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: | February 13, 2020 |
News Release |
▪ | Delivered full-year 2019 GAAP and adjusted EPS of $5.06, representing adjusted EPS growth of 7% |
▪ | Achieved strong results above the midpoint of original and revised 2019 guidance range |
▪ | Established 2020 adjusted EPS target of $5.25 and guidance range of $5.05 to $5.45 |
▪ | Extending long-term earnings growth expectation of 4% to 6% through 2024 |
(In millions, except per-share amounts) | After-Tax Amount | 4Q 2019 EPS | 4Q 2018 EPS | ||||||
Diluted EPS, as reported | $ | 0.88 | $ | 0.65 | |||||
Adjustments to reported diluted EPS: | |||||||||
Fourth Quarter 2019 | |||||||||
Impairment charges, net(a) | $ | 11 | 0.02 | ||||||
Discontinued operations | 7 | 0.01 | |||||||
Fourth Quarter 2018 | |||||||||
Severance | $ | 144 | 0.20 | ||||||
Impairment charge | 46 | 0.06 | |||||||
Costs to achieve Piedmont merger | 24 | 0.03 | |||||||
Impacts of the Tax Act | (53 | ) | (0.07 | ) | |||||
Discontinued Operations | (20 | ) | (0.03 | ) | |||||
Total adjustments | $ | 0.03 | $ | 0.19 | |||||
Diluted EPS, adjusted | $ | 0.91 | $ | 0.84 |
(In millions, except per-share amounts) | After-Tax Amount | Full-Year 2019 EPS | Full-Year 2018 EPS | ||||||
Diluted EPS, as reported | $ | 5.06 | $ | 3.76 | |||||
Adjustments to reported diluted EPS: | |||||||||
Full-Year 2019 | |||||||||
Impairment charges, net(a) | $ | (8 | ) | (0.01 | ) | ||||
Discontinued operations | 7 | 0.01 | |||||||
Full-Year 2018 | |||||||||
Regulatory and legislative impacts | $ | 202 | 0.29 | ||||||
Impairment charges | 179 | 0.25 | |||||||
Severance | 144 | 0.21 | |||||||
Sale of retired plant | 82 | 0.12 | |||||||
Costs to achieve Piedmont merger | 65 | 0.09 | |||||||
Impacts of the Tax Act | 20 | 0.03 | |||||||
Discontinued operations | (19 | ) | (0.03 | ) | |||||
Total adjustments | $ | — | $ | 0.96 | |||||
Diluted EPS, adjusted | $ | 5.06 | $ | 4.72 |
(a) | Refer to the Non-GAAP financial measures section for a description of Impairment charges, net excluded from 2019 adjusted diluted EPS. |
• | Impairment Charges in 2019 represents a reduction of a prior year impairment at Citrus County CC and an other-than-temporary impairment of the remaining investment in Constitution Pipeline Company, LLC. For 2018, it represents an impairment at Citrus County CC, a goodwill impairment at Commercial Renewables and an other-than-temporary impairment of the investment in Constitution Pipeline Company, LLC. |
• | Costs to Achieve Mergers represents charges that result from strategic acquisitions. |
• | Regulatory and Legislative Impacts in 2018 represents charges related to the Duke Energy Progress and Duke Energy Carolinas North Carolina rate case orders and the repeal of the South Carolina Base Load Review Act. |
• | Sale of Retired Plant represents the loss associated with selling Beckjord, a nonregulated generating facility in Ohio. |
• | Impacts of the Tax Act represents amounts recognized related to the Tax Act. |
• | Severance Charges relate to companywide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization. |
◦ | State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; |
◦ | The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; |
◦ | The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; |
◦ | The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; |
◦ | Costs and effects of legal and administrative proceedings, settlements, investigations and claims; |
◦ | Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies; |
◦ | Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs; |
◦ | Advancements in technology; |
◦ | Additional competition in electric and natural gas markets and continued industry consolidation; |
◦ | The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; |
◦ | The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources; |
◦ | The ability to obtain the necessary permits and approvals and to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business; |
◦ | Operational interruptions to our natural gas distribution and transmission activities; |
◦ | The availability of adequate interstate pipeline transportation capacity and natural gas supply; |
◦ | The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences; |
◦ | The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; |
◦ | The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; |
◦ | The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions; |
◦ | Credit ratings of the Duke Energy Registrants may be different from what is expected; |
◦ | Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; |
◦ | Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; |
◦ | Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; |
◦ | The ability to control operation and maintenance costs; |
◦ | The level of creditworthiness of counterparties to transactions; |
◦ | The ability to obtain adequate insurance at acceptable costs; |
◦ | Employee workforce factors, including the potential inability to attract and retain key personnel; |
◦ | The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); |
◦ | The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities; |
◦ | The effect of accounting pronouncements issued periodically by accounting standard-setting bodies; |
◦ | The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings; |
◦ | The impacts from potential impairments of goodwill or equity method investment carrying values; and |
◦ | The ability to implement our business strategy, including enhancing existing technology systems. |
Special Items | ||||||||||||||||||||
Reported Earnings | Impairment Charges | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 592 | $ | (8 | ) | A | $ | — | $ | (8 | ) | $ | 584 | |||||||
Gas Utilities and Infrastructure | 140 | 19 | B | — | 19 | 159 | ||||||||||||||
Commercial Renewables | 59 | — | — | — | 59 | |||||||||||||||
Total Reportable Segment Income | 791 | 11 | — | 11 | 802 | |||||||||||||||
Other | (124 | ) | — | — | — | (124 | ) | |||||||||||||
Discontinued Operations | (7 | ) | — | 7 | C | 7 | — | |||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 660 | $ | 11 | $ | 7 | $ | 18 | $ | 678 | ||||||||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS, DILUTED | $ | 0.88 | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | 0.91 |
Special Items | ||||||||||||||||||||
Reported Earnings | Impairment Charges | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 3,536 | $ | (27 | ) | A | $ | — | $ | (27 | ) | $ | 3,509 | |||||||
Gas Utilities and Infrastructure | 432 | 19 | B | — | 19 | 451 | ||||||||||||||
Commercial Renewables | 198 | — | — | — | 198 | |||||||||||||||
Total Reportable Segment Income | 4,166 | (8 | ) | — | (8 | ) | 4,158 | |||||||||||||
Other | (452 | ) | — | — | (452 | ) | ||||||||||||||
Discontinued Operations | (7 | ) | — | 7 | C | 7 | — | |||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,707 | $ | (8 | ) | $ | 7 | $ | (1 | ) | $ | 3,706 | ||||||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS, DILUTED | $ | 5.06 | $ | (0.01 | ) | $ | 0.01 | $ | — | $ | 5.06 |
Special Items | |||||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Impairment Charge | Impacts of the Tax Act | Severance | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||||||||||
SEGMENT INCOME | |||||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 566 | $ | — | $ | 46 | B | $ | 16 | $ | — | $ | — | $ | 62 | $ | 628 | ||||||||||||||
Gas Utilities and Infrastructure | 113 | — | — | — | — | — | — | 113 | |||||||||||||||||||||||
Commercial Renewables | 13 | — | — | — | — | — | — | 13 | |||||||||||||||||||||||
Total Reportable Segment Income | 692 | — | 46 | 16 | — | — | 62 | 754 | |||||||||||||||||||||||
Other | (248 | ) | 24 | A | — | (69 | ) | 144 | D | — | 99 | (149 | ) | ||||||||||||||||||
Discontinued Operations | 20 | — | — | — | — | (20 | ) | E | (20 | ) | — | ||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 464 | $ | 24 | $ | 46 | $ | (53 | ) | C | $ | 144 | $ | (20 | ) | $ | 141 | $ | 605 | ||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 0.65 | $ | 0.03 | $ | 0.06 | $ | (0.07 | ) | $ | 0.20 | $ | (0.03 | ) | $ | 0.19 | $ | 0.84 |
Special Items | ||||||||||||||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Regulatory and Legislative Impacts | Sale of Retired Plant | Impairment Charges | Impacts of the Tax Act | Severance | Discontinued Operations | Total Adjustments | Adjusted Earnings | |||||||||||||||||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 3,058 | $ | — | $ | 202 | B | $ | — | $ | 46 | D | $ | 24 | $ | — | $ | — | $ | 272 | $ | 3,330 | ||||||||||||||||||
Gas Utilities and Infrastructure | 274 | — | — | — | 42 | E | 1 | — | — | 43 | 317 | |||||||||||||||||||||||||||||
Commercial Renewables | 9 | — | — | — | 91 | F | (3 | ) | — | — | 88 | 97 | ||||||||||||||||||||||||||||
Total Reportable Segment Income | 3,341 | — | 202 | — | 179 | 22 | — | — | 403 | 3,744 | ||||||||||||||||||||||||||||||
Other | (694 | ) | 65 | A | — | 82 | C | — | (2 | ) | 144 | H | — | 289 | (405 | ) | ||||||||||||||||||||||||
Discontinued Operations | 19 | — | — | — | — | — | — | (19 | ) | I | (19 | ) | — | |||||||||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,666 | $ | 65 | $ | 202 | $ | 82 | $ | 179 | $ | 20 | G | $ | 144 | $ | (19 | ) | $ | 673 | $ | 3,339 | ||||||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 3.76 | $ | 0.09 | $ | 0.29 | $ | 0.12 | $ | 0.25 | $ | 0.03 | $ | 0.21 | $ | (0.03 | ) | $ | 0.96 | $ | 4.72 |
Three Months Ended December 31, 2019 | Year Ended December 31, 2019 | ||||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | ||||||||||||
Reported Income From Continuing Operations Before Income Taxes | $ | 709 | $ | 4,097 | |||||||||||
Impairment Charges | 14 | (11 | ) | ||||||||||||
Noncontrolling Interests | 67 | 177 | |||||||||||||
Preferred Dividends | (14 | ) | (41 | ) | |||||||||||
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 776 | $ | 4,222 | |||||||||||
Reported Income Tax Expense From Continuing Operations | $ | 95 | 13.4 | % | $ | 519 | 12.7 | % | |||||||
Impairment Charges | 3 | (3 | ) | ||||||||||||
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 98 | 12.6 | % | $ | 516 | 12.2 | % |
Three Months Ended December 31, 2018 | Year Ended December 31, 2018 | ||||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | ||||||||||||
Reported Income From Continuing Operations Before Income Taxes | $ | 433 | $ | 3,073 | |||||||||||
Costs to Achieve Piedmont Merger | 31 | 84 | |||||||||||||
Regulatory and Legislative Impacts | — | 265 | |||||||||||||
Sale of Retired Plant | — | 107 | |||||||||||||
Impairment Charges | 60 | 206 | |||||||||||||
Severance | 187 | 187 | |||||||||||||
Noncontrolling Interests | 10 | 22 | |||||||||||||
Pretax Income Including Noncontrolling Interests and Excluding Special Items | $ | 721 | $ | 3,944 | |||||||||||
Reported Income Tax (Benefit) Expense From Continuing Operations | $ | (1 | ) | (0.2 | )% | $ | 448 | 14.6 | % | ||||||
Costs to Achieve Piedmont Merger | 7 | 19 | |||||||||||||
Regulatory and Legislative Impacts | — | 63 | |||||||||||||
Sale of Retired Plant | — | 25 | |||||||||||||
Impairment Charges | 14 | 27 | |||||||||||||
Severance | 43 | 43 | |||||||||||||
Impacts of the Tax Act | 53 | (20 | ) | ||||||||||||
Tax Expense Including Noncontrolling Interests and Excluding Special Items | $ | 116 | 16.1 | % | $ | 605 | 15.3 | % | |||||||
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Discontinued Operations | Consolidated | |||||||||||||||||||||||
2018 QTD Reported Earnings Per Share, Diluted | $ | 0.79 | $ | 0.17 | $ | 0.02 | $ | (0.36 | ) | $ | 0.03 | $ | 0.65 | ||||||||||||||||
Costs to Achieve Piedmont Merger | — | — | — | 0.03 | — | 0.03 | |||||||||||||||||||||||
Impairment Charges | 0.06 | — | — | — | — | 0.06 | |||||||||||||||||||||||
Severance | — | — | — | 0.20 | — | 0.20 | |||||||||||||||||||||||
Impacts of the Tax Act | 0.02 | — | — | (0.09 | ) | — | (0.07 | ) | |||||||||||||||||||||
Discontinued Operations | — | — | — | — | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||
2018 QTD Adjusted Earnings Per Share, Diluted | $ | 0.87 | $ | 0.17 | $ | 0.02 | $ | (0.22 | ) | $ | — | $ | 0.84 | ||||||||||||||||
Weather | (0.03 | ) | — | — | — | (0.03 | ) | ||||||||||||||||||||||
Volume | (0.01 | ) | — | — | — | — | (0.01 | ) | |||||||||||||||||||||
Pricing and Riders(a) | 0.09 | 0.02 | — | — | — | 0.11 | |||||||||||||||||||||||
Rate case impacts, net(b) | 0.04 | 0.04 | — | — | — | 0.08 | |||||||||||||||||||||||
Operations and maintenance, net of recoverables(c) | (0.11 | ) | (0.01 | ) | — | — | — | (0.12 | ) | ||||||||||||||||||||
Midstream Gas Pipelines | — | 0.01 | — | — | — | 0.01 | |||||||||||||||||||||||
Duke Energy Renewables(d) | — | — | 0.06 | — | — | 0.06 | |||||||||||||||||||||||
Interest Expense | — | — | — | 0.01 | — | 0.01 | |||||||||||||||||||||||
Depreciation and amortization(e) | (0.05 | ) | — | — | — | — | (0.05 | ) | |||||||||||||||||||||
Preferred Dividends | — | — | — | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||
Other(f) | 0.01 | — | — | 0.05 | — | 0.06 | |||||||||||||||||||||||
Total variance before share count | $ | (0.06 | ) | $ | 0.06 | $ | 0.06 | $ | 0.02 | $ | — | $ | 0.08 | ||||||||||||||||
Change in share count | (0.01 | ) | — | — | — | — | (0.01 | ) | |||||||||||||||||||||
2019 QTD Adjusted Earnings Per Share, Diluted | $ | 0.80 | $ | 0.23 | $ | 0.08 | $ | (0.20 | ) | $ | — | $ | 0.91 | ||||||||||||||||
Impairment Charges | 0.01 | (0.03 | ) | — | — | — | (0.02 | ) | |||||||||||||||||||||
Discontinued Operations | — | — | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||
2019 QTD Reported Earnings Per Share, Diluted | $ | 0.81 | $ | 0.20 | $ | 0.08 | $ | (0.20 | ) | $ | (0.01 | ) | $ | 0.88 | |||||||||||||||
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 716 million shares to 731 million. | |||||||||||||||||||||||||||||
(a) | Electric Utilities and Infrastructure is primarily driven by favorable energy efficiency orders (+$0.05). |
(b) | Electric Utilities and Infrastructure includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.02) and the Carolinas rate cases (+$0.02), which is primarily comprised of base rate increases partially offset by higher depreciation and amortization expense. Gas Utilities and Infrastructure includes the net impact of the NC Piedmont rate case, effective November 1, 2019. |
(c) | Primarily due to higher planned O&M related to employee benefits and customer delivery and operations costs. |
(d) | Primarily includes new tax equity projects placed in service (+0.04). |
(e) | Excludes rate case impacts. |
(f) | Other is primarily due to higher returns on investments and lower claims at the captive insurer, offset by higher contributions to the Duke Energy Foundation. |
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Discontinued Operations | Consolidated | |||||||||||||||||||||||
2018 YTD Reported Earnings Per Share, Diluted | $ | 4.32 | $ | 0.39 | $ | 0.01 | $ | (0.99 | ) | $ | 0.03 | $ | 3.76 | ||||||||||||||||
Costs to Achieve Piedmont Merger | — | — | — | 0.09 | — | 0.09 | |||||||||||||||||||||||
Regulatory and Legislative Impacts | 0.29 | — | — | — | — | 0.29 | |||||||||||||||||||||||
Sale of Retired Plant | — | — | — | 0.12 | — | 0.12 | |||||||||||||||||||||||
Impairment Charges | 0.06 | 0.06 | 0.13 | — | — | 0.25 | |||||||||||||||||||||||
Severance | — | — | — | 0.21 | — | 0.21 | |||||||||||||||||||||||
Impacts of the Tax Act | 0.03 | — | — | — | — | 0.03 | |||||||||||||||||||||||
Discontinued Operations | — | — | — | — | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||
2018 YTD Adjusted Earnings Per Share, Diluted | $ | 4.70 | $ | 0.45 | $ | 0.14 | $ | (0.57 | ) | $ | — | $ | 4.72 | ||||||||||||||||
Weather | (0.01 | ) | — | — | — | — | (0.01 | ) | |||||||||||||||||||||
Volume | (0.05 | ) | — | — | — | — | (0.05 | ) | |||||||||||||||||||||
Pricing and Riders(a) | 0.24 | 0.04 | — | — | — | 0.28 | |||||||||||||||||||||||
Rate case impacts, net(b) | 0.21 | 0.04 | — | — | — | 0.25 | |||||||||||||||||||||||
Operations and maintenance, net of recoverables | 0.04 | (0.03 | ) | — | — | — | 0.01 | ||||||||||||||||||||||
Midstream Gas Pipelines(c) | — | 0.13 | — | — | — | 0.13 | |||||||||||||||||||||||
Duke Energy Renewables(d) | — | — | 0.13 | — | — | 0.13 | |||||||||||||||||||||||
Interest Expense | — | — | — | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||
AFUDC Equity | (0.05 | ) | — | — | — | — | (0.05 | ) | |||||||||||||||||||||
Depreciation and amortization(e) | (0.17 | ) | — | — | — | — | (0.17 | ) | |||||||||||||||||||||
Preferred Dividends | — | — | — | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||
Other(f) | 0.04 | — | — | 0.05 | — | 0.09 | |||||||||||||||||||||||
Total variance before share count | $ | 0.25 | $ | 0.18 | $ | 0.13 | $ | (0.08 | ) | $ | — | $ | 0.48 | ||||||||||||||||
Change in share count | (0.14 | ) | — | — | — | — | (0.14 | ) | |||||||||||||||||||||
2019 YTD Adjusted Earnings Per Share, Diluted | $ | 4.81 | $ | 0.63 | $ | 0.27 | $ | (0.65 | ) | $ | — | $ | 5.06 | ||||||||||||||||
Impairment Charges | 0.04 | (0.03 | ) | — | — | — | 0.01 | ||||||||||||||||||||||
Discontinued Operations | — | — | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||
2019 YTD Reported Earnings Per Share, Diluted | $ | 4.85 | $ | 0.60 | $ | 0.27 | $ | (0.65 | ) | $ | (0.01 | ) | $ | 5.06 | |||||||||||||||
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average diluted shares outstanding increased from 708 million shares to 729 million. |
(a) | Electric Utilities and Infrastructure is primarily driven by higher transmission revenues and purchased power true ups (+$0.15) and energy efficiency and grid modernization rider programs (+$0.08) in DEC, DEP and DEI. |
(b) | Electric Utilities and Infrastructure includes the net impact of the DEF GBRA, SBRA and multi-year rate plan (+$0.09), the Carolinas rate cases (+$0.10) and DEO and DEK rate cases (+$0.02), which is primarily base rate increases partially offset by higher depreciation and amortization expense. In prior periods, interest expense (-$0.03) and AFUDC equity (-$0.03) were presented separately from rate case impacts, net; for the period presented above, these amounts are included in rate case impacts, net as they are recovered through the DEF GBRA. Gas Utilities and Infrastructure includes the net impact of the NC Piedmont rate case, effective November 1, 2019. |
(c) | Includes an income tax adjustment for equity method investments related to prior years. |
(d) | Primarily includes new tax equity projects placed in service (+$0.12). |
(e) | Excludes rate case impacts. |
(f) | Electric Utilities and Infrastructure includes an impairment charge in 2018 related to the Edwardsport settlement at Duke Energy Indiana (+0.03). Other includes higher returns on investments and lower claims at the captive insurer, offset by higher contributions to the Duke Energy Foundation. |
December 2019 | |||||||||||||||
QUARTERLY HIGHLIGHTS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In millions, except per-share amounts and where noted) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Earnings Per Share – Basic and Diluted | |||||||||||||||
Income from continuing operations available to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | 0.89 | $ | 0.62 | $ | 5.07 | $ | 3.73 | |||||||
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | ) | $ | 0.03 | |||||
Net income available to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | 0.88 | $ | 0.65 | $ | 5.06 | $ | 3.76 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 730 | 716 | 729 | 708 | |||||||||||
Diluted | 731 | 716 | 729 | 708 | |||||||||||
INCOME (LOSS) BY BUSINESS SEGMENT | |||||||||||||||
Electric Utilities and Infrastructure(a) | $ | 592 | $ | 566 | $ | 3,536 | $ | 3,058 | |||||||
Gas Utilities and Infrastructure(b) | 140 | 113 | 432 | 274 | |||||||||||
Commercial Renewables | 59 | 13 | 198 | 9 | |||||||||||
Total Reportable Segment Income | 791 | 692 | 4,166 | 3,341 | |||||||||||
Other | (124 | ) | (248 | ) | (452 | ) | (694 | ) | |||||||
(Loss) Income from Discontinued Operations | (7 | ) | 20 | (7 | ) | 19 | |||||||||
Net Income Available to Duke Energy Corporation common stockholders | $ | 660 | $ | 464 | $ | 3,707 | $ | 2,666 | |||||||
CAPITALIZATION | |||||||||||||||
Total Common Equity (%) | 44 | % | 43 | % | |||||||||||
Total Debt (%) | 56 | % | 57 | % | |||||||||||
Total Debt | $ | 61,261 | $ | 57,939 | |||||||||||
Book Value Per Share | $ | 65.42 | $ | 60.29 | |||||||||||
Actual Shares Outstanding | 733 | 727 | |||||||||||||
CAPITAL AND INVESTMENT EXPENDITURES | |||||||||||||||
Electric Utilities and Infrastructure | $ | 2,171 | $ | 2,260 | $ | 8,263 | $ | 8,082 | |||||||
Gas Utilities and Infrastructure | 410 | 389 | 1,539 | 1,156 | |||||||||||
Commercial Renewables | 491 | 40 | 1,423 | 195 | |||||||||||
Other | 19 | 63 | 221 | 263 | |||||||||||
Total Capital and Investment Expenditures | $ | 3,091 | $ | 2,752 | $ | 11,446 | $ | 9,696 | |||||||
(a) | Includes a reduction of a prior year impairment at Citrus County CC of $11 million (net of tax of $3 million) for the three months ended December 31, 2019 and $36 million (net of tax of $9 million) for the year ended December 31, 2019. |
(b) | Includes an other-than-temporary impairment of the remaining investment in Constitution of $25 million (net of tax of $6 million) for the three months and year ended December 31, 2019. |
DUKE ENERGY CORPORATION | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Unaudited) | |||||||||||
(In millions, except per-share amounts) | |||||||||||
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating Revenues | |||||||||||
Regulated electric | $ | 22,615 | $ | 22,097 | $ | 21,177 | |||||
Regulated natural gas | 1,759 | 1,773 | 1,734 | ||||||||
Nonregulated electric and other | 705 | 651 | 654 | ||||||||
Total operating revenues | 25,079 | 24,521 | 23,565 | ||||||||
Operating Expenses | |||||||||||
Fuel used in electric generation and purchased power | 6,826 | 6,831 | 6,350 | ||||||||
Cost of natural gas | 627 | 697 | 632 | ||||||||
Operation, maintenance and other | 6,066 | 6,463 | 5,944 | ||||||||
Depreciation and amortization | 4,548 | 4,074 | 3,527 | ||||||||
Property and other taxes | 1,307 | 1,280 | 1,233 | ||||||||
Impairment charges | (8 | ) | 402 | 282 | |||||||
Total operating expenses | 19,366 | 19,747 | 17,968 | ||||||||
(Losses) Gains on Sales of Other Assets and Other, net | (4 | ) | (89 | ) | 28 | ||||||
Operating Income | 5,709 | 4,685 | 5,625 | ||||||||
Other Income and Expenses | |||||||||||
Equity in earnings of unconsolidated affiliates | 162 | 83 | 119 | ||||||||
Other income and expenses, net | 430 | 399 | 508 | ||||||||
Total other income and expenses | 592 | 482 | 627 | ||||||||
Interest Expense | 2,204 | 2,094 | 1,986 | ||||||||
Income From Continuing Operations Before Income Taxes | 4,097 | 3,073 | 4,266 | ||||||||
Income Tax Expense From Continuing Operations | 519 | 448 | 1,196 | ||||||||
Income From Continuing Operations | 3,578 | 2,625 | 3,070 | ||||||||
(Loss) Income From Discontinued Operations, net of tax | (7 | ) | 19 | (6 | ) | ||||||
Net Income | 3,571 | 2,644 | 3,064 | ||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interests | (177 | ) | (22 | ) | 5 | ||||||
Net Income Attributable to Duke Energy Corporation | 3,748 | 2,666 | $ | 3,059 | |||||||
Less: Preferred Dividends | 41 | — | $ | — | |||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,707 | $ | 2,666 | $ | 3,059 | |||||
Earnings Per Share – Basic and Diluted | |||||||||||
Income from continuing operations available to Duke Energy Corporation common stockholders | |||||||||||
Basic and Diluted | $ | 5.07 | $ | 3.73 | $ | 4.37 | |||||
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders | |||||||||||
Basic and Diluted | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | ) | |||
Net income available to Duke Energy Corporation common stockholders | |||||||||||
Basic and Diluted | $ | 5.06 | $ | 3.76 | $ | 4.36 | |||||
Weighted average shares outstanding | |||||||||||
Basic and Diluted | 729 | 708 | 700 |
(In millions) | December 31, 2019 | December 31, 2018 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 311 | $ | 442 | |||
Receivables (net of allowance for doubtful accounts of $22 at 2019 and $16 at 2018) | 1,066 | 962 | |||||
Receivables of VIEs (net of allowance for doubtful accounts of $54 at 2019 and $55 at 2018) | 1,994 | 2,172 | |||||
Inventory | 3,232 | 3,084 | |||||
Regulatory assets (includes $52 at 2019 and 2018 related to VIEs) | 1,796 | 2,005 | |||||
Other (includes $242 at 2019 and $162 at 2018 related to VIEs) | 764 | 1,049 | |||||
Total current assets | 9,163 | 9,714 | |||||
Property, Plant and Equipment | |||||||
Cost | 147,654 | 134,458 | |||||
Accumulated depreciation and amortization | (45,773 | ) | (43,126 | ) | |||
Generation facilities to be retired, net | 246 | 362 | |||||
Net property, plant and equipment | 102,127 | 91,694 | |||||
Other Noncurrent Assets | |||||||
Goodwill | 19,303 | 19,303 | |||||
Regulatory assets (includes $989 at 2019 and $1,041 at 2018 related to VIEs) | 13,222 | 13,617 | |||||
Nuclear decommissioning trust funds | 8,140 | 6,720 | |||||
Operating lease right-of-use assets, net | 1,658 | — | |||||
Investments in equity method unconsolidated affiliates | 1,936 | 1,409 | |||||
Other (includes $110 at 2019 and $261 at 2018 related to VIEs) | 3,289 | 2,935 | |||||
Total other noncurrent assets | 47,548 | 43,984 | |||||
Total Assets | $ | 158,838 | $ | 145,392 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 3,487 | $ | 3,487 | |||
Notes payable and commercial paper | 3,135 | 3,410 | |||||
Taxes accrued | 392 | 577 | |||||
Interest accrued | 565 | 559 | |||||
Current maturities of long-term debt (includes $216 at 2019 and $227 at 2018 related to VIEs) | 3,141 | 3,406 | |||||
Asset retirement obligations | 881 | 919 | |||||
Regulatory liabilities | 784 | 598 | |||||
Other | 2,367 | 2,085 | |||||
Total current liabilities | 14,752 | 15,041 | |||||
Long-Term Debt (includes $3,996 at 2019 and $3,998 at 2018 related to VIEs) | 54,985 | 51,123 | |||||
Other Noncurrent Liabilities | |||||||
Deferred income taxes | 8,878 | 7,806 | |||||
Asset retirement obligations | 12,437 | 9,548 | |||||
Regulatory liabilities | 15,264 | 14,834 | |||||
Operating lease liabilities | 1,432 | — | |||||
Accrued pension and other post-retirement benefit costs | 934 | 988 | |||||
Investment tax credits | 624 | 568 | |||||
Other (includes $228 at 2019 and $212 at 2018 related to VIEs) | 1,581 | 1,650 | |||||
Total other noncurrent liabilities | 41,150 | 35,394 | |||||
Commitments and Contingencies | |||||||
Equity | |||||||
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2019 | 973 | — | |||||
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2019 | 989 | — | |||||
Common stock, $0.001 par value, 2 billion shares authorized; 733 million shares outstanding at 2019 and 727 million shares outstanding at 2018 | 1 | 1 | |||||
Additional paid-in capital | 40,881 | 40,795 | |||||
Retained earnings | 4,108 | 3,113 | |||||
Accumulated other comprehensive loss | (130 | ) | (92 | ) | |||
Total Duke Energy Corporation stockholders' equity | 46,822 | 43,817 | |||||
Noncontrolling interests | 1,129 | 17 | |||||
Total equity | 47,951 | 43,834 | |||||
Total Liabilities and Equity | $ | 158,838 | $ | 145,392 |
DUKE ENERGY CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(Unaudited) | ||||||||||||
(In millions) | ||||||||||||
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net Income | $ | 3,571 | $ | 2,644 | $ | 3,064 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | 4,638 | 4,542 | 3,560 | |||||||||
Net cash provided by operating activities | 8,209 | 7,186 | 6,624 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Net cash used in investing activities | (11,957 | ) | (10,060 | ) | (8,442 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Net cash provided by financing activities | 3,730 | 2,960 | 1,782 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (18 | ) | 86 | (36 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 591 | 505 | 541 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 573 | $ | 591 | $ | 505 |
Three Months Ended December 31, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 5,450 | $ | — | $ | — | $ | — | $ | (58 | ) | $ | 5,392 | |||||
Regulated natural gas | — | 552 | — | — | (24 | ) | 528 | |||||||||||
Nonregulated electric and other | — | 3 | 125 | 24 | 31 | 183 | ||||||||||||
Total operating revenues | 5,450 | 555 | 125 | 24 | (51 | ) | 6,103 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,618 | — | — | — | (20 | ) | 1,598 | |||||||||||
Cost of natural gas | — | 176 | — | — | — | 176 | ||||||||||||
Operation, maintenance and other | 1,540 | 121 | 86 | 4 | (22 | ) | 1,729 | |||||||||||
Depreciation and amortization | 1,027 | 64 | 45 | 53 | (5 | ) | 1,184 | |||||||||||
Property and other taxes | 276 | 22 | 5 | (6 | ) | (2 | ) | 295 | ||||||||||
Impairment charges | 8 | — | — | — | — | 8 | ||||||||||||
Total operating expenses | 4,469 | 383 | 136 | 51 | (49 | ) | 4,990 | |||||||||||
Gains (losses) on Sales of Other Assets and Other, net | 1 | — | (3 | ) | (2 | ) | — | (4 | ) | |||||||||
Operating Income (Loss) | 982 | 172 | (14 | ) | (29 | ) | (2 | ) | 1,109 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (2 | ) | 13 | — | 15 | (1 | ) | 25 | ||||||||||
Other income and expenses, net | 88 | 8 | 2 | 32 | (8 | ) | 122 | |||||||||||
Total Other Income and Expenses | 86 | 21 | 2 | 47 | (9 | ) | 147 | |||||||||||
Interest Expense | 341 | 31 | 17 | 169 | (11 | ) | 547 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 727 | 162 | (29 | ) | (151 | ) | — | 709 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 135 | 22 | (21 | ) | (41 | ) | — | 95 | ||||||||||
Income (Loss) from Continuing Operations | 592 | 140 | (8 | ) | (110 | ) | — | 614 | ||||||||||
Less: Net Loss Attributable to Noncontrolling Interest | — | — | (67 | ) | — | — | (67 | ) | ||||||||||
Less: Preferred Dividends | — | — | — | 14 | — | 14 | ||||||||||||
Segment Income/Other Net Loss | $ | 592 | $ | 140 | $ | 59 | $ | (124 | ) | $ | — | $ | 667 | |||||
Loss from Discontinued Operations, net of tax | (7 | ) | ||||||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 660 | ||||||||||||||||
Segment Income/Other Net Loss | $ | 592 | $ | 140 | $ | 59 | $ | (124 | ) | $ | — | $ | 667 | |||||
Special Items | (8 | ) | 19 | — | — | — | 11 | |||||||||||
Adjusted Earnings(a) | $ | 584 | $ | 159 | $ | 59 | $ | (124 | ) | $ | — | $ | 678 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. |
Years Ended December 31, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 22,831 | $ | — | $ | — | $ | — | $ | (216 | ) | $ | 22,615 | |||||
Regulated natural gas | — | 1,854 | — | — | (95 | ) | 1,759 | |||||||||||
Nonregulated electric and other | — | 12 | 487 | 95 | 111 | 705 | ||||||||||||
Total operating revenues | 22,831 | 1,866 | 487 | 95 | (200 | ) | 25,079 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 6,904 | — | — | — | (78 | ) | 6,826 | |||||||||||
Cost of natural gas | — | 627 | — | — | — | 627 | ||||||||||||
Operation, maintenance and other | 5,497 | 446 | 297 | (65 | ) | (109 | ) | 6,066 | ||||||||||
Depreciation and amortization | 3,951 | 256 | 168 | 178 | (5 | ) | 4,548 | |||||||||||
Property and other taxes | 1,175 | 106 | 23 | 4 | (1 | ) | 1,307 | |||||||||||
Impairment charges | (8 | ) | — | — | — | — | (8 | ) | ||||||||||
Total operating expenses | 17,519 | 1,435 | 488 | 117 | (193 | ) | 19,366 | |||||||||||
Gains (losses) on Sales of Other Assets and Other, net | 1 | — | (3 | ) | (2 | ) | — | (4 | ) | |||||||||
Operating Income | 5,313 | 431 | (4 | ) | (24 | ) | (7 | ) | 5,709 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 9 | 114 | (4 | ) | 43 | — | 162 | |||||||||||
Other income and expenses, net | 344 | 26 | 9 | 102 | (51 | ) | 430 | |||||||||||
Total Other Income and Expenses | 353 | 140 | 5 | 145 | (51 | ) | 592 | |||||||||||
Interest Expense | 1,345 | 117 | 95 | 705 | (58 | ) | 2,204 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 4,321 | 454 | (94 | ) | (584 | ) | — | 4,097 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 785 | 22 | (115 | ) | (173 | ) | — | 519 | ||||||||||
Income (Loss) from Continuing Operations | 3,536 | 432 | 21 | (411 | ) | — | 3,578 | |||||||||||
Less: Net Loss Attributable to Noncontrolling Interest(a) | — | — | (177 | ) | — | — | (177 | ) | ||||||||||
Less: Preferred Dividends | — | — | — | 41 | — | 41 | ||||||||||||
Segment Income/Other Net Loss | $ | 3,536 | $ | 432 | $ | 198 | $ | (452 | ) | $ | — | $ | 3,714 | |||||
Loss from Discontinued Operations, net of tax | (7 | ) | ||||||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,707 | ||||||||||||||||
Segment Income/Other Net Loss | $ | 3,536 | $ | 432 | $ | 198 | $ | (452 | ) | $ | — | $ | 3,714 | |||||
Special Items | (27 | ) | 19 | — | — | — | (8 | ) | ||||||||||
Adjusted Earnings(b) | $ | 3,509 | $ | 451 | $ | 198 | $ | (452 | ) | $ | — | $ | 3,706 |
(a) | Includes the allocation of losses to noncontrolling members primarily due to new solar tax equity projects 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 December 31, 2018 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 5,467 | $ | — | $ | — | $ | — | $ | (48 | ) | $ | 5,419 | |||||
Regulated natural gas | — | 577 | — | — | (25 | ) | 552 | |||||||||||
Nonregulated electric and other | — | 3 | 130 | (12 | ) | 23 | 144 | |||||||||||
Total operating revenues | 5,467 | 580 | 130 | (12 | ) | (50 | ) | 6,115 | ||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,715 | — | — | (43 | ) | (22 | ) | 1,650 | ||||||||||
Cost of natural gas | — | 237 | — | — | — | 237 | ||||||||||||
Operation, maintenance and other | 1,480 | 109 | 95 | 216 | (29 | ) | 1,871 | |||||||||||
Depreciation and amortization | 953 | 63 | 39 | 39 | 1 | 1,095 | ||||||||||||
Property and other taxes | 292 | 26 | 6 | 1 | 1 | 326 | ||||||||||||
Impairment charges | 63 | — | — | — | — | 63 | ||||||||||||
Total operating expenses | 4,503 | 435 | 140 | 213 | (49 | ) | 5,242 | |||||||||||
Losses on Sales of Other Assets and Other, net | (1 | ) | — | (1 | ) | — | — | (2 | ) | |||||||||
Operating Income (Loss) | 963 | 145 | (11 | ) | (225 | ) | (1 | ) | 871 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | 25 | (1 | ) | 9 | 1 | 34 | |||||||||||
Other income and expenses, net | 92 | 6 | 2 | (17 | ) | (11 | ) | 72 | ||||||||||
Total Other Income and Expenses | 92 | 31 | 1 | (8 | ) | (10 | ) | 106 | ||||||||||
Interest Expense | 333 | 28 | 22 | 173 | (12 | ) | 544 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 722 | 148 | (32 | ) | (406 | ) | 1 | 433 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 156 | 35 | (35 | ) | (157 | ) | — | (1 | ) | |||||||||
Income (Loss) from Continuing Operations | 566 | 113 | 3 | (249 | ) | 1 | 434 | |||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (10 | ) | (1 | ) | 1 | (10 | ) | |||||||||
Segment Income/Other Net Loss | $ | 566 | $ | 113 | $ | 13 | $ | (248 | ) | $ | — | $ | 444 | |||||
Income from Discontinued Operations, net of tax | 20 | |||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 464 | ||||||||||||||||
Segment Income/Other Net Loss | $ | 566 | $ | 113 | $ | 13 | $ | (248 | ) | $ | — | $ | 444 | |||||
Special Items | 62 | — | — | 99 | — | 161 | ||||||||||||
Adjusted Earnings(a) | $ | 628 | $ | 113 | $ | 13 | $ | (149 | ) | $ | — | $ | 605 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. |
Years Ended December 31, 2018 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 22,273 | $ | — | $ | — | $ | — | $ | (176 | ) | $ | 22,097 | |||||
Regulated natural gas | — | 1,871 | — | — | (98 | ) | 1,773 | |||||||||||
Nonregulated electric and other | — | 10 | 477 | 89 | 75 | 651 | ||||||||||||
Total operating revenues | 22,273 | 1,881 | 477 | 89 | (199 | ) | 24,521 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 6,917 | — | — | — | (86 | ) | 6,831 | |||||||||||
Cost of natural gas | — | 697 | — | — | — | 697 | ||||||||||||
Operation, maintenance and other | 5,631 | 421 | 304 | 214 | (107 | ) | 6,463 | |||||||||||
Depreciation and amortization | 3,523 | 245 | 155 | 152 | (1 | ) | 4,074 | |||||||||||
Property and other taxes | 1,134 | 107 | 25 | 14 | — | 1,280 | ||||||||||||
Impairment charges | 309 | — | 93 | — | — | 402 | ||||||||||||
Total operating expenses | 17,514 | 1,470 | 577 | 380 | (194 | ) | 19,747 | |||||||||||
Gains (Losses) on Sales of Other Assets and Other, net | 8 | — | (1 | ) | (96 | ) | — | (89 | ) | |||||||||
Operating Income (Loss) | 4,767 | 411 | (101 | ) | (387 | ) | (5 | ) | 4,685 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 5 | 27 | (1 | ) | 52 | — | 83 | |||||||||||
Other income and expenses, net | 373 | 20 | 24 | 21 | (39 | ) | 399 | |||||||||||
Total Other Income and Expenses | 378 | 47 | 23 | 73 | (39 | ) | 482 | |||||||||||
Interest Expense | 1,288 | 106 | 88 | 657 | (45 | ) | 2,094 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 3,857 | 352 | (166 | ) | (971 | ) | 1 | 3,073 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 799 | 78 | (147 | ) | (282 | ) | — | 448 | ||||||||||
Income (Loss) from Continuing Operations | 3,058 | 274 | (19 | ) | (689 | ) | 1 | 2,625 | ||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (28 | ) | 5 | 1 | (22 | ) | ||||||||||
Segment Income/Other Net Loss | $ | 3,058 | $ | 274 | $ | 9 | $ | (694 | ) | $ | — | $ | 2,647 | |||||
Income from Discontinued Operations, net of tax | 19 | |||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,666 | ||||||||||||||||
Segment Income/Other Net Loss | $ | 3,058 | $ | 274 | $ | 9 | $ | (694 | ) | $ | — | $ | 2,647 | |||||
Special Items | 272 | 43 | 88 | 289 | — | 692 | ||||||||||||
Adjusted Earnings(a) | $ | 3,330 | $ | 317 | $ | 97 | $ | (405 | ) | $ | — | $ | 3,339 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. |
December 31, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 94 | $ | 5 | $ | 133 | $ | 79 | $ | — | $ | 311 | ||||||
Receivables, net | 690 | 239 | 109 | 27 | 1 | 1,066 | ||||||||||||
Receivables of variable interest entities, net | 1,994 | — | — | — | — | 1,994 | ||||||||||||
Receivables from affiliated companies | 66 | 16 | 809 | 509 | (1,400 | ) | — | |||||||||||
Notes receivable from affiliated companies | 130 | — | — | 794 | (924 | ) | — | |||||||||||
Inventory | 3,032 | 111 | 65 | 25 | (1 | ) | 3,232 | |||||||||||
Regulatory assets | 1,607 | 75 | — | 114 | — | 1,796 | ||||||||||||
Other | 199 | 29 | 208 | 327 | 1 | 764 | ||||||||||||
Total current assets | 7,812 | 475 | 1,324 | 1,875 | (2,323 | ) | 9,163 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 127,677 | 11,788 | 5,927 | 2,366 | (104 | ) | 147,654 | |||||||||||
Accumulated depreciation and amortization | (40,928 | ) | (2,517 | ) | (1,017 | ) | (1,311 | ) | — | (45,773 | ) | |||||||
Generation facilities to be retired, net | 246 | — | — | — | — | 246 | ||||||||||||
Net property, plant and equipment | 86,995 | 9,271 | 4,910 | 1,055 | (104 | ) | 102,127 | |||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | — | — | — | 19,303 | ||||||||||||
Regulatory assets | 12,068 | 656 | — | 499 | (1 | ) | 13,222 | |||||||||||
Nuclear decommissioning trust funds | 8,140 | — | — | — | — | 8,140 | ||||||||||||
Operating lease right-of-use assets, net | 1,237 | 24 | 100 | 296 | 1 | 1,658 | ||||||||||||
Investments in equity method unconsolidated affiliates | 122 | 1,388 | 314 | 112 | — | 1,936 | ||||||||||||
Investment in consolidated subsidiaries | 339 | 5 | 3 | 62,406 | (62,753 | ) | — | |||||||||||
Other | 2,159 | 146 | 181 | 1,473 | (670 | ) | 3,289 | |||||||||||
Total other noncurrent assets | 41,444 | 4,143 | 598 | 64,786 | (63,423 | ) | 47,548 | |||||||||||
Total Assets | 136,251 | 13,889 | 6,832 | 67,716 | (65,850 | ) | 158,838 | |||||||||||
Segment reclassifications, intercompany balances and other | (690 | ) | 32 | (812 | ) | (64,568 | ) | 66,038 | — | |||||||||
Segment Assets | $ | 135,561 | $ | 13,921 | $ | 6,020 | $ | 3,148 | $ | 188 | $ | 158,838 |
December 31, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 2,477 | $ | 281 | $ | 237 | $ | 492 | $ | — | $ | 3,487 | ||||||
Accounts payable to affiliated companies | 646 | 4 | 25 | 670 | (1,345 | ) | — | |||||||||||
Notes payable to affiliated companies | 302 | 583 | — | 53 | (938 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | 174 | 2,961 | — | 3,135 | ||||||||||||
Taxes accrued | 347 | 44 | 426 | (426 | ) | 1 | 392 | |||||||||||
Interest accrued | 380 | 40 | 2 | 143 | — | 565 | ||||||||||||
Current maturities of long-term debt | 2,607 | 26 | 162 | 350 | (4 | ) | 3,141 | |||||||||||
Asset retirement obligations | 881 | — | — | — | — | 881 | ||||||||||||
Regulatory liabilities | 679 | 105 | — | — | — | 784 | ||||||||||||
Other | 1,702 | 73 | 74 | 559 | (41 | ) | 2,367 | |||||||||||
Total current liabilities | 10,021 | 1,156 | 1,100 | 4,802 | (2,327 | ) | 14,752 | |||||||||||
Long-Term Debt | 33,375 | 3,071 | 1,541 | 17,098 | (100 | ) | 54,985 | |||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 46 | — | (671 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 10,369 | 1,082 | (653 | ) | (1,920 | ) | — | 8,878 | ||||||||||
Asset retirement obligations | 12,253 | 54 | 129 | — | 1 | 12,437 | ||||||||||||
Regulatory liabilities | 13,720 | 1,517 | — | 27 | — | 15,264 | ||||||||||||
Operating lease liabilities | 1,109 | 23 | 102 | 198 | — | 1,432 | ||||||||||||
Accrued pension and other post-retirement benefit costs | 605 | 28 | 3 | 298 | — | 934 | ||||||||||||
Investment tax credits | 622 | 2 | — | — | — | 624 | ||||||||||||
Other | 822 | 185 | 478 | 315 | (219 | ) | 1,581 | |||||||||||
Total other noncurrent liabilities | 39,500 | 2,891 | 59 | (1,082 | ) | (218 | ) | 41,150 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 52,737 | 6,764 | 2,960 | 46,895 | (62,534 | ) | 46,822 | |||||||||||
Noncontrolling interests | — | — | 1,126 | 3 | — | 1,129 | ||||||||||||
Total equity | 52,737 | 6,764 | 4,086 | 46,898 | (62,534 | ) | 47,951 | |||||||||||
Total Liabilities and Equity | 136,251 | 13,889 | 6,832 | 67,716 | (65,850 | ) | 158,838 | |||||||||||
Segment reclassifications, intercompany balances and other | (690 | ) | 32 | (812 | ) | (64,568 | ) | 66,038 | — | |||||||||
Segment Liabilities and Equity | $ | 135,561 | $ | 13,921 | $ | 6,020 | $ | 3,148 | $ | 188 | $ | 158,838 |
Three Months Ended December 31, 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 | $ | 1,776 | $ | 1,398 | $ | 1,244 | $ | 357 | $ | 715 | $ | (40 | ) | $ | 5,450 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 433 | 441 | 483 | 95 | 215 | (49 | ) | 1,618 | |||||||||||||
Operation, maintenance and other | 537 | 373 | 303 | 104 | 221 | 2 | 1,540 | ||||||||||||||
Depreciation and amortization | 375 | 288 | 180 | 46 | 132 | 6 | 1,027 | ||||||||||||||
Property and other taxes | 71 | 45 | 83 | 65 | 14 | (2 | ) | 276 | |||||||||||||
Impairment charges | 6 | 12 | (11 | ) | — | — | 1 | 8 | |||||||||||||
Total operating expenses | 1,422 | 1,159 | 1,038 | 310 | 582 | (42 | ) | 4,469 | |||||||||||||
Gains on Sales of Other Assets and Other, net | — | — | — | — | — | 1 | 1 | ||||||||||||||
Operating Income | 354 | 239 | 206 | 47 | 133 | 3 | 982 | ||||||||||||||
Other Income and Expenses, net(b) | 45 | 25 | 9 | 4 | 6 | (3 | ) | 86 | |||||||||||||
Interest Expense | 117 | 74 | 82 | 19 | 45 | 4 | 341 | ||||||||||||||
Income Before Income Taxes | 282 | 190 | 133 | 32 | 94 | (4 | ) | 727 | |||||||||||||
Income Tax Expense | 57 | 32 | 25 | 2 | 20 | (1 | ) | 135 | |||||||||||||
Segment Income | $ | 225 | $ | 158 | $ | 108 | $ | 30 | $ | 74 | $ | (3 | ) | $ | 592 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $13 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $2 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana. |
Years Ended December 31, 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 | $ | 7,395 | $ | 5,957 | $ | 5,231 | $ | 1,456 | $ | 3,004 | $ | (212 | ) | $ | 22,831 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,804 | 2,012 | 2,012 | 388 | 935 | (247 | ) | 6,904 | |||||||||||||
Operation, maintenance and other | 1,843 | 1,433 | 1,026 | 396 | 784 | 15 | 5,497 | ||||||||||||||
Depreciation and amortization | 1,388 | 1,143 | 702 | 182 | 525 | 11 | 3,951 | ||||||||||||||
Property and other taxes | 292 | 176 | 392 | 248 | 69 | (2 | ) | 1,175 | |||||||||||||
Impairment charges | 17 | 12 | (36 | ) | — | — | (1 | ) | (8 | ) | |||||||||||
Total operating expenses | 5,344 | 4,776 | 4,096 | 1,214 | 2,313 | (224 | ) | 17,519 | |||||||||||||
Gains on Sales of Other Assets and Other, net | — | — | — | — | — | 1 | 1 | ||||||||||||||
Operating Income | 2,051 | 1,181 | 1,135 | 242 | 691 | 13 | 5,313 | ||||||||||||||
Other Income and Expenses, net(b) | 151 | 100 | 48 | 17 | 41 | (4 | ) | 353 | |||||||||||||
Interest Expense | 463 | 306 | 328 | 80 | 156 | 12 | 1,345 | ||||||||||||||
Income Before Income Taxes | 1,739 | 975 | 855 | 179 | 576 | (3 | ) | 4,321 | |||||||||||||
Income Tax Expense | 316 | 159 | 156 | 20 | 135 | (1 | ) | 785 | |||||||||||||
Segment Income | $ | 1,423 | $ | 816 | $ | 699 | $ | 159 | $ | 441 | $ | (2 | ) | $ | 3,536 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $42 million for Duke Energy Carolinas, $60 million for Duke Energy Progress, $6 million for Duke Energy Florida, $10 million for Duke Energy Ohio and $18 million for Duke Energy Indiana. |
December 31, 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 | $ | 18 | $ | 22 | $ | 17 | $ | 12 | $ | 25 | $ | — | $ | 94 | |||||||
Receivables, net | 324 | 123 | 96 | 86 | 60 | 1 | 690 | ||||||||||||||
Receivables of variable interest entities, net | 642 | 489 | 341 | — | — | 522 | 1,994 | ||||||||||||||
Receivables from affiliated companies | 114 | 52 | — | 71 | 79 | (250 | ) | 66 | |||||||||||||
Notes receivable from affiliated companies | — | — | 173 | — | — | (43 | ) | 130 | |||||||||||||
Inventory | 996 | 934 | 489 | 95 | 517 | 1 | 3,032 | ||||||||||||||
Regulatory assets | 550 | 526 | 419 | 18 | 90 | 4 | 1,607 | ||||||||||||||
Other | 21 | 59 | 58 | 6 | 60 | (5 | ) | 199 | |||||||||||||
Total current assets | 2,665 | 2,205 | 1,593 | 288 | 831 | 230 | 7,812 | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Cost | 48,922 | 34,603 | 20,457 | 6,895 | 16,305 | 495 | 127,677 | ||||||||||||||
Accumulated depreciation and amortization | (16,525 | ) | (11,915 | ) | (5,236 | ) | (2,008 | ) | (5,233 | ) | (11 | ) | (40,928 | ) | |||||||
Generation facilities to be retired, net | — | 246 | — | — | — | — | 246 | ||||||||||||||
Net property, plant and equipment | 32,397 | 22,934 | 15,221 | 4,887 | 11,072 | 484 | 86,995 | ||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | — | — | — | 596 | — | 16,783 | 17,379 | ||||||||||||||
Regulatory assets | 3,360 | 4,152 | 2,194 | 364 | 1,082 | 916 | 12,068 | ||||||||||||||
Nuclear decommissioning trust funds | 4,359 | 3,047 | 734 | — | — | — | 8,140 | ||||||||||||||
Operating lease right-of-use assets, net | 123 | 387 | 401 | 21 | 57 | 248 | 1,237 | ||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | — | — | — | 122 | 122 | ||||||||||||||
Investment in consolidated subsidiaries | 49 | 14 | 2 | 176 | 1 | 97 | 339 | ||||||||||||||
Other | 1,149 | 650 | 311 | 41 | 234 | (226 | ) | 2,159 | |||||||||||||
Total other noncurrent assets | 9,040 | 8,250 | 3,642 | 1,198 | 1,374 | 17,940 | 41,444 | ||||||||||||||
Total Assets | 44,102 | 33,389 | 20,456 | 6,373 | 13,277 | 18,654 | 136,251 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (301 | ) | (112 | ) | (156 | ) | (185 | ) | (82 | ) | 146 | (690 | ) | ||||||||
Reportable Segment Assets | $ | 43,801 | $ | 33,277 | $ | 20,300 | $ | 6,188 | $ | 13,195 | $ | 18,800 | $ | 135,561 |
(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. |
December 31, 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 | $ | 954 | $ | 629 | $ | 474 | $ | 217 | $ | 201 | $ | 2 | $ | 2,477 | |||||||
Accounts payable to affiliated companies | 210 | 203 | 131 | 13 | 87 | 2 | 646 | ||||||||||||||
Notes payable to affiliated companies | 29 | 66 | — | 205 | 30 | (28 | ) | 302 | |||||||||||||
Taxes accrued | 47 | 17 | 43 | 189 | 49 | 2 | 347 | ||||||||||||||
Interest accrued | 115 | 110 | 75 | 23 | 58 | (1 | ) | 380 | |||||||||||||
Current maturities of long-term debt | 458 | 1,006 | 571 | (26 | ) | 503 | 95 | 2,607 | |||||||||||||
Asset retirement obligations | 206 | 485 | — | 1 | 189 | — | 881 | ||||||||||||||
Regulatory liabilities | 255 | 236 | 94 | 40 | 55 | (1 | ) | 679 | |||||||||||||
Other | 612 | 478 | 416 | 70 | 112 | 14 | 1,702 | ||||||||||||||
Total current liabilities | 2,886 | 3,230 | 1,804 | 732 | 1,284 | 85 | 10,021 | ||||||||||||||
Long-Term Debt | 11,142 | 7,902 | 7,416 | 2,045 | 3,404 | 1,466 | 33,375 | ||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | 618 | ||||||||||||||
Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 3,968 | 2,400 | 2,180 | 649 | 1,150 | 22 | 10,369 | ||||||||||||||
Asset retirement obligations | 5,528 | 5,408 | 578 | 41 | 643 | 55 | 12,253 | ||||||||||||||
Regulatory liabilities | 6,423 | 4,232 | 993 | 392 | 1,685 | (5 | ) | 13,720 | |||||||||||||
Operating lease liabilities | 102 | 354 | 343 | 21 | 55 | 234 | 1,109 | ||||||||||||||
Accrued pension and other post-retirement benefit costs | 84 | 238 | 218 | 75 | 148 | (158 | ) | 605 | |||||||||||||
Investment tax credits | 231 | 137 | 87 | 3 | 164 | — | 622 | ||||||||||||||
Other | 627 | 93 | 48 | 63 | 18 | (27 | ) | 822 | |||||||||||||
Total other noncurrent liabilities | 16,963 | 12,862 | 4,447 | 1,244 | 3,863 | 121 | 39,500 | ||||||||||||||
Equity | 12,811 | 9,245 | 6,789 | 2,334 | 4,576 | 16,982 | 52,737 | ||||||||||||||
Total Liabilities and Equity | 44,102 | 33,389 | 20,456 | 6,373 | 13,277 | 18,654 | 136,251 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (301 | ) | (112 | ) | (156 | ) | (185 | ) | (82 | ) | 146 | (690 | ) | ||||||||
Reportable Segment Liabilities and Equity | $ | 43,801 | $ | 33,277 | $ | 20,300 | $ | 6,188 | $ | 13,195 | $ | 18,800 | $ | 135,561 |
(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 December 31, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 130 | $ | 425 | $ | — | $ | — | $ | 555 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 27 | 148 | — | 1 | 176 | ||||||||||
Operation, maintenance and other | 36 | 84 | 1 | — | 121 | ||||||||||
Depreciation and amortization | 20 | 45 | — | (1 | ) | 64 | |||||||||
Property and other taxes | 14 | 6 | — | 2 | 22 | ||||||||||
Total operating expenses | 97 | 283 | 1 | 2 | 383 | ||||||||||
Operating Income (Loss) | 33 | 142 | (1 | ) | (2 | ) | 172 | ||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 2 | 11 | 13 | ||||||||||
Other income and expenses, net | 1 | 5 | — | 2 | 8 | ||||||||||
Total other income and expenses | 1 | 5 | 2 | 13 | 21 | ||||||||||
Interest Expense | 9 | 22 | — | — | 31 | ||||||||||
Income Before Income Taxes | 25 | 125 | 1 | 11 | 162 | ||||||||||
Income Tax Expense (Benefit) | 5 | 16 | (7 | ) | 8 | 22 | |||||||||
Segment Income | $ | 20 | $ | 109 | $ | 8 | $ | 3 | $ | 140 |
(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. |
Years Ended December 31, 2019 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 484 | $ | 1,381 | $ | — | $ | 1 | $ | 1,866 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 95 | 532 | — | — | 627 | ||||||||||
Operation, maintenance and other | 118 | 323 | 4 | 1 | 446 | ||||||||||
Depreciation and amortization | 83 | 172 | 1 | — | 256 | ||||||||||
Property and other taxes | 60 | 45 | — | 1 | 106 | ||||||||||
Total operating expenses | 356 | 1,072 | 5 | 2 | 1,435 | ||||||||||
Operating Income (Loss) | 128 | 309 | (5 | ) | (1 | ) | 431 | ||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 103 | 11 | 114 | ||||||||||
Other income and expenses, net | 7 | 18 | — | 1 | 26 | ||||||||||
Total other income and expenses | 7 | 18 | 103 | 12 | 140 | ||||||||||
Interest Expense | 29 | 87 | 1 | — | 117 | ||||||||||
Income Before Income Taxes | 106 | 240 | 97 | 11 | 454 | ||||||||||
Income Tax Expense (Benefit) | 21 | 41 | (44 | ) | 4 | 22 | |||||||||
Segment Income | $ | 85 | $ | 199 | $ | 141 | $ | 7 | $ | 432 |
(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. |
December 31, 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 | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | |||||
Receivables, net | (2 | ) | 241 | — | — | 239 | |||||||||
Receivables from affiliated companies | 12 | 87 | — | (83 | ) | 16 | |||||||||
Inventory | 40 | 72 | — | (1 | ) | 111 | |||||||||
Regulatory assets | 2 | 73 | — | — | 75 | ||||||||||
Other | — | 27 | 1 | 1 | 29 | ||||||||||
Total current assets | 57 | 500 | 1 | (83 | ) | 475 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 3,347 | 8,441 | — | — | 11,788 | ||||||||||
Accumulated depreciation and amortization | (836 | ) | (1,681 | ) | — | — | (2,517 | ) | |||||||
Net property, plant and equipment | 2,511 | 6,760 | — | — | 9,271 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 214 | 290 | — | 152 | 656 | ||||||||||
Operating lease right-of-use assets, net | — | 24 | — | — | 24 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 1,377 | 11 | 1,388 | ||||||||||
Investment in consolidated subsidiaries | — | — | — | 5 | 5 | ||||||||||
Other | 9 | 121 | 16 | — | 146 | ||||||||||
Total other noncurrent assets | 547 | 484 | 1,393 | 1,719 | 4,143 | ||||||||||
Total Assets | 3,115 | 7,744 | 1,394 | 1,636 | 13,889 | ||||||||||
Segment reclassifications, intercompany balances and other | 1 | (13 | ) | (11 | ) | 55 | 32 | ||||||||
Reportable Segment Assets | $ | 3,116 | $ | 7,731 | $ | 1,383 | $ | 1,691 | $ | 13,921 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
December 31, 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 | $ | 67 | $ | 213 | $ | — | $ | 1 | $ | 281 | |||||
Accounts payable to affiliated companies | — | 8 | 78 | (82 | ) | 4 | |||||||||
Notes payable to affiliated companies | 107 | 476 | — | — | 583 | ||||||||||
Taxes accrued | 20 | 20 | 4 | — | 44 | ||||||||||
Interest accrued | 7 | 33 | — | — | 40 | ||||||||||
Current maturities of long-term debt | 26 | — | — | — | 26 | ||||||||||
Regulatory liabilities | 24 | 81 | — | — | 105 | ||||||||||
Other | 6 | 68 | — | (1 | ) | 73 | |||||||||
Total current liabilities | 257 | 899 | 82 | (82 | ) | 1,156 | |||||||||
Long-Term Debt | 549 | 2,384 | — | 138 | 3,071 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 284 | 693 | 104 | 1 | 1,082 | ||||||||||
Asset retirement obligations | 38 | 17 | — | (1 | ) | 54 | |||||||||
Regulatory liabilities | 372 | 1,131 | — | 14 | 1,517 | ||||||||||
Operating lease liabilities | — | 23 | — | — | 23 | ||||||||||
Accrued pension and other post-retirement benefit costs | 26 | 3 | — | (1 | ) | 28 | |||||||||
Investment tax credits | 2 | — | — | — | 2 | ||||||||||
Other | 26 | 147 | 11 | 1 | 185 | ||||||||||
Total other noncurrent liabilities | 748 | 2,014 | 115 | 14 | 2,891 | ||||||||||
Equity | 1,554 | 2,447 | 1,197 | 1,566 | 6,764 | ||||||||||
Total Liabilities and Equity | 3,115 | 7,744 | 1,394 | 1,636 | 13,889 | ||||||||||
Segment reclassifications, intercompany balances and other | 1 | (13 | ) | (11 | ) | 55 | 32 | ||||||||
Reportable Segment Liabilities and Equity | $ | 3,116 | $ | 7,731 | $ | 1,383 | $ | 1,691 | $ | 13,921 |
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
Gigawatt-hour (GWh) Sales(a) | ||||||||||||||||||||||||
Residential | 19,743 | 20,260 | (2.6 | %) | (0.4 | %) | 86,088 | 88,309 | (2.5 | %) | (0.4 | %) | ||||||||||||
General Service | 18,864 | 18,614 | 1.3 | % | (0.9 | %) | 78,192 | 78,789 | (0.8 | %) | (1.1 | %) | ||||||||||||
Industrial | 12,384 | 12,335 | 0.4 | % | (2.4 | %) | 50,864 | 51,773 | (1.8 | %) | (1.5 | %) | ||||||||||||
Other Energy Sales | 144 | 145 | (0.7 | %) | 580 | 567 | 2.3 | % | ||||||||||||||||
Unbilled Sales | (766 | ) | 222 | (445.0 | %) | n/a | (455 | ) | (952 | ) | 52.2 | % | n/a | |||||||||||
Total Retail Sales | 50,369 | 51,576 | (2.3 | %) | (1.1 | )% | 215,269 | 218,486 | (1.5 | %) | (0.9 | %) | ||||||||||||
Wholesale and Other | 9,996 | 11,018 | (9.3 | %) | 41,795 | 44,242 | (5.5 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 60,365 | 62,594 | (3.6 | %) | 257,064 | 262,728 | (2.2 | %) | ||||||||||||||||
Average Number of Customers (Electric) | ||||||||||||||||||||||||
Residential | 6,779,122 | 6,676,442 | 1.5 | % | 6,740,566 | 6,634,854 | 1.6 | % | ||||||||||||||||
General Service | 995,165 | 986,617 | 0.9 | % | 991,955 | 983,352 | 0.9 | % | ||||||||||||||||
Industrial | 17,315 | 17,496 | (1.0 | %) | 17,335 | 17,531 | (1.1 | %) | ||||||||||||||||
Other Energy Sales | 30,788 | 28,410 | 8.4 | % | 29,656 | 25,185 | 17.8 | % | ||||||||||||||||
Total Retail Customers | 7,822,390 | 7,708,965 | 1.5 | % | 7,779,512 | 7,660,922 | 1.5 | % | ||||||||||||||||
Wholesale and Other | 43 | 54 | (20.4 | %) | 48 | 55 | (12.7 | %) | ||||||||||||||||
Total Average Number of Customers – Electric Utilities and Infrastructure | 7,822,433 | 7,709,019 | 1.5 | % | 7,779,560 | 7,660,977 | 1.5 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 12,187 | 15,725 | (22.5 | %) | 55,900 | 67,518 | (17.2 | %) | ||||||||||||||||
Nuclear | 18,250 | 17,586 | 3.8 | % | 73,948 | 72,262 | 2.3 | % | ||||||||||||||||
Hydro | 479 | 1,025 | (53.3 | %) | 2,551 | 3,284 | (22.3 | %) | ||||||||||||||||
Oil and Natural Gas | 17,132 | 17,192 | (0.3 | %) | 75,398 | 72,827 | 3.5 | % | ||||||||||||||||
Renewable Energy | 135 | 84 | 60.7 | % | 654 | 448 | 46.0 | % | ||||||||||||||||
Total Generation(d) | 48,183 | 51,612 | (6.6 | %) | 208,451 | 216,339 | (3.6 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 15,691 | 14,421 | 8.8 | % | 61,976 | 61,199 | 1.3 | % | ||||||||||||||||
Total Sources of Energy | 63,874 | 66,033 | (3.3 | %) | 270,427 | 277,538 | (2.6 | %) | ||||||||||||||||
Less: Line Loss and Other | 3,509 | 3,439 | 2.0 | % | 13,363 | 14,810 | (9.8 | %) | ||||||||||||||||
Total GWh Sources | 60,365 | 62,594 | (3.6 | %) | 257,064 | 262,728 | (2.2 | %) | ||||||||||||||||
Owned Megawatt (MW) Capacity(c) | ||||||||||||||||||||||||
Summer | 51,144 | 50,867 | ||||||||||||||||||||||
Winter | 54,853 | 54,562 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 95 | 93 | ||||||||||||||||||||||
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 6,486 | 6,597 | (1.7 | %) | 28,861 | 29,717 | (2.9 | %) | ||||||||||||||||
General Service | 7,089 | 6,697 | 5.9 | % | 29,628 | 29,656 | (0.1 | %) | ||||||||||||||||
Industrial | 5,174 | 4,898 | 5.6 | % | 21,300 | 21,720 | (1.9 | %) | ||||||||||||||||
Other Energy Sales | 79 | 80 | (1.3 | %) | 320 | 306 | 4.6 | % | ||||||||||||||||
Unbilled Sales | (46 | ) | 786 | (105.9 | %) | (215 | ) | (366 | ) | 41.3 | % | |||||||||||||
Total Retail Sales | 18,782 | 19,058 | (1.4 | %) | 0.7 | % | 79,894 | 81,033 | (1.4 | %) | (0.6 | %) | ||||||||||||
Wholesale and Other | 2,119 | 2,716 | (22.0 | %) | 10,026 | 11,247 | (10.9 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Duke Energy Carolinas | 20,901 | 21,774 | (4.0 | %) | 89,920 | 92,280 | (2.6 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 2,275,136 | 2,232,204 | 1.9 | % | 2,260,939 | 2,215,198 | 2.1 | % | ||||||||||||||||
General Service | 363,479 | 359,385 | 1.1 | % | 362,174 | 357,880 | 1.2 | % | ||||||||||||||||
Industrial | 6,120 | 6,168 | (0.8 | %) | 6,123 | 6,176 | (0.9 | %) | ||||||||||||||||
Other Energy Sales | 22,668 | 20,407 | 11.1 | % | 21,581 | 17,193 | 25.5 | % | ||||||||||||||||
Total Retail Customers | 2,667,403 | 2,618,164 | 1.9 | % | 2,650,817 | 2,596,447 | 2.1 | % | ||||||||||||||||
Wholesale and Other | 19 | 23 | (17.4 | %) | 19 | 23 | (17.4 | %) | ||||||||||||||||
Total Average Number of Customers – Duke Energy Carolinas | 2,667,422 | 2,618,187 | 1.9 | % | 2,650,836 | 2,596,470 | 2.1 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 4,511 | 3,939 | 14.5 | % | 20,927 | 22,654 | (7.6 | %) | ||||||||||||||||
Nuclear | 11,097 | 10,703 | 3.7 | % | 45,244 | 44,771 | 1.1 | % | ||||||||||||||||
Hydro | 291 | 772 | (62.3 | %) | 1,714 | 2,348 | (27.0 | %) | ||||||||||||||||
Oil and Natural Gas | 3,109 | 4,020 | (22.7 | %) | 15,694 | 16,193 | (3.1 | %) | ||||||||||||||||
Renewable Energy | 35 | 31 | 12.9 | % | 158 | 160 | (1.3 | %) | ||||||||||||||||
Total Generation(d) | 19,043 | 19,465 | (2.2 | %) | 83,737 | 86,126 | (2.8 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 3,058 | 3,634 | (15.9 | %) | 11,088 | 11,113 | (0.2 | %) | ||||||||||||||||
Total Sources of Energy | 22,101 | 23,099 | (4.3 | %) | 94,825 | 97,239 | (2.5 | %) | ||||||||||||||||
Less: Line Loss and Other | 1,200 | 1,325 | (9.4 | %) | 4,905 | 4,959 | (1.1 | %) | ||||||||||||||||
Total GWh Sources | 20,901 | 21,774 | (4.0 | %) | 89,920 | 92,280 | (2.6 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 20,192 | 20,209 | ||||||||||||||||||||||
Winter | 21,127 | 21,137 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 97 | 95 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 1,143 | 1,333 | (14.3 | %) | 2,873 | 3,262 | (11.9 | %) | ||||||||||||||||
Cooling Degree Days | 94 | 115 | (18.3 | %) | 1,935 | 1,899 | 1.9 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (8.9 | %) | 5.9 | % | (10.5 | %) | 0.7 | % | ||||||||||||||||
Cooling Degree Days | 161.5 | % | 243.9 | % | 27.1 | % | 24.7 | % | ||||||||||||||||
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 4,070 | 4,234 | (3.9 | %) | 18,177 | 18,940 | (4.0 | %) | ||||||||||||||||
General Service | 3,644 | 3,697 | (1.4 | %) | 15,452 | 15,702 | (1.6 | %) | ||||||||||||||||
Industrial | 2,516 | 2,585 | (2.7 | %) | 10,534 | 10,475 | 0.6 | % | ||||||||||||||||
Other Energy Sales | 19 | 19 | — | % | 77 | 77 | — | % | ||||||||||||||||
Unbilled Sales | (60 | ) | (55 | ) | (9.1 | %) | (50 | ) | (367 | ) | 86.4 | % | ||||||||||||
Total Retail Sales | 10,189 | 10,480 | (2.8 | %) | (0.9 | %) | 44,190 | 44,827 | (1.4 | %) | (0.8 | %) | ||||||||||||
Wholesale and Other | 6,095 | 6,104 | (0.1 | %) | 24,166 | 24,504 | (1.4 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Duke Energy Progress | 16,284 | 16,584 | (1.8 | %) | 68,356 | 69,331 | (1.4 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,356,540 | 1,337,723 | 1.4 | % | 1,348,989 | 1,330,795 | 1.4 | % | ||||||||||||||||
General Service | 237,210 | 235,384 | 0.8 | % | 236,549 | 234,719 | 0.8 | % | ||||||||||||||||
Industrial | 4,011 | 4,069 | (1.4 | %) | 4,026 | 4,064 | (0.9 | %) | ||||||||||||||||
Other Energy Sales | 1,417 | 1,419 | (0.1 | %) | 1,416 | 1,434 | (1.3 | %) | ||||||||||||||||
Total Retail Customers | 1,599,178 | 1,578,595 | 1.3 | % | 1,590,980 | 1,571,012 | 1.3 | % | ||||||||||||||||
Wholesale and Other | 9 | 14 | (35.7 | %) | 12 | 14 | (14.3 | %) | ||||||||||||||||
Total Average Number of Customers – Duke Energy Progress | 1,599,187 | 1,578,609 | 1.3 | % | 1,590,992 | 1,571,026 | 1.3 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 2,070 | 1,844 | 12.3 | % | 9,554 | 8,604 | 11.0 | % | ||||||||||||||||
Nuclear | 7,153 | 6,883 | 3.9 | % | 28,704 | 27,491 | 4.4 | % | ||||||||||||||||
Hydro | 130 | 216 | (39.8 | %) | 673 | 806 | (16.5 | %) | ||||||||||||||||
Oil and Natural Gas | 5,524 | 5,820 | (5.1 | %) | 21,349 | 24,002 | (11.1 | %) | ||||||||||||||||
Renewable Energy | 51 | 44 | 15.9 | % | 253 | 235 | 7.7 | % | ||||||||||||||||
Total Generation(d) | 14,928 | 14,807 | 0.8 | % | 60,533 | 61,138 | (1.0 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 1,995 | 2,365 | (15.6 | %) | 9,973 | 10,835 | (8.0 | %) | ||||||||||||||||
Total Sources of Energy | 16,923 | 17,172 | (1.5 | %) | 70,506 | 71,973 | (2.0 | %) | ||||||||||||||||
Less: Line Loss and Other | 639 | 588 | 8.7 | % | 2,150 | 2,642 | (18.6 | %) | ||||||||||||||||
Total GWh Sources | 16,284 | 16,584 | (1.8 | %) | 68,356 | 69,331 | (1.4 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 12,994 | 12,747 | ||||||||||||||||||||||
Winter | 14,175 | 13,913 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 92 | 89 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 1,000 | 1,128 | (11.3 | %) | 2,600 | 2,933 | (11.4 | %) | ||||||||||||||||
Cooling Degree Days | 118 | 143 | (17.5 | %) | 2,072 | 2,079 | (0.3 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (11.6 | %) | (0.7 | %) | (11.3 | %) | (0.6 | %) | ||||||||||||||||
Cooling Degree Days | 109.7 | % | 161.2 | % | 24.4 | % | 25.9 | % | ||||||||||||||||
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 4,943 | 5,149 | (4.0 | %) | 20,775 | 20,636 | 0.7 | % | ||||||||||||||||
General Service | 3,835 | 3,908 | (1.9 | %) | 15,425 | 15,378 | 0.3 | % | ||||||||||||||||
Industrial | 760 | 755 | 0.7 | % | 2,963 | 3,107 | (4.6 | %) | ||||||||||||||||
Other Energy Sales | 6 | 6 | — | % | 24 | 24 | — | % | ||||||||||||||||
Unbilled Sales | (452 | ) | (585 | ) | 22.7 | % | (84 | ) | 30 | (380.0 | %) | |||||||||||||
Total Retail Sales | 9,092 | 9,233 | (1.5 | %) | (2.5 | %) | 39,103 | 39,175 | (0.2 | %) | (1.0 | %) | ||||||||||||
Wholesale and Other | 613 | 528 | 16.1 | % | 3,070 | 2,384 | 28.8 | % | ||||||||||||||||
Total Electric Sales – Duke Energy Florida | 9,705 | 9,761 | (0.6 | %) | 42,173 | 41,559 | 1.5 | % | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,633,362 | 1,607,774 | 1.6 | % | 1,624,629 | 1,598,178 | 1.7 | % | ||||||||||||||||
General Service | 203,626 | 201,685 | 1.0 | % | 203,104 | 200,934 | 1.1 | % | ||||||||||||||||
Industrial | 2,013 | 2,060 | (2.3 | %) | 2,025 | 2,080 | (2.6 | %) | ||||||||||||||||
Other Energy Sales | 1,492 | 1,505 | (0.9 | %) | 1,499 | 1,510 | (0.7 | %) | ||||||||||||||||
Total Retail Customers | 1,840,493 | 1,813,024 | 1.5 | % | 1,831,257 | 1,802,702 | 1.6 | % | ||||||||||||||||
Wholesale and Other | 10 | 11 | (9.1 | %) | 12 | 12 | — | % | ||||||||||||||||
Total Average Number of Customers – Duke Energy Florida | 1,840,503 | 1,813,035 | 1.5 | % | 1,831,269 | 1,802,714 | 1.6 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 1,249 | 1,983 | (37.0 | %) | 4,300 | 8,422 | (48.9 | %) | ||||||||||||||||
Oil and Natural Gas | 7,570 | 6,801 | 11.3 | % | 35,218 | 28,777 | 22.4 | % | ||||||||||||||||
Renewable Energy | 44 | 4 | 1,000.0 | % | 215 | 25 | 760.0 | % | ||||||||||||||||
Total Generation(d) | 8,863 | 8,788 | 0.9 | % | 39,733 | 37,224 | 6.7 | % | ||||||||||||||||
Purchased Power and Net Interchange(e) | 1,171 | 1,358 | (13.8 | %) | 4,833 | 6,743 | (28.3 | %) | ||||||||||||||||
Total Sources of Energy | 10,034 | 10,146 | (1.1 | %) | 44,566 | 43,967 | 1.4 | % | ||||||||||||||||
Less: Line Loss and Other | 329 | 385 | (14.5 | %) | 2,393 | 2,408 | (0.6 | %) | ||||||||||||||||
Total GWh Sources | 9,705 | 9,761 | (0.6 | %) | 42,173 | 41,559 | 1.5 | % | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 10,259 | 10,229 | ||||||||||||||||||||||
Winter | 11,347 | 11,325 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 105 | 192 | (45.3 | %) | 376 | 577 | (34.8 | %) | ||||||||||||||||
Cooling Degree Days | 674 | 612 | 10.1 | % | 3,622 | 3,445 | 5.1 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (46.8 | %) | (2.9 | %) | (34.8 | %) | (1.8 | %) | ||||||||||||||||
Cooling Degree Days | 43.0 | % | 31.6 | % | 13.5 | % | 8.5 | % | ||||||||||||||||
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 2,084 | 2,104 | (1.0 | %) | 9,005 | 9,367 | (3.9 | %) | ||||||||||||||||
General Service | 2,308 | 2,302 | 0.3 | % | 9,461 | 9,645 | (1.9 | %) | ||||||||||||||||
Industrial | 1,403 | 1,465 | (4.2 | %) | 5,721 | 5,844 | (2.1 | %) | ||||||||||||||||
Other Energy Sales | 27 | 27 | — | % | 108 | 108 | — | % | ||||||||||||||||
Unbilled Sales | (127 | ) | 18 | (805.6 | %) | (49 | ) | (143 | ) | 65.7 | % | |||||||||||||
Total Retail Sales | 5,695 | 5,916 | (3.7 | %) | (2.8 | %) | 24,246 | 24,821 | (2.3 | %) | (1.1 | %) | ||||||||||||
Wholesale and Other | 75 | 230 | (67.4 | %) | 483 | 508 | (4.9 | %) | ||||||||||||||||
Total Electric Sales – Duke Energy Ohio | 5,770 | 6,146 | (6.1 | %) | 24,729 | 25,329 | (2.4 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 775,532 | 768,871 | 0.9 | % | 772,065 | 766,381 | 0.7 | % | ||||||||||||||||
General Service | 88,872 | 88,465 | 0.5 | % | 88,409 | 88,280 | 0.1 | % | ||||||||||||||||
Industrial | 2,480 | 2,482 | (0.1 | %) | 2,469 | 2,490 | (0.8 | %) | ||||||||||||||||
Other Energy Sales | 3,420 | 3,357 | 1.9 | % | 3,399 | 3,340 | 1.8 | % | ||||||||||||||||
Total Retail Customers | 870,304 | 863,175 | 0.8 | % | 866,342 | 860,491 | 0.7 | % | ||||||||||||||||
Wholesale and Other | 1 | 1 | — | % | 1 | 1 | — | % | ||||||||||||||||
Total Average Number of Customers – Duke Energy Ohio | 870,305 | 863,176 | 0.8 | % | 866,343 | 860,492 | 0.7 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 398 | 983 | (59.5 | %) | 3,166 | 2,793 | 13.4 | % | ||||||||||||||||
Oil and Natural Gas | 5 | 3 | 66.7 | % | 138 | 116 | 19.0 | % | ||||||||||||||||
Total Generation(d) | 403 | 986 | (59.1 | %) | 3,304 | 2,909 | 13.6 | % | ||||||||||||||||
Purchased Power and Net Interchange(e) | 6,401 | 5,669 | 12.9 | % | 24,141 | 25,137 | (4.0 | %) | ||||||||||||||||
Total Sources of Energy | 6,804 | 6,655 | 2.2 | % | 27,445 | 28,046 | (2.1 | %) | ||||||||||||||||
Less: Line Loss and Other | 1,034 | 509 | 103.1 | % | 2,716 | 2,717 | — | % | ||||||||||||||||
Total GWh Sources | 5,770 | 6,146 | (6.1 | %) | 24,729 | 25,329 | (2.4 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 1,076 | 1,076 | ||||||||||||||||||||||
Winter | 1,164 | 1,164 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 1,766 | 1,916 | (7.8 | %) | 4,684 | 5,011 | (6.5 | %) | ||||||||||||||||
Cooling Degree Days | 49 | 93 | (47.3 | %) | 1,408 | 1,546 | (8.9 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (4.1 | %) | 4.0 | % | (4.5 | %) | 1.8 | % | ||||||||||||||||
Cooling Degree Days | 172.2 | % | 449.1 | % | 28.0 | % | 40.0 | % | ||||||||||||||||
(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 | ||||||||||||||||||||||||
December 2019 | ||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2019 | 2018 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 2,160 | 2,176 | (0.7 | %) | 9,270 | 9,649 | (3.9 | %) | ||||||||||||||||
General Service | 1,988 | 2,010 | (1.1 | %) | 8,226 | 8,408 | (2.2 | %) | ||||||||||||||||
Industrial | 2,531 | 2,632 | (3.8 | %) | 10,346 | 10,627 | (2.6 | %) | ||||||||||||||||
Other Energy Sales | 13 | 13 | — | % | 51 | 52 | (1.9 | %) | ||||||||||||||||
Unbilled Sales | (81 | ) | 58 | (239.7 | %) | (57 | ) | (106 | ) | (46.2 | %) | |||||||||||||
Total Retail Sales | 6,611 | 6,889 | (4.0 | %) | (2.8 | %) | 27,836 | 28,630 | (2.8 | %) | (1.6 | %) | ||||||||||||
Wholesale and Other | 1,094 | 1,440 | (24.0 | %) | 4,050 | 5,599 | (27.7 | %) | ||||||||||||||||
Total Electric Sales – Duke Energy Indiana | 7,705 | 8,329 | (7.5 | %) | 31,886 | 34,229 | (6.8 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 738,552 | 729,870 | 1.2 | % | 733,944 | 724,302 | 1.3 | % | ||||||||||||||||
General Service | 101,978 | 101,698 | 0.3 | % | 101,719 | 101,539 | 0.2 | % | ||||||||||||||||
Industrial | 2,691 | 2,717 | (1.0 | %) | 2,692 | 2,721 | (1.1 | %) | ||||||||||||||||
Other Energy Sales | 1,791 | 1,722 | 4.0 | % | 1,761 | 1,708 | 3.1 | % | ||||||||||||||||
Total Retail Customers | 845,012 | 836,007 | 1.1 | % | 840,116 | 830,270 | 1.2 | % | ||||||||||||||||
Wholesale and Other | 4 | 5 | (20.0 | %) | 4 | 5 | (20.0 | %) | ||||||||||||||||
Total Average Number of Customers – Duke Energy Indiana | 845,016 | 836,012 | 1.1 | % | 840,120 | 830,275 | 1.2 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 3,959 | 6,976 | (43.2 | %) | 17,953 | 25,045 | (28.3 | %) | ||||||||||||||||
Hydro | 58 | 37 | 56.8 | % | 164 | 130 | 26.2 | % | ||||||||||||||||
Oil and Natural Gas | 924 | 548 | 68.6 | % | 2,999 | 3,739 | (19.8 | %) | ||||||||||||||||
Renewable Energy | 5 | 5 | — | % | 28 | 28 | — | % | ||||||||||||||||
Total Generation(d) | 4,946 | 7,566 | (34.6 | %) | 21,144 | 28,942 | (26.9 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 3,066 | 1,395 | 119.8 | % | 11,941 | 7,371 | 62.0 | % | ||||||||||||||||
Total Sources of Energy | 8,012 | 8,961 | (10.6 | %) | 33,085 | 36,313 | (8.9 | %) | ||||||||||||||||
Less: Line Loss and Other | 307 | 632 | (51.4 | %) | 1,199 | 2,084 | (42.5 | %) | ||||||||||||||||
Total GWh Sources | 7,705 | 8,329 | (7.5 | %) | 31,886 | 34,229 | (6.8 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 6,623 | 6,606 | ||||||||||||||||||||||
Winter | 7,040 | 7,023 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 1,991 | 2,090 | (4.7 | %) | 5,349 | 5,505 | (2.8 | %) | ||||||||||||||||
Cooling Degree Days | 37 | 83 | (55.4 | %) | 1,261 | 1,540 | (18.1 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | 1.0 | % | 6.1 | % | 1.2 | % | 4.0 | % | ||||||||||||||||
Cooling Degree Days | 135.9 | % | 433.6 | % | 15.0 | % | 40.6 | % | ||||||||||||||||
(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 | ||||||||||||||||||
December 2019 | ||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||
2019 | 2018 | % Inc. (Dec.) | 2019 | 2018 | % Inc. (Dec.) | |||||||||||||
Total Sales | ||||||||||||||||||
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 133,517,816 | 150,000,599 | (11.0 | %) | 511,243,774 | 557,145,128 | (8.2 | %) | ||||||||||
Duke Energy Midwest LDC throughput (Mcf) | 26,747,349 | 28,492,975 | (6.1 | %) | 89,025,972 | 90,604,833 | (1.7 | %) | ||||||||||
Average Number of Customers – Piedmont Natural Gas | ||||||||||||||||||
Residential | 980,623 | 965,368 | 1.6 | % | 979,210 | 964,924 | 1.5 | % | ||||||||||
Commercial | 103,827 | 102,931 | 0.9 | % | 103,991 | 103,516 | 0.5 | % | ||||||||||
Industrial | 976 | 967 | 0.9 | % | 972 | 963 | 0.9 | % | ||||||||||
Power Generation | 17 | 17 | — | % | 16 | 17 | (5.9 | %) | ||||||||||
Total Average Number of Gas Customers – Piedmont Natural Gas | 1,085,443 | 1,069,283 | 1.5 | % | 1,084,189 | 1,069,420 | 1.4 | % | ||||||||||
Average Number of Customers – Duke Energy Midwest | ||||||||||||||||||
Residential | 491,566 | 487,780 | 0.8 | % | 489,942 | 486,042 | 0.8 | % | ||||||||||
General Service | 43,651 | 43,575 | 0.2 | % | 43,350 | 43,276 | 0.2 | % | ||||||||||
Industrial | 1,591 | 1,604 | (0.8 | %) | 1,578 | 1,589 | (0.7 | %) | ||||||||||
Other | 133 | 135 | (1.5 | %) | 135 | 137 | (1.5 | %) | ||||||||||
Total Average Number of Gas Customers – Duke Energy Midwest | 536,941 | 533,094 | 0.7 | % | 535,005 | 531,044 | 0.7 | % | ||||||||||
(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 | ||||||||||||||||||
December 2019 | ||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||
2019 | 2018 | % Inc. (Dec.) | 2019 | 2018 | % Inc. (Dec.) | |||||||||||||
Renewable Plant Production, GWh | 2,046 | 1,974 | 3.6 | % | 8,574 | 8,522 | 0.6 | % | ||||||||||
Net Proportional MW Capacity in Operation(a) | n/a | n/a | 3,485 | 2,991 | 16.5 | % | ||||||||||||
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