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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The IRA established transferability markets for tax credits including nuclear PTCs, solar PTCs and ITCs. In April 2025, agreements were executed for the sale of approximately $643 million in net tax credits under the IRA. The sale primarily includes estimated nuclear PTCs of $478 million at Duke Energy Carolinas and $69 million at Duke Energy Progress, as well as estimated solar PTCs of $58 million at Duke Energy Florida to be earned through the end of 2025. Proceeds for the sale of the nuclear PTCs are expected to be received in November 2025. Receivables related to Duke Energy Carolinas' nuclear PTC sales were $382 million as of September 30, 2025, and are classified in Other within Current Assets on the Condensed Consolidated Balance Sheets.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, which among other things, modified tax legislation affecting clean energy tax credits. While transferability was preserved for tax credits established by the IRA, including the nuclear PTC, which remains available through 2032, the legislation phases out or terminates certain tax credits sooner than previously scheduled. To remain eligible for the PTC or ITC, solar and wind facilities must be placed in service by December 31, 2027, unless construction begins by July 4, 2026. For other types of facilities, the credits continue to be available at full value if construction begins by December 31, 2033, although there are new prohibited foreign entity restrictions. The OBBBA did not change the federal corporate income tax rate and did not require the remeasurement of deferred tax assets or liabilities. While Duke Energy does not expect material current year impacts to the results of operations, financial position or cash flows for the Duke Energy Registrants as a result of the OBBBA being signed into law in the third quarter of 2025, the Company will continue to evaluate the future impact of this tax law change as additional information and guidance becomes available.
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Duke Energy10.8 %11.2 %11.2 %12.5 %
Duke Energy Carolinas6.9 %7.7 %7.8 %9.8 %
Progress Energy15.9 %16.1 %15.9 %16.4 %
Duke Energy Progress13.1 %12.9 %13.4 %14.1 %
Duke Energy Florida19.5 %20.5 %19.4 %19.9 %
Duke Energy Ohio14.3 %11.9 %16.3 %15.8 %
Duke Energy Indiana12.6 %15.7 %12.8 %16.3 %
Piedmont24.0 %29.4 %18.7 %18.4 %
The decrease in the ETR for Duke Energy for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.
The decrease in the ETR for Duke Energy Carolinas for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.
The decrease in the ETR for Duke Energy Florida for the three months ended September 30 2025, was primarily due to an increase in solar PTCs.
The increase in the ETR for Duke Energy Ohio for the three months ending September 30, 2025, was primarily due to a decrease in certain favorable tax credits.
The decrease in the ETR for Duke Energy Indiana for the three and nine months ended September 30, 2025, was primarily due to an increase in the amortization of EDIT.
The decrease in the ETR for Piedmont for the three months ending September 30, 2025, was primarily due to AFUDC equity and the amortization of EDIT in relation to higher pretax losses.