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Investments in Unconsolidated Affiliates
 12 Months Ended
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,
 202520242023
Equity in
Equity in
Equity in
(in millions)InvestmentsearningsInvestments
(losses) earnings
earnings
Electric Utilities and Infrastructure$— $— $28 $(11)$7 
Gas Utilities and Infrastructure177 15 186 (48)40 
Other153 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, 2024. 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.