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Investments in Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES EQUITY METHOD INVESTMENTS Investments in affiliates that are not controlled by Duke Energy, but over which it has significant influence, are accounted for using the equity method. The following table presents Duke Energy’s investments in unconsolidated affiliates accounted for under the equity method, as well as the respective equity in earnings (losses), by segment, for periods presented in this filing.
| Years Ended December 31,
| 2025 |  | 2024 |  |  |  | 2023
|  |  | Equity in |  |  |  | Equity in |  |  |  | Equity in
(in millions) | Investments |  | earnings |  | Investments |  | (losses) earnings |  |  |  | earnings
Electric Utilities and Infrastructure | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | (11) |  |  |  |  | $ | 7 |
Gas Utilities and Infrastructure | 177 |  |  | 15 |  |  | 186 |  |  | (48) |  |  |  |  | 40 |
Other | 153 |  |  | 36 |  |  | 139 |  |  | 50 |  |  |  |  | 66 |
Total | $ | 330 |  |  | $ | 51 |  |  | $ | 353 |  |  | $ | (9) |  |  |  |  | $ | 113 |
During the years ended December 31, 2025, 2024 and 2023, Duke Energy received distributions from equity investments of $30 million, $66 million and $50 million, respectively, which are included in Other assets within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2025, 2024 and 2023, Duke Energy received distributions from equity investments of $22 million, $25 million and $16 million, respectively, which are included in Return of investment capital within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2025, 2024 and 2023, Piedmont received distributions from equity investments of $5 million, $9 million and $9 million, respectively, which are included in Other assets within Cash Flows from Operating Activities. During the years ended December 31, 2025, 2024 and 2023, Piedmont received distributions from equity investments of $2 million, $2 million and $1 million, respectively, which are included within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. Significant investments in affiliates accounted for under the equity method are discussed below. Electric Utilities and Infrastructure In January 2025, Duke Energy entered into an agreement to sell its indirect 50% ownership interest in DATC Path 15 Transmission LLC. Duke Energy recorded a pretax charge of $15 million in Equity in earnings (losses) of unconsolidated affiliates on Duke Energy's Consolidated Statements of Operations for the year ended December 31, 202 4. The sale closed in March 2025. In November 2024, Duke Energy sold its 50% interest in Pioneer, which also builds, owns and operates electric transmission facilities in North America. Proceeds from the sale approximated the carrying value of the investment. Gas Utilities and Infrastructure Pipeline Investments Piedmont owns a 21.49% investment in Cardinal, an intrastate pipeline located in North Carolina. Duke Energy owns a 7.5% interest in Sabal Trail, a 517-mile interstate natural gas pipeline, which provides natural gas to Duke Energy Florida and Florida Power and Light. Storage Facilities Piedmont owns a 45% interest in Pine Needle, an interstate LNG storage facility located in North Carolina, and a 50% interest in Hardy Storage, an underground interstate natural gas storage facility located in West Virginia. Renewable Natural Gas Investments Duke Energy has investments in various renewable natural gas projects. These investments include an interest in SustainRNG, a developer of renewable natural gas projects, as well as multiple project companies developed by SustainRNG. In December 2024, Duke Energy recorded a pretax charge of $54 million within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations, fully impairing Duke Energy's investments in the project companies. Duke Energy's remaining interest in SustainRNG was sold in January 2026, and net proceeds from the disposition were not material. Other Duke Energy has a 17.5% indirect economic ownership interest and a 25% board representation and voting rights interest in NMC, which owns and operates a methanol and MTBE business in Jubail, Saudi Arabia.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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