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Dispositions | 12 Months Ended
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Dec. 31, 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 up to 19.7% of its issued and outstanding membership interests to Investor 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 (subject to adjustment). 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. Investor's ownership interest in Florida Progress will proportionally increase with each such investment that is made by Investor. Following the first closing, Investor has the option to fund the subsequent investments, and acquire the corresponding additional membership interests, earlier than the timeline described above. 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 the Committee on Foreign Investments in the United States (CFIUS), as well as approval, or determination that the transaction does not require approval, by the NRC. Approval for the transaction was received from FERC and CFIUS in December 2025 and January 2026, respectively. On February 17, 2026, the NRC issued a written threshold determination that the transactions do not constitute a direct or indirect transfer of control of any license issued by the NRC, which constitutes the final condition required to be met prior to the first closing. The investment agreement also provides that, upon termination of the investment agreement under certain specified circumstances prior to the first closing, 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. The investment agreement limits Florida Progress’ ability to declare dividends before the first closing. The parties intend for the first closing to occur in March 2026. Following the first closing, Investor will receive certain limited rights commensurate wit h its eventual anticipated 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 Consolidated Statements of Operations. The investment will be presented as noncontrolling interest within stockholders' equity. Sale of Piedmont's Tennessee Business In July 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. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC. An evidentiary hearing was held on February 17, 2026, and a decision from the TPUC is anticipated on March 16, 2026. Subject to TPUC approval, Piedmont expects to complete the sale on March 31, 2026. 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. 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. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria. Sale of Commercial Renewables Segment The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. 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 an affiliate of Brookfield Renewable Partners L.P. on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and th e 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 Consolidated Balance Shee ts. On April 28, 2025, Duke Energy received the remaining sale proceeds. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material. 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 disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regard 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. Assets Held for Sale 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 Consolidated Balance Sheets.
| December 31, 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 | $ | 82 |  |  | $ | 82 |  | $ | — |  | $ | 82 |  |
Inventory | 12 |  |  | 12 |  | — |  | 12 |  |
Other | 15 |  |  | 15 |  | — |  | 15 |  |
Total current assets held for sale | 109 |  |  | 109 |  | — |  | 109 |  |
Noncurrent Assets Held for Sale |  |  |  |  |  |
Property, Plant and Equipment |  |  |  |  |  |
Cost | 2,219 |  |  | 2,219 |  | — |  | 2,219 |  |
Accumulated depreciation and amortization | (406) |  |  | (406) |  | — |  | (406) |  |
Net property, plant and equipment | 1,813 |  |  | 1,813 |  | — |  | 1,813 |  |
Goodwill | 10 |  |  | 294 |  | — |  | 294 |  |
Regulatory assets | 41 |  |  | 41 |  | — |  | 41 |  |
Total noncurrent assets held for sale | 1,864 |  |  | 2,148 |  | — |  | 2,148 |  |
Total Assets Held for Sale | $ | 1,973 |  |  | $ | 2,257 |  | $ | — |  | $ | 2,257 |  |
Current Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Accounts payable | $ | 58 |  |  | $ | 58 |  | $ | 18 |  | $ | 76 |  |
Other | 8 |  |  | 8 |  | — |  | 8 |  |
Total current liabilities associated with assets held for sale | 66 |  |  | 66 |  | 18 |  | 84 |  |
Noncurrent Liabilities Associated with Assets Held for Sale |  |  |  |  |  |
Asset retirement obligations | 4 |  |  | 4 |  | — |  | 4 |  |
Regulatory liabilities | 161 |  |  | 161 |  | — |  | 161 |  |
Other | 5 |  |  | 5 |  | — |  | 5 |  |
Total noncurrent liabilities associated with assets held for sale | 170 |  |  | 170 |  | — |  | 170 |  |
Total Liabilities Associated with Assets Held for Sale | $ | 236 |  |  | $ | 236 |  | $ | 18 |  | $ | 254 |  |
| 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 |  |
Approximately $18 million of NCI included within Equity on the Duke Energy Consolidated Balance Sheets relates to the Commercial Renewables Disposal Groups as of December 31, 2024. DISCONTINUED OPERATIONS Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. The following table summarizes the Income (Loss) from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations:
|  | Years Ended December 31,
(in millions) |  | 2025 | 2024 | 2023
Commercial Renewables Disposal Groups |  | $ | (1) |  | $ | 12 |  | $ | (1,457) |
Other |  | 2 |  | (2) |  | 2 |
Income (Loss) from Discontinued Operations, net of tax |  | $ | 1 |  | $ | 10 |  | $ | (1,455) |
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 Consolidated Statements of Operations.
| Years Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
Operating revenues | $ | 4 |  |  | $ | 4 |  |  | $ | 330 |
Operation, maintenance and other | 1 |  | 22 |  | 302
Property and other taxes | — |  |  | 2 |  | 45
Other income and expenses, net | — |  |  | — |  |  | (8) |
Interest expense | — |  |  | 4 |  | 65
Loss on disposal | 4 |  |  | 14 |  |  | 1,725 |
Loss before income taxes | (1) |  |  | (38) |  |  | (1,815) |
Income tax benefit | — |  |  | (50) |  |  | (358) |
(Loss) Income from discontinued operations | $ | (1) |  |  | $ | 12 |  |  | $ | (1,457) |
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations | — |  |  | (3) |  |  | 64 |
Net (loss) income from discontinued operations attributable to Duke Energy Corporation | $ | (1) |  |  | $ | 9 |  |  | $ | (1,393) |
No interest from corporate level debt was allocated to discontinued operations. Cash Flows Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
| Years Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
Cash flows provided by (used in): |  |  |  |  |
Operating activities | $ | (3) |  |  | $ | 7 |  |  | $ | 607 |
Investing activities | — |  |  | (13) |  |  | 122 |

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