September 30,
(in millions) | 2025 |  | 2024
Cash flows (used in) provided by: |  |  |
Operating activities | $ | (3) |  |  | $ | 6 |
Investing activities | — |  |  | (13) |
Other Sale-Related Matters As part of the 2023 purchase and sale agreement for the Commercial Renewables distributed generation group, Duke Energy agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that were disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

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