Duke Energy : Fourth-Quarter and Year-End 2019 Earnings release

February 13, 2020 at 06:57 am EST

News Release

Media Contact: Catherine Butler

24-Hour: 800.559.3853

Analyst Contact: Bryan Buckler

Office: 704.382.2640

Feb. 13, 2020

Duke Energy reports fourth quarter and full-year 2019 financial results

Delivered full-year 2019 GAAP and adjusted EPS of $5.06, representing adjusted EPS growth of 7%

Achieved strong results above the midpoint of original and revised 2019 guidance range

Established 2020 adjusted EPS target of $5.25 and guidance range of $5.05 to $5.45

Extending long-term earnings growth expectation of 4% to 6% through 2024

CHARLOTTE, N.C. - Duke Energy (NYSE: DUK) today announced 2019 full-year reported earnings per share (EPS), prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.06. This is compared to reported and adjusted EPS of $3.76 and $4.72, respectively, for the full-year 2018.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The impacts of items excluded from adjusted EPS were offsetting and results in no difference between 2019 GAAP reported EPS and adjusted EPS.

Higher full-year 2019 adjusted results were primarily driven by growth from investments in all operating segments resulting in favorable pricing and riders and rate case impacts. These items were partially offset by higher depreciation and amortization and financing costs as Duke Energy's investment base grows.

"2019 was an outstanding year for Duke Energy, as we delivered on our commitments, advanced our long-term strategy and exceeded growth expectations," said Lynn Good, Duke Energy chairman, president and CEO. "Our electric, gas and commercial renewables businesses are positioned to generate more value for customers and shareholders as we invest in low-risk opportunities across our thriving service areas.

Results like these give us confidence in our new 2020 adjusted EPS target of $5.25 and guidance range of $5.05 to $5.45. We also extended our 4% to 6% growth rate through 2024 and are expanding our five-year capital plan by $6 billion to meet the increasing energy needs in our jurisdictions. This plan builds upon the momentum we've generated and enables us to continue delivering long-term growth."

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Quarterly results

Duke Energy's fourth quarter 2019 GAAP reported EPS was $0.88, compared to $0.65 for fourth quarter 2018. Duke Energy's fourth quarter 2019 adjusted EPS was $0.91, compared to $0.84 for the fourth quarter of 2018. Higher adjusted results for the quarter compared to last year were driven by growth from investments at electric and gas utilities and new renewable projects placed in service. These items were partially offset by higher planned O&M expenses, depreciation and amortization and financing costs.

In addition to the following summary of fourth quarter 2019 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2019 compared to prior year are provided at the end of this news release.

The discussion below of fourth quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2019 segment income of $592 million, compared to $566 million in the fourth quarter of 2018. Fourth quarter 2019 reported results included the reduction of an impairment charge originally recorded in 2018. This amount was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2019 adjusted segment income of $584 million, compared to $628 million in the fourth quarter of 2018, a decrease of $0.06 per share, excluding share dilution of $0.01. Lower quarterly results were primarily due to higher planned O&M expenses (-$0.11 per share) and higher depreciation and amortization on a growing asset base (-$0.05 per share). These results were partially offset by contributions from base rate changes and higher rider revenues (+$0.13 per share).

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2019 segment income of $140 million, compared to $113 million in the fourth quarter of 2018. In addition to the drivers outlined below, fourth quarter 2019 results were impacted by a $19 million after-tax impairment charge for Constitution, which was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2019 segment income of $159 million, compared to $113 million in the fourth quarter of 2018. This represents an increase of $0.06 per share. Higher quarterly results were driven primarily by contributions in the gas distribution business from base rate changes and higher pricing and riders.

Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2019 segment income of $59 million, compared to a reported and adjusted segment income of $13

Duke Energy News Release

million in the fourth quarter of 2018. This represents an increase of $0.06 per share. Higher quarterly results were primarily impacted by growth from new projects placed in service.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy's captive insurance company.

On a reported and adjusted basis, Other recognized a fourth quarter 2019 net loss of $124 million. This is compared to a reported and adjusted net loss of $248 million and $149 million, respectively, in the fourth quarter of 2018. Fourth quarter 2018 results were impacted by severance charges and the reversal of a valuation allowance related to the Tax Act. These amounts were treated as special items and excluded from adjusted earnings.

Improved quarterly results at Other were primarily due to higher returns on investments, lower claims at the captive insurer, partially offset by higher contributions to the Duke Energy Foundation and financing costs.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2019 was

13.4% compared to (0.2)% in the fourth quarter of 2018. The increase in the effective tax rate was primarily due to the reversal of a valuation allowance related to the Tax Act recorded in the fourth quarter 2018, which was treated as a special item and excluded from adjusted results.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2019 was 12.6% compared to 16.1% in the fourth quarter of 2018. The decrease was primarily due to the amortization of excess deferred taxes.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth quarter and year-end 2019 financial results. In addition, the company will discuss its 2020 adjusted diluted EPS guidance range and other business and financial updates. The conference call will be hosted by Lynn Good, chairman, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy's website or by dialing 888.204.4368 in the United States or 323.994.2093 outside the United States. The confirmation code is 9324332. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available until 1 p.m. ET, February 23, 2020, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the

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code 9324332. An audio replay and transcript will also be available by accessing the investors section of the company's website.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported to adjusted diluted EPS for fourth quarter and full-year 2019 and 2018 financial results:

(In millions, except per-share amounts)	After-Tax		4Q 2019		4Q 2018
	Amount		EPS		EPS
Diluted EPS, as reported			$	0.88	$	0.65
Adjustments to reported diluted EPS:
Fourth Quarter 2019
Impairment charges, net(a)	$	11		0.02
Discontinued operations		7		0.01
Fourth Quarter 2018
Severance	$	144				0.20
Impairment charge		46				0.06
Costs to achieve Piedmont merger		24				0.03
Impacts of the Tax Act		(53)				(0.07)
Discontinued Operations		(20)				(0.03)
Total adjustments			$	0.03	$	0.19
Diluted EPS, adjusted			$	0.91	$	0.84

(In millions, except per-share amounts)	After-Tax	Full-Year	Full-Year
	Amount	2019 EPS	2018 EPS
Diluted EPS, as reported			$	5.06	$	3.76
Adjustments to reported diluted EPS:
Full-Year 2019
Impairment charges, net(a)	$	(8)		(0.01)
Discontinued operations		7		0.01
Full-Year 2018
Regulatory and legislative impacts	$	202				0.29
Impairment charges		179				0.25
Severance		144				0.21
Sale of retired plant		82				0.12
Costs to achieve Piedmont merger		65				0.09
Impacts of the Tax Act		20				0.03
Discontinued operations		(19)				(0.03)
Total adjustments			$	-	$	0.96
Diluted EPS, adjusted			$	5.06	$	4.72

Refer to the Non-GAAP financial measures section for a description of Impairment charges, net excluded from 2019 adjusted diluted EPS.

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Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy common stockholders in dollar and per share amounts, adjusted for the dollar and per- share impact of special items. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income Available to Duke Energy common stockholders (GAAP reported earnings), Diluted EPS Available to Duke Energy Corporation common stockholders (GAAP reported EPS), and the reported effective tax rate, respectively.

Special items included in the periods presented include the following items, which management believes do not reflect ongoing benefits or costs:

Impairment Charges in 2019 represents a reduction of a prior year impairment at Citrus County CC and an other-than-temporary impairment of the remaining investment in Constitution Pipeline Company, LLC. For 2018, it represents an impairment at Citrus County CC, a goodwill impairment at Commercial Renewables and an other-than- temporary impairment of the investment in Constitution Pipeline Company, LLC.
Costs to Achieve Mergers represents charges that result from strategic acquisitions.
Regulatory and Legislative Impacts in 2018 represents charges related to the Duke Energy Progress and Duke Energy Carolinas North Carolina rate case orders and the repeal of the South Carolina Base Load Review Act.
Sale of Retired Plant represents the loss associated with selling Beckjord, a nonregulated generating facility in Ohio.
Impacts of the Tax Act represents amounts recognized related to the Tax Act.
Severance Charges relate to companywide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization.

For the years ended December 31, 2019, and 2018, Basic EPS Available to Duke Energy Corporation common stockholders and Diluted EPS Available to Duke Energy Corporation common stockholders were equal. Beginning in 2020, Duke Energy will use adjusted basic EPS as the financial measure to evaluate management performance. Adjusted basic EPS will represent Basic EPS Available to Duke Energy Corporation common stockholders (GAAP

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reported Basic EPS), adjusted for the per share impact of special items. Due to the forward- looking nature of any forecasted adjusted earnings guidance, information to reconcile this non- GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

Management evaluates segment performance based on segment income and other net loss. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment's performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.

Duke Energy's adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states - North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states - North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available

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at duke-energy.com. The Duke Energy News Centercontains news releases, fact sheets, photos, videos and other materials. Duke Energy's illuminationfeatures stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagramand Facebook.

Forward-Looking Information

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;

Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;

Advancements in technology;

Additional competition in electric and natural gas markets and continued industry consolidation;

The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;

The ability to obtain the necessary permits and approvals and to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business;

Operational interruptions to our natural gas distribution and transmission activities;

The availability of adequate interstate pipeline transportation capacity and natural gas supply;

The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;

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The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;

Credit ratings of the Duke Energy Registrants may be different from what is expected;

Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

Construction and development risks associated with the completion of the Duke Energy Registrants' capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

The ability to control operation and maintenance costs;

The level of creditworthiness of counterparties to transactions;

The ability to obtain adequate insurance at acceptable costs;

Employee workforce factors, including the potential inability to attract and retain key personnel;

The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);

The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;

The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;

The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

The impacts from potential impairments of goodwill or equity method investment carrying values; and

The ability to implement our business strategy, including enhancing existing technology systems.

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2019 (Dollars in millions, except per-share amounts)

				Special Items
	Reported			Impairment		Discontinued			Total			Adjusted
	Earnings			Charges		Operations		Adjustments			Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	592	$	(8) A	$	-		$	(8)	$	584

Gas Utilities and Infrastructure		140		19	B		-			19			159
Commercial Renewables		59		-			-			-			59
Total Reportable Segment Income		791		11			-			11			802
Other		(124)		-			-			-			(124)
Discontinued Operations		(7)		-			7	C		7			-
Net Income Available to Duke Energy Corporation Common Stockholders	$	660	$	11		$	7		$	18		$	678
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS,	$	0.88	$	0.02		$	0.01		$	0.03		$	0.91
DILUTED

Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).

A - Net of $3 million tax expense. $11 million reduction of prior year impairment recorded within Impairment charges for the Citrus County CC project on Duke Energy Florida's Consolidated Statements of Operations.

B - Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.

C - Recorded in (Loss) Income from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares, Diluted (reported and adjusted) - 731 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2019

(Dollars in millions, except per-share amounts)

				Special Items
		Reported	Impairment	Discontinued			Total			Adjusted
		Earnings	Charges	Operations		Adjustments			Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,536	$	(27) A	$	-		$	(27)	$	3,509

Gas Utilities and Infrastructure		432		19 B		-			19			451
Commercial Renewables		198		-		-			-			198

Total Reportable Segment Income		4,166		(8)			-			(8)			4,158
Other		(452)					-			-			(452)

Discontinued Operations		(7)		-			7	C		7			-
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,707	$	(8)		$	7		$	(1)		$	3,706
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS, DILUTED	$	5.06	$	(0.01)		$	0.01		$	-		$	5.06

Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).

A - Net of $9 million tax expense. $36 million reduction of a prior year impairment recorded within Impairment charges for the Citrus County CC project on Duke Energy Florida's Consolidated Statements of Operations.

C - Recorded in (Loss) Income from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares, Diluted (reported and adjusted) - 729 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2018

(Dollars in millions, except per-share amounts)

								Special Items
					Costs to					Impacts
	Reported		Achieve		Impairment					Discontinued		Total		Adjusted
	Piedmont			of the		Severance
	Earnings		Merger			Charge	Tax Act			Operations	Adjustments		Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	566		$	-		$	46 B	$	16	$	-		$	-	$	62	$	628

Gas Utilities and Infrastructure		113			-			-		-			-			-		-			113
Commercial Renewables		13			-			-		-			-			-		-			13
Total Reportable Segment Income		692			-			46			16			-			-			62			754
Other		(248)			24	A		-		(69)			144	D		-		99			(149)

Discontinued Operations		20			-			-			-			-			(20) E		(20)			-
Net Income Attributable to Duke Energy Corporation
$	464		$	24		$	46		$	(53) C $	144		$	(20)		$	141	$	605
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION,	$	0.65		$	0.03		$	0.06		$	(0.07)		$	0.20		$	(0.03)		$	0.19		$	0.84
DILUTED

A - Net of $7 million tax benefit. $31 million recorded within Operating Expenses on the Consolidated Statements of Operations.

B - Net of $14 million tax benefit. $60 million recorded within Impairment charges for the Citrus County CC project on Duke Energy Florida's Consolidated Statements of Operations.

C - Reversal of $76 million AMT valuation allowance and $23 million true up of prior year Tax Act estimates recorded within Income Tax Expense from Continuing Operations on the Consolidated Statements of Operations.

D - Net of $43 million tax benefit. $187 million recorded with Operations, maintenance and other on the Consolidated Statements of Operations.

E - Recorded in (Loss) Income from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares, Diluted (reported and adjusted) - 716 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2018

(Dollars in millions, except per-share amounts)

											Special Items
				Costs to		Regulatory	Sale of					Impacts
	Reported	Achieve			and		Impairment						Discontinued		Total		Adjusted
	Piedmont		Legislative	Retired				of the		Severance
	Earnings		Merger			Impacts		Plant			Charges		Tax Act				Operations	Adjustments		Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,058		$	-		$	202 B	$	-		$	46	D	$	24	$	-		$	-	$	272	$	3,330

Gas Utilities and Infrastructure		274			-			-		-			42	E		1			-			-		43			317
Commercial Renewables		9			-			-		-			91	F		(3)			-			-		88			97
Total Reportable Segment Income		3,341			-			202			-			179			22			-			-			403			3,744
Other		(694)			65	A		-		82	C		-			(2)			144	H		-		289			(405)
Discontinued Operations		19			-			-			-			-			-			-			(19) I		(19)			-
Net Income Attributable to Duke Energy
$	2,666		$	65		$	202		$	82		$	179		$	20	G $	144		$	(19)		$	673	$	3,339
Corporation
EPS ATTRIBUTABLE TO DUKE ENERGY	$	3.76		$	0.09		$	0.29		$	0.12		$	0.25		$	0.03		$	0.21		$	(0.03)		$	0.96		$	4.72
CORPORATION, DILUTED

A - Net of $19 million tax benefit. $84 million recorded within Operating Expenses on the Consolidated Statements of Operations.

B - Net of $16 million tax benefit at Duke Energy Progress and $47 million tax benefit at Duke Energy Carolinas, related to the North Carolina rate case orders and the repeal of the South Carolina Base Load Review Act.

On the Duke Energy Progress' Consolidated Statements of Operations, $32 million is recorded within Impairment charges, $31 million within Operations, maintenance and other, $6 million within Interest Expense and $(1) million within Depreciation and amortization.
On the Duke Energy Carolinas' Consolidated Statements of Operations, $188 million is recorded within Impairment charges, $8 million within Operations, maintenance and other, and $1 million within Depreciation and amortization.

C - Net of $25 million tax benefit. $107 million recorded within Gains (Losses) on Sales of Other Assets and Other, net on the Consolidated Statements of Operations. Sale of retired plant represents the loss associated with selling Beckjord, a nonregulated generating facility in Ohio.

D - Net of $14 million tax benefit. $60 million recorded within Impairment charges for the Citrus County CC project on Duke Energy Florida's Consolidated Statements of Operations.

E - Net of $13 million tax benefit. $55 million recorded within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the investment in Constitution Pipeline Company, LLC.

F - Net of $2 million Noncontrolling Interests. $93 million goodwill impairment recorded within Impairment charges on the Consolidated Statement of Operations. G - $20 million true up of prior year Tax Act estimates within Income Tax Expense from Continuing Operations on the Consolidated Statements of Operations. H - Net of $43 million tax benefit. $187 million recorded with Operations, maintenance and other on the Consolidated Statements of Operations.

I - Recorded in (Loss) Income from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares, Diluted (reported and adjusted) - 708 million

DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2019

(Dollars in millions)

	Three Months Ended		Year Ended December 31, 2019
	December 31, 2019
	Balance		Effective Tax Rate		Balance			Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	709			$	4,097
Impairment Charges		14					(11)
Noncontrolling Interests		67					177
Preferred Dividends		(14)					(41)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and	$	776			$	4,222
Excluding Special Items

Reported Income Tax Expense From Continuing Operations	$	95		13.4%	$	519	12.7%
Impairment Charges		3					(3)

Tax Expense Including Noncontrolling Interests and Preferred Dividends and	$	98		12.6%		$	516	12.2%
Excluding Special Items

	Three Months Ended		Year Ended December 31, 2018
	December 31, 2018
	Balance		Effective Tax Rate		Balance			Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	433			$	3,073
Costs to Achieve Piedmont Merger		31					84
Regulatory and Legislative Impacts		-			265
Sale of Retired Plant		-			107
Impairment Charges		60					206
Severance		187					187
Noncontrolling Interests		10					22
Pretax Income Including Noncontrolling Interests and Excluding Special Items	$	721			$	3,944

Reported Income Tax (Benefit) Expense From Continuing Operations	$	(1)		(0.2)%	$	448	14.6%
Costs to Achieve Piedmont Merger		7					19
Regulatory and Legislative Impacts		-			63
Sale of Retired Plant		-			25
Impairment Charges		14					27
Severance		43					43
Impacts of the Tax Act		53					(20)
Tax Expense Including Noncontrolling Interests and Excluding Special Items	$	116		16.1 %		$	605	15.3%

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2019 QTD vs. Prior Year

		Electric		Gas	Commercial			Discontinued
(Dollars per share)	Utilities and	Utilities and		Other	Consolidated
Infrastructure	Infrastructure	Renewables			Operations
2018 QTD Reported Earnings Per Share, Diluted	$	0.79	$	0.17	$	0.02	$	(0.36)	$	0.03	$	0.65
Costs to Achieve Piedmont Merger		-		-		-		0.03		-		0.03

Impairment Charges		0.06		-		-		-		-		0.06
Severance		-		-		-		0.20		-		0.20

Impacts of the Tax Act		0.02		-		-		(0.09)		-		(0.07)
Discontinued Operations		-		-		-		-		(0.03)		(0.03)

2018 QTD Adjusted Earnings Per Share, Diluted	$	0.87	$	0.17	$	0.02	$	(0.22)	$	-	$	0.84
Weather		(0.03)		-		-				-		(0.03)

Volume		(0.01)		-		-		-		-		(0.01)
Pricing and Riders(a)		0.09		0.02		-		-		-		0.11
Rate case impacts, net(b)		0.04		0.04		-		-		-		0.08
Operations and maintenance, net of recoverables(c)		(0.11)		(0.01)		-		-		-		(0.12)
Midstream Gas Pipelines		-		0.01		-		-		-		0.01
Duke Energy Renewables(d)		-		-		0.06		-		-		0.06
Interest Expense		-		-		-		0.01		-		0.01
Depreciation and amortization(e)		(0.05)		-		-		-		-		(0.05)
Preferred Dividends		-		-		-		(0.04)		-		(0.04)
Other(f)		0.01		-		-		0.05		-		0.06
Total variance before share count	$	(0.06)	$	0.06	$	0.06	$	0.02	$	-	$	0.08
Change in share count		(0.01)		-		-		-		-		(0.01)

2019 QTD Adjusted Earnings Per Share, Diluted	$	0.80	$	0.23	$	0.08	$	(0.20)	$	-	$	0.91
Impairment Charges		0.01		(0.03)		-		-		-		(0.02)

Discontinued Operations		-		-		-		-		(0.01)		(0.01)
2019 QTD Reported Earnings Per Share, Diluted	$	0.81	$	0.20	$	0.08	$	(0.20)	$	(0.01)	$	0.88

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 716 million shares to 731 million.

Electric Utilities and Infrastructure is primarily driven by favorable energy efficiency orders (+$0.05).
Electric Utilities and Infrastructure includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.02) and the Carolinas rate cases (+$0.02), which is primarily comprised of base rate increases partially offset by higher depreciation and amortization expense. Gas Utilities and Infrastructure includes the net impact of the NC Piedmont rate case, effective November 1, 2019.
Primarily due to higher planned O&M related to employee benefits and customer delivery and operations costs.
Primarily includes new tax equity projects placed in service (+0.04).
Excludes rate case impacts.
Other is primarily due to higher returns on investments and lower claims at the captive insurer, offset by higher contributions to the Duke Energy Foundation.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2019 YTD vs. Prior Year

		Electric		Gas		Commercial			Discontinued
(Dollars per share)		Utilities and		Utilities and			Other	Consolidated
Infrastructure	Infrastructure		Renewables			Operations
2018 YTD Reported Earnings Per Share, Diluted	$	4.32	$	0.39	$	0.01	$	(0.99)	$	0.03	$	3.76
Costs to Achieve Piedmont Merger		-		-		-		0.09		-		0.09

Regulatory and Legislative Impacts		0.29		-		-		-		-		0.29
Sale of Retired Plant		-		-		-		0.12		-		0.12

Impairment Charges		0.06		0.06		0.13		-		-		0.25
Severance		-		-		-		0.21		-		0.21

Impacts of the Tax Act		0.03		-		-		-		-		0.03
Discontinued Operations		-		-		-		-		(0.03)		(0.03)
2018 YTD Adjusted Earnings Per Share, Diluted	$	4.70	$	0.45	$	0.14	$	(0.57)	$	-	$	4.72
Weather		(0.01)		-		-		-		-		(0.01)
Volume		(0.05)		-		-		-		-		(0.05)
Pricing and Riders(a)		0.24		0.04		-		-		-		0.28
Rate case impacts, net(b)		0.21		0.04		-		-		-		0.25
Operations and maintenance, net of recoverables		0.04		(0.03)		-		-		-		0.01

Midstream Gas Pipelines(c)		-		0.13		-		-		-		0.13
Duke Energy Renewables(d)		-		-		0.13		-		-		0.13
Interest Expense		-		-		-		(0.05)		-		(0.05)
AFUDC Equity		(0.05)		-		-		-		-		(0.05)

Depreciation and amortization(e)		(0.17)		-		-		-		-		(0.17)
Preferred Dividends		-		-		-		(0.08)		-		(0.08)

Other(f)		0.04		-		-		0.05		-		0.09
Total variance before share count	$	0.25	$	0.18	$	0.13	$	(0.08)	$	-	$	0.48
Change in share count		(0.14)		-		-		-		-		(0.14)
2019 YTD Adjusted Earnings Per Share, Diluted	$	4.81	$	0.63	$	0.27	$	(0.65)	$	-	$	5.06
Impairment Charges		0.04		(0.03)		-		-		-		0.01
Discontinued Operations		-		-		-		-		(0.01)		(0.01)
2019 YTD Reported Earnings Per Share, Diluted	$	4.85	$	0.60	$	0.27	$	(0.65)	$	(0.01)	$	5.06

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 708 million shares to 729 million.

Electric Utilities and Infrastructure is primarily driven by higher transmission revenues and purchased power true ups (+$0.15) and energy efficiency and grid modernization rider programs (+$0.08) in DEC, DEP and DEI.
Electric Utilities and Infrastructure includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.09), the Carolinas rate cases (+$0.10) and DEO and DEK rate cases (+ $0.02), which is primarily base rate increases partially offset by higher depreciation and amortization expense. In prior periods, interest expense (-$0.03) and AFUDC equity (-$0.03) were presented separately from rate case impacts, net; for the period presented above, these amounts are included in rate case impacts, net as they are recovered through the DEF GBRA. Gas Utilities and Infrastructure includes the net impact of the NC Piedmont rate case, effective November 1, 2019.
Includes an income tax adjustment for equity method investments related to prior years.
Primarily includes new tax equity projects placed in service (+$0.12).
Excludes rate case impacts.
Electric Utilities and Infrastructure includes an impairment charge in 2018 related to the Edwardsport settlement at Duke Energy Indiana (+0.03). Other includes higher returns on investments and lower claims at the captive insurer, offset by higher contributions to the Duke Energy Foundation.

December 2019

QUARTERLY HIGHLIGHTS

(Unaudited)

		Three Months Ended		Years Ended
		December 31,		December 31,
(In millions, except per-share amounts and where noted)		2019			2018			2019			2018
Earnings Per Share - Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	0.89	$	0.62		$	5.07	$	3.73
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common
stockholders
Basic and Diluted	$	(0.01)	$	0.03		$	(0.01)	$	0.03
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	0.88	$	0.65		$	5.06	$	3.76
Weighted average shares outstanding
Basic		730			716			729			708
Diluted		731			716			729			708
INCOME (LOSS) BY BUSINESS SEGMENT
Electric Utilities and Infrastructure(a)	$	592	$	566		$	3,536	$	3,058
Gas Utilities and Infrastructure(b)		140			113			432			274
Commercial Renewables		59			13			198			9
Total Reportable Segment Income		791			692			4,166			3,341
Other		(124)			(248)			(452)			(694)
(Loss) Income from Discontinued Operations		(7)			20			(7)			19
Net Income Available to Duke Energy Corporation common stockholders	$	660	$	464		$	3,707	$	2,666
CAPITALIZATION
Total Common Equity (%)								44%			43%
Total Debt (%)								56%			57%

Total Debt							$	61,261	$	57,939
Book Value Per Share							$	65.42	$	60.29
Actual Shares Outstanding								733			727
CAPITAL AND INVESTMENT EXPENDITURES
Electric Utilities and Infrastructure	$	2,171	$	2,260		$	8,263	$	8,082
Gas Utilities and Infrastructure		410			389			1,539			1,156
Commercial Renewables		491			40			1,423			195
Other		19			63			221			263
Total Capital and Investment Expenditures	$	3,091	$	2,752		$	11,446	$	9,696

Includes a reduction of a prior year impairment at Citrus County CC of $11 million (net of tax of $3 million) for the three months ended December 31, 2019 and $36 million (net of tax of $9 million) for the year ended December 31, 2019.
Includes an other-than-temporary impairment of the remaining investment in Constitution of $25 million (net of tax of $6 million) for the three months and year ended December 31, 2019.

DUKE ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per-share amounts)

		Years Ended December 31,
		2019		2018		2017
Operating Revenues
Regulated electric	$	22,615	$	22,097	$	21,177
Regulated natural gas		1,759		1,773		1,734
Nonregulated electric and other		705		651		654
Total operating revenues		25,079		24,521		23,565
Operating Expenses
Fuel used in electric generation and purchased power		6,826		6,831		6,350
Cost of natural gas		627		697		632
Operation, maintenance and other		6,066		6,463		5,944
Depreciation and amortization		4,548		4,074		3,527
Property and other taxes		1,307		1,280		1,233
Impairment charges		(8)		402		282
Total operating expenses		19,366		19,747		17,968
(Losses) Gains on Sales of Other Assets and Other, net		(4)		(89)		28
Operating Income		5,709		4,685		5,625
Other Income and Expenses
Equity in earnings of unconsolidated affiliates		162		83		119
Other income and expenses, net		430		399		508
Total other income and expenses		592		482		627
Interest Expense		2,204		2,094		1,986
Income From Continuing Operations Before Income Taxes		4,097		3,073		4,266
Income Tax Expense From Continuing Operations		519		448		1,196
Income From Continuing Operations		3,578		2,625		3,070
(Loss) Income From Discontinued Operations, net of tax		(7)		19		(6)
Net Income		3,571		2,644		3,064
Less: Net (Loss) Income Attributable to Noncontrolling Interests		(177)		(22)		5
Net Income Attributable to Duke Energy Corporation		3,748		2,666	$	3,059
Less: Preferred Dividends		41		-	$	-
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,707	$	2,666	$	3,059

Earnings Per Share - Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common
stockholders
Basic and Diluted	$	5.07	$	3.73	$	4.37
(Loss) Income from discontinued operations attributable to Duke Energy Corporation
common stockholders
Basic and Diluted	$	(0.01)	$	0.03	$	(0.01)
Net income available to Duke Energy Corporation common stockholders

Basic and Diluted	$	5.06	$	3.76	$	4.36
Weighted average shares outstanding
Basic and Diluted		729		708		700

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	December 31, 2019	December 31, 2018
ASSETS
Current Assets
Cash and cash equivalents	$	311	$	442
Receivables (net of allowance for doubtful accounts of $22 at 2019 and $16 at 2018)		1,066		962
Receivables of VIEs (net of allowance for doubtful accounts of $54 at 2019 and $55 at 2018)		1,994		2,172
Inventory		3,232		3,084
Regulatory assets (includes $52 at 2019 and 2018 related to VIEs)		1,796		2,005
Other (includes $242 at 2019 and $162 at 2018 related to VIEs)		764		1,049
Total current assets		9,163		9,714
Property, Plant and Equipment
Cost		147,654		134,458
Accumulated depreciation and amortization		(45,773)		(43,126)
Generation facilities to be retired, net		246		362
Net property, plant and equipment		102,127		91,694
Other Noncurrent Assets
Goodwill		19,303		19,303
Regulatory assets (includes $989 at 2019 and $1,041 at 2018 related to VIEs)		13,222		13,617
Nuclear decommissioning trust funds		8,140		6,720
Operating lease right-of-use assets, net		1,658		-
Investments in equity method unconsolidated affiliates		1,936		1,409
Other (includes $110 at 2019 and $261 at 2018 related to VIEs)		3,289		2,935
Total other noncurrent assets		47,548		43,984
Total Assets	$	158,838	$	145,392
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,487	$	3,487
Notes payable and commercial paper		3,135		3,410
Taxes accrued		392		577
Interest accrued		565		559
Current maturities of long-term debt (includes $216 at 2019 and $227 at 2018 related to VIEs)		3,141		3,406
Asset retirement obligations		881		919
Regulatory liabilities		784		598
Other		2,367		2,085
Total current liabilities		14,752		15,041
Long-Term Debt (includes $3,996 at 2019 and $3,998 at 2018 related to VIEs)		54,985		51,123
Other Noncurrent Liabilities
Deferred income taxes		8,878		7,806
Asset retirement obligations		12,437		9,548
Regulatory liabilities		15,264		14,834
Operating lease liabilities		1,432		-
Accrued pension and other post-retirement benefit costs		934		988
Investment tax credits		624		568
Other (includes $228 at 2019 and $212 at 2018 related to VIEs)		1,581		1,650
Total other noncurrent liabilities		41,150		35,394
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and		973		-
outstanding at 2019
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2019		989		-

Common stock, $0.001 par value, 2 billion shares authorized; 733 million shares outstanding at		1		1
2019 and 727 million shares outstanding at 2018
Additional paid-in capital		40,881		40,795
Retained earnings		4,108		3,113
Accumulated other comprehensive loss		(130)		(92)
Total Duke Energy Corporation stockholders' equity		46,822		43,817
Noncontrolling interests		1,129		17
Total equity		47,951		43,834
Total Liabilities and Equity	$	158,838	$	145,392

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In millions)

		Years Ended December 31,
		2019			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income	$	3,571	$	2,644	$	3,064
Adjustments to reconcile net income to net cash provided by operating activities		4,638			4,542			3,560
Net cash provided by operating activities		8,209			7,186			6,624

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities		(11,957)			(10,060)			(8,442)

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash provided by financing activities		3,730			2,960			1,782

Net (decrease) increase in cash, cash equivalents and restricted cash		(18)			86			(36)
Cash, cash equivalents and restricted cash at beginning of period		591			505			541
Cash, cash equivalents and restricted cash at end of period	$	573		$	591		$	505

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

				Three Months Ended December 31, 2019
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Operating Revenues
Regulated electric	$	5,450	$	-	$	-	$	-	$	(58)	$	5,392
Regulated natural gas		-		552		-		-		(24)		528
Nonregulated electric and other		-		3		125		24		31		183
Total operating revenues		5,450		555		125		24		(51)		6,103
Operating Expenses
Fuel used in electric generation and purchased power		1,618		-		-		-		(20)		1,598
Cost of natural gas		-		176		-		-		-		176
Operation, maintenance and other		1,540		121		86		4		(22)		1,729
Depreciation and amortization		1,027		64		45		53		(5)		1,184
Property and other taxes		276		22		5		(6)		(2)		295
Impairment charges		8		-		-		-		-		8
Total operating expenses		4,469		383		136		51		(49)		4,990
Gains (losses) on Sales of Other Assets and Other, net		1		-		(3)		(2)		-		(4)
Operating Income (Loss)		982		172		(14)		(29)		(2)		1,109
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates		(2)		13		-		15		(1)		25
Other income and expenses, net		88		8		2		32		(8)		122
Total Other Income and Expenses		86		21		2		47		(9)		147
Interest Expense		341		31		17		169		(11)		547
Income (Loss) from Continuing Operations Before Income Taxes		727		162		(29)		(151)		-		709
Income Tax Expense (Benefit) from Continuing Operations		135		22		(21)		(41)		-		95
Income (Loss) from Continuing Operations		592		140		(8)		(110)		-		614
Less: Net Loss Attributable to Noncontrolling Interest		-		-		(67)		-		-		(67)
Less: Preferred Dividends		-		-		-		14		-		14
Segment Income/Other Net Loss	$	592	$	140	$	59	$	(124)	$	-	$	667

Loss from Discontinued Operations, net of tax												(7)
Net Income Available to Duke Energy Corporation Common Stockholders											$	660

Segment Income/Other Net Loss	$	592	$	140	$	59	$	(124)	$	-	$	667
Special Items		(8)		19		-		-		-		11
Adjusted Earnings(a)	$	584	$	159	$	59	$	(124)	$	-	$	678

See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

					Years Ended December 31, 2019
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Operating Revenues
Regulated electric	$	22,831	$	-	$	-	$	-	$	(216)	$	22,615
Regulated natural gas		-		1,854		-		-		(95)		1,759
Nonregulated electric and other		-		12		487		95		111		705
Total operating revenues		22,831		1,866		487		95		(200)		25,079
Operating Expenses
Fuel used in electric generation and purchased power		6,904		-		-		-		(78)		6,826
Cost of natural gas		-		627		-		-		-		627
Operation, maintenance and other		5,497		446		297		(65)		(109)		6,066
Depreciation and amortization		3,951		256		168		178		(5)		4,548
Property and other taxes		1,175		106		23		4		(1)		1,307
Impairment charges		(8)		-		-		-		-		(8)
Total operating expenses		17,519		1,435		488		117		(193)		19,366
Gains (losses) on Sales of Other Assets and Other, net		1		-		(3)		(2)		-		(4)
Operating Income		5,313		431		(4)		(24)		(7)		5,709
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates		9		114		(4)		43		-		162
Other income and expenses, net		344		26		9		102		(51)		430
Total Other Income and Expenses		353		140		5		145		(51)		592
Interest Expense		1,345		117		95		705		(58)		2,204
Income (Loss) from Continuing Operations Before Income Taxes		4,321		454		(94)		(584)		-		4,097
Income Tax Expense (Benefit) from Continuing Operations		785		22		(115)		(173)		-		519
Income (Loss) from Continuing Operations		3,536		432		21		(411)		-		3,578
Less: Net Loss Attributable to Noncontrolling Interest(a)		-		-		(177)		-		-		(177)
Less: Preferred Dividends		-		-		-		41		-		41
Segment Income/Other Net Loss	$	3,536	$	432	$	198	$	(452)	$	-	$	3,714
Loss from Discontinued Operations, net of tax												(7)
Net Income Available to Duke Energy Corporation Common Stockholders											$	3,707

Segment Income/Other Net Loss	$	3,536	$	432	$	198	$	(452)	$	-	$	3,714
Special Items		(27)		19		-		-		-		(8)
Adjusted Earnings(b)	$	3,509	$	451	$	198	$	(452)	$	-	$	3,706

Includes the allocation of losses to noncontrolling members primarily due to new solar tax equity projects being placed in service.
See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

				Three Months Ended December 31, 2018
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Operating Revenues
Regulated electric	$	5,467	$	-	$	-	$	-	$	(48)	$	5,419
Regulated natural gas		-		577		-		-		(25)		552
Nonregulated electric and other		-		3		130		(12)		23		144
Total operating revenues		5,467		580		130		(12)		(50)		6,115
Operating Expenses
Fuel used in electric generation and purchased power		1,715		-		-		(43)		(22)		1,650
Cost of natural gas		-		237		-		-		-		237
Operation, maintenance and other		1,480		109		95		216		(29)		1,871
Depreciation and amortization		953		63		39		39		1		1,095
Property and other taxes		292		26		6		1		1		326
Impairment charges		63		-		-		-		-		63
Total operating expenses		4,503		435		140		213		(49)		5,242
Losses on Sales of Other Assets and Other, net		(1)		-		(1)		-		-		(2)
Operating Income (Loss)		963		145		(11)		(225)		(1)		871
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates		-		25		(1)		9		1		34
Other income and expenses, net		92		6		2		(17)		(11)		72
Total Other Income and Expenses		92		31		1		(8)		(10)		106
Interest Expense		333		28		22		173		(12)		544
Income (Loss) from Continuing Operations Before Income Taxes		722		148		(32)		(406)		1		433
Income Tax Expense (Benefit) from Continuing Operations		156		35		(35)		(157)		-		(1)
Income (Loss) from Continuing Operations		566		113		3		(249)		1		434
Less: Net (Loss) Income Attributable to Noncontrolling Interest		-		-		(10)		(1)		1		(10)
Segment Income/Other Net Loss	$	566	$	113	$	13	$	(248)	$	-	$	444
Income from Discontinued Operations, net of tax												20
Net Income Attributable to Duke Energy Corporation											$	464

Segment Income/Other Net Loss	$	566	$	113	$	13	$	(248)	$	-	$	444
Special Items		62		-		-		99		-		161
Adjusted Earnings(a)	$	628	$	113	$	13	$	(149)	$	-	$	605

See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

					Years Ended December 31, 2018
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Operating Revenues
Regulated electric	$	22,273	$	-	$	-	$	-	$	(176)	$	22,097
Regulated natural gas		-		1,871		-		-		(98)		1,773
Nonregulated electric and other		-		10		477		89		75		651
Total operating revenues		22,273		1,881		477		89		(199)		24,521
Operating Expenses
Fuel used in electric generation and purchased power		6,917		-		-		-		(86)		6,831
Cost of natural gas		-		697		-		-		-		697
Operation, maintenance and other		5,631		421		304		214		(107)		6,463
Depreciation and amortization		3,523		245		155		152		(1)		4,074
Property and other taxes		1,134		107		25		14		-		1,280
Impairment charges		309		-		93		-		-		402
Total operating expenses		17,514		1,470		577		380		(194)		19,747
Gains (Losses) on Sales of Other Assets and Other, net		8		-		(1)		(96)		-		(89)
Operating Income (Loss)		4,767		411		(101)		(387)		(5)		4,685
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates		5		27		(1)		52		-		83
Other income and expenses, net		373		20		24		21		(39)		399
Total Other Income and Expenses		378		47		23		73		(39)		482
Interest Expense		1,288		106		88		657		(45)		2,094
Income (Loss) from Continuing Operations Before Income Taxes		3,857		352		(166)		(971)		1		3,073
Income Tax Expense (Benefit) from Continuing Operations		799		78		(147)		(282)		-		448
Income (Loss) from Continuing Operations		3,058		274		(19)		(689)		1		2,625
Less: Net (Loss) Income Attributable to Noncontrolling Interest		-		-		(28)		5		1		(22)
Segment Income/Other Net Loss	$	3,058	$	274	$	9	$	(694)	$	-	$	2,647
Income from Discontinued Operations, net of tax												19
Net Income Attributable to Duke Energy Corporation											$	2,666

Segment Income/Other Net Loss	$	3,058	$	274	$	9	$	(694)	$	-	$	2,647
Special Items		272		43		88		289		-		692
Adjusted Earnings(a)	$	3,330	$	317	$	97	$	(405)	$	-	$	3,339

See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS - ASSETS

(Unaudited)

						December 31, 2019
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Current Assets
Cash and cash equivalents	$	94	$	5	$	133	$	79	$	-	$	311
Receivables, net		690		239		109		27		1		1,066
Receivables of variable interest entities, net		1,994		-		-		-		-		1,994
Receivables from affiliated companies		66		16		809		509		(1,400)		-
Notes receivable from affiliated companies		130		-		-		794		(924)		-
Inventory		3,032		111		65		25		(1)		3,232
Regulatory assets		1,607		75		-		114		-		1,796
Other		199		29		208		327		1		764
Total current assets		7,812		475		1,324		1,875		(2,323)		9,163
Property, Plant and Equipment
Cost		127,677		11,788		5,927		2,366		(104)		147,654
Accumulated depreciation and amortization		(40,928)		(2,517)		(1,017)		(1,311)		-		(45,773)
Generation facilities to be retired, net		246		-		-		-		-		246
Net property, plant and equipment		86,995		9,271		4,910		1,055		(104)		102,127
Other Noncurrent Assets
Goodwill		17,379		1,924		-		-		-		19,303
Regulatory assets		12,068		656		-		499		(1)		13,222
Nuclear decommissioning trust funds		8,140		-		-		-		-		8,140
Operating lease right-of-use assets, net		1,237		24		100		296		1		1,658
Investments in equity method unconsolidated affiliates		122		1,388		314		112		-		1,936
Investment in consolidated subsidiaries		339		5		3		62,406		(62,753)		-
Other		2,159		146		181		1,473		(670)		3,289
Total other noncurrent assets		41,444		4,143		598		64,786		(63,423)		47,548
Total Assets		136,251		13,889		6,832		67,716		(65,850)		158,838
Segment reclassifications, intercompany balances and other		(690)		32		(812)		(64,568)		66,038		-
Segment Assets	$	135,561	$	13,921	$	6,020	$	3,148	$	188	$	158,838

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY

(Unaudited)

						December 31, 2019
		Electric		Gas		Commercial				Eliminations/
(In millions)		Utilities and		Utilities and			Other			Duke Energy
Infrastructure	Infrastructure		Renewables			Adjustments
Current Liabilities
Accounts payable	$	2,477	$	281	$	237	$	492	$	-	$	3,487
Accounts payable to affiliated companies		646		4		25		670		(1,345)		-
Notes payable to affiliated companies		302		583		-		53		(938)		-
Notes payable and commercial paper		-		-		174		2,961		-		3,135
Taxes accrued		347		44		426		(426)		1		392
Interest accrued		380		40		2		143		-		565
Current maturities of long-term debt		2,607		26		162		350		(4)		3,141
Asset retirement obligations		881		-		-		-		-		881
Regulatory liabilities		679		105		-		-		-		784
Other		1,702		73		74		559		(41)		2,367
Total current liabilities		10,021		1,156		1,100		4,802		(2,327)		14,752
Long-Term Debt		33,375		3,071		1,541		17,098		(100)		54,985
Long-Term Debt Payable to Affiliated Companies		618		7		46		-		(671)		-
Other Noncurrent Liabilities
Deferred income taxes		10,369		1,082		(653)		(1,920)		-		8,878
Asset retirement obligations		12,253		54		129		-		1		12,437
Regulatory liabilities		13,720		1,517		-		27		-		15,264
Operating lease liabilities		1,109		23		102		198		-		1,432
Accrued pension and other post-retirement benefit costs		605		28		3		298		-		934
Investment tax credits		622		2		-		-		-		624
Other		822		185		478		315		(219)		1,581
Total other noncurrent liabilities		39,500		2,891		59		(1,082)		(218)		41,150
Equity
Total Duke Energy Corporation stockholders' equity		52,737		6,764		2,960		46,895		(62,534)		46,822
Noncontrolling interests		-		-		1,126		3		-		1,129
Total equity		52,737		6,764		4,086		46,898		(62,534)		47,951
Total Liabilities and Equity		136,251		13,889		6,832		67,716		(65,850)		158,838
Segment reclassifications, intercompany balances and other		(690)		32		(812)		(64,568)		66,038		-
Segment Liabilities and Equity	$	135,561	$	13,921	$	6,020	$	3,148	$	188	$	158,838

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

					Three Months Ended December 31, 2019
		Duke		Duke		Duke		Duke		Duke	Eliminations/		Electric
(In millions)		Energy		Energy		Energy		Energy		Energy		Utilities and
Carolinas	Progress		Florida		Ohio(a)		Indiana		Other	Infrastructure
Operating Revenues	$	1,776	$	1,398	$	1,244	$	357	$	715	$	(40)	$	5,450
Operating Expenses
Fuel used in electric generation and purchased power		433		441		483		95		215		(49)		1,618
Operation, maintenance and other		537		373		303		104		221		2		1,540
Depreciation and amortization		375		288		180		46		132		6		1,027
Property and other taxes		71		45		83		65		14		(2)		276
Impairment charges		6		12		(11)		-		-		1		8
Total operating expenses		1,422		1,159		1,038		310		582		(42)		4,469
Gains on Sales of Other Assets and Other, net		-		-		-		-		-		1		1
Operating Income		354		239		206		47		133		3		982
Other Income and Expenses, net(b)		45		25		9		4		6		(3)		86
Interest Expense		117		74		82		19		45		4		341
Income Before Income Taxes		282		190		133		32		94		(4)		727
Income Tax Expense		57		32		25		2		20		(1)		135
Segment Income	$	225	$	158	$	108	$	30	$	74	$	(3)	$	592

Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
Includes an equity component of allowance for funds used during construction of $13 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $2 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

						Years Ended December 31, 2019
		Duke		Duke		Duke		Duke		Duke	Eliminations/		Electric
(In millions)		Energy		Energy		Energy		Energy		Energy		Utilities and
Carolinas	Progress		Florida		Ohio(a)		Indiana		Other	Infrastructure
Operating Revenues	$	7,395	$	5,957	$	5,231	$	1,456	$	3,004	$	(212)	$	22,831
Operating Expenses
Fuel used in electric generation and purchased power		1,804		2,012		2,012		388		935		(247)		6,904
Operation, maintenance and other		1,843		1,433		1,026		396		784		15		5,497
Depreciation and amortization		1,388		1,143		702		182		525		11		3,951
Property and other taxes		292		176		392		248		69		(2)		1,175
Impairment charges		17		12		(36)		-		-		(1)		(8)
Total operating expenses		5,344		4,776		4,096		1,214		2,313		(224)		17,519
Gains on Sales of Other Assets and Other, net		-		-		-		-		-		1		1
Operating Income		2,051		1,181		1,135		242		691		13		5,313
Other Income and Expenses, net(b)		151		100		48		17		41		(4)		353
Interest Expense		463		306		328		80		156		12		1,345
Income Before Income Taxes		1,739		975		855		179		576		(3)		4,321
Income Tax Expense		316		159		156		20		135		(1)		785
Segment Income	$	1,423	$	816	$	699	$	159	$	441	$	(2)	$	3,536

Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
Includes an equity component of allowance for funds used during construction of $42 million for Duke Energy Carolinas, $60 million for Duke Energy Progress, $6 million for Duke Energy Florida, $10 million for Duke Energy Ohio and $18 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS - ASSETS

(Unaudited)

							December 31, 2019
		Duke		Duke		Duke		Duke		Duke		Eliminations/		Electric
(In millions)		Energy		Energy		Energy		Energy		Energy			Utilities and
Carolinas	Progress		Florida		Ohio(a)		Indiana	Adjustments(b)	Infrastructure
Current Assets
Cash and cash equivalents	$	18	$	22	$	17	$	12	$	25	$	-	$	94
Receivables, net		324		123		96		86		60		1		690
Receivables of variable interest entities, net		642		489		341		-		-		522		1,994
Receivables from affiliated companies		114		52		-		71		79		(250)		66
Notes receivable from affiliated companies		-		-		173		-		-		(43)		130
Inventory		996		934		489		95		517		1		3,032
Regulatory assets		550		526		419		18		90		4		1,607
Other		21		59		58		6		60		(5)		199
Total current assets		2,665		2,205		1,593		288		831		230		7,812
Property, Plant and Equipment
Cost		48,922		34,603		20,457		6,895		16,305		495		127,677
Accumulated depreciation and amortization		(16,525)		(11,915)		(5,236)		(2,008)		(5,233)		(11)		(40,928)
Generation facilities to be retired, net		-		246		-		-		-		-		246
Net property, plant and equipment		32,397		22,934		15,221		4,887		11,072		484		86,995
Other Noncurrent Assets
Goodwill		-		-		-		596		-		16,783		17,379
Regulatory assets		3,360		4,152		2,194		364		1,082		916		12,068
Nuclear decommissioning trust funds		4,359		3,047		734		-		-		-		8,140
Operating lease right-of-use assets, net		123		387		401		21		57		248		1,237
Investments in equity method unconsolidated affiliates		-		-		-		-		-		122		122
Investment in consolidated subsidiaries		49		14		2		176		1		97		339
Other		1,149		650		311		41		234		(226)		2,159
Total other noncurrent assets		9,040		8,250		3,642		1,198		1,374		17,940		41,444
Total Assets		44,102		33,389		20,456		6,373		13,277		18,654		136,251
Segment reclassifications, intercompany balances and other		(301)		(112)		(156)		(185)		(82)		146		(690)
Reportable Segment Assets	$	43,801	$	33,277	$	20,300	$	6,188	$	13,195	$	18,800	$	135,561

Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY

(Unaudited)

							December 31, 2019
		Duke		Duke		Duke		Duke		Duke		Eliminations/		Electric
(In millions)		Energy		Energy		Energy		Energy		Energy			Utilities and
Carolinas	Progress		Florida		Ohio(a)		Indiana	Adjustments(b)	Infrastructure
Current Liabilities
Accounts payable	$	954	$	629	$	474	$	217	$	201	$	2	$	2,477
Accounts payable to affiliated companies		210		203		131		13		87		2		646
Notes payable to affiliated companies		29		66		-		205		30		(28)		302
Taxes accrued		47		17		43		189		49		2		347
Interest accrued		115		110		75		23		58		(1)		380
Current maturities of long-term debt		458		1,006		571		(26)		503		95		2,607
Asset retirement obligations		206		485		-		1		189		-		881
Regulatory liabilities		255		236		94		40		55		(1)		679
Other		612		478		416		70		112		14		1,702
Total current liabilities		2,886		3,230		1,804		732		1,284		85		10,021
Long-Term Debt		11,142		7,902		7,416		2,045		3,404		1,466		33,375
Long-Term Debt Payable to Affiliated Companies		300		150		-		18		150		-		618
Other Noncurrent Liabilities
Deferred income taxes		3,968		2,400		2,180		649		1,150		22		10,369
Asset retirement obligations		5,528		5,408		578		41		643		55		12,253
Regulatory liabilities		6,423		4,232		993		392		1,685		(5)		13,720
Operating lease liabilities		102		354		343		21		55		234		1,109
Accrued pension and other post-retirement benefit costs		84		238		218		75		148		(158)		605
Investment tax credits		231		137		87		3		164		-		622
Other		627		93		48		63		18		(27)		822
Total other noncurrent liabilities		16,963		12,862		4,447		1,244		3,863		121		39,500
Equity		12,811		9,245		6,789		2,334		4,576		16,982		52,737
Total Liabilities and Equity		44,102		33,389		20,456		6,373		13,277		18,654		136,251
Segment reclassifications, intercompany balances and other		(301)		(112)		(156)		(185)		(82)		146		(690)
Reportable Segment Liabilities and Equity	$	43,801	$	33,277	$	20,300	$	6,188	$	13,195	$	18,800	$	135,561

Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
Includes the elimination of intercompany balances and purchase accounting adjustments.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

				Three Months Ended December 31, 2019
		Duke		Piedmont		Midstream		Eliminations/		Gas
(In millions)		Energy		Natural Gas		Pipelines and			Utilities and
	Ohio(a)		LDC		Storage(b)		Adjustments	Infrastructure
Operating Revenues	$	130	$	425	$	-	$	-	$	555
Operating Expenses
Cost of natural gas		27		148		-		1		176
Operation, maintenance and other		36		84		1		-		121
Depreciation and amortization		20		45		-		(1)		64
Property and other taxes		14		6		-		2		22
Total operating expenses		97		283		1		2		383
Operating Income (Loss)		33		142		(1)		(2)		172
Other Income and Expenses
Equity in earnings of unconsolidated affiliates		-		-		2		11		13
Other income and expenses, net		1		5		-		2		8
Total other income and expenses		1		5		2		13		21
Interest Expense		9		22		-		-		31
Income Before Income Taxes		25		125		1		11		162
Income Tax Expense (Benefit)		5		16		(7)		8		22
Segment Income	$	20	$	109	$	8	$	3	$	140

Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

				Years Ended December 31, 2019
		Duke		Piedmont		Midstream		Eliminations/		Gas
(In millions)		Energy		Natural Gas		Pipelines and			Utilities and
	Ohio(a)		LDC		Storage(b)		Adjustments	Infrastructure
Operating Revenues	$	484	$	1,381	$	-	$	1	$	1,866
Operating Expenses
Cost of natural gas		95		532		-		-		627
Operation, maintenance and other		118		323		4		1		446
Depreciation and amortization		83		172		1		-		256
Property and other taxes		60		45		-		1		106
Total operating expenses		356		1,072		5		2		1,435
Operating Income (Loss)		128		309		(5)		(1)		431
Other Income and Expenses
Equity in earnings of unconsolidated affiliates		-		-		103		11		114
Other income and expenses, net		7		18		-		1		26
Total other income and expenses		7		18		103		12		140
Interest Expense		29		87		1		-		117
Income Before Income Taxes		106		240		97		11		454
Income Tax Expense (Benefit)		21		41		(44)		4		22
Segment Income	$	85	$	199	$	141	$	7	$	432

Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS - ASSETS

(Unaudited)

				December 31, 2019
		Duke		Piedmont		Midstream		Eliminations/		Gas
(In millions)		Energy		Natural Gas		Pipelines and			Utilities and
	Ohio(a)		LDC		Storage	Adjustments(b)	Infrastructure
Current Assets
Cash and cash equivalents	$	5	$	-	$	-	$	-	$	5
Receivables, net		(2)		241		-		-		239
Receivables from affiliated companies		12		87		-		(83)		16
Inventory		40		72		-		(1)		111
Regulatory assets		2		73		-		-		75
Other		-		27		1		1		29
Total current assets		57		500		1		(83)		475
Property, Plant and Equipment
Cost		3,347		8,441		-		-		11,788
Accumulated depreciation and amortization		(836)		(1,681)		-		-		(2,517)
Net property, plant and equipment		2,511		6,760		-		-		9,271
Other Noncurrent Assets
Goodwill		324		49		-		1,551		1,924
Regulatory assets		214		290		-		152		656
Operating lease right-of-use assets, net		-		24		-		-		24
Investments in equity method unconsolidated affiliates		-		-		1,377		11		1,388
Investment in consolidated subsidiaries		-		-		-		5		5
Other		9		121		16		-		146
Total other noncurrent assets		547		484		1,393		1,719		4,143
Total Assets		3,115		7,744		1,394		1,636		13,889
Segment reclassifications, intercompany balances and other		1		(13)		(11)		55		32
Reportable Segment Assets	$	3,116	$	7,731	$	1,383	$	1,691	$	13,921

Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
Includes the elimination of intercompany balances and purchase accounting adjustments.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY

(Unaudited)

				December 31, 2019
		Duke		Piedmont		Midstream		Eliminations/		Gas
(In millions)		Energy		Natural Gas		Pipelines and			Utilities and
	Ohio(a)		LDC		Storage	Adjustments(b)	Infrastructure
Current Liabilities
Accounts payable	$	67	$	213	$	-	$	1	$	281

Accounts payable to affiliated companies		-		8		78		(82)		4
Notes payable to affiliated companies		107		476		-		-		583
Taxes accrued		20		20		4		-		44
Interest accrued		7		33		-		-		40
Current maturities of long-term debt		26		-		-		-		26
Regulatory liabilities		24		81		-		-		105
Other		6		68		-		(1)		73
Total current liabilities		257		899		82		(82)		1,156
Long-Term Debt		549		2,384		-		138		3,071
Long-Term Debt Payable to Affiliated Companies		7		-		-		-		7
Other Noncurrent Liabilities
Deferred income taxes		284		693		104		1		1,082
Asset retirement obligations		38		17		-		(1)		54
Regulatory liabilities		372		1,131		-		14		1,517
Operating lease liabilities		-		23		-		-		23
Accrued pension and other post-retirement benefit costs		26		3		-		(1)		28
Investment tax credits		2		-		-		-		2
Other		26		147		11		1		185
Total other noncurrent liabilities		748		2,014		115		14		2,891
Equity		1,554		2,447		1,197		1,566		6,764
Total Liabilities and Equity		3,115		7,744		1,394		1,636		13,889
Segment reclassifications, intercompany balances and other		1		(13)		(11)		55		32
Reportable Segment Liabilities and Equity	$	3,116	$	7,731	$	1,383	$	1,691	$	13,921

Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
Includes the elimination of intercompany balances and purchase accounting adjustments.

Electric Utilities and Infrastructure

Quarterly Highlights

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential	19,743	20,260	(2.6%)	(0.4%)	86,088	88,309	(2.5%)			(0.4%)
General Service	18,864	18,614	1.3%	(0.9%)	78,192	78,789	(0.8%)			(1.1%)
Industrial	12,384	12,335	0.4%	(2.4%)	50,864	51,773	(1.8%)			(1.5%)
Other Energy Sales	144	145	(0.7%)			580	567	2.3%
Unbilled Sales	(766)		222		(445.0%)		n/a		(455)		(952)	52.2%		n/a
Total Retail Sales	50,369	51,576	(2.3%)	(1.1)%	215,269	218,486	(1.5%)			(0.9%)
Wholesale and Other	9,996		11,018		(9.3%)				41,795		44,242	(5.5%)
Total Consolidated Electric Sales -	60,365	62,594	(3.6%)			257,064	262,728	(2.2%)
Electric Utilities and Infrastructure


Average Number of Customers (Electric)

Residential	6,779,122	6,676,442	1.5%			6,740,566	6,634,854	1.6%
General Service	995,165	986,617	0.9%			991,955	983,352	0.9%
Industrial	17,315	17,496	(1.0%)			17,335	17,531	(1.1%)
Other Energy Sales	30,788		28,410		8.4%				29,656		25,185	17.8%
Total Retail Customers	7,822,390	7,708,965	1.5%			7,779,512	7,660,922	1.5%
Wholesale and Other	43		54		(20.4%)				48		55	(12.7%)
Total Average Number of Customers -	7,822,433	7,709,019	1.5%			7,779,560	7,660,977	1.5%
Electric Utilities and Infrastructure

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	12,187	15,725	(22.5%)			55,900	67,518	(17.2%)
Nuclear	18,250	17,586	3.8%			73,948	72,262	2.3%
Hydro	479	1,025	(53.3%)			2,551	3,284	(22.3%)
Oil and Natural Gas	17,132	17,192	(0.3%)			75,398	72,827	3.5%
Renewable Energy	135		84		60.7%				654		448	46.0%
Total Generation(d)	48,183	51,612	(6.6%)			208,451	216,339	(3.6%)
Purchased Power and Net Interchange(e)	15,691		14,421		8.8%				61,976		61,199	1.3%
Total Sources of Energy	63,874	66,033	(3.3%)			270,427	277,538	(2.6%)
Less: Line Loss and Other	3,509		3,439		2.0%				13,363		14,810	(9.8%)
Total GWh Sources	60,365	62,594	(3.6%)			257,064	262,728	(2.2%)

Owned Megawatt (MW) Capacity(c)
Summer								51,144	50,867
Winter								54,853	54,562
Nuclear Capacity Factor (%)(f)								95	93

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.
Statistics reflect 100% of jointly owned stations.

Duke Energy Carolinas

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
GWh Sales(a)
Residential	6,486	6,597	(1.7%)			28,861	29,717	(2.9%)
General Service	7,089	6,697	5.9%			29,628	29,656	(0.1%)
Industrial	5,174	4,898	5.6%			21,300	21,720	(1.9%)
Other Energy Sales	79	80	(1.3%)			320	306	4.6%
Unbilled Sales	(46)		786		(105.9%)				(215)		(366)	41.3%
Total Retail Sales	18,782	19,058	(1.4%)	0.7%	79,894	81,033	(1.4%)			(0.6%)
Wholesale and Other	2,119		2,716		(22.0%)				10,026		11,247	(10.9%)
Total Consolidated Electric Sales - Duke	20,901	21,774	(4.0%)			89,920	92,280	(2.6%)
Energy Carolinas


Average Number of Customers
Residential	2,275,136	2,232,204	1.9%			2,260,939	2,215,198	2.1%
General Service	363,479	359,385	1.1%			362,174	357,880	1.2%
Industrial	6,120	6,168	(0.8%)			6,123	6,176	(0.9%)
Other Energy Sales	22,668		20,407		11.1%				21,581		17,193	25.5%
Total Retail Customers	2,667,403	2,618,164	1.9%			2,650,817	2,596,447	2.1%
Wholesale and Other	19		23		(17.4%)				19		23	(17.4%)
Total Average Number of Customers -	2,667,422	2,618,187	1.9%			2,650,836	2,596,470	2.1%
Duke Energy Carolinas

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	4,511	3,939	14.5%			20,927	22,654	(7.6%)
Nuclear	11,097	10,703	3.7%			45,244	44,771	1.1%
Hydro	291	772	(62.3%)			1,714	2,348	(27.0%)
Oil and Natural Gas	3,109	4,020	(22.7%)			15,694	16,193	(3.1%)
Renewable Energy	35		31		12.9%				158		160	(1.3%)
Total Generation(d)	19,043	19,465	(2.2%)			83,737	86,126	(2.8%)
Purchased Power and Net Interchange(e)	3,058		3,634		(15.9%)				11,088		11,113	(0.2%)
Total Sources of Energy	22,101	23,099	(4.3%)			94,825	97,239	(2.5%)
Less: Line Loss and Other	1,200		1,325		(9.4%)				4,905		4,959	(1.1%)
Total GWh Sources	20,901	21,774	(4.0%)			89,920	92,280	(2.6%)

Owned MW Capacity(c)
Summer								20,192	20,209
Winter								21,127	21,137
Nuclear Capacity Factor (%)(f)								97	95

Heating and Cooling Degree Days
Actual
Heating Degree Days	1,143	1,333	(14.3%)			2,873	3,262	(11.9%)
Cooling Degree Days	94	115	(18.3%)			1,935	1,899	1.9%

Variance from Normal
Heating Degree Days	(8.9%)	5.9%					(10.5%)	0.7%
Cooling Degree Days	161.5%	243.9%					27.1%	24.7%

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.
Statistics reflect 100% of jointly owned stations.

Duke Energy Progress

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
GWh Sales(a)
Residential	4,070	4,234	(3.9%)			18,177	18,940	(4.0%)
General Service	3,644	3,697	(1.4%)			15,452	15,702	(1.6%)
Industrial	2,516	2,585	(2.7%)			10,534	10,475	0.6%
Other Energy Sales	19	19		-%			77	77		-%
Unbilled Sales	(60)		(55)		(9.1%)				(50)		(367)	86.4%
Total Retail Sales	10,189	10,480	(2.8%)	(0.9%)	44,190	44,827	(1.4%)			(0.8%)
Wholesale and Other	6,095		6,104		(0.1%)				24,166		24,504	(1.4%)
Total Consolidated Electric Sales - Duke	16,284	16,584	(1.8%)			68,356	69,331	(1.4%)
Energy Progress


Average Number of Customers
Residential	1,356,540	1,337,723	1.4%			1,348,989	1,330,795	1.4%
General Service	237,210	235,384	0.8%			236,549	234,719	0.8%
Industrial	4,011	4,069	(1.4%)			4,026	4,064	(0.9%)
Other Energy Sales	1,417		1,419		(0.1%)				1,416		1,434	(1.3%)
Total Retail Customers	1,599,178	1,578,595	1.3%			1,590,980	1,571,012	1.3%
Wholesale and Other	9		14		(35.7%)				12		14	(14.3%)
Total Average Number of Customers -	1,599,187	1,578,609	1.3%			1,590,992	1,571,026	1.3%
Duke Energy Progress

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	2,070	1,844	12.3%			9,554	8,604	11.0%
Nuclear	7,153	6,883	3.9%			28,704	27,491	4.4%
Hydro	130	216	(39.8%)			673	806	(16.5%)
Oil and Natural Gas	5,524	5,820	(5.1%)			21,349	24,002	(11.1%)
Renewable Energy	51		44		15.9%				253		235	7.7%
Total Generation(d)	14,928	14,807	0.8%			60,533	61,138	(1.0%)
Purchased Power and Net Interchange(e)	1,995		2,365		(15.6%)				9,973		10,835	(8.0%)
Total Sources of Energy	16,923	17,172	(1.5%)			70,506	71,973	(2.0%)
Less: Line Loss and Other	639		588		8.7%				2,150		2,642	(18.6%)
Total GWh Sources	16,284	16,584	(1.8%)			68,356	69,331	(1.4%)

Owned MW Capacity(c)
Summer								12,994	12,747
Winter								14,175	13,913
Nuclear Capacity Factor (%)(f)								92	89

Heating and Cooling Degree Days
Actual
Heating Degree Days	1,000	1,128	(11.3%)			2,600	2,933	(11.4%)
Cooling Degree Days	118	143	(17.5%)			2,072	2,079	(0.3%)

Variance from Normal
Heating Degree Days	(11.6%)	(0.7%)					(11.3%)	(0.6%)
Cooling Degree Days	109.7%	161.2%					24.4%	25.9%

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.
Statistics reflect 100% of jointly owned stations.

Duke Energy Florida

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
GWh Sales(a)
Residential	4,943	5,149	(4.0%)			20,775	20,636	0.7%
General Service	3,835	3,908	(1.9%)			15,425	15,378	0.3%
Industrial	760	755	0.7%			2,963	3,107	(4.6%)
Other Energy Sales	6	6		-%			24	24		-%
Unbilled Sales	(452)		(585)		22.7%				(84)		30	(380.0%)
Total Retail Sales	9,092	9,233	(1.5%)	(2.5%)	39,103	39,175	(0.2%)			(1.0%)
Wholesale and Other	613		528		16.1%				3,070		2,384	28.8%
Total Electric Sales - Duke Energy	9,705	9,761	(0.6%)			42,173	41,559	1.5%
Florida


Average Number of Customers
Residential	1,633,362	1,607,774	1.6%			1,624,629	1,598,178	1.7%
General Service	203,626	201,685	1.0%			203,104	200,934	1.1%
Industrial	2,013	2,060	(2.3%)			2,025	2,080	(2.6%)
Other Energy Sales	1,492		1,505		(0.9%)				1,499		1,510	(0.7%)
Total Retail Customers	1,840,493	1,813,024	1.5%			1,831,257	1,802,702	1.6%
Wholesale and Other	10		11		(9.1%)				12		12	-%
Total Average Number of Customers -	1,840,503	1,813,035	1.5%			1,831,269	1,802,714	1.6%
Duke Energy Florida

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	1,249	1,983	(37.0%)			4,300	8,422	(48.9%)
Oil and Natural Gas	7,570	6,801	11.3%			35,218	28,777	22.4%
Renewable Energy	44		4		1,000.0%				215		25	760.0%
Total Generation(d)	8,863	8,788	0.9%			39,733	37,224	6.7%
Purchased Power and Net Interchange(e)	1,171		1,358		(13.8%)				4,833		6,743	(28.3%)
Total Sources of Energy	10,034	10,146	(1.1%)			44,566	43,967	1.4%
Less: Line Loss and Other	329		385		(14.5%)				2,393		2,408	(0.6%)
Total GWh Sources	9,705	9,761	(0.6%)			42,173	41,559	1.5%

Owned MW Capacity(c)
Summer								10,259	10,229
Winter								11,347	11,325

Heating and Cooling Degree Days
Actual
Heating Degree Days	105	192	(45.3%)			376	577	(34.8%)
Cooling Degree Days	674	612	10.1%			3,622	3,445	5.1%

Variance from Normal
Heating Degree Days	(46.8%)	(2.9%)					(34.8%)	(1.8%)
Cooling Degree Days	43.0%	31.6%					13.5%	8.5%

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.

Duke Energy Ohio

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
GWh Sales(a)
Residential	2,084	2,104	(1.0%)			9,005	9,367	(3.9%)
General Service	2,308	2,302	0.3%			9,461	9,645	(1.9%)
Industrial	1,403	1,465	(4.2%)			5,721	5,844	(2.1%)
Other Energy Sales	27	27		-%			108	108		-%
Unbilled Sales	(127)		18		(805.6%)				(49)		(143)	65.7%
Total Retail Sales	5,695	5,916	(3.7%)	(2.8%)	24,246	24,821	(2.3%)			(1.1%)
Wholesale and Other	75		230		(67.4%)				483		508	(4.9%)
Total Electric Sales - Duke Energy Ohio	5,770	6,146	(6.1%)			24,729	25,329	(2.4%)


Average Number of Customers
Residential	775,532	768,871	0.9%			772,065	766,381	0.7%
General Service	88,872	88,465	0.5%			88,409	88,280	0.1%
Industrial	2,480	2,482	(0.1%)			2,469	2,490	(0.8%)
Other Energy Sales	3,420		3,357		1.9%				3,399		3,340	1.8%
Total Retail Customers	870,304	863,175	0.8%			866,342	860,491	0.7%
Wholesale and Other	1		1		-%				1		1	-%
Total Average Number of Customers -	870,305	863,176	0.8%			866,343	860,492	0.7%
Duke Energy Ohio

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	398	983	(59.5%)			3,166	2,793	13.4%
Oil and Natural Gas	5		3		66.7%				138		116	19.0%
Total Generation(d)	403	986	(59.1%)			3,304	2,909	13.6%
Purchased Power and Net Interchange(e)	6,401		5,669		12.9%				24,141		25,137	(4.0%)
Total Sources of Energy	6,804	6,655	2.2%			27,445	28,046	(2.1%)
Less: Line Loss and Other	1,034		509		103.1%				2,716		2,717	-%
Total GWh Sources	5,770	6,146	(6.1%)			24,729	25,329	(2.4%)

Owned MW Capacity(c)
Summer								1,076	1,076
Winter								1,164	1,164

Heating and Cooling Degree Days
Actual
Heating Degree Days	1,766	1,916	(7.8%)			4,684	5,011	(6.5%)
Cooling Degree Days	49	93	(47.3%)			1,408	1,546	(8.9%)

Variance from Normal
Heating Degree Days	(4.1%)	4.0%					(4.5%)	1.8%
Cooling Degree Days	172.2%	449.1%					28.0%	40.0%

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.

Duke Energy Indiana

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

December 2019

	Three Months Ended December 31,			Years Ended December 31,
				%		% Inc. (Dec.)					%		% Inc. (Dec.)
	2019	2018		Inc.		Weather	2019	2018		Inc.	Weather
		(Dec.)		Normal(b)		(Dec.)	Normal(b)
GWh Sales(a)
Residential	2,160	2,176	(0.7%)			9,270	9,649	(3.9%)
General Service	1,988	2,010	(1.1%)			8,226	8,408	(2.2%)
Industrial	2,531	2,632	(3.8%)			10,346	10,627	(2.6%)
Other Energy Sales	13	13		-%			51	52	(1.9%)
Unbilled Sales	(81)		58		(239.7%)				(57)		(106)	(46.2%)
Total Retail Sales	6,611	6,889	(4.0%)	(2.8%)	27,836	28,630	(2.8%)			(1.6%)
Wholesale and Other	1,094		1,440		(24.0%)				4,050		5,599	(27.7%)
Total Electric Sales - Duke Energy	7,705	8,329	(7.5%)			31,886	34,229	(6.8%)
Indiana


Average Number of Customers
Residential	738,552	729,870	1.2%			733,944	724,302	1.3%
General Service	101,978	101,698	0.3%			101,719	101,539	0.2%
Industrial	2,691	2,717	(1.0%)			2,692	2,721	(1.1%)
Other Energy Sales	1,791		1,722		4.0%				1,761		1,708	3.1%
Total Retail Customers	845,012	836,007	1.1%			840,116	830,270	1.2%
Wholesale and Other	4		5		(20.0%)				4		5	(20.0%)
Total Average Number of Customers -	845,016	836,012	1.1%			840,120	830,275	1.2%
Duke Energy Indiana

Sources of Electric Energy (GWh)
Generated - Net Output(c)
Coal	3,959	6,976	(43.2%)			17,953	25,045	(28.3%)
Hydro	58	37	56.8%			164	130	26.2%
Oil and Natural Gas	924	548	68.6%			2,999	3,739	(19.8%)
Renewable Energy	5		5		-%				28		28	-%
Total Generation(d)	4,946	7,566	(34.6%)			21,144	28,942	(26.9%)
Purchased Power and Net Interchange(e)	3,066		1,395		119.8%				11,941		7,371	62.0%
Total Sources of Energy	8,012	8,961	(10.6%)			33,085	36,313	(8.9%)
Less: Line Loss and Other	307		632		(51.4%)				1,199		2,084	(42.5%)
Total GWh Sources	7,705	8,329	(7.5%)			31,886	34,229	(6.8%)

Owned MW Capacity(c)
Summer								6,623	6,606
Winter								7,040	7,023

Heating and Cooling Degree Days
Actual
Heating Degree Days	1,991	2,090	(4.7%)			5,349	5,505	(2.8%)
Cooling Degree Days	37	83	(55.4%)			1,261	1,540	(18.1%)

Variance from Normal
Heating Degree Days	1.0%	6.1%					1.2%	4.0%
Cooling Degree Days	135.9%	433.6%					15.0%	40.6%

Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
Statistics reflect Duke Energy's ownership share of jointly owned stations.
Generation by source is reported net of auxiliary power.
Purchased power includes renewable energy purchases.

Gas Utilities and Infrastructure

Quarterly Highlights

December 2019

	Three Months Ended December 31,		Years Ended December 31,
	2019	2018	%	2019	2018	%
		Inc. (Dec.)		Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput	133,517,816	150,000,599	(11.0%)	511,243,774	557,145,128	(8.2%)
(dekatherms)(a)
Duke Energy Midwest LDC throughput (Mcf)	26,747,349	28,492,975	(6.1%)	89,025,972	90,604,833	(1.7%)


Average Number of Customers - Piedmont Natural Gas
Residential	980,623	965,368	1.6%	979,210	964,924	1.5%
Commercial	103,827	102,931	0.9%	103,991	103,516	0.5%

Industrial	976	967	0.9%	972	963	0.9%
Power Generation	17		17		-%		16	17	(5.9%)
Total Average Number of Gas Customers - Piedmont Natural Gas	1,085,443	1,069,283	1.5%	1,084,189	1,069,420	1.4%

Average Number of Customers - Duke Energy Midwest
Residential	491,566	487,780	0.8%	489,942	486,042	0.8%

General Service	43,651	43,575	0.2%	43,350	43,276	0.2%
Industrial	1,591	1,604	(0.8%)	1,578	1,589	(0.7%)

Other	133		135		(1.5%)		135	137	(1.5%)
Total Average Number of Gas Customers - Duke Energy Midwest	536,941	533,094	0.7%	535,005	531,044	0.7%

Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.

Commercial Renewables

Quarterly Highlights

December 2019

	Three Months Ended December 31,		Years Ended December 31,
	2019		2018		% Inc. (Dec.)		2019		2018	% Inc. (Dec.)
Renewable Plant Production, GWh	2,046	1,974	3.6%	8,574	8,522	0.6%
Net Proportional MW Capacity in Operation(a)	n/a		n/a			3,485	2,991	16.5%

Includes 100% tax equity project capacity.

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Duke Energy Corporation published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 11:56:11 UTC

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Apr. 23	Morgan Stanley Adjusts Duke Energy's Price Target to $95 From $94, Keeps Equalweight Rating	MT
Apr. 22	BMO Capital Adjusts Duke Energy Price Target to $104 From $99	MT

Morgan Stanley Adjusts Duke Energy's Price Target to $95 From $94, Keeps Equalweight Rating	Apr. 23	MT
BMO Capital Adjusts Duke Energy Price Target to $104 From $99	Apr. 22	MT
Scotiabank Adjusts Duke Energy's Price Target to $94 From $101	Apr. 22	MT
Automakers hope for a cut as two-way EV charging becomes real	Apr. 22	RE
Sector Update: Energy Stocks Slipping in Late Tuesday Afternoon Trading	Apr. 16	MT
Sector Update: Energy	Apr. 16	MT
Duke Energy's Goals to Cut Carbon Emissions Challenged by Manufacuring, AI, CEO Good Says	Apr. 16	MT
BMO Capital Adjusts Duke Energy Price Target to $99 From $101	Apr. 16	MT
Barclays Adjusts Duke Energy's Price Target to $99 From $100	Apr. 12	MT
Power Producers Gain as Defensive Play -- Utilities Roundup	Apr. 08	DJ
Duke Energy Florida Unit Seeking Rate Reduction in Florida	Apr. 08	MT
Global markets live: ASML, Walt Disney, McDonald's, Goldman Sachs, Apple...	Apr. 05
Sector Update: Energy Stocks Advance Premarket Friday	Apr. 05	MT
Mizuho Securities Raises Duke Energy's Price Target to $99 From $89, Maintains Neutral Rating	Apr. 05	MT
Duke Energy to Sell 50% Interest in Joint Venture to Invest in Clean Energy Transition	Apr. 04	DJ
Duke Energy to Sell Stake in Transmission Line to John Laing Group	Apr. 04	MT
Duke Energy Indiana ask for base rate increase could hike customer bills by 16% between 2025-2026	Apr. 04	RE
Duke Energy to Implement New PowerPair Pilot Program for Poupling Home Solar Installations with Battery Energy Storage	Apr. 04	CI
John Laing Limited has reached an agreement to acquire 50% stake in Pioneer Transmission, LLC from Duke Energy Corporation.	Apr. 03	CI
Duke Energy Florida files for base rate hike in push for clean energy	Apr. 02	RE
Sector Update: Energy Stocks Sliding in Late Friday Afternoon Trading	Mar. 22	MT
Duke Energy Unit Seeks Approval for 76-MW Solar Farm in South Carolina	Mar. 22	MT
Duke Energy Corporation Solicits Proxies from Shareholders	Mar. 22	CI
Duke Energy Corporation Solicits Proxies from Shareholders	Mar. 22	CI
Sector Update: Energy Stocks Gain Premarket Monday	Mar. 18	MT

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