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Variable Interest Entities | 12 Months Ended
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Dec. 31, 2025
Variable Interest Entities [Abstract] |
Variable Interest Entities | VARIABLE INTEREST ENTITIES A VIE is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in an entity’s assets or activities. A qualitative analysis of control determines the party that consolidates a VIE. This assessment is based on (i) what party has the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) what party has rights to receive benefits or is obligated to absorb losses that could potentially be significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment. CONSOLIDATED VIEs The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs. No financial support was provided to any of the consolidated VIEs during the years ended December 31, 2025, 2024 and 2023, or is expected to be provided in the future, that was not previously contractually required. Receivables Financing – DERF/DEPR/DEFR DERF, DEPR and DEFR were bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR were wholly owned LLCs with separate legal existence from their parent companies, and their assets were not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR bought certain accounts receivable arising from the sale of electricity and related services from their parent companies. DERF, DEPR and DEFR borrowed amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities was limited to the amount of qualified receivables purchased, which generally excluded receivables past due more than a predetermined number of days and reserved for expected past-due balances. The sole source of funds to satisfy the related debt obligations were cash collections from the receivables. Amounts borrowed under the DERF, DEPR, and DEFR credit facilities were reflected on the Consolidated Balance Sheets as Current maturities of long-term debt as of December 31, 2024. The most significant activity that impacted the economic performance of DERF, DEPR and DEFR were the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida were considered the primary beneficiaries and consolidated DERF, DEPR and DEFR, respectively, as they made those decisions. In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Consolidated Balance Sheets. In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility. Additionally, Duke Energy Carolinas' related restricted receivables outstanding at DERF at the time of termination totaled $1,081 million and were transferred back to Duke Energy Carolinas to be collected and reported as Receivables on the Consolidated Balance Sheets. In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility. Additionally, Duke Energy Progress' related restricted receivables outstanding at DEPR at the time of termination totaled $943 million and were transferred back to Duke Energy Progress to be collected and reporting as Receivables on the on the Consolidated Balance Sheets. Receivables Financing – CRC CRC was a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC bought certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC then borrowed amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility was limited to the amount of qualified receivables sold to CRC, which generally excluded receivables past due more than a predetermined number of days and reserved for expected past-due balances. The sole source of funds to satisfy the related debt obligation was cash collections from the receivables. The proceeds Duke Energy Ohio and Duke Energy Indiana received from the sale of receivables to CRC were approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note was a retained interest in the receivables sold. CRC was considered a VIE because (i) equity capitalization was insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity was not held by the equity holder and (iii) deficiencies in net worth of CRC were funded by Duke Energy. The most significant activities that impacted the economic performance of CRC were decisions made to manage delinquent receivables. Duke Energy was considered the primary beneficiary and consolidated CRC as it made these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidated CRC. In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Consolidated Balance Sheets. Receivables Financing – Credit Facilities The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables reported on the Consolidated Balance Sheets.
| Duke Energy |  | Duke Energy
| Carolinas |  | Progress
(in millions) | DERF |  | DEPR
Expiration date | (a) |  | (b)
Credit facility amount | (a) |  | (b)
Amounts borrowed at December 31, 2025 | — |  |  | — |
Amounts borrowed at December 31, 2024 | 500 |  |  | 400 |
Restricted Receivables at December 31, 2025 | — |  |  | — |
Restricted Receivables at December 31, 2024 | 1,054 |  |  | 835 |
(a) In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowing and terminated the related $500 million DERF credit facility. (b) In March 2025, Duke Energy repaid all the outstanding DEPR borrowing and terminated the related $400 million DEPR credit facility. Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3. In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida. DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF. The following table summarizes the impact of DEFPF on Duke Energy Florida's Consolidated Balance Sheets.
| December 31,
(in millions) | 2025 | 2024
Receivables of VIEs | $ | 3 |  | $ | — |
Regulatory Assets: Current | 62 |  | 61 |
Current Assets: Other | 34 |  | 35 |
Other Noncurrent Assets: Regulatory assets | 682 |  | 741 |
Other Noncurrent Assets: Other | 7 |  | 7 |
Current Liabilities: Other | 7 |  | 8 |
Current maturities of long-term debt | 61 |  | 59 |
Long-Term Debt | 712 |  | 773 |
Storm Recovery Bonds Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Carolinas NC Storm Funding II, LLC (DECNCSFII), Duke Energy Carolinas SC Storm Funding, LLC (DECSCSF), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF), Duke Energy Progress NC Storm Funding II, LLC (DEPNCSFII) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021, DEPSCSF was formed in 2024 and DECNCSFII, DECSCSF and DEPNCSFII were formed in 2025, all for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina and South Carolina. In 2021, DECNCSF and DEPNCSF issued senior secured bonds, and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022. In September 2025, DECNCSFII issued $582 million of senior secured bonds and DEPNCSFII issued $461 million of senior secured bonds. In November 2025, DECSCSF issued $561 million of senior secured bonds. 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. See Note 7 for more information. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina and South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered from each respective utility and jurisdiction. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries. Duke Energy Carolinas consolidates DECNCSF, DECNCSFII and DECSCSF and Duke Energy Progress consolidates DEPNCSF, DEPNCSFII and DEPSCSF. The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
| December 31, 2025
| Duke Energy Carolinas | Duke Energy Progress
(in millions) | DECNCSF | DECNCSFII | DECSCSF | DEPNCSF | DEPNCSFII | DEPSCSF
Receivables of VIEs | 1 |  | 3 |  | — |  | 4 |  | 3 |  | 2 |
Regulatory Assets: Current | 12 |  | 29 |  | 31 |  | 39 |  | 23 |  | 8 |
Current Assets: Other | 9 |  | 3 |  | — |  | 30 |  | 3 |  | 5 |
Other Noncurrent Assets: Regulatory assets | 179 |  | 550 |  | 528 |  | 583 |  | 435 |  | 151 |
Other Noncurrent Assets: Other | 1 |  | 3 |  | 3 |  | 4 |  | 2 |  | 1 |
Current maturities of long-term debt | 11 |  | 2 |  | 3 |  | 35 |  | 1 |  | 5 |
Long-Term Debt | 188 |  | 575 |  | 553 |  | 611 |  | 455 |  | 158 |
| December 31, 2024
| Duke Energy Carolinas | Duke Energy Progress
(in millions) | DECNCSF | DEPNCSF | DEPSCSF
Regulatory Assets: Current | $ | 12 |  | $ | 39 |  | $ | 8 |
Current Assets: Other | 9 |  | 27 |  | 13 |
Other Noncurrent Assets: Regulatory assets | 189 |  | 620 |  | 155 |
Other Noncurrent Assets: Other | 1 |  | 4 |  | 1 |
Current maturities of long-term debt | 10 |  | 34 |  | 9 |
Current Liabilities: Other | 2 |  | 10 |  | 7 |
Long-Term Debt | 198 |  | 646 |  | 163 |
Procurement Company – Duke Energy Florida Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo was formed in 2023 as the primary procurement agent for equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset. This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company. The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.
| December 31,
(in millions) | 2025 | 2024
Inventory | $ | 669 |  | 494
Accounts Payable | 289 | 208
NON-CONSOLIDATED VIEs Natural Gas Investments Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities. Non-consolidated VIEs are immaterial on the Condensed Consolidated Balance Sheets and the Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values. CRC See discussion under Consolidated VIEs for additional information related to CRC. The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.
|  |  | Duke Energy Ohio |  |  | Duke Energy Indiana
|  |  | Years Ended December 31, |  |  | Years Ended December 31,
(in millions) |  |  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Sales |  |  |  |  |  |  |  |  |  |  |
Receivables sold |  |  | $ | 474 |  |  | $ | 2,578 |  |  |  |  | $ | 473 |  |  | $ | 3,223 |
Loss recognized on sale |  |  | 7 |  |  | 34 |  |  |  |  | 6 |  |  | 39 |
Cash flows |  |  |  |  |  |  |  |  |  |  |
Cash proceeds from receivables sold |  |  | 478 |  |  | 2,591 |  |  |  |  | 523 |  |  | 3,294 |
Collection fees received |  |  | — |  |  | 1 |  |  |  |  | — |  |  | 2 |
Return received on retained interests |  |  | 4 |  |  | 19 |  |  |  |  | 4 |  |  | 25 |
Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Cash Flows. Collection fees received in connection with servicing transferred accounts receivable were included in Operation, maintenance and other on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Operations and Comprehensive Income. The loss recognized on sales of receivables was calculated monthly by multiplying receivables sold during the month by the required discount. The required discount was derived monthly utilizing a three-year weighted average formula that considered charge-off history, late charge history and turnover history on the sold receivables, as well as a component for the time value of money. The discount rate, or component for the time value of money, was the prior month-end Daily Simple SOFR plus a fixed rate of 1%.

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- Definition Variable Interest Entities [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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