Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number | |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||
Duke Energy | ||||||
Duke Energy | ||||||
due January 15, 2073 | ||||||
Duke Energy | ||||||
due September 15, 2078 | ||||||
Duke Energy | ||||||
each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
DUKE ENERGY CORPORATION | |||
/s/ DWIGHT L. JACOBS | |||
Dwight L. Jacobs | |||
Senior Vice President, Chief Accounting Officer, Tax and Controller | |||
Dated: | November 8, 2019 |
News Release |
▪ | Third quarter 2019 reported EPS of $1.82 and adjusted EPS of $1.79 with strong results across all segments |
▪ | Adjusted EPS growth of 7% year to date |
▪ | Company raises midpoint of 2019 adjusted EPS guidance; new range of $4.95 to $5.15 |
▪ | Company reaffirms long-term earnings growth target of 4% to 6% |
(In millions, except per-share amounts) | After-Tax Amount | 3Q 2019 EPS | 3Q 2018 EPS | ||||||
Diluted EPS, as reported | $ | 1.82 | $ | 1.51 | |||||
Adjustments to reported EPS: | |||||||||
Third Quarter 2019 | |||||||||
Impairment charge | (19 | ) | (0.03 | ) | |||||
Third Quarter 2018 | |||||||||
Goodwill impairment charge | $ | 91 | 0.12 | ||||||
Costs to achieve Piedmont merger | 13 | 0.02 | |||||||
Impacts of the Tax Act | (3 | ) | — | ||||||
Discontinued Operations | (4 | ) | — | ||||||
Total adjustments | $ | (0.03 | ) | $ | 0.14 | ||||
Diluted EPS, adjusted | $ | 1.79 | $ | 1.65 |
• | Impairment Charges represents a reduction of a prior year impairment at Citrus County CC, an other-than-temporary-impairment ("OTTI") of an investment in Constitution and a Commercial Renewables goodwill impairment. |
• | Costs to Achieve Piedmont Merger represents charges that resulted from the Piedmont acquisition. |
• | Regulatory and Legislative Impacts represents charges related to rate case orders, settlements or other actions of regulators or legislative bodies. |
• | Sale of Retired Plant represents the loss associated with selling Beckjord Generating Station (Beckjord), a nonregulated generating facility in Ohio. |
• | Impacts of the Tax Act represents an AMT valuation allowance recognized and a true up of prior year tax estimates related to the Tax Act. |
◦ | 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 Crystal River Unit 3 and other 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; |
◦ | 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; |
◦ | 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. |
Special Item | ||||||||||||||||
Reported Earnings | Impairment Charge | Total Adjustments | Adjusted Earnings | |||||||||||||
SEGMENT INCOME | ||||||||||||||||
Electric Utilities and Infrastructure | $ | 1,385 | $ | (19 | ) | A | $ | (19 | ) | $ | 1,366 | |||||
Gas Utilities and Infrastructure | 26 | — | — | 26 | ||||||||||||
Commercial Renewables | 40 | — | — | 40 | ||||||||||||
Total Reportable Segment Income | 1,451 | (19 | ) | (19 | ) | 1,432 | ||||||||||
Other | (124 | ) | — | — | (124 | ) | ||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,327 | $ | (19 | ) | $ | (19 | ) | $ | 1,308 | ||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.82 | $ | (0.03 | ) | $ | (0.03 | ) | $ | 1.79 |
Special Item | ||||||||||||||||
Reported Earnings | Impairment Charge | Total Adjustments | Adjusted Earnings | |||||||||||||
SEGMENT INCOME | ||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,944 | $ | (19 | ) | A | $ | (19 | ) | $ | 2,925 | |||||
Gas Utilities and Infrastructure | 292 | — | — | 292 | ||||||||||||
Commercial Renewables | 139 | — | — | 139 | ||||||||||||
Total Reportable Segment Income | 3,375 | (19 | ) | (19 | ) | 3,356 | ||||||||||
Other | (328 | ) | — | (328 | ) | |||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 3,047 | $ | (19 | ) | $ | (19 | ) | $ | 3,028 | ||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 4.18 | $ | (0.03 | ) | $ | (0.03 | ) | $ | 4.15 |
Special Items | |||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Impairment Charges | Impacts of the Tax Act | Discontinued Operations | Total Adjustments | Adjusted Earnings | |||||||||||||||||||||
SEGMENT INCOME | |||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 1,167 | $ | — | $ | — | $ | 8 | $ | — | $ | 8 | $ | 1,175 | |||||||||||||
Gas Utilities and Infrastructure | 17 | — | — | 1 | — | 1 | 18 | ||||||||||||||||||||
Commercial Renewables | (62 | ) | — | 91 | B | (3 | ) | — | 88 | 26 | |||||||||||||||||
Total Reportable Segment Income | 1,122 | — | 91 | 6 | — | 97 | 1,219 | ||||||||||||||||||||
Other | (44 | ) | 13 | A | — | (9 | ) | — | 4 | (40 | ) | ||||||||||||||||
Discontinued Operations | 4 | — | — | — | (4 | ) | D | (4 | ) | — | |||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,082 | $ | 13 | $ | 91 | $ | (3 | ) | C | $ | (4 | ) | $ | 97 | $ | 1,179 | ||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.51 | $ | 0.02 | $ | 0.12 | $ | — | $ | — | $ | 0.14 | $ | 1.65 |
Special Items | ||||||||||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Regulatory and Legislative Impacts | Sale of Retired Plant | Impairment Charges | Impacts of the Tax Act | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,492 | $ | — | $ | 202 | B | $ | — | $ | — | $ | 8 | $ | — | $ | 210 | $ | 2,702 | |||||||||||||||||
Gas Utilities and Infrastructure | 161 | — | — | — | 42 | D | 1 | — | 43 | 204 | ||||||||||||||||||||||||||
Commercial Renewables | (4 | ) | — | — | — | 91 | E | (3 | ) | — | 88 | 84 | ||||||||||||||||||||||||
Total Reportable Segment Income | 2,649 | — | 202 | — | 133 | 6 | — | 341 | 2,990 | |||||||||||||||||||||||||||
Other | (446 | ) | 41 | A | — | 82 | C | — | 67 | — | 190 | (256 | ) | |||||||||||||||||||||||
Discontinued Operations | (1 | ) | — | — | — | — | — | 1 | G | 1 | — | |||||||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,202 | $ | 41 | $ | 202 | $ | 82 | $ | 133 | $ | 73 | F | $ | 1 | $ | 532 | $ | 2,734 | |||||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 3.11 | $ | 0.06 | $ | 0.29 | $ | 0.12 | $ | 0.19 | $ | 0.10 | $ | — | $ | 0.76 | $ | 3.87 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | ||||||||||||
Reported Income From Continuing Operations Before Income Taxes | $ | 1,511 | $ | 3,388 | |||||||||||
Impairment Charge | (25 | ) | (25 | ) | |||||||||||
Noncontrolling Interests | 19 | 110 | |||||||||||||
Preferred Dividends | (15 | ) | (27 | ) | |||||||||||
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,490 | $ | 3,446 | |||||||||||
Reported Income Tax Expense From Continuing Operations | $ | 188 | 12.4 | % | $ | 424 | 12.5 | % | |||||||
Impairment Charge | (6 | ) | (6 | ) | |||||||||||
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 182 | 12.2 | % | $ | 418 | 12.1 | % |
Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | ||||||||||||
Reported Income From Continuing Operations Before Income Taxes | $ | 1,230 | $ | 2,640 | |||||||||||
Costs to Achieve Piedmont Merger | 16 | 53 | |||||||||||||
Regulatory and Legislative Impacts | — | 265 | |||||||||||||
Sale of Retired Plant | — | 107 | |||||||||||||
Impairment Charges | 91 | 146 | |||||||||||||
Noncontrolling Interests | 16 | 12 | |||||||||||||
Pretax Income Including Noncontrolling Interests and Excluding Special Items | $ | 1,353 | $ | 3,223 | |||||||||||
Reported Income Tax Expense From Continuing Operations | $ | 168 | 13.7 | % | $ | 449 | 17.0 | % | |||||||
Costs to Achieve Piedmont Merger | 3 | 12 | |||||||||||||
Regulatory and Legislative Impacts | — | 63 | |||||||||||||
Sale of Retired Plant | — | 25 | |||||||||||||
Impairment Charges | — | 13 | |||||||||||||
Impacts of the Tax Act | 3 | (73 | ) | ||||||||||||
Tax Expense Including Noncontrolling Interests and Excluding Special Items | $ | 174 | 12.9 | % | $ | 489 | 15.2 | % | |||||||
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Consolidated | |||||||||||||||||||
2018 QTD Reported Earnings Per Share, Diluted | $ | 1.64 | $ | 0.03 | $ | (0.08 | ) | $ | (0.08 | ) | $ | 1.51 | ||||||||||||
Costs to Achieve Piedmont Merger | — | — | — | 0.02 | 0.02 | |||||||||||||||||||
Impairment Charges | — | — | 0.12 | — | 0.12 | |||||||||||||||||||
Impacts of the Tax Act | 0.01 | — | — | (0.01 | ) | — | ||||||||||||||||||
2018 QTD Adjusted Earnings Per Share, Diluted | $ | 1.65 | $ | 0.03 | $ | 0.04 | $ | (0.07 | ) | $ | 1.65 | |||||||||||||
Weather | 0.09 | — | — | — | 0.09 | |||||||||||||||||||
Volume | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
Pricing and Riders | 0.05 | — | — | — | 0.05 | |||||||||||||||||||
Rate case impacts, net(a) | 0.06 | — | — | — | 0.06 | |||||||||||||||||||
Operations and maintenance, net of recoverables(b) | 0.07 | — | — | — | 0.07 | |||||||||||||||||||
Midstream Gas Pipelines | — | 0.01 | — | — | 0.01 | |||||||||||||||||||
Duke Energy Renewables | — | — | 0.02 | — | 0.02 | |||||||||||||||||||
Interest Expense | — | — | — | (0.03 | ) | (0.03 | ) | |||||||||||||||||
AFUDC Equity | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
Depreciation and amortization(c) | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
Preferred Dividends | — | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Other(d) | 0.07 | — | — | (0.06 | ) | 0.01 | ||||||||||||||||||
Change in share count | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
2019 QTD Adjusted Earnings Per Share, Diluted | $ | 1.87 | $ | 0.04 | $ | 0.06 | $ | (0.18 | ) | $ | 1.79 | |||||||||||||
Impairment Charge | 0.03 | — | — | — | 0.03 | |||||||||||||||||||
2019 QTD Reported Earnings Per Share, Diluted | $ | 1.90 | $ | 0.04 | $ | 0.06 | $ | (0.18 | ) | $ | 1.82 | |||||||||||||
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 714 million shares to 729 million. | ||||||||||||||||||||||||
(a) | Includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.04) and the Carolinas rate cases (+$0.02), which is primarily comprised of base rate increases partially offset by higher depreciation and amortization expense. |
(b) | Includes lower storm costs compared to the prior year (+$0.04) and favorable timing of O&M expenses. |
(c) | Excludes rate case impacts. |
(d) | Electric Utilities and Infrastructure is primarily driven by tax optimization, levelization, general taxes (+$0.05) and a variance for the impairment charge related to the Edwardsport |
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Consolidated | |||||||||||||||||||
2018 YTD Reported Earnings Per Share, Diluted | $ | 3.53 | $ | 0.23 | $ | (0.01 | ) | $ | (0.64 | ) | $ | 3.11 | ||||||||||||
Costs to Achieve Piedmont Merger | — | — | — | 0.06 | 0.06 | |||||||||||||||||||
Regulatory and Legislative Impacts | 0.29 | — | — | — | 0.29 | |||||||||||||||||||
Sale of Retired Plant | — | — | — | 0.12 | 0.12 | |||||||||||||||||||
Impairment Charges | — | 0.06 | 0.13 | — | 0.19 | |||||||||||||||||||
Impacts of the Tax Act | 0.01 | — | — | 0.09 | 0.10 | |||||||||||||||||||
2018 YTD Adjusted Earnings Per Share, Diluted | $ | 3.83 | $ | 0.29 | $ | 0.12 | $ | (0.37 | ) | $ | 3.87 | |||||||||||||
Weather | 0.01 | — | — | — | 0.01 | |||||||||||||||||||
Volume | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
Pricing and Riders | 0.15 | 0.01 | — | — | 0.16 | |||||||||||||||||||
Rate case impacts, net(a) | 0.16 | — | — | — | 0.16 | |||||||||||||||||||
Operations and maintenance, net of recoverables(b) | 0.15 | — | — | — | 0.15 | |||||||||||||||||||
Midstream Gas Pipelines(c) | — | 0.10 | — | — | 0.10 | |||||||||||||||||||
Duke Energy Renewables(d) | — | — | 0.07 | — | 0.07 | |||||||||||||||||||
Interest Expense | — | — | — | (0.07 | ) | (0.07 | ) | |||||||||||||||||
AFUDC Equity | (0.05 | ) | — | — | — | (0.05 | ) | |||||||||||||||||
Depreciation and amortization(e) | (0.13 | ) | — | — | — | (0.13 | ) | |||||||||||||||||
Preferred Dividends | — | — | — | (0.04 | ) | (0.04 | ) | |||||||||||||||||
Other | 0.05 | — | — | 0.02 | 0.07 | |||||||||||||||||||
Change in share count | (0.12 | ) | — | — | — | (0.12 | ) | |||||||||||||||||
2019 YTD Adjusted Earnings Per Share, Diluted | $ | 4.02 | $ | 0.40 | $ | 0.19 | $ | (0.46 | ) | $ | 4.15 | |||||||||||||
Impairment Charge | 0.03 | — | — | — | 0.03 | |||||||||||||||||||
2019 YTD Reported Earnings Per Share, Diluted | $ | 4.05 | $ | 0.40 | $ | 0.19 | $ | (0.46 | ) | $ | 4.18 | |||||||||||||
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 706 million shares to 728 million. |
(a) | Includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.07), the Carolinas rate cases (+$0.07) and DEO and DEK rate cases (+$0.02), which is primarily comprised of 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. |
(b) | Includes lower storm costs compared to the prior year (+$0.04) and favorable timing of O&M expenses. |
(c) | Primarily due to an income tax adjustment for equity method investments related to prior years. |
(d) | Primarily includes the new solar tax equity project placed in service (+$0.08). |
(e) | Excludes rate case impacts. |
September 2019 | |||||||||||||||
QUARTERLY HIGHLIGHTS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(In millions, except per-share amounts and where noted) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Earnings Per Share — Basic and Diluted | |||||||||||||||
Income from continuing operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.12 | |||||||
Diluted | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.11 | |||||||
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | — | $ | — | $ | — | $ | — | |||||||
Net income attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.12 | |||||||
Diluted | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.11 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 729 | 713 | 728 | 705 | |||||||||||
Diluted | 729 | 714 | 728 | 706 | |||||||||||
INCOME (LOSS) BY BUSINESS SEGMENT | |||||||||||||||
Electric Utilities and Infrastructure(a) | $ | 1,385 | $ | 1,167 | $ | 2,944 | $ | 2,492 | |||||||
Gas Utilities and Infrastructure(b) | 26 | 17 | 292 | 161 | |||||||||||
Commercial Renewables(c) | 40 | (62 | ) | 139 | (4 | ) | |||||||||
Total Reportable Segment Income | 1,451 | 1,122 | 3,375 | 2,649 | |||||||||||
Other(d)(e) | (124 | ) | (44 | ) | (328 | ) | (446 | ) | |||||||
Income (Loss) from Discontinued Operations | — | 4 | — | (1 | ) | ||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,327 | $ | 1,082 | $ | 3,047 | $ | 2,202 | |||||||
CAPITALIZATION | |||||||||||||||
Total Common Equity (%) | 44 | % | 43 | % | |||||||||||
Total Debt (%) | 56 | % | 57 | % | |||||||||||
Total Debt | $ | 60,383 | $ | 56,853 | |||||||||||
Book Value Per Share | $ | 65.03 | $ | 60.33 | |||||||||||
Actual Shares Outstanding | 729 | 713 | |||||||||||||
CAPITAL AND INVESTMENT EXPENDITURES | |||||||||||||||
Electric Utilities and Infrastructure | $ | 1,906 | $ | 2,079 | $ | 6,092 | $ | 5,822 | |||||||
Gas Utilities and Infrastructure | 382 | 358 | 1,129 | 767 | |||||||||||
Commercial Renewables | 359 | 52 | 932 | 155 | |||||||||||
Other | 81 | 59 | 202 | 200 | |||||||||||
Total Capital and Investment Expenditures | $ | 2,728 | $ | 2,548 | $ | 8,355 | $ | 6,944 | |||||||
(a) | Includes a $25 million (net of tax of $6 million) reduction of a prior year impairment at Citrus County CC for the three and nine months ended September 30, 2019 and regulatory and legislative charges related to rate case orders, settlements or other actions of regulators or legislative bodies of $202 million (net of tax of $63 million) for the nine months ended September 30, 2018. |
(b) | Includes an other-than-temporary impairment of an investment in Constitution of $42 million (net of tax of $13 million) for the nine months ended September 30, 2018. |
(c) | Includes an impairment of the goodwill balance of $91 million (net of noncontrolling interests of $2 million) for the three and nine months ended September 30, 2018. |
(d) | Includes the loss associated with selling Beckjord, a non-regulated generating facility in Ohio which was retired in 2014, of $82 million (net of tax of $25 million) for the nine months ended September 30, 2018. |
(e) | Includes an Alternative Minimum Tax valuation allowance recognized related to the Tax Act of $76 million for the nine months ended September 30, 2018. |
DUKE ENERGY CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except per-share amounts) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating Revenues | |||||||||||||||
Regulated electric | $ | 6,515 | $ | 6,216 | $ | 17,223 | $ | 16,678 | |||||||
Regulated natural gas | 223 | 230 | 1,231 | 1,221 | |||||||||||
Nonregulated electric and other | 202 | 182 | 522 | 507 | |||||||||||
Total operating revenues | 6,940 | 6,628 | 18,976 | 18,406 | |||||||||||
Operating Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | 1,978 | 1,931 | 5,228 | 5,181 | |||||||||||
Cost of natural gas | 48 | 58 | 451 | 460 | |||||||||||
Operation, maintenance and other | 1,484 | 1,584 | 4,337 | 4,592 | |||||||||||
Depreciation and amortization | 1,186 | 1,039 | 3,364 | 2,979 | |||||||||||
Property and other taxes | 335 | 323 | 1,012 | 954 | |||||||||||
Impairment charges | (20 | ) | 124 | (16 | ) | 339 | |||||||||
Total operating expenses | 5,011 | 5,059 | 14,376 | 14,505 | |||||||||||
Gains (Losses) on Sales of Other Assets and Other, net | — | 10 | — | (87 | ) | ||||||||||
Operating Income | 1,929 | 1,579 | 4,600 | 3,814 | |||||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 50 | 37 | 137 | 49 | |||||||||||
Other income and expenses, net | 104 | 131 | 308 | 327 | |||||||||||
Total other income and expenses | 154 | 168 | 445 | 376 | |||||||||||
Interest Expense | 572 | 517 | 1,657 | 1,550 | |||||||||||
Income From Continuing Operations Before Income Taxes | 1,511 | 1,230 | 3,388 | 2,640 | |||||||||||
Income Tax Expense From Continuing Operations | 188 | 168 | 424 | 449 | |||||||||||
Income From Continuing Operations | 1,323 | 1,062 | 2,964 | 2,191 | |||||||||||
Income (Loss) From Discontinued Operations, net of tax | — | 4 | — | (1 | ) | ||||||||||
Net Income | 1,323 | 1,066 | 2,964 | 2,190 | |||||||||||
Less: Net Loss Attributable to Noncontrolling Interests | (19 | ) | (16 | ) | (110 | ) | (12 | ) | |||||||
Less: Preferred Dividends | 15 | — | 27 | — | |||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,327 | $ | 1,082 | $ | 3,047 | $ | 2,202 | |||||||
Earnings Per Share — Basic and Diluted | |||||||||||||||
Income from continuing operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.12 | |||||||
Diluted | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.11 | |||||||
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | — | $ | — | $ | — | $ | — | |||||||
Net income attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.12 | |||||||
Diluted | $ | 1.82 | $ | 1.51 | $ | 4.18 | $ | 3.11 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 729 | 713 | 728 | 705 | |||||||||||
Diluted | 729 | 714 | 728 | 706 |
(In millions) | September 30, 2019 | December 31, 2018 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 379 | $ | 442 | |||
Receivables (net of allowance for doubtful accounts of $20 at 2019 and $16 at 2018) | 755 | 962 | |||||
Receivables of VIEs (net of allowance for doubtful accounts of $53 at 2019 and $55 at 2018) | 2,322 | 2,172 | |||||
Inventory | 3,107 | 3,084 | |||||
Regulatory assets (includes $52 at 2019 and 2018 related to VIEs) | 1,723 | 2,005 | |||||
Other (includes $188 at 2019 and $162 at 2018 related to VIEs) | 1,333 | 1,049 | |||||
Total current assets | 9,619 | 9,714 | |||||
Property, Plant and Equipment | |||||||
Cost | 143,794 | 134,458 | |||||
Accumulated depreciation and amortization | (45,149 | ) | (43,126 | ) | |||
Generation facilities to be retired, net | 267 | 362 | |||||
Net property, plant and equipment | 98,912 | 91,694 | |||||
Other Noncurrent Assets | |||||||
Goodwill | 19,303 | 19,303 | |||||
Regulatory assets (includes $1,002 at 2019 and $1,041 at 2018 related to VIEs) | 13,916 | 13,617 | |||||
Nuclear decommissioning trust funds | 7,695 | 6,720 | |||||
Operating lease right-of-use assets, net | 1,703 | — | |||||
Investments in equity method unconsolidated affiliates | 1,864 | 1,409 | |||||
Other (includes $63 at 2019 and $261 at 2018 related to VIEs) | 2,905 | 2,935 | |||||
Total other noncurrent assets | 47,386 | 43,984 | |||||
Total Assets | $ | 155,917 | $ | 145,392 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 2,946 | $ | 3,487 | |||
Notes payable and commercial paper | 2,469 | 3,410 | |||||
Taxes accrued | 712 | 577 | |||||
Interest accrued | 559 | 559 | |||||
Current maturities of long-term debt (includes $231 at 2019 and $227 at 2018 related to VIEs) | 3,096 | 3,406 | |||||
Asset retirement obligations | 861 | 919 | |||||
Regulatory liabilities | 673 | 598 | |||||
Other | 2,074 | 2,085 | |||||
Total current liabilities | 13,390 | 15,041 | |||||
Long-Term Debt (includes $4,060 at 2019 and $3,998 at 2018 related to VIEs) | 54,818 | 51,123 | |||||
Other Noncurrent Liabilities | |||||||
Deferred income taxes | 8,776 | 7,806 | |||||
Asset retirement obligations | 11,740 | 9,548 | |||||
Regulatory liabilities | 15,202 | 14,834 | |||||
Operating lease liabilities | 1,456 | — | |||||
Accrued pension and other post-retirement benefit costs | 900 | 988 | |||||
Investment tax credits | 579 | 568 | |||||
Other (includes $218 at 2019 and $212 at 2018 related to VIEs) | 1,649 | 1,650 | |||||
Total other noncurrent liabilities | 40,302 | 35,394 | |||||
Commitments and Contingencies | |||||||
Equity | |||||||
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2019 | 973 | — | |||||
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2019 | 990 | — | |||||
Common stock, $0.001 par value, 2 billion shares authorized; 729 million shares outstanding at 2019 and 727 million shares outstanding at 2018 | 1 | 1 | |||||
Additional paid-in capital | 40,488 | 40,795 | |||||
Retained earnings | 4,139 | 3,113 | |||||
Accumulated other comprehensive loss | (153 | ) | (92 | ) | |||
Total Duke Energy Corporation stockholders' equity | 46,438 | 43,817 | |||||
Noncontrolling interests | 969 | 17 | |||||
Total equity | 47,407 | 43,834 | |||||
Total Liabilities and Equity | $ | 155,917 | $ | 145,392 |
DUKE ENERGY CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In millions) | ||||||||
Nine Months Ended September 30, | ||||||||
2019 | 2018 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 2,964 | $ | 2,190 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | 2,673 | 3,477 | ||||||
Net cash provided by operating activities | 5,637 | 5,667 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Net cash used in investing activities | (8,633 | ) | (7,270 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net cash provided by financing activities | 2,987 | 1,547 | ||||||
Net decrease in cash, cash equivalents and restricted cash | (9 | ) | (56 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 591 | 505 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 582 | $ | 449 |
Three Months Ended September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 6,577 | $ | — | $ | — | $ | — | $ | (62 | ) | $ | 6,515 | |||||
Regulated natural gas | — | 246 | — | — | (23 | ) | 223 | |||||||||||
Nonregulated electric and other | — | 3 | 138 | 25 | 36 | 202 | ||||||||||||
Total operating revenues | 6,577 | 249 | 138 | 25 | (49 | ) | 6,940 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,994 | — | — | — | (16 | ) | 1,978 | |||||||||||
Cost of natural gas | — | 48 | — | — | — | 48 | ||||||||||||
Operation, maintenance and other | 1,357 | 108 | 81 | (30 | ) | (32 | ) | 1,484 | ||||||||||
Depreciation and amortization | 1,026 | 64 | 43 | 53 | — | 1,186 | ||||||||||||
Property and other taxes | 301 | 24 | 6 | 4 | — | 335 | ||||||||||||
Impairment charges | (20 | ) | — | — | — | — | (20 | ) | ||||||||||
Total operating expenses | 4,658 | 244 | 130 | 27 | (48 | ) | 5,011 | |||||||||||
Operating Income (Loss) | 1,919 | 5 | 8 | (2 | ) | (1 | ) | 1,929 | ||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 5 | 37 | (2 | ) | 10 | — | 50 | |||||||||||
Other income and expenses, net | 82 | 5 | 15 | 14 | (12 | ) | 104 | |||||||||||
Total Other Income and Expenses | 87 | 42 | 13 | 24 | (12 | ) | 154 | |||||||||||
Interest Expense | 336 | 29 | 35 | 185 | (13 | ) | 572 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,670 | 18 | (14 | ) | (163 | ) | — | 1,511 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 285 | (8 | ) | (35 | ) | (54 | ) | — | 188 | |||||||||
Income (Loss) from Continuing Operations | 1,385 | 26 | 21 | (109 | ) | — | 1,323 | |||||||||||
Less: Net Loss Attributable to Noncontrolling Interest | — | — | (19 | ) | — | — | (19 | ) | ||||||||||
Less: Preferred Dividends | — | — | — | 15 | — | 15 | ||||||||||||
Segment Income / Other Net Loss / Net Income Attributable to Duke Energy Corporation | $ | 1,385 | $ | 26 | $ | 40 | $ | (124 | ) | $ | — | $ | 1,327 | |||||
Special Items | (19 | ) | — | — | — | — | (19 | ) | ||||||||||
Adjusted Earnings(a) | $ | 1,366 | $ | 26 | $ | 40 | $ | (124 | ) | $ | — | $ | 1,308 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
Nine Months Ended September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 17,381 | $ | — | $ | — | $ | — | $ | (158 | ) | $ | 17,223 | |||||
Regulated natural gas | — | 1,302 | — | — | (71 | ) | 1,231 | |||||||||||
Nonregulated electric and other | — | 9 | 362 | 71 | 80 | 522 | ||||||||||||
Total operating revenues | 17,381 | 1,311 | 362 | 71 | (149 | ) | 18,976 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 5,286 | — | — | — | (58 | ) | 5,228 | |||||||||||
Cost of natural gas | — | 451 | — | — | — | 451 | ||||||||||||
Operation, maintenance and other | 3,957 | 325 | 211 | (69 | ) | (87 | ) | 4,337 | ||||||||||
Depreciation and amortization | 2,924 | 192 | 123 | 125 | — | 3,364 | ||||||||||||
Property and other taxes | 899 | 84 | 18 | 10 | 1 | 1,012 | ||||||||||||
Impairment charges | (16 | ) | — | — | — | — | (16 | ) | ||||||||||
Total operating expenses | 13,050 | 1,052 | 352 | 66 | (144 | ) | 14,376 | |||||||||||
Operating Income | 4,331 | 259 | 10 | 5 | (5 | ) | 4,600 | |||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 11 | 101 | (4 | ) | 28 | 1 | 137 | |||||||||||
Other income and expenses, net | 256 | 18 | 7 | 70 | (43 | ) | 308 | |||||||||||
Total Other Income and Expenses | 267 | 119 | 3 | 98 | (42 | ) | 445 | |||||||||||
Interest Expense | 1,004 | 86 | 78 | 536 | (47 | ) | 1,657 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 3,594 | 292 | (65 | ) | (433 | ) | — | 3,388 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 650 | — | (94 | ) | (132 | ) | — | 424 | ||||||||||
Income (Loss) from Continuing Operations | 2,944 | 292 | 29 | (301 | ) | — | 2,964 | |||||||||||
Less: Net Loss Attributable to Noncontrolling Interest(a) | — | — | (110 | ) | — | — | (110 | ) | ||||||||||
Less: Preferred Dividends | — | — | — | 27 | — | 27 | ||||||||||||
Segment Income / Other Net Loss / Net Income Attributable to Duke Energy Corporation | $ | 2,944 | $ | 292 | $ | 139 | $ | (328 | ) | $ | — | $ | 3,047 | |||||
Special Items | (19 | ) | — | — | — | — | (19 | ) | ||||||||||
Adjusted Earnings(b) | $ | 2,925 | $ | 292 | $ | 139 | $ | (328 | ) | $ | — | $ | 3,028 |
(a) | Includes the allocation of losses to noncontrolling members primarily due to a new solar tax equity project being placed in service. |
(b) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
Three Months Ended September 30, 2018 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 6,260 | $ | — | $ | — | $ | — | $ | (44 | ) | $ | 6,216 | |||||
Regulated natural gas | — | 254 | — | — | (24 | ) | 230 | |||||||||||
Nonregulated electric and other | — | 2 | 127 | 34 | 19 | 182 | ||||||||||||
Total operating revenues | 6,260 | 256 | 127 | 34 | (49 | ) | 6,628 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,935 | — | — | 14 | (18 | ) | 1,931 | |||||||||||
Cost of natural gas | — | 58 | — | — | — | 58 | ||||||||||||
Operation, maintenance and other | 1,431 | 101 | 85 | (8 | ) | (25 | ) | 1,584 | ||||||||||
Depreciation and amortization | 897 | 61 | 40 | 43 | (2 | ) | 1,039 | |||||||||||
Property and other taxes | 289 | 24 | 6 | 5 | (1 | ) | 323 | |||||||||||
Impairment charges | 31 | — | 93 | — | — | 124 | ||||||||||||
Total operating expenses | 4,583 | 244 | 224 | 54 | (46 | ) | 5,059 | |||||||||||
Gains on Sales of Other Assets and Other, net | 8 | — | — | 3 | (1 | ) | 10 | |||||||||||
Operating Income (Loss) | 1,685 | 12 | (97 | ) | (17 | ) | (4 | ) | 1,579 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 1 | 25 | (2 | ) | 14 | (1 | ) | 37 | ||||||||||
Other income and expenses, net | 106 | 4 | 4 | 26 | (9 | ) | 131 | |||||||||||
Total Other Income and Expenses | 107 | 29 | 2 | 40 | (10 | ) | 168 | |||||||||||
Interest Expense | 322 | 25 | 21 | 163 | (14 | ) | 517 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,470 | 16 | (116 | ) | (140 | ) | — | 1,230 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 303 | (1 | ) | (37 | ) | (98 | ) | 1 | 168 | |||||||||
Income (Loss) from Continuing Operations | 1,167 | 17 | (79 | ) | (42 | ) | (1 | ) | 1,062 | |||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (17 | ) | 2 | (1 | ) | (16 | ) | |||||||||
Segment Income / Other Net Loss | $ | 1,167 | $ | 17 | $ | (62 | ) | $ | (44 | ) | $ | — | $ | 1,078 | ||||
Income from Discontinued Operations, net of tax | 4 | |||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,082 | ||||||||||||||||
Segment Income / Other Net Loss | $ | 1,167 | $ | 17 | $ | (62 | ) | $ | (44 | ) | $ | — | $ | 1,078 | ||||
Special Items | 8 | 1 | 88 | 4 | — | 101 | ||||||||||||
Adjusted Earnings(a) | $ | 1,175 | $ | 18 | $ | 26 | $ | (40 | ) | $ | — | $ | 1,179 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
Nine Months Ended September 30, 2018 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 16,806 | $ | — | $ | — | $ | — | $ | (128 | ) | $ | 16,678 | |||||
Regulated natural gas | — | 1,294 | — | — | (73 | ) | 1,221 | |||||||||||
Nonregulated electric and other | — | 7 | 347 | 101 | 52 | 507 | ||||||||||||
Total operating revenues | 16,806 | 1,301 | 347 | 101 | (149 | ) | 18,406 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 5,202 | — | — | 43 | (64 | ) | 5,181 | |||||||||||
Cost of natural gas | — | 460 | — | — | — | 460 | ||||||||||||
Operation, maintenance and other | 4,151 | 312 | 209 | (2 | ) | (78 | ) | 4,592 | ||||||||||
Depreciation and amortization | 2,570 | 182 | 116 | 113 | (2 | ) | 2,979 | |||||||||||
Property and other taxes | 842 | 81 | 19 | 13 | (1 | ) | 954 | |||||||||||
Impairment charges | 246 | — | 93 | — | — | 339 | ||||||||||||
Total operating expenses | 13,011 | 1,035 | 437 | 167 | (145 | ) | 14,505 | |||||||||||
Gains (Losses) on Sales of Other Assets and Other, net | 9 | — | — | (96 | ) | — | (87 | ) | ||||||||||
Operating Income (Loss) | 3,804 | 266 | (90 | ) | (162 | ) | (4 | ) | 3,814 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 5 | 2 | — | 43 | (1 | ) | 49 | |||||||||||
Other income and expenses, net | 281 | 14 | 22 | 38 | (28 | ) | 327 | |||||||||||
Total Other Income and Expenses | 286 | 16 | 22 | 81 | (29 | ) | 376 | |||||||||||
Interest Expense | 955 | 78 | 66 | 484 | (33 | ) | 1,550 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 3,135 | 204 | (134 | ) | (565 | ) | — | 2,640 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 643 | 43 | (112 | ) | (125 | ) | — | 449 | ||||||||||
Income (Loss) from Continuing Operations | 2,492 | 161 | (22 | ) | (440 | ) | — | 2,191 | ||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (18 | ) | 6 | — | (12 | ) | ||||||||||
Segment Income / Other Net Loss | $ | 2,492 | $ | 161 | $ | (4 | ) | $ | (446 | ) | $ | — | $ | 2,203 | ||||
Loss from Discontinued Operations, net of tax | (1 | ) | ||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,202 | ||||||||||||||||
Segment Income / Other Net Loss | $ | 2,492 | $ | 161 | $ | (4 | ) | $ | (446 | ) | $ | — | $ | 2,203 | ||||
Special Items | 210 | 43 | 88 | 190 | — | 531 | ||||||||||||
Adjusted Earnings(a) | $ | 2,702 | $ | 204 | $ | 84 | $ | (256 | ) | $ | — | $ | 2,734 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 125 | $ | 3 | $ | 29 | $ | 223 | $ | (1 | ) | $ | 379 | |||||
Receivables, net | 570 | 62 | 94 | 29 | — | 755 | ||||||||||||
Receivables of variable interest entities, net | 2,322 | — | — | — | — | 2,322 | ||||||||||||
Receivables from affiliated companies | 53 | 11 | 1,152 | 556 | (1,772 | ) | — | |||||||||||
Notes receivable from affiliated companies | 142 | 18 | — | 734 | (894 | ) | — | |||||||||||
Inventory | 2,941 | 91 | 48 | 27 | — | 3,107 | ||||||||||||
Regulatory assets | 1,559 | 50 | — | 114 | — | 1,723 | ||||||||||||
Other | 195 | 122 | 179 | 854 | (17 | ) | 1,333 | |||||||||||
Total current assets | 7,907 | 357 | 1,502 | 2,537 | (2,684 | ) | 9,619 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 124,753 | 11,484 | 5,408 | 2,336 | (187 | ) | 143,794 | |||||||||||
Accumulated depreciation and amortization | (40,454 | ) | (2,473 | ) | (973 | ) | (1,260 | ) | 11 | (45,149 | ) | |||||||
Generation facilities to be retired, net | 267 | — | — | — | — | 267 | ||||||||||||
Net property, plant and equipment | 84,566 | 9,011 | 4,435 | 1,076 | (176 | ) | 98,912 | |||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | — | — | — | 19,303 | ||||||||||||
Regulatory assets | 12,719 | 672 | — | 525 | — | 13,916 | ||||||||||||
Nuclear decommissioning trust funds | 7,695 | — | — | — | — | 7,695 | ||||||||||||
Operating lease right-of-use assets, net | 1,280 | 25 | 98 | 301 | (1 | ) | 1,703 | |||||||||||
Investments in equity method unconsolidated affiliates | 130 | 1,356 | 244 | 134 | — | 1,864 | ||||||||||||
Investment in consolidated subsidiaries | 316 | 18 | 3 | 61,615 | (61,952 | ) | — | |||||||||||
Other | 2,047 | 68 | 152 | 1,273 | (635 | ) | 2,905 | |||||||||||
Total other noncurrent assets | 41,566 | 4,063 | 497 | 63,848 | (62,588 | ) | 47,386 | |||||||||||
Total Assets | 134,039 | 13,431 | 6,434 | 67,461 | (65,448 | ) | 155,917 | |||||||||||
Segment reclassifications, intercompany balances and other | (743 | ) | (7 | ) | (1,156 | ) | (63,727 | ) | 65,633 | — | ||||||||
Segment Assets | $ | 133,296 | $ | 13,424 | $ | 5,278 | $ | 3,734 | $ | 185 | $ | 155,917 |
September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 2,138 | $ | 188 | $ | 91 | $ | 529 | $ | — | $ | 2,946 | ||||||
Accounts payable to affiliated companies | 643 | 57 | 30 | 994 | (1,724 | ) | — | |||||||||||
Notes payable to affiliated companies | 475 | 321 | 15 | 93 | (904 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | 104 | 2,365 | — | 2,469 | ||||||||||||
Taxes accrued | 713 | 27 | 416 | (444 | ) | — | 712 | |||||||||||
Interest accrued | 375 | 40 | 2 | 143 | (1 | ) | 559 | |||||||||||
Current maturities of long-term debt | 2,201 | 26 | 177 | 700 | (8 | ) | 3,096 | |||||||||||
Asset retirement obligations | 861 | — | — | — | — | 861 | ||||||||||||
Regulatory liabilities | 574 | 97 | — | 2 | — | 673 | ||||||||||||
Other | 1,575 | 67 | 51 | 436 | (55 | ) | 2,074 | |||||||||||
Total current liabilities | 9,555 | 823 | 886 | 4,818 | (2,692 | ) | 13,390 | |||||||||||
Long-Term Debt | 33,180 | 3,075 | 1,604 | 17,108 | (149 | ) | 54,818 | |||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 10,210 | 1,026 | (622 | ) | (1,838 | ) | — | 8,776 | ||||||||||
Asset retirement obligations | 11,556 | 58 | 126 | — | — | 11,740 | ||||||||||||
Regulatory liabilities | 13,633 | 1,543 | — | 26 | — | 15,202 | ||||||||||||
Operating lease liabilities | 1,133 | 24 | 98 | 201 | — | 1,456 | ||||||||||||
Accrued pension and other post-retirement benefit costs | 576 | 34 | 3 | 287 | — | 900 | ||||||||||||
Investment tax credits | 576 | 2 | — | — | 1 | 579 | ||||||||||||
Other | 897 | 193 | 468 | 329 | (238 | ) | 1,649 | |||||||||||
Total other noncurrent liabilities | 38,581 | 2,880 | 73 | (995 | ) | (237 | ) | 40,302 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 52,105 | 6,646 | 2,895 | 46,527 | (61,735 | ) | 46,438 | |||||||||||
Noncontrolling interests | — | — | 967 | 3 | (1 | ) | 969 | |||||||||||
Total equity | 52,105 | 6,646 | 3,862 | 46,530 | (61,736 | ) | 47,407 | |||||||||||
Total Liabilities and Equity | 134,039 | 13,431 | 6,434 | 67,461 | (65,448 | ) | 155,917 | |||||||||||
Segment reclassifications, intercompany balances and other | (743 | ) | (7 | ) | (1,156 | ) | (63,727 | ) | 65,633 | — | ||||||||
Segment Liabilities and Equity | $ | 133,296 | $ | 13,424 | $ | 5,278 | $ | 3,734 | $ | 185 | $ | 155,917 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||
(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 | $ | 2,162 | $ | 1,688 | $ | 1,548 | $ | 408 | $ | 807 | $ | (36 | ) | $ | 6,577 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 504 | 577 | 610 | 114 | 234 | (45 | ) | 1,994 | |||||||||||||
Operation, maintenance and other | 437 | 374 | 253 | 95 | 189 | 9 | 1,357 | ||||||||||||||
Depreciation and amortization | 350 | 314 | 182 | 50 | 130 | — | 1,026 | ||||||||||||||
Property and other taxes | 66 | 46 | 113 | 60 | 16 | — | 301 | ||||||||||||||
Impairment charges | 6 | — | (25 | ) | — | — | (1 | ) | (20 | ) | |||||||||||
Total operating expenses | 1,363 | 1,311 | 1,133 | 319 | 569 | (37 | ) | 4,658 | |||||||||||||
Gains on Sales of Other Assets and Other, net | — | — | 1 | — | — | (1 | ) | — | |||||||||||||
Operating Income | 799 | 377 | 416 | 89 | 238 | — | 1,919 | ||||||||||||||
Other Income and Expenses, net(b) | 34 | 27 | 14 | 2 | 8 | 2 | 87 | ||||||||||||||
Interest Expense | 119 | 74 | 81 | 21 | 40 | 1 | 336 | ||||||||||||||
Income Before Income Taxes | 714 | 330 | 349 | 70 | 206 | 1 | 1,670 | ||||||||||||||
Income Tax Expense | 119 | 49 | 58 | 8 | 48 | 3 | 285 | ||||||||||||||
Segment Income | $ | 595 | $ | 281 | $ | 291 | $ | 62 | $ | 158 | $ | (2 | ) | $ | 1,385 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $8 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $2 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $4 million for Duke Energy Indiana. |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||
(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 | $ | 5,619 | $ | 4,559 | $ | 3,987 | $ | 1,099 | $ | 2,289 | $ | (172 | ) | $ | 17,381 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,371 | 1,571 | 1,529 | 293 | 720 | (198 | ) | 5,286 | |||||||||||||
Operation, maintenance and other | 1,306 | 1,060 | 723 | 292 | 563 | 13 | 3,957 | ||||||||||||||
Depreciation and amortization | 1,013 | 855 | 522 | 136 | 393 | 5 | 2,924 | ||||||||||||||
Property and other taxes | 221 | 131 | 309 | 183 | 55 | — | 899 | ||||||||||||||
Impairment charges | 11 | — | (25 | ) | — | — | (2 | ) | (16 | ) | |||||||||||
Total operating expenses | 3,922 | 3,617 | 3,058 | 904 | 1,731 | (182 | ) | 13,050 | |||||||||||||
Operating Income | 1,697 | 942 | 929 | 195 | 558 | 10 | 4,331 | ||||||||||||||
Other Income and Expenses, net(b) | 106 | 75 | 39 | 13 | 35 | (1 | ) | 267 | |||||||||||||
Interest Expense | 346 | 232 | 246 | 61 | 111 | 8 | 1,004 | ||||||||||||||
Income Before Income Taxes | 1,457 | 785 | 722 | 147 | 482 | 1 | 3,594 | ||||||||||||||
Income Tax Expense | 259 | 127 | 131 | 18 | 115 | — | 650 | ||||||||||||||
Segment Income | $ | 1,198 | $ | 658 | $ | 591 | $ | 129 | $ | 367 | $ | 1 | $ | 2,944 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $29 million for Duke Energy Carolinas, $44 million for Duke Energy Progress, $4 million for Duke Energy Florida, $8 million for Duke Energy Ohio and $13 million for Duke Energy Indiana. |
September 30, 2019 | |||||||||||||||||||||
(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 | $ | 23 | $ | 49 | $ | 24 | $ | 8 | $ | 20 | $ | 1 | $ | 125 | |||||||
Receivables, net | 234 | 75 | 104 | 97 | 56 | 4 | 570 | ||||||||||||||
Receivables of variable interest entities, net | 775 | 564 | 478 | — | — | 505 | 2,322 | ||||||||||||||
Receivables from affiliated companies | 108 | 34 | 1 | 49 | 85 | (224 | ) | 53 | |||||||||||||
Notes receivable from affiliated companies | — | — | — | 56 | 213 | (127 | ) | 142 | |||||||||||||
Inventory | 943 | 939 | 495 | 85 | 478 | 1 | 2,941 | ||||||||||||||
Regulatory assets | 573 | 515 | 367 | 16 | 91 | (3 | ) | 1,559 | |||||||||||||
Other | 19 | 95 | 42 | 12 | 29 | (2 | ) | 195 | |||||||||||||
Total current assets | 2,675 | 2,271 | 1,511 | 323 | 972 | 155 | 7,907 | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Cost | 47,815 | 33,594 | 19,887 | 6,727 | 16,137 | 593 | 124,753 | ||||||||||||||
Accumulated depreciation and amortization | (16,359 | ) | (11,761 | ) | (5,148 | ) | (1,964 | ) | (5,200 | ) | (22 | ) | (40,454 | ) | |||||||
Generation facilities to be retired, net | — | 267 | — | — | — | — | 267 | ||||||||||||||
Net property, plant and equipment | 31,456 | 22,100 | 14,739 | 4,763 | 10,937 | 571 | 84,566 | ||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | — | — | — | 596 | — | 16,783 | 17,379 | ||||||||||||||
Regulatory assets | 3,587 | 4,363 | 2,370 | 371 | 1,088 | 940 | 12,719 | ||||||||||||||
Nuclear decommissioning trust funds | 4,104 | 2,872 | 718 | — | — | 1 | 7,695 | ||||||||||||||
Operating lease right-of-use assets, net | 135 | 397 | 417 | 22 | 58 | 251 | 1,280 | ||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | — | — | — | 130 | 130 | ||||||||||||||
Investment in consolidated subsidiaries | 48 | 13 | 2 | 201 | 1 | 51 | 316 | ||||||||||||||
Other | 1,061 | 594 | 307 | 38 | 211 | (164 | ) | 2,047 | |||||||||||||
Total other noncurrent assets | 8,935 | 8,239 | 3,814 | 1,228 | 1,358 | 17,992 | 41,566 | ||||||||||||||
Total Assets | 43,066 | 32,610 | 20,064 | 6,314 | 13,267 | 18,718 | 134,039 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (267 | ) | (105 | ) | (150 | ) | (207 | ) | (105 | ) | 91 | (743 | ) | ||||||||
Reportable Segment Assets | $ | 42,799 | $ | 32,505 | $ | 19,914 | $ | 6,107 | $ | 13,162 | $ | 18,809 | $ | 133,296 |
(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. |
September 30, 2019 | |||||||||||||||||||||
(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 | $ | 644 | $ | 550 | $ | 542 | $ | 204 | $ | 196 | $ | 2 | $ | 2,138 | |||||||
Accounts payable to affiliated companies | 174 | 198 | 158 | 20 | 74 | 19 | 643 | ||||||||||||||
Notes payable to affiliated companies | 49 | 79 | 356 | 108 | — | (117 | ) | 475 | |||||||||||||
Taxes accrued | 263 | 101 | 176 | 158 | 30 | (15 | ) | 713 | |||||||||||||
Interest accrued | 138 | 89 | 72 | 22 | 54 | — | 375 | ||||||||||||||
Current maturities of long-term debt | 457 | 306 | 621 | 74 | 651 | 92 | 2,201 | ||||||||||||||
Asset retirement obligations | 214 | 476 | 2 | 3 | 165 | 1 | 861 | ||||||||||||||
Regulatory liabilities | 197 | 210 | 87 | 42 | 39 | (1 | ) | 574 | |||||||||||||
Other | 545 | 416 | 422 | 69 | 106 | 17 | 1,575 | ||||||||||||||
Total current liabilities | 2,681 | 2,425 | 2,436 | 700 | 1,315 | (2 | ) | 9,555 | |||||||||||||
Long-Term Debt | 11,001 | 8,593 | 6,511 | 2,045 | 3,407 | 1,623 | 33,180 | ||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | 618 | ||||||||||||||
Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 3,900 | 2,328 | 2,201 | 636 | 1,119 | 26 | 10,210 | ||||||||||||||
Asset retirement obligations | 5,184 | 5,038 | 572 | 43 | 659 | 60 | 11,556 | ||||||||||||||
Regulatory liabilities | 6,364 | 4,152 | 1,013 | 419 | 1,684 | 1 | 13,633 | ||||||||||||||
Operating lease liabilities | 108 | 360 | 350 | 21 | 55 | 239 | 1,133 | ||||||||||||||
Accrued pension and other post-retirement benefit costs | 88 | 230 | 196 | 74 | 157 | (169 | ) | 576 | |||||||||||||
Investment tax credits | 232 | 138 | 42 | 4 | 161 | (1 | ) | 576 | |||||||||||||
Other | 617 | 105 | 60 | 66 | 58 | (9 | ) | 897 | |||||||||||||
Total other noncurrent liabilities | 16,493 | 12,351 | 4,434 | 1,263 | 3,893 | 147 | 38,581 | ||||||||||||||
Equity | 12,591 | 9,091 | 6,683 | 2,288 | 4,502 | 16,950 | 52,105 | ||||||||||||||
Total Liabilities and Equity | 43,066 | 32,610 | 20,064 | 6,314 | 13,267 | 18,718 | 134,039 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (267 | ) | (105 | ) | (150 | ) | (207 | ) | (105 | ) | 91 | (743 | ) | ||||||||
Reportable Segment Liabilities and Equity | $ | 42,799 | $ | 32,505 | $ | 19,914 | $ | 6,107 | $ | 13,162 | $ | 18,809 | $ | 133,296 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Three Months Ended September 30, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 81 | $ | 168 | $ | — | $ | — | $ | 249 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 4 | 46 | — | (2 | ) | 48 | |||||||||
Operation, maintenance and other | 26 | 80 | — | 2 | 108 | ||||||||||
Depreciation and amortization | 19 | 43 | 1 | 1 | 64 | ||||||||||
Property and other taxes | 12 | 14 | — | (2 | ) | 24 | |||||||||
Total operating expenses | 61 | 183 | 1 | (1 | ) | 244 | |||||||||
Operating Income (Loss) | 20 | (15 | ) | (1 | ) | 1 | 5 | ||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 37 | — | 37 | ||||||||||
Other income and expenses, net | 1 | 5 | — | (1 | ) | 5 | |||||||||
Total other income and expenses | 1 | 5 | 37 | (1 | ) | 42 | |||||||||
Interest Expense | 7 | 22 | 1 | (1 | ) | 29 | |||||||||
Income (Loss) Before Income Taxes | 14 | (32 | ) | 35 | 1 | 18 | |||||||||
Income Tax Expense (Benefit) | 1 | (10 | ) | 1 | — | (8 | ) | ||||||||
Segment Income | $ | 13 | $ | (22 | ) | $ | 34 | $ | 1 | $ | 26 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
Nine Months Ended September 30, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 354 | $ | 956 | $ | — | $ | 1 | $ | 1,311 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 68 | 384 | — | (1 | ) | 451 | |||||||||
Operation, maintenance and other | 82 | 239 | 3 | 1 | 325 | ||||||||||
Depreciation and amortization | 63 | 127 | 1 | 1 | 192 | ||||||||||
Property and other taxes | 46 | 39 | — | (1 | ) | 84 | |||||||||
Total operating expenses | 259 | 789 | 4 | — | 1,052 | ||||||||||
Operating Income (Loss) | 95 | 167 | (4 | ) | 1 | 259 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 101 | — | 101 | ||||||||||
Other income and expenses, net | 6 | 13 | — | (1 | ) | 18 | |||||||||
Total other income and expenses | 6 | 13 | 101 | (1 | ) | 119 | |||||||||
Interest Expense | 20 | 65 | 1 | — | 86 | ||||||||||
Income Before Income Taxes | 81 | 115 | 96 | — | 292 | ||||||||||
Income Tax Expense (Benefit) | 16 | 25 | (37 | ) | (4 | ) | — | ||||||||
Segment Income | $ | 65 | $ | 90 | $ | 133 | $ | 4 | $ | 292 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
September 30, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure | ||||||||||
Current Assets | |||||||||||||||
Cash and cash equivalents | $ | 3 | $ | — | $ | — | $ | — | $ | 3 | |||||
Receivables, net | (16 | ) | 78 | — | — | 62 | |||||||||
Receivables from affiliated companies | 7 | 86 | — | (82 | ) | 11 | |||||||||
Notes receivable from affiliated companies | 23 | — | — | (5 | ) | 18 | |||||||||
Inventory | 43 | 47 | — | 1 | 91 | ||||||||||
Regulatory assets | 2 | 48 | — | — | 50 | ||||||||||
Other | 2 | 121 | 1 | (2 | ) | 122 | |||||||||
Total current assets | 64 | 380 | 1 | (88 | ) | 357 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 3,266 | 8,218 | — | — | 11,484 | ||||||||||
Accumulated depreciation and amortization | (821 | ) | (1,652 | ) | — | — | (2,473 | ) | |||||||
Net property, plant and equipment | 2,445 | 6,566 | — | — | 9,011 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 210 | 306 | — | 156 | 672 | ||||||||||
Operating lease right-of-use assets, net | — | 25 | — | — | 25 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 1,356 | — | 1,356 | ||||||||||
Investment in consolidated subsidiaries | — | — | — | 18 | 18 | ||||||||||
Other | 7 | 42 | 17 | 2 | 68 | ||||||||||
Total other noncurrent assets | 541 | 422 | 1,373 | 1,727 | 4,063 | ||||||||||
Total Assets | 3,050 | 7,368 | 1,374 | 1,639 | 13,431 | ||||||||||
Segment reclassifications, intercompany balances and other | (1 | ) | (48 | ) | (11 | ) | 53 | (7 | ) | ||||||
Reportable Segment Assets | $ | 3,049 | $ | 7,320 | $ | 1,363 | $ | 1,692 | $ | 13,424 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
September 30, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure | ||||||||||
Current Liabilities | |||||||||||||||
Accounts payable | $ | 48 | $ | 140 | $ | — | $ | — | $ | 188 | |||||
Accounts payable to affiliated companies | 6 | 55 | 77 | (81 | ) | 57 | |||||||||
Notes payable to affiliated companies | 64 | 262 | — | (5 | ) | 321 | |||||||||
Taxes accrued | (7 | ) | 33 | 1 | — | 27 | |||||||||
Interest accrued | 8 | 32 | — | — | 40 | ||||||||||
Current maturities of long-term debt | 26 | — | — | — | 26 | ||||||||||
Regulatory liabilities | 22 | 75 | — | — | 97 | ||||||||||
Other | 4 | 63 | 1 | (1 | ) | 67 | |||||||||
Total current liabilities | 171 | 660 | 79 | (87 | ) | 823 | |||||||||
Long-Term Debt | 549 | 2,384 | — | 142 | 3,075 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 277 | 648 | 102 | (1 | ) | 1,026 | |||||||||
Asset retirement obligations | 38 | 20 | — | — | 58 | ||||||||||
Regulatory liabilities | 374 | 1,154 | — | 15 | 1,543 | ||||||||||
Operating lease liabilities | — | 24 | — | — | 24 | ||||||||||
Accrued pension and other post-retirement benefit costs | 28 | 6 | — | — | 34 | ||||||||||
Investment tax credits | 2 | 1 | — | (1 | ) | 2 | |||||||||
Other | 38 | 140 | 14 | 1 | 193 | ||||||||||
Total other noncurrent liabilities | 757 | 1,993 | 116 | 14 | 2,880 | ||||||||||
Equity | 1,566 | 2,331 | 1,179 | 1,570 | 6,646 | ||||||||||
Total Liabilities and Equity | 3,050 | 7,368 | 1,374 | 1,639 | 13,431 | ||||||||||
Segment reclassifications, intercompany balances and other | (1 | ) | (48 | ) | (11 | ) | 53 | (7 | ) | ||||||
Reportable Segment Liabilities and Equity | $ | 3,049 | $ | 7,320 | $ | 1,363 | $ | 1,692 | $ | 13,424 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Electric Utilities and Infrastructure | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
Gigawatt-hour (GWh) Sales (a) | ||||||||||||||||||||||||
Residential | 25,304 | 25,149 | 0.6 | % | (0.5 | %) | 66,345 | 68,049 | (2.5 | %) | (0.4 | %) | ||||||||||||
General Service | 22,396 | 22,709 | (1.4 | %) | (1.8 | %) | 59,328 | 60,175 | (1.4 | %) | (1.1 | %) | ||||||||||||
Industrial | 13,669 | 14,264 | (4.2 | %) | (2.3 | %) | 38,480 | 39,438 | (2.4 | %) | (1.3 | %) | ||||||||||||
Other Energy Sales | 146 | 141 | 3.5 | % | 436 | 422 | 3.3 | % | ||||||||||||||||
Unbilled Sales | 110 | (939 | ) | 111.7 | % | n/a | 311 | (1,174 | ) | 126.5 | % | n/a | ||||||||||||
Total Retail Sales | 61,625 | 61,324 | 0.5 | % | (1.4 | )% | 164,900 | 166,910 | (1.2 | %) | (0.9 | %) | ||||||||||||
Wholesale and Other | 12,306 | 12,361 | (0.4 | %) | 31,799 | 33,224 | (4.3 | %) | ||||||||||||||||
Total Consolidated Electric Sales — Electric Utilities and Infrastructure | 73,931 | 73,685 | 0.3 | % | 196,699 | 200,134 | (1.7 | %) | ||||||||||||||||
Average Number of Customers (Electric) | ||||||||||||||||||||||||
Residential | 6,747,169 | 6,639,883 | 1.6 | % | 6,727,714 | 6,620,991 | 1.6 | % | ||||||||||||||||
General Service | 993,468 | 984,937 | 0.9 | % | 990,882 | 982,263 | 0.9 | % | ||||||||||||||||
Industrial | 17,291 | 17,493 | (1.2 | %) | 17,342 | 17,541 | (1.1 | %) | ||||||||||||||||
Other Energy Sales | 30,639 | 25,328 | 21.0 | % | 29,278 | 24,109 | 21.4 | % | ||||||||||||||||
Total Retail Customers | 7,788,567 | 7,667,641 | 1.6 | % | 7,765,216 | 7,644,904 | 1.6 | % | ||||||||||||||||
Wholesale and Other | 50 | 53 | (5.7 | %) | 48 | 55 | (12.7 | %) | ||||||||||||||||
Total Average Number of Customers — Electric Utilities and Infrastructure | 7,788,617 | 7,667,694 | 1.6 | % | 7,765,264 | 7,644,959 | 1.6 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 18,535 | 18,597 | (0.3 | %) | 43,713 | 51,793 | (15.6 | %) | ||||||||||||||||
Nuclear | 18,970 | 18,576 | 2.1 | % | 55,698 | 54,676 | 1.9 | % | ||||||||||||||||
Hydro | 240 | 523 | (54.1 | %) | 2,072 | 2,259 | (8.3 | %) | ||||||||||||||||
Oil and Natural Gas | 22,421 | 21,621 | 3.7 | % | 58,266 | 55,635 | 4.7 | % | ||||||||||||||||
Renewable Energy | 197 | 120 | 64.2 | % | 519 | 364 | 42.6 | % | ||||||||||||||||
Total Generation (d) | 60,363 | 59,437 | 1.6 | % | 160,268 | 164,727 | (2.7 | %) | ||||||||||||||||
Purchased Power and Net Interchange (e) | 16,238 | 18,097 | (10.3 | %) | 46,285 | 46,778 | (1.1 | %) | ||||||||||||||||
Total Sources of Energy | 76,601 | 77,534 | (1.2 | %) | 206,553 | 211,505 | (2.3 | %) | ||||||||||||||||
Less: Line Loss and Other | 2,670 | 3,849 | (30.6 | %) | 9,854 | 11,371 | (13.3 | %) | ||||||||||||||||
Total GWh Sources | 73,931 | 73,685 | 0.3 | % | 196,699 | 200,134 | (1.7 | %) | ||||||||||||||||
Owned Megawatt (MW) Capacity (c) | ||||||||||||||||||||||||
Summer | 50,871 | 49,911 | ||||||||||||||||||||||
Winter | 54,566 | 53,453 | ||||||||||||||||||||||
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. |
Duke Energy Carolinas | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
GWh Sales (a) | ||||||||||||||||||||||||
Residential | 8,452 | 8,512 | (0.7 | %) | 22,375 | 23,120 | (3.2 | %) | ||||||||||||||||
General Service | 8,546 | 8,820 | (3.1 | %) | 22,539 | 22,959 | (1.8 | %) | ||||||||||||||||
Industrial | 5,790 | 6,319 | (8.4 | %) | 16,126 | 16,822 | (4.1 | %) | ||||||||||||||||
Other Energy Sales | 82 | 76 | 7.9 | % | 241 | 226 | 6.6 | % | ||||||||||||||||
Unbilled Sales | (158 | ) | (1,055 | ) | 85.0 | % | (169 | ) | (1,152 | ) | 85.3 | % | ||||||||||||
Total Retail Sales | 22,712 | 22,672 | 0.2 | % | (1.3 | %) | 61,112 | 61,975 | (1.4 | %) | (1.0 | %) | ||||||||||||
Wholesale and Other | 2,875 | 2,935 | (2.0 | %) | 7,907 | 8,531 | (7.3 | %) | ||||||||||||||||
Total Consolidated Electric Sales — Duke Energy Carolinas | 25,587 | 25,607 | (0.1 | %) | 69,019 | 70,506 | (2.1 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 2,266,663 | 2,216,713 | 2.3 | % | 2,256,206 | 2,209,530 | 2.1 | % | ||||||||||||||||
General Service | 363,073 | 358,451 | 1.3 | % | 361,739 | 357,378 | 1.2 | % | ||||||||||||||||
Industrial | 6,113 | 6,148 | (0.6 | %) | 6,124 | 6,178 | (0.9 | %) | ||||||||||||||||
Other Energy Sales | 22,555 | 17,350 | 30.0 | % | 21,219 | 16,122 | 31.6 | % | ||||||||||||||||
Total Retail Customers | 2,658,404 | 2,598,662 | 2.3 | % | 2,645,288 | 2,589,208 | 2.2 | % | ||||||||||||||||
Wholesale and Other | 23 | 21 | 9.5 | % | 19 | 23 | (17.4 | %) | ||||||||||||||||
Total Average Number of Customers — Duke Energy Carolinas | 2,658,427 | 2,598,683 | 2.3 | % | 2,645,307 | 2,589,231 | 2.2 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 8,124 | 6,436 | 26.2 | % | 16,416 | 18,715 | (12.3 | %) | ||||||||||||||||
Nuclear | 11,666 | 11,347 | 2.8 | % | 34,147 | 34,068 | 0.2 | % | ||||||||||||||||
Hydro | 104 | 337 | (69.1 | %) | 1,423 | 1,576 | (9.7 | %) | ||||||||||||||||
Oil and Natural Gas | 4,697 | 4,970 | (5.5 | %) | 12,585 | 12,173 | 3.4 | % | ||||||||||||||||
Renewable Energy | 45 | 44 | 2.3 | % | 123 | 129 | (4.7 | %) | ||||||||||||||||
Total Generation (d) | 24,636 | 23,134 | 6.5 | % | 64,694 | 66,661 | (3.0 | %) | ||||||||||||||||
Purchased Power and Net Interchange (e) | 2,187 | 3,645 | (40.0 | %) | 8,030 | 7,479 | 7.4 | % | ||||||||||||||||
Total Sources of Energy | 26,823 | 26,779 | 0.2 | % | 72,724 | 74,140 | (1.9 | %) | ||||||||||||||||
Less: Line Loss and Other | 1,236 | 1,172 | 5.5 | % | 3,705 | 3,634 | 2.0 | % | ||||||||||||||||
Total GWh Sources | 25,587 | 25,607 | (0.1 | %) | 69,019 | 70,506 | (2.1 | %) | ||||||||||||||||
Owned MW Capacity (c) | ||||||||||||||||||||||||
Summer | 20,192 | 20,178 | ||||||||||||||||||||||
Winter | 21,129 | 21,114 | ||||||||||||||||||||||
Nuclear Capacity Factor (%) (f) | 98 | 97 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | — | — | % | 1,730 | 1,929 | (10.3 | %) | ||||||||||||||||
Cooling Degree Days | 1,205 | 1,136 | 6.1 | % | 1,841 | 1,784 | 3.2 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (100.0 | %) | (100.0 | %) | (11.5 | %) | (2.6 | %) | ||||||||||||||||
Cooling Degree Days | 21.8 | % | 14.5 | % | 23.8 | % | 19.8 | % | ||||||||||||||||
(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. |
Duke Energy Progress | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
GWh Sales (a) | ||||||||||||||||||||||||
Residential | 5,299 | 5,174 | 2.4 | % | 14,107 | 14,706 | (4.1 | %) | ||||||||||||||||
General Service | 4,552 | 4,502 | 1.1 | % | 11,808 | 12,005 | (1.6 | %) | ||||||||||||||||
Industrial | 2,903 | 2,813 | 3.2 | % | 8,018 | 7,890 | 1.6 | % | ||||||||||||||||
Other Energy Sales | 19 | 19 | — | % | 58 | 58 | — | % | ||||||||||||||||
Unbilled Sales | (171 | ) | (40 | ) | (327.5 | %) | 10 | (312 | ) | 103.2 | % | |||||||||||||
Total Retail Sales | 12,602 | 12,468 | 1.1 | % | (1.6 | %) | 34,001 | 34,347 | (1.0 | %) | (0.8 | %) | ||||||||||||
Wholesale and Other | 6,900 | 7,157 | (3.6 | %) | 18,071 | 18,400 | (1.8 | %) | ||||||||||||||||
Total Consolidated Electric Sales — Duke Energy Progress | 19,502 | 19,625 | (0.6 | %) | 52,072 | 52,747 | (1.3 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,351,180 | 1,334,169 | 1.3 | % | 1,346,472 | 1,328,486 | 1.4 | % | ||||||||||||||||
General Service | 237,037 | 235,480 | 0.7 | % | 236,328 | 234,497 | 0.8 | % | ||||||||||||||||
Industrial | 4,018 | 4,072 | (1.3 | %) | 4,032 | 4,062 | (0.7 | %) | ||||||||||||||||
Other Energy Sales | 1,413 | 1,420 | (0.5 | %) | 1,415 | 1,438 | (1.6 | %) | ||||||||||||||||
Total Retail Customers | 1,593,648 | 1,575,141 | 1.2 | % | 1,588,247 | 1,568,483 | 1.3 | % | ||||||||||||||||
Wholesale and Other | 9 | 14 | (35.7 | %) | 12 | 14 | (14.3 | %) | ||||||||||||||||
Total Average Number of Customers — Duke Energy Progress | 1,593,657 | 1,575,155 | 1.2 | % | 1,588,259 | 1,568,497 | 1.3 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 3,792 | 2,434 | 55.8 | % | 7,484 | 6,760 | 10.7 | % | ||||||||||||||||
Nuclear | 7,304 | 7,229 | 1.0 | % | 21,551 | 20,608 | 4.6 | % | ||||||||||||||||
Hydro | 84 | 145 | (42.1 | %) | 543 | 590 | (8.0 | %) | ||||||||||||||||
Oil and Natural Gas | 5,959 | 6,956 | (14.3 | %) | 15,825 | 18,182 | (13.0 | %) | ||||||||||||||||
Renewable Energy | 77 | 63 | 22.2 | % | 202 | 191 | 5.8 | % | ||||||||||||||||
Total Generation (d) | 17,216 | 16,827 | 2.3 | % | 45,605 | 46,331 | (1.6 | %) | ||||||||||||||||
Purchased Power and Net Interchange (e) | 2,796 | 3,501 | (20.1 | %) | 7,978 | 8,470 | (5.8 | %) | ||||||||||||||||
Total Sources of Energy | 20,012 | 20,328 | (1.6 | %) | 53,583 | 54,801 | (2.2 | %) | ||||||||||||||||
Less: Line Loss and Other | 510 | 703 | (27.5 | %) | 1,511 | 2,054 | (26.4 | %) | ||||||||||||||||
Total GWh Sources | 19,502 | 19,625 | (0.6 | %) | 52,072 | 52,747 | (1.3 | %) | ||||||||||||||||
Owned MW Capacity (c) | ||||||||||||||||||||||||
Summer | 12,779 | 12,747 | ||||||||||||||||||||||
Winter | 13,942 | 13,913 | ||||||||||||||||||||||
Nuclear Capacity Factor (%) (f) | 92 | 89 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | — | — | % | 1,600 | 1,805 | (11.4 | %) | ||||||||||||||||
Cooling Degree Days | 1,233 | 1,217 | 1.3 | % | 1,954 | 1,936 | 0.9 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (100.0 | %) | (100.0 | %) | (11.2 | %) | (0.5 | %) | ||||||||||||||||
Cooling Degree Days | 16.2 | % | 15.6 | % | 21.4 | % | 21.2 | % | ||||||||||||||||
(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. |
Duke Energy Florida | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
GWh Sales (a) | ||||||||||||||||||||||||
Residential | 6,450 | 6,296 | 2.4 | % | 15,832 | 15,487 | 2.2 | % | ||||||||||||||||
General Service | 4,363 | 4,331 | 0.7 | % | 11,590 | 11,470 | 1.0 | % | ||||||||||||||||
Industrial | 756 | 813 | (7.0 | %) | 2,203 | 2,352 | (6.3 | %) | ||||||||||||||||
Other Energy Sales | 6 | 6 | — | % | 18 | 18 | — | % | ||||||||||||||||
Unbilled Sales | 186 | 227 | (18.1 | %) | 368 | 615 | (40.2 | %) | ||||||||||||||||
Total Retail Sales | 11,761 | 11,673 | 0.8 | % | (1.5 | %) | 30,011 | 29,942 | 0.2 | % | (0.5 | %) | ||||||||||||
Wholesale and Other | 1,235 | 702 | 75.9 | % | 2,457 | 1,856 | 32.4 | % | ||||||||||||||||
Total Electric Sales — Duke Energy Florida | 12,996 | 12,375 | 5.0 | % | 32,468 | 31,798 | 2.1 | % | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,627,182 | 1,601,488 | 1.6 | % | 1,621,718 | 1,594,979 | 1.7 | % | ||||||||||||||||
General Service | 203,247 | 201,187 | 1.0 | % | 202,930 | 200,684 | 1.1 | % | ||||||||||||||||
Industrial | 2,018 | 2,070 | (2.5 | %) | 2,028 | 2,087 | (2.8 | %) | ||||||||||||||||
Other Energy Sales | 1,497 | 1,506 | (0.6 | %) | 1,501 | 1,511 | (0.7 | %) | ||||||||||||||||
Total Retail Customers | 1,833,944 | 1,806,251 | 1.5 | % | 1,828,177 | 1,799,261 | 1.6 | % | ||||||||||||||||
Wholesale and Other | 13 | 12 | 8.3 | % | 12 | 12 | — | % | ||||||||||||||||
Total Average Number of Customers — Duke Energy Florida | 1,833,957 | 1,806,263 | 1.5 | % | 1,828,189 | 1,799,273 | 1.6 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 1,300 | 2,441 | (46.7 | %) | 3,051 | 6,439 | (52.6 | %) | ||||||||||||||||
Oil and Natural Gas | 10,742 | 8,647 | 24.2 | % | 27,648 | 21,976 | 25.8 | % | ||||||||||||||||
Renewable Energy | 65 | 4 | 1,525.0 | % | 171 | 21 | 714.3 | % | ||||||||||||||||
Total Generation (d) | 12,107 | 11,092 | 9.2 | % | 30,870 | 28,436 | 8.6 | % | ||||||||||||||||
Purchased Power and Net Interchange (e) | 1,466 | 2,106 | (30.4 | %) | 3,662 | 5,385 | (32.0 | %) | ||||||||||||||||
Total Sources of Energy | 13,573 | 13,198 | 2.8 | % | 34,532 | 33,821 | 2.1 | % | ||||||||||||||||
Less: Line Loss and Other | 577 | 823 | (29.9 | %) | 2,064 | 2,023 | 2.0 | % | ||||||||||||||||
Total GWh Sources | 12,996 | 12,375 | 5.0 | % | 32,468 | 31,798 | 2.1 | % | ||||||||||||||||
Owned MW Capacity (c) | ||||||||||||||||||||||||
Summer | 10,218 | 9,304 | ||||||||||||||||||||||
Winter | 11,308 | 10,255 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | — | — | % | 271 | 385 | (29.6 | %) | ||||||||||||||||
Cooling Degree Days | 1,545 | 1,517 | 1.8 | % | 2,948 | 2,833 | 4.1 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | — | % | — | % | (28.6 | %) | (1.3 | %) | ||||||||||||||||
Cooling Degree Days | 4.0 | % | 2.1 | % | 8.3 | % | 4.5 | % | ||||||||||||||||
(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. |
Duke Energy Ohio | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
GWh Sales (a) | ||||||||||||||||||||||||
Residential | 2,637 | 2,648 | (0.4 | %) | 6,921 | 7,263 | (4.7 | %) | ||||||||||||||||
General Service | 2,655 | 2,683 | (1.0 | %) | 7,153 | 7,343 | (2.6 | %) | ||||||||||||||||
Industrial | 1,520 | 1,521 | (0.1 | %) | 4,318 | 4,379 | (1.4 | %) | ||||||||||||||||
Other Energy Sales | 27 | 27 | — | % | 81 | 81 | — | % | ||||||||||||||||
Unbilled Sales | 136 | (43 | ) | 416.3 | % | 78 | (161 | ) | 148.4 | % | ||||||||||||||
Total Retail Sales | 6,975 | 6,836 | 2.0 | % | (0.6 | %) | 18,551 | 18,905 | (1.9 | %) | (0.6 | %) | ||||||||||||
Wholesale and Other | 160 | 128 | 25.0 | % | 408 | 278 | 46.8 | % | ||||||||||||||||
Total Electric Sales — Duke Energy Ohio | 7,135 | 6,964 | 2.5 | % | 18,959 | 19,183 | (1.2 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 770,403 | 764,487 | 0.8 | % | 770,910 | 765,550 | 0.7 | % | ||||||||||||||||
General Service | 88,356 | 88,182 | 0.2 | % | 88,253 | 88,219 | — | % | ||||||||||||||||
Industrial | 2,456 | 2,483 | (1.1 | %) | 2,466 | 2,492 | (1.0 | %) | ||||||||||||||||
Other Energy Sales | 3,406 | 3,340 | 2.0 | % | 3,392 | 3,334 | 1.7 | % | ||||||||||||||||
Total Retail Customers | 864,621 | 858,492 | 0.7 | % | 865,021 | 859,595 | 0.6 | % | ||||||||||||||||
Wholesale and Other | 1 | 1 | — | % | 1 | 1 | — | % | ||||||||||||||||
Total Average Number of Customers — Duke Energy Ohio | 864,622 | 858,493 | 0.7 | % | 865,022 | 859,596 | 0.6 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 1,070 | 991 | 8.0 | % | 2,768 | 1,810 | 52.9 | % | ||||||||||||||||
Oil and Natural Gas | 101 | 44 | 129.5 | % | 133 | 113 | 17.7 | % | ||||||||||||||||
Total Generation (d) | 1,171 | 1,035 | 13.1 | % | 2,901 | 1,923 | 50.9 | % | ||||||||||||||||
Purchased Power and Net Interchange (e) | 6,233 | 6,584 | (5.3 | %) | 17,740 | 19,468 | (8.9 | %) | ||||||||||||||||
Total Sources of Energy | 7,404 | 7,619 | (2.8 | %) | 20,641 | 21,391 | (3.5 | %) | ||||||||||||||||
Less: Line Loss and Other | 269 | 655 | (58.9 | %) | 1,682 | 2,208 | (23.8 | %) | ||||||||||||||||
Total GWh Sources | 7,135 | 6,964 | 2.5 | % | 18,959 | 19,183 | (1.2 | %) | ||||||||||||||||
Owned MW Capacity (c) | ||||||||||||||||||||||||
Summer | 1,076 | 1,076 | ||||||||||||||||||||||
Winter | 1,164 | 1,164 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | 29 | (100.0 | %) | 2,918 | 3,095 | (5.7 | %) | ||||||||||||||||
Cooling Degree Days | 1,026 | 910 | 12.7 | % | 1,359 | 1,453 | (6.5 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (100.0 | %) | (48.0 | %) | (4.7 | %) | 0.5 | % | ||||||||||||||||
Cooling Degree Days | 36.0 | % | 20.4 | % | 25.6 | % | 33.6 | % | ||||||||||||||||
(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. |
Duke Energy Indiana | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal (b) | |||||||||||||||||
GWh Sales (a) | ||||||||||||||||||||||||
Residential | 2,466 | 2,519 | (2.1 | %) | 7,110 | 7,473 | (4.9 | %) | ||||||||||||||||
General Service | 2,280 | 2,373 | (3.9 | %) | 6,238 | 6,398 | (2.5 | %) | ||||||||||||||||
Industrial | 2,700 | 2,798 | (3.5 | %) | 7,815 | 7,995 | (2.3 | %) | ||||||||||||||||
Other Energy Sales | 12 | 13 | (7.7 | %) | 38 | 39 | (2.6 | %) | ||||||||||||||||
Unbilled Sales | 117 | (28 | ) | 517.9 | % | 24 | (164 | ) | (114.6 | %) | ||||||||||||||
Total Retail Sales | 7,575 | 7,675 | (1.3 | %) | (1.9 | %) | 21,225 | 21,741 | (2.4 | %) | (1.2 | %) | ||||||||||||
Wholesale and Other | 1,136 | 1,439 | (21.1 | %) | 2,956 | 4,159 | (28.9 | %) | ||||||||||||||||
Total Electric Sales — Duke Energy Indiana | 8,711 | 9,114 | (4.4 | %) | 24,181 | 25,900 | (6.6 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 731,741 | 723,026 | 1.2 | % | 732,408 | 722,446 | 1.4 | % | ||||||||||||||||
General Service | 101,755 | 101,637 | 0.1 | % | 101,632 | 101,485 | 0.1 | % | ||||||||||||||||
Industrial | 2,686 | 2,720 | (1.3 | %) | 2,692 | 2,722 | (1.1 | %) | ||||||||||||||||
Other Energy Sales | 1,768 | 1,712 | 3.3 | % | 1,751 | 1,704 | 2.8 | % | ||||||||||||||||
Total Retail Customers | 837,950 | 829,095 | 1.1 | % | 838,483 | 828,357 | 1.2 | % | ||||||||||||||||
Wholesale and Other | 4 | 5 | (20.0 | %) | 4 | 5 | (20.0 | %) | ||||||||||||||||
Total Average Number of Customers — Duke Energy Indiana | 837,954 | 829,100 | 1.1 | % | 838,487 | 828,362 | 1.2 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated — Net Output (c) | ||||||||||||||||||||||||
Coal | 4,249 | 6,295 | (32.5 | %) | 13,994 | 18,069 | (22.6 | %) | ||||||||||||||||
Hydro | 52 | 41 | 26.8 | % | 106 | 93 | 14.0 | % | ||||||||||||||||
Oil and Natural Gas | 922 | 1,004 | (8.2 | %) | 2,075 | 3,191 | (35.0 | %) | ||||||||||||||||
Renewable Energy | 10 | 9 | 11.1 | % | 23 | 23 | — | % | ||||||||||||||||
Total Generation (d) | 5,233 | 7,349 | (28.8 | %) | 16,198 | 21,376 | (24.2 | %) | ||||||||||||||||
Purchased Power and Net Interchange (e) | 3,556 | 2,261 | 57.3 | % | 8,875 | 5,976 | 48.5 | % | ||||||||||||||||
Total Sources of Energy | 8,789 | 9,610 | (8.5 | %) | 25,073 | 27,352 | (8.3 | %) | ||||||||||||||||
Less: Line Loss and Other | 78 | 496 | (84.3 | %) | 892 | 1,452 | (38.6 | %) | ||||||||||||||||
Total GWh Sources | 8,711 | 9,114 | (4.4 | %) | 24,181 | 25,900 | (6.6 | %) | ||||||||||||||||
Owned MW Capacity (c) | ||||||||||||||||||||||||
Summer | 6,606 | 6,606 | ||||||||||||||||||||||
Winter | 7,023 | 7,007 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | 37 | (100.0 | %) | 3,358 | 3,415 | (1.7 | %) | ||||||||||||||||
Cooling Degree Days | 930 | 896 | 3.8 | % | 1,224 | 1,457 | (16.0 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (100.0 | %) | (43.5 | %) | 1.2 | % | 2.8 | % | ||||||||||||||||
Cooling Degree Days | 24.6 | % | 20.0 | % | 13.3 | % | 35.0 | % | ||||||||||||||||
(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. |
Gas Utilities and Infrastructure | ||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||
September 2019 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | % Inc. (Dec.) | 2019 | 2018 | % Inc. (Dec.) | |||||||||||||
Total Sales | ||||||||||||||||||
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) | 121,378,484 | 135,403,188 | (10.4 | %) | 377,729,141 | 407,144,529 | (7.2 | %) | ||||||||||
Duke Energy Midwest LDC throughput (Mcf) | 9,997,444 | 9,370,743 | 6.7 | % | 62,278,623 | 62,111,858 | 0.3 | % | ||||||||||
Average Number of Customers — Piedmont Natural Gas | ||||||||||||||||||
Residential | 971,955 | 955,615 | 1.7 | % | 978,739 | 964,776 | 1.4 | % | ||||||||||
Commercial | 103,179 | 102,757 | 0.4 | % | 104,046 | 103,711 | 0.3 | % | ||||||||||
Industrial | 974 | 963 | 1.1 | % | 970 | 962 | 0.8 | % | ||||||||||
Power Generation | 16 | 17 | (5.9 | %) | 16 | 17 | (5.9 | %) | ||||||||||
Total Average Number of Gas Customers — Piedmont Natural Gas | 1,076,124 | 1,059,352 | 1.6 | % | 1,083,771 | 1,069,466 | 1.3 | % | ||||||||||
Average Number of Customers — Duke Energy Midwest | ||||||||||||||||||
Residential | 485,307 | 481,520 | 0.8 | % | 489,401 | 485,462 | 0.8 | % | ||||||||||
General Service | 41,291 | 41,094 | 0.5 | % | 43,250 | 43,177 | 0.2 | % | ||||||||||
Industrial | 1,491 | 1,518 | (1.8 | %) | 1,574 | 1,584 | (0.6 | %) | ||||||||||
Other | 136 | 136 | — | % | 135 | 138 | (2.2 | %) | ||||||||||
Total Average Number of Gas Customers — Duke Energy Midwest | 528,225 | 524,268 | 0.8 | % | 534,360 | 530,361 | 0.8 | % | ||||||||||
(a) | Piedmont has a margin decoupling mechanism in North Carolina and weather normalization mechanisms in South Carolina and Tennessee 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 | ||||||||||||||||||
September 2019 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | % Inc. (Dec.) | 2019 | 2018 | % Inc. (Dec.) | |||||||||||||
Renewable Plant Production, GWh | 2,146 | 1,897 | 13.1 | % | 6,528 | 6,548 | (0.3 | )% | ||||||||||
Net Proportional MW Capacity in Operation (a) | n/a | n/a | 3,162 | 2,976 | 6.3 | % | ||||||||||||
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