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Debt and Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables summarize outstanding debt.
| December 31, 2025
| Weighted |  |  |  |  |  |  |  |  |
| Average |  |  | Duke |  | Duke | Duke | Duke | Duke |
| Interest |  | Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Rate |  | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unsecured debt, maturing 2026-2082 | 4.63 | % |  | $ | 35,585 |  | $ | 1,150 |  | $ | 1,800 |  | $ | — |  | $ | 150 |  | $ | 1,285 |  | $ | 386 |  | $ | 4,275 |
Secured debt, maturing 2028-2052 | 3.85 | % |  | 4,279 |  | 2,115 |  | 2,109 |  | 1,290 |  | 818 |  | — |  | — |  | — |
First mortgage bonds, maturing 2026-2074(a) | 4.33 | % |  | 44,289 |  | 15,053 |  | 21,923 |  | 11,576 |  | 10,349 |  | 3,075 |  | 4,238 |  | — |
Finance leases, maturing 2027-2064 |  |  | 576 |  | 272 |  | 569 |  | 481 |  | 88 |  | — |  | 10 |  | — |
Tax-exempt bonds, maturing 2027-2046(b) | 3.54 | % |  | 1,331 |  | — |  | 500 |  | 500 |  | — |  | 77 |  | 352 |  | — |
Notes payable and commercial paper(c) | 3.95 | % |  | 3,254 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Money pool/intercompany borrowings |  |  | — |  | 300 |  | 150 |  | 150 |  | — |  | 38 |  | 325 |  | 609 |
Fair value hedge carrying value adjustment |  |  | 176 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Unamortized debt discount and premium, net(d) |  |  | 762 |  | (20) |  | (44) |  | (25) |  | (19) |  | (22) |  | (16) |  | (7) |
Unamortized debt issuance costs(e) |  |  | (416) |  | (93) |  | (159) |  | (76) |  | (79) |  | (20) |  | (27) |  | (17) |
Total debt | 4.41 | % |  | $ | 89,836 |  | $ | 18,777 |  | $ | 26,848 |  | $ | 13,896 |  | $ | 11,307 |  | $ | 4,433 |  | $ | 5,268 |  | $ | 4,860 |
Short-term notes payable and commercial paper |  |  | (2,624) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Short-term money pool/intercompany borrowings |  |  | — |  | — |  | — |  | — |  | — |  | (13) |  | (175) |  | (609) |
Current maturities of long-term debt(f) |  |  | (7,104) |  | (629) |  | (722) |  | (285) |  | (437) |  | (45) |  | (4) |  | (490) |
Total long-term debt(f) |  |  | $ | 80,108 |  | $ | 18,148 |  | $ | 26,126 |  | $ | 13,611 |  | $ | 10,870 |  | $ | 4,375 |  | $ | 5,089 |  | $ | 3,761 |
(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 progra m w as 21 days. (d)Duke Energy includes $855 million and $45 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively. (e)Duke Energy includes $21 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, 2024
| Weighted |  |  |  |  |  |  |  |  |
| Average |  |  | Duke |  | Duke | Duke | Duke | Duke |
| Interest |  | Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Rate |  | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
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 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 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. 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 Date |  | Interest Rate |  | December 31, 2025
Unsecured Debt |  |  |  |  |
Duke Energy (Parent) Convertible Senior Notes | April 2026 |  | 4.125 | % |  | 1,725 |
Piedmont Term Loan Facility(a) | August 2026 |  | 4.611 | % |  | 450 |
Duke Energy (Parent) | September 2026 |  | 2.650 | % |  | 1,500 |
Duke Energy (Parent) Term Loan Facility(a) | September 2026 |  | 4.704 | % |  | 2,000 |
First Mortgage Bonds |  |  |  |  |
Duke Energy Carolinas | December 2026 |  | 2.950 | % |  | 600 |
Duke Energy Florida(a)(b) | October 2073 |  | 3.981 | % |  | 200 |
Duke Energy Florida(a)(b) | April 2074 |  | 3.981 | % |  | 173 |
Duke Energy Progress(c) | October 2046 |  | 3.300 | % |  | 200 |
Other(d) |  |  |  |  | 256 |
Current maturities of long-term debt |  |  |  |  | $ | 7,104 |
(a) Debt has a floating interest rate. (b) 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. (c) These tax-exempt bonds are secured by first mortgage bonds and are classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of December 31, 2025, due to a mandatory put option expiring October 1, 2026. Duke Energy Progress anticipates remarketing the bonds and the securities are expected to be reclassified to Long-Term Debt at that time. (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, 2025 and 2024
|  |  | Duke |  | Duke |  | Duke |  | Duke
| Duke |  | Energy |  | Energy |  | Energy |  | Energy
(in millions) | Energy |  | Carolinas |  | Progress |  | Ohio |  | Indiana
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. The following tables summarize significant debt issuances (in millions).
|  |  |  |  | Year Ended December 31, 2025
|  |  |  |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Maturity |  | Interest |  | Duke |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  |
Issuance Date | Date |  | Rate |  | Energy |  | (Parent) |  | Carolinas |  | Progress |  | Florida |  | Ohio |  | Indiana |  |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
August 2025(e) | September 2030 |  | 5.410 | % |  | $ | 68 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 68 |  |  | $ | — |  |  |
August 2025(e) | September 2035 |  | 6.010 | % |  | 43 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43 |  |  | — |  |  |
August 2025(e) | September 2037 |  | 6.110 | % |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  |
September 2025(f) | September 2035 |  | 4.950 | % |  | 1,000 |  |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
September 2025(f) | September 2055 |  | 5.700 | % |  | 750 |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 2025(g) | July 2037 |  | 4.226 | % |  | 200 |  |  | — |  |  | 200 |  |  | $ | — |  |  | — |  |  | — |  |  | — |  |  |
September 2025(g) | January 2048 |  | 5.070 | % |  | 382 |  |  | — |  |  | 382 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
September 2025(g) | January 2048 |  | 4.890 | % |  | 461 |  |  | — |  |  | — |  |  | 461 |  |  | — |  |  | — |  |  | — |  |  |
November 2025(g) | March 2046 |  | 4.898 | % |  | 561 |  |  | — |  |  | 561 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
First Mortgage Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2025(a) | March 2030 |  | 4.850 | % |  | $ | 400 |  |  | $ | — |  |  | $ | 400 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
January 2025(a) | March 2035 |  | 5.250 | % |  | 700 |  |  | — |  |  | 700 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
March 2025(b) | March 2027 |  | 4.350 | % |  | 500 |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | — |  |  |
March 2025(b) | March 2035 |  | 5.050 | % |  | 850 |  |  | — |  |  | — |  |  | 850 |  |  | — |  |  | — |  |  | — |  |  |
March 2025(b) | March 2055 |  | 5.550 | % |  | 750 |  |  | — |  |  | — |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  |
May 2025(c) | May 2055 |  | 5.900 | % |  | 300 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  |
June 2025(d) | June 2035 |  | 5.300 | % |  | 350 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  |
November 2025(c) | December 2030 |  | 4.200 | % |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  |
November 2025(c) | December 2035 |  | 4.850 | % |  | 600 |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  |
Total issuances |  |  |  |  | $ | 7,005 |  |  | $ | 1,750 |  |  | $ | 2,243 |  |  | $ | 2,561 |  |  | $ | 1,100 |  |  | $ | 501 |  |  | $ | 300 |  |  |
(a)Proceeds were used to repay the $500 million DERF accounts receivable securitization facility due January 2025, to pay down short-term debt and for general company purposes. (b)Proceeds were used to repay the $400 million DEPR accounts receivable securitization facility due April 2025, to pay down short-term debt and for general company purposes. (c)Proceeds were used to pay down short-term debt and for general company purposes. (d)Proceeds were used to repay $150 million of maturities due June 2025, to pay down short-term debt and for general corporate purposes. (e)Proceeds were used to repay $95 million of maturities due October 2025, repay $45 million of maturities due January 2026, pay down short-term debt and for general corporate purposes. (f)Proceeds were used to repay $650 million of maturities due September 2025, repay $500 million of maturities due December 2025, to pay down short-term debt and for general corporate purposes. (g)Proceeds were used to recover previously incurred storm costs, repay the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for general company purposes.
|  |  |  |  | Year Ended December 31, 2024
|  |  |  |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Maturity |  | Interest |  | Duke |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  |
Issuance Date | Date |  | Rate |  | Energy |  | (Parent) |  | Carolinas |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
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 |  | 3.981 | % |  | 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.
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, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy(a) |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
2026 | $ | 7,123 |  |  | $ | 630 |  |  | $ | 730 |  |  | $ | 287 |  |  | $ | 443 |  |  | $ | 45 |  |  | $ | 4 |  |  | $ | 490 |
2027 | 3,639 |  |  | 67 |  |  | 1,322 |  |  | 604 |  |  | 718 |  |  | 77 |  |  | 28 |  |  | 300 |
2028 | 4,079 |  |  | 1,018 |  |  | 1,427 |  |  | 608 |  |  | 819 |  |  | 40 |  |  | 7 |  |  | — |
2029 | 4,554 |  |  | 522 |  |  | 1,634 |  |  | 863 |  |  | 771 |  |  | 505 |  |  | 5 |  |  | 660 |
2030 | 4,433 |  |  | 1,277 |  |  | 1,481 |  |  | 371 |  |  | 1,111 |  |  | 528 |  |  | 155 |  |  | — |
Thereafter | 63,037 |  |  | 15,375 |  |  | 20,459 |  |  | 11,265 |  |  | 7,543 |  |  | 3,267 |  |  | 4,937 |  |  | 2,826 |
Total long-term debt, including current maturities | $ | 86,865 |  |  | $ | 18,889 |  |  | $ | 27,053 |  |  | $ | 13,998 |  |  | $ | 11,405 |  |  | $ | 4,462 |  |  | $ | 5,136 |  |  | $ | 4,276 |
(a) Excludes $921 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition.
Schedule of Line of Credit Facilities | The table below includes borrowing sublimits and available capacity under these credit facilities.
| December 31, 2025
|  |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | (Parent) |  | Carolinas |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Facility size(a) | $ | 10,000 |  |  | $ | 3,425 |  |  | $ | 1,650 |  |  | $ | 1,675 |  |  | $ | 700 |  |  | $ | 700 |  |  | $ | 850 |  |  | $ | 1,000 |
Reduction to backstop issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper(b) | (2,144) |  |  | (1,019) |  |  | (300) |  |  | (150) |  |  | — |  |  | (34) |  |  | (260) |  |  | (381) |
Outstanding letters of credit | (7) |  |  | (2) |  |  | (4) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Tax-exempt bonds | (81) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81) |  |  | — |
Available capacity | $ | 7,768 |  |  | $ | 2,404 |  |  | $ | 1,346 |  |  | $ | 1,524 |  |  | $ | 700 |  |  | $ | 666 |  |  | $ | 509 |  |  | $ | 619 |
(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.

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