EX-99.1 2 er-20211231xearningsreleas.htm EX-99.1 Document
News Release
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Media Contact: Jennifer Garber
24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan
Office: 980.373.3564

Feb. 10, 2022

Duke Energy reports fourth-quarter and full-year 2021 financial results
▪2021 reported EPS of $4.94 and adjusted EPS of $5.24, closing year above the midpoint of updated guidance range
▪Strong results driven by constructive rate case outcomes and continued customer growth in electric and gas segments
▪Five-year capital plan increases to $63 billion with over 80% funding investments in the grid and clean energy transition
▪Established 2022 adjusted EPS guidance range of $5.30 to $5.60, and extended long-term adjusted EPS growth rate of 5% to 7% through 2026, off 2021 original midpoint of $5.15
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2021 full-year reported EPS of $4.94, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.24. This is compared to reported and adjusted EPS of $1.72 and $5.12, respectively, for the full-year 2020.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between full-year 2021 reported and adjusted EPS was primarily due to an impairment charge related to the South Carolina Supreme Court decision on coal ash and insurance proceeds, as well as workplace and workforce realignment costs.
Higher full-year 2021 adjusted results were primarily driven by rate case contributions and higher volumes in the Electric Utilities Infrastructure segment, complemented by growth and rate case contributions in the Gas Utilities and Infrastructure segment. These items were partially offset by higher O&M, the loss of ACP earnings, Texas Storm Uri, fewer Commercial Renewable projects placed in service and share dilution.
“The fourth quarter capped a strong finish to an exceptionally productive 2021, where we made great progress against our strategic and financial goals,” said Lynn Good, Duke Energy chair, president and chief executive officer.
“We’re leading the industry’s largest clean energy transformation with more than 80% of our $63 billion capital plan funding investments in grid modernization and zero or lower-carbon emitting generation. These investments position us to earn solidly within our 5% to 7% EPS growth range throughout our five-year plan.”


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“We also remain focused on ensuring reliable and affordable energy during this transition - delivering value to customers and shareholders in the years ahead."
Quarterly results
Duke Energy's fourth quarter 2021 reported EPS was $0.93, compared to reported loss per share of $0.12 for the fourth quarter of 2020. Duke Energy's fourth quarter 2021 adjusted EPS was $0.94, compared to $1.03 for the fourth quarter of 2020. Lower adjusted results for the quarter compared to last year were driven by mild weather, fewer renewable projects placed in service and share dilution, partially offset by lower income tax expense.
In addition to the following summary of fourth quarter 2021 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2021 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 2021 segment income of $670 million, compared to segment loss of $170 million in the fourth quarter of 2020. Fourth quarter 2020 reported earnings included impacts of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.
On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2021 and fourth quarter 2020 segment income of $675 million. Flat quarterly results, excluding share dilution of $0.03, were primarily driven by lower income tax expense (+$0.06 per share) and lower depreciation and amortization (+$0.03 per share), partially offset by mild weather (-$0.08 per share).
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2021 segment income of $137 million, compared to $134 million in the fourth quarter of 2020. In addition to the 2021 drivers outlined below, fourth quarter 2020 results included costs related to the cancellation of ACP.
On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2021 segment income of $137 million, compared to $150 million in the fourth quarter of 2020, a decrease of $0.02 per share, excluding share dilution of $0.02. Lower quarterly results were driven by higher O&M (-$0.02 per share) and higher depreciation and amortization (-$0.02 per share), offset by rate case contributions (+$0.03 per share).


Duke Energy News Release     3

Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2021 segment income of $49 million, compared to $79 million in the fourth quarter of 2020. This represents a decrease of $0.04 per share, excluding share dilution of $0.01. Lower quarterly results were primarily driven by fewer renewable 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 basis, Other recognized a fourth quarter 2021 net loss of $131 million, compared to a net loss of $127 million in the fourth quarter of 2020. In addition to the drivers outlined below, fourth quarter 2021 results include workplace and workforce realignment costs.
On an adjusted basis, Other recognized a fourth quarter 2021 net loss of $125 million, compared to a net loss of $127 million in the fourth quarter of 2020, an increase of $0.01 per share, excluding share dilution. Quarterly results were primarily due to lower income tax expense, partially offset by higher contributions to the Duke Energy Foundation.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2021 was (2.8)% compared to 50.8% in the fourth quarter of 2020. The decrease in the effective tax rate was primarily due to charges as part of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress in the prior year.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2021 was (2.4%) compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 11.1% in the fourth quarter of 2020. The decrease was primarily due to tax optimization and an increase in 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 2021 financial results. The conference call will be hosted by Lynn Good, chair, 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 800.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 9510910. Please call in 10 to 15 minutes prior to the scheduled start time.


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A replay of the conference call will be available until 1 p.m. ET, Feb. 20, 2022, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 9510910. 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 tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2021 and 2020 financial results:
(In millions, except per share amounts)After-Tax Amount4Q 2021 EPS 4Q 2020 EPS
EPS, as reported$0.93 $(0.12)
Adjustments to reported EPS:
Fourth Quarter 2021
Workplace and workforce realignment$6 $0.01 
Regulatory settlements5 0.01 
Discontinued operations(7)(0.01)
Fourth Quarter 2020
Regulatory settlements$845 1.14 
Gas pipeline investments16 0.02 
Discontinued operations(7)(0.01)
Total adjustments$0.01 $1.15 
EPS, adjusted$0.94 $1.03 
(In millions, except per share amounts)After-Tax AmountFull-Year 2021 EPSFull-Year 2020 EPS
EPS, as reported$4.94 $1.72 
Adjustments to reported EPS:
Full-Year 2021
Workplace and workforce realignment$148 $0.20 
Regulatory settlements69 0.09 
Gas pipeline investments15 0.02 
Discontinued operations(7)(0.01)
Full-Year 2020
Gas pipeline investments$1,711 2.32 
Regulatory settlements872 1.19 
Severance(75)(0.10)
Discontinued operations
(7)(0.01)
Total adjustments
$0.30 $3.40 
EPS, adjusted
$5.24 $5.12 



Duke Energy News Release     5

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 (loss) from continuing operations available to Duke Energy Corporation 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 (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), 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 costs:
•Workplace and workforce realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.
•Regulatory settlements represents an impairment charge related to the South Carolina Supreme Court decision on coal ash, insurance proceeds and Duke Energy Carolinas and Duke Energy Progress coal ash settlement and the partial settlements in the 2019 North Carolina rate cases.
•Gas pipeline investments represents costs related to the cancellation of the ACP investment and additional exit obligations.
•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.
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).


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Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (loss) 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 (loss) 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 America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities - with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is also a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.


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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:
◦The impact of the COVID-19 pandemic;
◦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, asset retirement and construction costs related to carbon emissions reductions, 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, natural gas building and appliance electrification, 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, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, 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;
◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns;
◦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;
◦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;
◦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;


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◦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, an individual utility’s generation mix, 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;
◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock; and
◦The ability to implement our business strategy, including its carbon emission reduction goals.
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, 2021
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsWorkplace and Workforce RealignmentRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$670 $— $5 B$— $5 $675 
Gas Utilities and Infrastructure137 — — — — 137 
Commercial Renewables49 $— — — — 49 
Total Reportable Segment Income856 — 5 — 5 861 
Other(131)6 A— — 6 (125)
Discontinued Operations7— — (7)C(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$732 $6 $5 $(7)$4 $736 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$0.93 $0.01 $0.01 $(0.01)$0.01 $0.94 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A - Net of $2 million tax benefit. $6 million reversal recorded within Impairment of assets and other charges and $14 million within Operations, maintenance and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.
B - Net of $2 million tax benefit at Duke Energy Carolinas.
•$6 million of expense recorded within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash.
•$1 million of expense recorded within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash.
C - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 769 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2021
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsWorkplace and Workforce RealignmentRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$3,850 $— $— $69 C$— $69 $3,919 
Gas Utilities and Infrastructure396 15 A— — — 15 411 
Commercial Renewables201 — — — — — 201 
Total Reportable Segment Income4,447 15 — 69 — 84 4,531 
Other(652)— 148 B— 148 (504)
Discontinued Operations7 — — — (7)D(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$3,802 $15 $148 $69 $(7)$225 $4,027 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$4.94 $0.02 $0.20 $0.09 $(0.01)$0.30 $5.24 
A - Net of $5 million tax benefit. $20 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Consolidated Statements of Operations.
B - Net of $44 million tax benefit. $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.
C - Net of $20 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.
•$160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues, $3 million of expense within Interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
•$42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues, $5 million of expense within Interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
D - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 769 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2020
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$(170)$— 845B$— $845 $675 
Gas Utilities and Infrastructure134 16 A— — 16 150 
Commercial Renewables79 — — — — 79 
Total Reportable Segment Income43 16 845 — 861 904 
Other(127)— — — — (127)
Discontinued Operations7 — — $(7)C(7)— 
Net (Loss) Income Available to Duke Energy Corporation Common Stockholders$(77)$16 $845 $(7)$854 $777 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$(0.12)$0.02 $1.14 $(0.01)$1.15 $1.03 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A - Net of $4 million tax benefit. $20 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations.
B - Net of $117 million tax benefit at Duke Energy Carolinas and $138 million tax benefit at Duke Energy Progress.
•    $454 million included within Impairment of assets and other charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
•    $494 million included within Impairment of assets and other charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
C - Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 742 million
11

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2020
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsSeveranceRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$2,669 $4 A$— $872 D$— $876 $3,545 
Gas Utilities and Infrastructure(1,266)1,707 B— — — 1,707 441 
Commercial Renewables286 — — — — — 286 
Total Reportable Segment Income1,689 1,711 — 872 — 2,583 4,272 
Other(426)$— (75)C— — (75)(501)
Discontinued Operations7 — — — (7)E(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$1,270 $1,711 $(75)$872 $(7)$2,501 $3,771 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$1.72 $2.32 $(0.10)$1.19 $(0.01)$3.40 $5.12 
.
A - Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Consolidated Statements of Operations.
B - Net of $398 million tax benefit.
• $2,098 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Consolidated Statements of
Operations.
• $7 million included within Impairment charges related to gas project materials on the Piedmont Consolidated Statements of Operations.
C - Net of $23 million tax expense. $98 million reversal of 2018 severance charges recorded within Operations, maintenance and other on the Consolidated Statements of Operations.
D - Net of $123 million tax benefit at Duke Energy Carolinas and $140 million tax benefit at Duke Energy Progress.
• $454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
• $19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations.
• $494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
• $8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations.
E - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 737 million
12

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
December 2021
(Dollars in millions)
Three Months Ended 
 
December 31, 2021		Year Ended 
 
December 31, 2021
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income Before Income Taxes From Continuing Operations Before Income Taxes$639 $3,764 
Gas Pipeline Investments— 20 
Workplace and Workforce Realignment8 192 
Regulatory Settlements7 90 
Noncontrolling Interests79 326 
Preferred Dividends(14)(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$719 $4,286 
Reported Income Tax (Benefit) Expense From Continuing Operations$(18)(2.8)%$192 5.1 %
Gas Pipeline Investments— 5 
Workplace and Workforce Realignment2 44 
Regulatory Settlements2 21 
Noncontrolling interest portion of income taxes(a)
(3)(3)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$(17)(2.4 %)$259 6.0 %
(a)    Income tax related to non-pass through entities for tax purposes.
Three Months Ended 
 
December 31, 2020		Year Ended 
 
December 31, 2020
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported (Loss) Income From Continuing Operations Before Income Taxes$(319)$839 
Regulatory Settlements1,100 1,135 
Gas Pipeline Investments20 2,110 
Severance— (98)
Noncontrolling Interests87 295 
Preferred Dividends(14)(107)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$874 $4,174 
Reported Income Tax Benefit From Continuing Operations$(162)50.8 %$(236)(28.1)%
Regulatory Settlements255 263 
Gas Pipeline Investments4399 
Severance— (23)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$97 11.1 %$403 9.7 %
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DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2021 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial RenewablesOtherDiscontinued OperationsConsolidated
2020 QTD Reported Earnings Per Share$(0.23)$0.20 $0.11 $(0.21)$0.01 $(0.12)
Gas Pipeline Investments— 0.02 — — 0.02 
Regulatory Settlements1.14 — — — — 1.14 
Discontinued Operations— — — — (0.01)(0.01)
2020 QTD Adjusted Earnings Per Share$0.91 $0.22 $0.11 $(0.21)$— $1.03 
Weather(0.08)— — — — (0.08)
Volume0.01 — — — — 0.01 
Riders and Other Retail Margin(0.01)0.02 — — — 0.01 
Rate case impacts, net(a)
0.02 0.03 — — — 0.05 
Wholesale(0.03)— — — — (0.03)
Operations and maintenance, net of recoverables— (0.02)— — — (0.02)
Duke Energy Renewables(b)
— — (0.04)— — (0.04)
Interest Expense(0.01)— — (0.02)— (0.03)
AFUDC Equity0.01 — — — — 0.01 
Depreciation and amortization(c)
0.03 (0.02)— — — 0.01 
Other(d)
0.06 (0.03)— 0.03 — 0.06 
Total variance before share count$— $(0.02)$(0.04)$0.01 $— $(0.05)
Change in share count(0.03)(0.02)(0.01)0.02 — (0.04)
2021 QTD Adjusted Earnings Per Share$0.88 $0.18 $0.06 $(0.18)$— $0.94 
Workplace and Workforce Realignment— — — (0.01)— (0.01)
Regulatory Settlements(0.01)— — — — (0.01)
Discontinued Operations— — — — 0.01 0.01 
2021 QTD Reported Earnings Per Share$0.87 $0.18 $0.06 $(0.19)$0.01 $0.93 
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 shares outstanding increased from 742 million shares to 769 million.
(a)    Electric Utilities and Infrastructure includes the net impact the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.01), respectively, and the DEF SBRA and multiyear rate plan (+0.01). Gas Utilities and Infrastructure includes the net impact of the PNG North Carolina rate case, effective November 2021 (+0.02), and the PNG Tennessee rate case, effective January 2021 (+0.01).
(b)    Primarily due to fewer renewable projects placed in service in the current year.
(c)    Electric Utilities and Infrastructure excludes rate case impacts.
(d)    Electric Utilities and Infrastructure and Other include lower income tax expense. Gas Utilities and Infrastructure is primarily due to an asset impairment in Ohio. Other includes lower income tax expense, partially offset by higher contributions to the Duke Energy Foundation.
14

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2021 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial RenewablesOtherDiscontinued OperationsConsolidated
2020 YTD Reported Earnings Per Share$3.62 $(1.70)$0.39 $(0.60)$0.01 $1.72 
Gas Pipeline Investments— 2.32 — — — 2.32 
Severance— — — (0.10)— (0.10)
Regulatory Settlements1.19 — — — — 1.19 
Discontinued Operations— — — — (0.01)(0.01)
2020 YTD Adjusted Earnings Per Share$4.81 $0.62 $0.39 $(0.70)$— $5.12 
Weather0.01 — — — — 0.01 
Volume0.19 — — — — 0.19 
Riders and Other Retail Margin(a)
0.07 0.07 — — — 0.14 
Rate case impacts, net(b)
0.34 0.05 — — — 0.39 
Wholesale(0.01)— — — — (0.01)
Operations and maintenance, net of recoverables(c)
(0.12)(0.01)— — — (0.13)
Midstream Gas Pipelines(d)
— (0.07)— — — (0.07)
Duke Energy Renewables(e)
— — (0.11)— — (0.11)
Interest Expense(0.02)— — — — (0.02)
AFUDC Equity0.02 — — — — 0.02 
Depreciation and amortization(f)
0.04 (0.05)— — — (0.01)
Other(g)
(0.03)(0.03)— — — (0.06)
Total variance before share count$0.49 $(0.04)$(0.11)$— $— $0.34 
Change in share count(0.20)(0.04)(0.02)0.04 — (0.22)
2021 YTD Adjusted Earnings Per Share$5.10 $0.54 $0.26 $(0.66)$— $5.24 
Gas Pipeline Investments— (0.02)— — — (0.02)
Workplace and Workforce Realignment— — — (0.20)— (0.20)
Regulatory Settlements(0.09)— — — — (0.09)
Discontinued Operations— — — — 0.01 0.01 
2021 YTD Reported Earnings Per Share$5.01 $0.52 $0.26 $(0.86)$0.01 $4.94 
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 shares outstanding increased from 737 million shares to 769 million.
(a)    Electric Utilities and Infrastructure includes higher transmission revenues and a disallowance of purchased power at a DEF plant in the prior year. Gas Utilities and Infrastructure includes increases related to the North Carolina and Ohio construction based riders and customer growth.
(b)    Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.20), DEI base rate increases, effective August 2020 (+0.10), DEF SBRA and multi-year rate plan (+0.03) and DEK base rates increases, effective April 2020 (+0.01). Gas Utilities and Infrastructure includes the net impact of the PNG North Carolina rate case, effective November 2021, and the PNG Tennessee rate case, effective January 2021.
(c)    Primarily due to higher employee-related expenses.
(d)    Primarily the loss of ACP earnings.
(e)    Primarily due to Texas Storm Uri impacts (-0.04) in February 2021, fewer projects placed in service in the current year (-0.04) and lower wind resource.
(f)    Electric Utilities and Infrastructure excludes rate case impacts. Gas Utilities and Infrastructure is primarily due to a higher depreciable base.
(g)    Electric Utilities and Infrastructure includes higher property tax expense. Gas Utilities and Infrastructure is primarily due to an asset impairment in Ohio. Other includes higher earnings at National Methanol Company, offset by higher contributions to the Duke Energy Foundation.
15

DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Years Ended December 31,
202120202019
Operating Revenues
Regulated electric$22,319 $21,461 $22,615 
Regulated natural gas2,008 1,642 1,759 
Nonregulated electric and other770 765 705 
Total operating revenues25,097 23,868 25,079 
Operating Expenses
Fuel used in electric generation and purchased power6,255 6,051 6,826 
Cost of natural gas705 460 627 
Operation, maintenance and other6,042 5,788 6,066 
Depreciation and amortization4,990 4,705 4,548 
Property and other taxes1,389 1,337 1,307 
Impairment of assets and other charges356 984 (8)
Total operating expenses19,737 19,325 19,366 
Gains (Losses) on Sales of Other Assets and Other, net13 10 (4)
Operating Income5,373 4,553 5,709 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates28 (2,005)162 
Other income and expenses, net643 453 430 
Total other income and expenses671 (1,552)592 
Interest Expense2,280 2,162 2,204 
Income From Continuing Operations Before Income Taxes3,764 839 4,097 
Income Tax Expense (Benefit) From Continuing Operations192 (236)519 
Income From Continuing Operations3,572 1,075 3,578 
Income (Loss) From Discontinued Operations, net of tax7 7 (7)
Net Income3,579 1,082 3,571 
Add: Net Loss Attributable to Noncontrolling Interests329 295 177 
Net Income Attributable to Duke Energy Corporation3,908 1,377 $3,748 
Less: Preferred Dividends106 107 $41 
Net Income Available to Duke Energy Corporation Common Stockholders$3,802 $1,270 $3,707 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$4.93 $1.71 $5.07 
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$0.01 $0.01 $(0.01)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$4.94 $1.72 $5.06 
Weighted average shares outstanding
Basic769 737 729
Diluted769 738 729


16

DUKE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)December 31, 2021December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents$343 $259 
Receivables (net of allowance for doubtful accounts of $46 at 2021 and $29 at 2020)1,173 1,009 
Receivables of VIEs (net of allowance for doubtful accounts of $76 at 2021 and $117 at 2020)2,437 2,144 
Inventory3,199 3,167 
Regulatory assets (includes $105 at 2021 and $53 at 2020 related to VIEs)2,150 1,641 
Other (includes $256 at 2021 and $296 at 2020 related to VIEs)638 462 
Total current assets9,940 8,682 
Property, Plant and Equipment
Cost161,819 155,580 
Accumulated depreciation and amortization(50,555)(48,827)
Facilities to be retired, net144 29 
Net property, plant and equipment111,408 106,782 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $1,823 at 2021 and $937 at 2020 related to VIEs)12,487 12,421 
Nuclear decommissioning trust funds10,401 9,114 
Operating lease right-of-use assets, net1,266 1,524 
Investments in equity method unconsolidated affiliates970 961 
Other (includes $92 at 2021 and $81 at 2020 related to VIEs)3,812 3,601 
Total other noncurrent assets48,239 46,924 
Total Assets$169,587 $162,388 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$3,629 $3,144 
Notes payable and commercial paper3,304 2,873 
Taxes accrued749 482 
Interest accrued533 537 
Current maturities of long-term debt (includes $243 at 2021 and $472 at 2020 related to VIEs)3,387 4,238 
Asset retirement obligations647 718 
Regulatory liabilities1,211 1,377 
Other 2,471 2,936 
Total current liabilities15,931 16,305 
Long-Term Debt (includes $4,854 at 2021 and $3,535 at 2020 related to VIEs)60,448 55,625 
Other Noncurrent Liabilities
Deferred income taxes9,379 9,244 
Asset retirement obligations12,129 12,286 
Regulatory liabilities16,152 15,029 
Operating lease liabilities1,074 1,340 
Accrued pension and other post-retirement benefit costs855 969 
Investment tax credits833 687 
Other (includes $319 at 2021 and $316 at 2020 related to VIEs)1,650 1,719 
Total other noncurrent liabilities42,072 41,274 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020
973 973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020
989 989 
Common Stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 20201 1 
Additional paid-in capital44,371 43,767 
Retained earnings3,265 2,471 
Accumulated other comprehensive loss(303)(237)
Total Duke Energy Corporation stockholders' equity49,296 47,964 
Noncontrolling interests1,840 1,220 
Total equity51,136 49,184 
Total Liabilities and Equity$169,587 $162,388 
17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Years Ended December 31,
202120202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$3,579 $1,082 $3,571 
Adjustments to reconcile net income to net cash provided by operating activities
4,711 7,774 4,638 
Net cash provided by operating activities8,290 8,856 8,209 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(10,935)(10,604)(11,957)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities2,609 1,731 3,730 
Net decrease in cash, cash equivalents and restricted cash(36)(17)(18)
Cash, cash equivalents and restricted cash at beginning of period556 573 591 
Cash, cash equivalents and restricted cash at end of period$520 $556 $573 

18

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2021
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$5,418 $— $— $— $(71)$5,347 
Regulated natural gas— 718 — — (24)694 
Nonregulated electric and other— 3 121 30 43 197 
Total operating revenues5,418 721 121 30 (52)6,238 
Operating Expenses
Fuel used in electric generation and purchased power1,572 — — — (19)1,553 
Cost of natural gas— 275 — — — 275 
Operation, maintenance and other1,433 140 102 83 (35)1,723 
Depreciation and amortization1,097 87 58 55 (5)1,292 
Property and other taxes284 28 6 (2)— 316 
Impairment of assets and other charges1 19 — (6)— 14 
Total operating expenses4,387 549 166 130 (59)5,173 
Gains on Sales of Other Assets and Other, net2 — — — — 2 
Operating Income (Loss)1,033 172 (45)(100)7 1,067 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates(1)6 (2)11 — 14 
Other income and expenses, net114 12 2 32 (10)150 
Total Other Income and Expenses113 18 — 43 (10)164 
Interest Expense366 37 19 173 (3)592 
Income (Loss) from Continuing Operations Before Income Taxes780 153 (64)(230)— 639 
Income Tax Expense (Benefit) from Continuing Operations101 16 (22)(113)— (18)
Income (Loss) from Continuing Operations679 137 (42)(117)— 657 
Add: Net (Income) Loss Attributable to Noncontrolling Interest(9)— 91 — — 82 
Income from Continuing Operations Attributable to Duke Energy Corporation670 137 49 (117)— 739 
Less: Preferred Dividends— — — 14 — 14 
Segment Income/Other Net Loss$670 $137 $49 $(131)$— $725 
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$732 
Segment Income/Other Net Loss$670 $137 $49 $(131)$— $725 
Special Items5 — — 6 — 11 
Adjusted Earnings(a)
$675 $137 $49 $(125)$— $736 

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.

19

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 31, 2021
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$22,603 $— $— $— $(284)$22,319 
Regulated natural gas— 2,099 — — (91)2,008 
Nonregulated electric and other— 13 476 111 170 770 
Total operating revenues22,603 2,112 476 111 (205)25,097 
Operating Expenses
Fuel used in electric generation and purchased power6,332 — — — (77)6,255 
Cost of natural gas— 705 — — — 705 
Operation, maintenance and other5,340 442 342 40 (122)6,042 
Depreciation and amortization4,251 303 225 237 (26)4,990 
Property and other taxes1,233 120 34 2 — 1,389 
Impairment of assets and other charges204 19 — 133 — 356 
Total operating expenses17,360 1,589 601 412 (225)19,737 
Gains (Losses) on Sales of Other Assets and Other, net13 — — (1)1 13 
Operating Income (Loss)5,256 523 (125)(302)21 5,373 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates7 8 (34)47 — 28 
Other income and expenses, net527 62 10 74 (30)643 
Total Other Income and Expenses534 70 (24)121 (30)671 
Interest Expense1,432 142 72 643 (9)2,280 
Income (Loss) from Continuing Operations Before Income Taxes4,358 451 (221)(824)— 3,764 
Income Tax Expense (Benefit) from Continuing Operations494 55 (78)(279)— 192 
Income (Loss) from Continuing Operations3,864 396 (143)(545)— 3,572 
Add: Net (Income) Loss Attributable to Noncontrolling Interest(14)— 344 (1)— 329 
Income from Continuing Operations Attributable to Duke Energy Corporation3,850 396 201 (546)— 3,901 
Less: Preferred Dividends— — — 106 — 106 
Segment Income/Other Net Loss$3,850 $396 $201 $(652)$— $3,795 
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$3,802 
Segment Income/Other Net Loss$3,850 $396 $201 $(652)$— $3,795 
Special Items69 15 — 148 — 232 
Adjusted Earnings(a)
$3,919 $411 $201 $(504)$— $4,027 

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.
20

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2020
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$5,124 $— $— $— $(65)$5,059 
Regulated natural gas— 551 — — (24)527 
Nonregulated electric and other— 3 124 24 40 191 
Total operating revenues5,124 554 124 24 (49)5,777 
Operating Expenses
Fuel used in electric generation and purchased power1,425 — — — (19)1,406 
Cost of natural gas— 160 — — 1 161 
Operation, maintenance and other1,500 118 81 (27)(26)1,646 
Depreciation and amortization1,045 65 51 55 (8)1,208 
Property and other taxes303 30 3 (1)(1)334 
Impairment of assets and other charges948 — — — — 948 
Total operating expenses5,221 373 135 27 (53)5,703 
Losses on Sales of Other Assets and Other, net— — (1)— 1 — 
Operating (Loss) Income(97)181 (12)(3)5 74 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates2 (13)5 4 1 (1)
Other income and expenses, net101 14 2 33 (7)143 
Total Other Income and Expenses103 1 7 37 (6)142 
Interest Expense329 32 17 159 (2)535 
(Loss) Income from Continuing Operations Before Income Taxes(323)150 (22)(125)1 (319)
Income Tax (Benefit) Expense from Continuing Operations(153)16 (13)(13)1 (162)
(Loss) Income from Continuing Operations(170)134 (9)(112)— (157)
Add: Net Loss (Income) Attributable to Noncontrolling Interest— — 88 (1)— 87 
(Loss) Income from Continuing Operations Attributable to Duke Energy Corporation(170)134 79 (113)— (70)
Less: Preferred Dividends— — — 14 — 14 
Segment (Loss) Income/Other Net Loss$(170)$134 $79 $(127)$— $(84)
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$(77)
Segment (Loss) Income/Other Net Loss$(170)$134 $79 $(127)$— $(84)
Special Items845 16 — — — 861 
Adjusted Earnings(a)
$675 $150 $79 $(127)$— $777 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.

21

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 31, 2020
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$21,720 $— $— $— $(259)$21,461 
Regulated natural gas— 1,737 — — (95)1,642 
Nonregulated electric and other— 11 502 97 155 765 
Total operating revenues21,720 1,748 502 97 (199)23,868 
Operating Expenses
Fuel used in electric generation and purchased power6,128 — — — (77)6,051 
Cost of natural gas— 460 — — — 460 
Operation, maintenance and other5,391 430 285 (208)(110)5,788 
Depreciation and amortization4,068 258 199 209 (29)4,705 
Property and other taxes1,188 112 27 11 (1)1,337 
Impairment of assets and other charges971 7 6 — — 984 
Total operating expenses17,746 1,267 517 12 (217)19,325 
Gains (Losses) on Sales of Other Assets and Other, net11 — (1)— — 10 
Operating Income (Loss)3,985 481 (16)85 18 4,553 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates(1)(2,017)— 13 — (2,005)
Other income and expenses, net345 56 7 79 (34)453 
Total Other Income and Expenses344 (1,961)7 92 (34)(1,552)
Interest Expense1,320 135 66 657 (16)2,162 
Income (Loss) from Continuing Operations Before Income Taxes3,009 (1,615)(75)(480)— 839 
Income Tax Expense (Benefit) from Continuing Operations340 (349)(65)(162)— (236)
Income (Loss) from Continuing Operations2,669 (1,266)(10)(318)— 1,075 
Add: Net Loss (Income) Attributable to Noncontrolling Interest— — 296 (1)— 295 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation2,669 (1,266)286 (319)— 1,370 
Less: Preferred Dividends— — — 107 — 107 
Segment Income (Loss)/Other Net Loss$2,669 $(1,266)$286 $(426)$— $1,263 
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$1,270 
Segment Income (Loss)/Other Net Loss$2,669 $(1,266)$286 $(426)$— $1,263 
Special Items876 1,707 — (75)— 2,508 
Adjusted Earnings(a)
$3,545 $441 $286 $(501)$— $3,771 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) / Other Net Loss to Adjusted Earnings.




22

DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2021
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial
Renewables		OtherEliminations/
Adjustments		Duke Energy
Current Assets
Cash and cash equivalents$82 $12 $3 $247 $(1)$343 
Receivables, net728 328 87 29 1 1,173 
Receivables of variable interest entities, net2,437 — — — — 2,437 
Receivables from affiliated companies170 198 611 762 (1,741)— 
Notes receivable from affiliated companies87 4 — 1,145 (1,236)— 
Inventory2,942 125 86 46 — 3,199 
Regulatory assets1,886 165 — 100 (1)2,150 
Other340 35 188 75 — 638 
Total current assets8,672 867 975 2,404 (2,978)9,940 
Property, Plant and Equipment
Cost138,137 13,956 7,311 2,512 (97)161,819 
Accumulated depreciation and amortization(44,912)(2,745)(1,448)(1,452)2 (50,555)
Facilities to be retired, net134 11 — — (1)144 
Net property, plant and equipment93,359 11,222 5,863 1,060 (96)111,408 
Other Noncurrent Assets
Goodwill17,379 1,924 — — — 19,303 
Regulatory assets11,264 745 — 478 — 12,487 
Nuclear decommissioning trust funds10,401 — — — — 10,401 
Operating lease right-of-use assets, net854 16 130 266 — 1,266 
Investments in equity method unconsolidated affiliates104 231 513 122 — 970 
Investment in consolidated subsidiaries575 3 (6)66,212 (66,784)— 
Other2,205 333 107 2,823 (1,656)3,812 
Total other noncurrent assets42,782 3,252 744 69,901 (68,440)48,239 
Total Assets144,813 15,341 7,582 73,365 (71,514)169,587 
Segment reclassifications, intercompany balances and other(972)(162)(605)(69,775)71,514 — 
Segment Assets$143,841 $15,179 $6,977 $3,590 $— $169,587 

23

DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2021
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial
Renewables		OtherEliminations/
Adjustments		Duke Energy
Current Liabilities
Accounts payable$2,653 $278 $98 $600 $— $3,629 
Accounts payable to affiliated companies876 60 105 623 (1,664)— 
Notes payable to affiliated companies631 548 — 42 (1,221)— 
Notes payable and commercial paper— — — 3,304 — 3,304 
Taxes accrued795 107 24 (178)1 749 
Interest accrued360 44 3 126 — 533 
Current maturities of long-term debt1,166 — 167 2,058 (4)3,387 
Asset retirement obligations647 — — — — 647 
Regulatory liabilities1,133 78 — — — 1,211 
Other1,585 131 75 738 (58)2,471 
Total current liabilities9,846 1,246 472 7,313 (2,946)15,931 
Long-Term Debt38,236 3,721 1,475 17,107 (91)60,448 
Long-Term Debt Payable to Affiliated Companies1,649 7 35 — (1,691)— 
Other Noncurrent Liabilities
Deferred income taxes10,444 1,086 (479)(1,672)— 9,379 
Asset retirement obligations11,878 75 175 — 1 12,129 
Regulatory liabilities14,642 1,480 — 30 — 16,152 
Operating lease liabilities753 14 134 173 — 1,074 
Accrued pension and other post-retirement benefit costs298 36 (29)550 — 855 
Investment tax credits831 2 — — — 833 
Other752 257 345 488 (192)1,650 
Total other noncurrent liabilities39,598 2,950 146 (431)(191)42,072 
Equity
Total Duke Energy Corporation stockholders' equity55,044 7,415 4,060 49,373 (66,596)49,296 
Noncontrolling interests440 2 1,394 3 1 1,840 
Total equity55,484 7,417 5,454 49,376 (66,595)51,136 
Total Liabilities and Equity144,813 15,341 7,582 73,365 (71,514)169,587 
Segment reclassifications, intercompany balances and other(972)(162)(605)(69,775)71,514 — 
Segment Liabilities and Equity$143,841 $15,179 $6,977 $3,590 $— $169,587 

24

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2021
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$1,672 $1,363 $1,272 $374 $808 $(71)$5,418 
Operating Expenses
Fuel used in electric generation and purchased power383 410 471 115 275 (82)1,572 
Operation, maintenance and other473 366 283 95 204 12 1,433 
Depreciation and amortization380 286 212 54 157 8 1,097 
Property and other taxes72 30 93 74 16 (1)284 
Impairment of assets and other charges1 1 — — — (1)1 
Total operating expenses1,309 1,093 1,059 338 652 (64)4,387 
Gains on Sales of Other Assets and Other, net1 5 — — — (4)2 
Operating Income364 275 213 36 156 (11)1,033 
Other Income and Expenses, net(b)
54 28 17 3 12 (1)113 
Interest Expense138 80 80 21 48 (1)366 
Income Before Income Taxes280 223 150 18 120 (11)780 
Income Tax Expense (Benefit)12 27 38 (1)31 (6)101 
Less: Net Income Attributable to Noncontrolling Interest— — — — — 9 9 
Segment Income$268 $196 $112 $19 $89 $(14)$670 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $19 million for Duke Energy Carolinas, $10 million for Duke Energy Progress, $4 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $8 million for Duke Energy Indiana.

25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 31, 2021
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$7,102 $5,780 $5,259 $1,493 $3,174 $(205)$22,603 
Operating Expenses
Fuel used in electric generation and purchased power1,601 1,778 1,806 409 985 (247)6,332 
Operation, maintenance and other1,783 1,435 1,026 347 738 11 5,340 
Depreciation and amortization1,468 1,097 831 217 615 23 4,251 
Property and other taxes320 159 383 291 73 7 1,233 
Impairment of assets and other charges161 44 — — — (1)204 
Total operating expenses5,333 4,513 4,046 1,264 2,411 (207)17,360 
Gains on Sales of Other Assets and Other, net2 13 1 1 — (4)13 
Operating Income1,771 1,280 1,214 230 763 (2)5,256 
Other Income and Expenses, net(b)
273 134 71 13 43 — 534 
Interest Expense538 306 319 87 196 (14)1,432 
Income Before Income Taxes1,506 1,108 966 156 610 12 4,358 
Income Tax Expense79 87 198 15 112 3 494 
Less: Net Income Attributable to Noncontrolling Interest— — — — — 14 $14 
Segment Income
$1,427 $1,021 $768 $141 $498 $(5)$3,850 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $65 million for Duke Energy Carolinas, $34 million for Duke Energy Progress, $16 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $27 million for Duke Energy Indiana.
26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2021
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents$7 $35 $23 $10 $6 $1 $82 
Receivables, net300 127 117 86 100 (2)728 
Receivables of variable interest entities, net844 574 432 — — 587 2,437 
Receivables from affiliated companies190 65 16 142 98 (341)170 
Notes receivable from affiliated companies— — — 10 134 (57)87 
Inventory1,026 921 477 100 418 — 2,942 
Regulatory assets544 533 497 36 277 (1)1,886 
Other95 83 80 16 68 (2)340 
Total current assets3,006 2,338 1,642 400 1,101 185 8,672 
Property, Plant and Equipment
Cost51,874 37,018 23,865 7,731 17,343 306 138,137 
Accumulated depreciation and amortization(17,854)(13,387)(5,819)(2,260)(5,583)(9)(44,912)
Facilities to be retired, net102 26 — 6 — — 134 
Net property, plant and equipment34,122 23,657 18,046 5,477 11,760 297 93,359 
Other Noncurrent Assets
Goodwill— — — 596 — 16,783 17,379 
Regulatory assets2,935 4,118 1,791 331 1,278 811 11,264 
Nuclear decommissioning trust funds5,759 4,089 553 — — — 10,401 
Operating lease right-of-use assets, net92 389 302 19 53 (1)854 
Investments in equity method unconsolidated affiliates— — 1 — — 103 104 
Investment in consolidated subsidiaries60 15 4 264 2 230 575 
Other1,248 792 398 63 296 (592)2,205 
Total other noncurrent assets10,094 9,403 3,049 1,273 1,629 17,334 42,782 
Total Assets47,222 35,398 22,737 7,150 14,490 17,816 144,813 
Segment reclassifications, intercompany balances and other(428)(167)(188)(268)(94)173 (972)
Reportable Segment Assets$46,794 $35,231 $22,549 $6,882 $14,396 $17,989 $143,841 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company.

27

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2021
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Liabilities
Accounts payable$988 $476 $623 $268 $282 $16 $2,653 
Accounts payable to affiliated companies267 310 210 15 221 (147)876 
Notes payable to affiliated companies226 172 199 71 — (37)631 
Taxes accrued278 165 53 222 74 3 795 
Interest accrued125 96 68 23 49 (1)360 
Current maturities of long-term debt362 556 76 — 84 88 1,166 
Asset retirement obligations249 274 1 13 110 — 647 
Regulatory liabilities487 381 98 40 127 — 1,133 
Other545 448 407 79 105 1 1,585 
Total current liabilities3,527 2,878 1,735 731 1,052 (77)9,846 
Long-Term Debt12,595 9,543 8,406 2,549 4,089 1,054 38,236 
Long-Term Debt Payable to Affiliated Companies318 150 — 18 150 1,013 1,649 
Other Noncurrent Liabilities
Deferred income taxes3,690 2,220 2,436 758 1,304 36 10,444 
Asset retirement obligations5,052 5,401 436 71 877 41 11,878 
Regulatory liabilities7,198 4,868 698 331 1,565 (18)14,642 
Operating lease liabilities78 350 256 18 50 1 753 
Accrued pension and other post-retirement benefit costs50 221 166 80 167 (386)298 
Investment tax credits287 128 236 3 177 — 831 
Other536 88 73 51 44 (40)752 
Total other noncurrent liabilities16,891 13,276 4,301 1,312 4,184 (366)39,598 
Equity
Total Duke Energy Corporation stockholders' equity13,891 9,551 8,295 2,540 5,015 15,752 55,044 
Noncontrolling interests(c)
— — — — — 440 440 
Equity13,891 9,551 8,295 2,540 5,015 16,192 55,484 
Total Liabilities and Equity47,222 35,398 22,737 7,150 14,490 17,816 144,813 
Segment reclassifications, intercompany balances and other(428)(167)(188)(268)(94)173 (972)
Reportable Segment Liabilities and Equity$46,794 $35,231 $22,549 $6,882 $14,396 $17,989 $143,841 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.

28

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2021
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$169 $553 $— $(1)$721 
Operating Expenses
Cost of natural gas60 215 — — 275 
Operation, maintenance and other44 94 1 1 140 
Depreciation and amortization25 63 — (1)87 
Property and other taxes16 11 — 1 28 
Impairment of assets and other charges19 — — — 19 
Total operating expenses164 383 1 1 549 
Losses on Sales of Other Assets and Other, net(1)— — 1 — 
Operating Income (Loss)4 170 (1)(1)172 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates— — 6 — 6 
Other income and expenses, net2 10 — — 12 
Total other income and expenses2 10 6 — 18 
Interest Expense7 31 — (1)37 
(Loss) Income Before Income Taxes(1)149 5 — 153 
Income Tax (Benefit) Expense(2)13 4 1 16 
Segment Income$1 $136 $1 $(1)$137 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

29

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 31, 2021
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$544 $1,569 $— $(1)$2,112 
Operating Expenses
Cost of natural gas136 569 — — 705 
Operation, maintenance and other121 319 2 — 442 
Depreciation and amortization90 213 1 (1)303 
Property and other taxes64 55 — 1 120 
Impairment of assets and other charges19 — — — 19 
Total operating expenses430 1,156 3 — 1,589 
Operating Income (Loss)114 413 (3)(1)523 
Other Income and Expenses
Equity in losses of unconsolidated affiliates— — 8 — 8 
Other income and expenses, net7 55 — — 62 
Total other income and expenses7 55 8 — 70 
Interest Expense24 119 — (1)142 
Income Before Income Taxes97 349 5 — 451 
Income Tax Expense19 31 4 1 55 
Segment Income$78 $318 $1 $(1)$396 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities and losses from the cancellation of the ACP pipeline.
30

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2021
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Assets
Cash and cash equivalents$3 $— $8 $1 $12 
Receivables, net10 318 — — 328 
Receivables from affiliated companies— 76 184 (62)198 
Notes receivable from affiliated companies5 — — (1)4 
Inventory16 109 — — 125 
Regulatory assets24 141 — — 165 
Other26 9 3 (3)35 
Total current assets84 653 195 (65)867 
Property, Plant and Equipment
Cost3,994 9,917 45 — 13,956 
Accumulated depreciation and amortization(846)(1,900)— 1 (2,745)
Facilities to be retired, net— 11 — — 11 
Net property, plant and equipment3,148 8,028 45 1 11,222 
Other Noncurrent Assets
Goodwill324 49 — 1,551 1,924 
Regulatory assets315 316 — 114 745 
Operating lease right-of-use assets, net— 16 — — 16 
Investments in equity method unconsolidated affiliates— — 226 5 231 
Investment in consolidated subsidiaries— — — 3 3 
Other21 289 23 — 333 
Total other noncurrent assets660 670 249 1,673 3,252 
Total Assets3,892 9,351 489 1,609 15,341 
Segment reclassifications, intercompany balances and other— (27)6 (141)(162)
Reportable Segment Assets$3,892 $9,324 $495 $1,468 $15,179 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
31

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2021
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Liabilities
Accounts payable$78 $196 $4 $— $278 
Accounts payable to affiliated companies29 36 63 (68)60 
Notes payable to affiliated companies32 518 — (2)548 
Taxes accrued42 61 3 1 107 
Interest accrued7 37 — — 44 
Regulatory liabilities22 56 — — 78 
Other4 81 47 (1)131 
Total current liabilities214 985 117 (70)1,246 
Long-Term Debt619 2,968 34 100 3,721 
Long-Term Debt Payable to Affiliated Companies7 — — — 7 
Other Noncurrent Liabilities
Deferred income taxes297 800 (11)— 1,086 
Asset retirement obligations53 22 — — 75 
Regulatory liabilities408 1,058 — 14 1,480 
Operating lease liabilities— 14 — — 14 
Accrued pension and other post-retirement benefit costs29 7 — — 36 
Investment tax credits1 1 — — 2 
Other47 156 53 1 257 
Total other noncurrent liabilities835 2,058 42 15 2,950 
Equity
Total Duke Energy Corporation stockholders' equity2,217 3,340 294 1,564 7,415 
Noncontrolling interests— — 2 — 2 
Equity2,217 3,340 296 1,564 7,417 
Total Liabilities and Equity3,892 9,351 489 1,609 15,341 
Segment reclassifications, intercompany balances and other— (27)6 (141)(162)
Reportable Segment Liabilities and Equity$3,892 $9,324 $495 $1,468 $15,179 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

32

Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential19,337 19,050 1.5 %0.8 %87,452 84,867 3.0 %0.7 %
General Service17,615 17,673 (0.3 %)0.3 %74,571 72,936 2.2 %3.1 %
Industrial11,203 12,182 (8.0 %)(4.7 %)48,639 47,765 1.8 %2.9 %
Other Energy Sales133 149 (10.7 %)n/a552 570 (3.2 %)n/a
Unbilled Sales337 949 (64.5 %)n/a(339)730 (146.4 %)n/a
Total Retail Sales
48,625 50,003 (2.8 %)(0.6)%210,875 206,868 1.9 %2.0 %
Wholesale and Other9,798 9,761 0.4 %41,657 39,448 5.6 %
Total Consolidated Electric Sales – Electric Utilities and Infrastructure
58,423 59,764 (2.2 %)252,532 246,316 2.5 %
Average Number of Customers (Electric)
Residential6,986,380 6,909,529 1.1 %6,970,755 6,863,679 1.6 %
General Service1,034,941 1,007,851 2.7 %1,031,930 1,002,533 2.9 %
Industrial16,035 17,242 (7.0 %)16,805 17,281 (2.8 %)
Other Energy Sales25,250 31,312 (19.4 %)25,106 31,111 (19.3 %)
Total Retail Customers
8,062,606 7,965,934 1.2 %8,044,596 7,914,604 1.6 %
Wholesale and Other41 40 2.5 %38 44 (13.6 %)
Total Average Number of Customers – Electric Utilities and Infrastructure
8,062,647 7,965,974 1.2 %8,044,634 7,914,648 1.6 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal6,646 11,856 (43.9 %)46,173 45,057 2.5 %
Nuclear18,695 17,831 4.8 %75,328 73,721 2.2 %
Hydro338 1,052 (67.9 %)2,338 3,596 (35.0 %)
Natural Gas and Oil20,418 18,298 11.6 %80,666 77,883 3.6 %
Renewable Energy351 260 35.0 %1,532 1,154 32.8 %
Total Generation(d)
46,448 49,297 (5.8 %)206,037 201,411 2.3 %
Purchased Power and Net Interchange(e)
15,589 14,088 10.7 %61,147 58,529 4.5 %
Total Sources of Energy62,037 63,385 (2.1 %)267,184 259,940 2.8 %
Less: Line Loss and Other3,614 3,621 (0.2 %)14,652 13,624 7.5 %
Total GWh Sources58,423 59,764 (2.2 %)252,532 246,316 2.5 %
Owned Megawatt (MW) Capacity(c)
Summer50,259 50,808 
Winter53,625 54,248 
Nuclear Capacity Factor (%)(f)
96 94 
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

33

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential6,2846,0843.3 %29,244 27,963 4.6 %
General Service6,8996,5605.2 %28,395 27,637 2.7 %
Industrial5,1534,9813.5 %20,611 19,593 5.2 %
Other Energy Sales7285(15.3 %)300 314 (4.5 %)
Unbilled Sales(75)628(111.9 %)(160)210 (176.2 %)
Total Retail Sales
18,33318,338— %1.5 %78,390 75,717 3.5 %3.3 %
Wholesale and Other2,1062,191(3.9 %)9,406 8,857 6.2 %
Total Consolidated Electric Sales – Duke Energy Carolinas
20,43920,529(0.4 %)87,796 84,574 3.8 %
Average Number of Customers
Residential2,359,2562,324,3821.5 %2,350,215 2,306,162 1.9 %
General Service401,442369,5938.6 %392,440 366,952 6.9 %
Industrial5,9386,088(2.5 %)5,963 6,099 (2.2 %)
Other Energy Sales14,33623,115(38.0 %)16,202 22,939 (29.4 %)
Total Retail Customers
2,780,9722,723,1782.1 %2,764,820 2,702,152 2.3 %
Wholesale and Other191711.8 %19 21 (9.5 %)
Total Average Number of Customers – Duke Energy Carolinas
2,780,9912,723,1952.1 %2,764,839 2,702,173 2.3 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal3,0463,152(3.4 %)15,825 14,739 7.4 %
Nuclear10,91210,6732.2 %45,446 44,315 2.6 %
Hydro159728(78.2 %)1,340 2,511 (46.6 %)
Natural Gas and Oil5,0093,84230.4 %19,975 16,817 18.8 %
Renewable Energy704266.7 %315 174 81.0 %
Total Generation(d)
19,19618,4374.1 %82,901 78,556 5.5 %
Purchased Power and Net Interchange(e)
2,5433,109(18.2 %)9,709 10,630 (8.7 %)
Total Sources of Energy21,73921,5460.9 %92,610 89,186 3.8 %
Less: Line Loss and Other1,3001,01727.8 %4,814 4,612 4.4 %
Total GWh Sources20,43920,529(0.4 %)87,796 84,574 3.8 %
Owned MW Capacity(c)
Summer20,081 20,280 
Winter20,957 21,127 
Nuclear Capacity Factor (%)(f)
96 95 
Heating and Cooling Degree Days
Actual
Heating Degree Days967 1,098 (11.9 %)2,884 2,833 1.8 %
Cooling Degree Days79 51 54.9 %1,573 1,525 3.1 %
Variance from Normal
Heating Degree Days(21.7 %)(12.1 %)(9.2 %)(11.7 %)
Cooling Degree Days87.9 %25.7 %0.7 %(1.2 %)
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

34

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential4,045 3,882 4.2 %18,645 17,587 6.0 %
General Service2,933 3,411 (14.0 %)14,256 14,312 (0.4 %)
Industrial1,549 2,534 (38.9 %)9,343 10,122 (7.7 %)
Other Energy Sales16 19 (15.8 %)74 77 (3.9 %)
Unbilled Sales1,131 302 274.5 %933 155 502 %
Total Retail Sales
9,674 10,148 (4.7 %)(2.2 %)43,251 42,253 2.4 %1.5 %
Wholesale and Other5,569 5,580 (0.2 %)23,546 22,987 2.4 %
Total Consolidated Electric Sales – Duke Energy Progress
15,243 15,728 (3.1 %)66,797 65,240 2.4 %
Average Number of Customers
Residential1,393,865 1,385,743 0.6 %1,396,611 1,375,190 1.6 %
General Service238,918 240,429 (0.6 %)242,131 239,099 1.3 %
Industrial3,124 3,998 (21.9 %)3,777 4,000 (5.6 %)
Other Energy Sales2,480 1,415 75.3 %1,681 1,415 18.8 %
Total Retail Customers
1,638,387 1,631,585 0.4 %1,644,200 1,619,704 1.5 %
Wholesale and Other8 9 (11.1 %)8 9 (11.1 %)
Total Average Number of Customers – Duke Energy Progress
1,638,395 1,631,594 0.4 %1,644,208 1,619,713 1.5 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal445 1,332 (66.6 %)5,928 5,934 (0.1 %)
Nuclear7,784 7,158 8.7 %29,882 29,406 1.6 %
Hydro91 256 (64.5 %)678 880 (23.0 %)
Natural Gas and Oil5,720 5,407 5.8 %22,897 21,642 5.8 %
Renewable Energy55 54 1.9 %253 247 2.4 %
Total Generation(d)
14,095 14,207 (0.8 %)59,638 58,109 2.6 %
Purchased Power and Net Interchange(e)
2,179 2,066 5.5 %9,687 9,289 4.3 %
Total Sources of Energy16,274 16,273 — %69,325 67,398 2.9 %
Less: Line Loss and Other1,031 545 89.2 %2,528 2,158 17.1 %
Total GWh Sources15,243 15,728 (3.1 %)66,797 65,240 2.4 %
Owned MW Capacity(c)
Summer12,469 12,533 
Winter13,609 13,594 
Nuclear Capacity Factor (%)(f)
95 93 
Heating and Cooling Degree Days
Actual
Heating Degree Days855 933 (8.4 %)2,604 2,366 10.1 %
Cooling Degree Days106 91 16.5 %1,785 1,761 1.4 %
Variance from Normal
Heating Degree Days(23.1 %)(17.1 %)(9.6 %)(18.8 %)
Cooling Degree Days68.6 %50.0 %4.7 %4.3 %
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

35

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential4,977 5,170 (3.7 %)21,192 21,459 (1.2 %)
General Service3,712 3,706 0.2 %14,943 14,601 2.3 %
Industrial745 791 (5.8 %)3,292 3,147 4.6 %
Other Energy Sales7 6 16.7 %24 23 4.3 %
Unbilled Sales(703)(303)(132.0 %)(731)241 (403.3 %)
Total Retail Sales
8,738 9,370 (6.7 %)(1.5 %)38,720 39,471 (1.9 %)0.8 %
Wholesale and Other953 730 30.5 %3,702 3,019 22.6 %
Total Electric Sales – Duke Energy Florida
9,691 10,100 (4.0 %)42,422 42,490 (0.2 %)
Average Number of Customers
Residential1,686,535 1,667,816 1.1 %1,684,048 1,654,976 1.8 %
General Service201,017 205,840 (2.3 %)204,392 204,902 (0.2 %)
Industrial1,813 1,988 (8.8 %)1,902 2,000 (4.9 %)
Other Energy Sales2,865 1,495 91.6 %1,829 1,494 22.4 %
Total Retail Customers
1,892,230 1,877,139 0.8 %1,892,171 1,863,372 1.5 %
Wholesale and Other10 9 11.1 %7 9 (22.2 %)
Total Average Number of Customers – Duke Energy Florida
1,892,240 1,877,148 0.8 %1,892,178 1,863,381 1.5 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal469 867 (45.9 %)5,042 3,287 53.4 %
Natural Gas and Oil8,733 8,472 3.1 %34,579 36,361 (4.9 %)
Renewable Energy222 160 38.8 %942 706 33.4 %
Total Generation(d)
9,424 9,499 (0.8 %)40,563 40,354 0.5 %
Purchased Power and Net Interchange(e)
772 930 (17.0 %)4,286 4,234 1.2 %
Total Sources of Energy10,196 10,429 (2.2 %)44,849 44,588 0.6 %
Less: Line Loss and Other505 329 53.5 %2,427 2,098 15.7 %
Total GWh Sources9,691 10,100 (4.0 %)42,422 42,490 (0.2 %)
Owned MW Capacity(c)
Summer10,288 10,287 
Winter11,114 11,301 
Heating and Cooling Degree Days
Actual
Heating Degree Days84 207 (59.4 %)394 427 (7.7 %)
Cooling Degree Days584 624 (6.4 %)3,488 3,853 (9.5 %)
Variance from Normal
Heating Degree Days(55.4 %)1.8 %(30.6 %)(5.1 %)
Cooling Degree Days20.3 %41.0 %8.6 %20.7 %
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

36

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential1,987 1,927 3.1 %9,080 8,838 2.7 %
General Service2,157 2,143 0.7 %8,998 8,736 3.0 %
Industrial1,357 1,364 (0.5 %)5,554 5,342 4.0 %
Other Energy Sales25 26 (3.8 %)104 105 (1.0 %)
Unbilled Sales(13)137 (109.5 %)(161)83 (294.0 %)
Total Retail Sales
5,513 5,597 (1.5 %)(1.2 %)23,575 23,104 2.0 %1.1 %
Wholesale and Other30 124 (75.8 %)554 380 45.8 %
Total Electric Sales – Duke Energy Ohio
5,543 5,721 (3.1 %)24,129 23,484 2.7 %
Average Number of Customers
Residential788,866 783,494 0.7 %786,532 782,324 0.5 %
General Service90,210 89,403 0.9 %89,899 89,122 0.9 %
Industrial2,470 2,474 (0.2 %)2,475 2,485 (0.4 %)
Other Energy Sales3,689 3,445 7.1 %3,527 3,441 2.5 %
Total Retail Customers
885,235 878,816 0.7 %882,433 877,372 0.6 %
Wholesale and Other1 1 — %1 1 — %
Total Average Number of Customers – Duke Energy Ohio
885,236 878,817 0.7 %882,434 877,373 0.6 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal13 436 (97.0 %)2,543 2,269 12.1 %
Natural Gas and Oil8 15 (46.7 %)58 55 5.5 %
Total Generation(d)
21 451 (95.3 %)2,601 2,324 11.9 %
Purchased Power and Net Interchange(e)
5,880 5,686 3.4 %23,797 23,379 1.8 %
Total Sources of Energy5,901 6,137 (3.8 %)26,398 25,703 2.7 %
Less: Line Loss and Other358 416 (13.9 %)2,269 2,219 2.3 %
Total GWh Sources5,543 5,721 (3.1 %)24,129 23,484 2.7 %
Owned MW Capacity(c)
Summer1,076 1,076 
Winter1,164 1,164 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,474 1,671 (11.8 %)4,516 4,497 0.4 %
Cooling Degree Days61 21 190.5 %1,276 1,198 6.5 %
Variance from Normal
Heating Degree Days(19.0 %)(9.0 %)(7.3 %)(8.5 %)
Cooling Degree Days170.8 %(4.0 %)13.6 %7.9 %
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

37

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20212020%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,045 1,987 2.9 %9,291 9,020 3.0 %
General Service1,914 1,853 3.3 %7,979 7,650 4.3 %
Industrial2,399 2,512 (4.5 %)9,839 9,561 2.9 %
Other Energy Sales13 13 — %50 51 (2.0 %)
Unbilled Sales(3)185 (101.6 %)(220)41 (636.6 %)
Total Retail Sales
6,368 6,550 (2.8 %)(2.3 %)26,939 26,323 2.3 %1.8 %
Wholesale and Other1,140 1,136 0.4 %4,449 4,205 5.8 %
Total Electric Sales – Duke Energy Indiana
7,508 7,686 (2.3 %)31,388 30,528 2.8 %
Average Number of Customers
Residential757,858 748,094 1.3 %753,349 745,027 1.1 %
General Service103,354 102,586 0.7 %103,068 102,458 0.6 %
Industrial2,690 2,694 (0.1 %)2,688 2,697 (0.3 %)
Other Energy Sales1,880 1,842 2.1 %1,867 1,822 2.5 %
Total Retail Customers
865,782 855,216 1.2 %860,972 852,004 1.1 %
Wholesale and Other3 4 (25.0 %)3 4 (25.0 %)
Total Average Number of Customers – Duke Energy Indiana
865,785 855,220 1.2 %860,975 852,008 1.1 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,673 6,069 (56.0 %)16,835 18,828 (10.6 %)
Hydro88 68 29.4 %320 205 56.1 %
Natural Gas and Oil948 562 68.7 %3,157 3,008 5.0 %
Renewable Energy4 4 — %22 27 (18.5 %)
Total Generation(d)
3,713 6,703 (44.6 %)20,334 22,068 (7.9 %)
Purchased Power and Net Interchange(e)
4,215 2,297 83.5 %13,668 10,997 24.3 %
Total Sources of Energy7,928 9,000 (11.9 %)34,002 33,065 2.8 %
Less: Line Loss and Other420 1,314 (68.0 %)2,614 2,537 3.0 %
Total GWh Sources7,508 7,686 (2.3 %)31,388 30,528 2.8 %
Owned MW Capacity(c)
Summer6,345 6,632 
Winter6,781 7,062 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,639 1,822 (10.0 %)4,930 4,964 (0.7 %)
Cooling Degree Days46 19 142.1 %1,242 1,151 7.9 %
Variance from Normal
Heating Degree Days(16.0 %)(7.6 %)(6.1 %)(6.0 %)
Cooling Degree Days131.3 %9.1 %11.3 %5.0 %
(a)    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.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

38

Gas Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020%
Inc. (Dec.)		20212020%
Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)
152,549,106 129,209,733 18.1 %542,759,891 490,071,039 10.8 %
Duke Energy Midwest LDC throughput (Mcf)23,566,797 25,589,579 (7.9 %)85,787,624 84,160,162 1.9 %
Average Number of Customers – Piedmont Natural Gas
Residential1,021,965 1,010,287 1.2 %1,023,675 1,003,214 2.0 %
Commercial104,788 104,864 (0.1 %)105,430 104,983 0.4 %
Industrial954 968 (1.4 %)960 969 (0.9 %)
Power Generation19 19 — %19 19 — %
Total Average Number of Gas Customers – Piedmont Natural Gas
1,127,726 1,116,138 1.0 %1,130,084 1,109,185 1.9 %
Average Number of Customers – Duke Energy Midwest
Residential501,882 497,602 0.9 %500,123 495,688 0.9 %
General Service43,688 43,169 1.2 %43,484 43,320 0.4 %
Industrial1,567 1,567 — %1,565 1,571 (0.4 %)
Other 126 130 (3.1 %)129 131 (1.5 %)
Total Average Number of Gas Customers – Duke Energy Midwest
547,263 542,468 0.9 %545,301 540,710 0.8 %
(a)    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
Year Ended December 2021
Three Months Ended December 31,Years Ended December 31,
20212020% Inc. (Dec.)20212020% Inc. (Dec.)
Renewable Plant Production, GWh2,759 2,544 8.5 %10,701 10,204 4.9 %
Net Proportional MW Capacity in Operation(a)
n/an/a4,729 3,937 20.1 %
(a)    Includes 100% tax equity project capacity.

39