Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number | |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||
Duke Energy | ||||||
Duke Energy | ||||||
due January 15, 2073 | ||||||
Duke Energy | ||||||
due September 15, 2078 | ||||||
Duke Energy | ||||||
each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
DUKE ENERGY CORPORATION | |||
/s/ DWIGHT L. JACOBS | |||
Dwight L. Jacobs | |||
Senior Vice President, Chief Accounting Officer, Tax and Controller | |||
Dated: | November 5, 2020 |
News Release |
▪ | Third quarter 2020 reported EPS of $1.74 and adjusted EPS of $1.87 |
▪ | Completed $350 million of mitigation through 3Q 2020 and remain confident in achieving $400 million to $450 million by year-end |
▪ | $58 billion capital plan increases rate base growth to 6.5% through 2024, growing to 7% in second half of decade as the company accelerates clean energy investments |
▪ | Company narrows 2020 adjusted EPS guidance range to $5.05 to $5.20 |
(In millions, except per share amounts) | After-Tax Amount | 3Q 2020 EPS | 3Q 2019 EPS | ||||||
EPS, as reported | $ | 1.74 | $ | 1.82 | |||||
Adjustments to reported EPS: | |||||||||
Third Quarter 2020 | |||||||||
Gas pipeline investments | $ | 69 | 0.09 | ||||||
Regulatory settlements | 27 | 0.04 | |||||||
Third Quarter 2019 | |||||||||
Impairment charge | (19 | ) | (0.03 | ) | |||||
Total adjustments | $ | 0.13 | $ | (0.03 | ) | ||||
EPS, adjusted | $ | 1.87 | $ | 1.79 |
• | Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit costs related to Constitution. |
• | Regulatory Settlements represents charges related to Duke Energy Carolinas and Duke Energy Progress partial settlements in the 2019 North Carolina rate cases. |
• | Impairment Charges represents a reduction of a prior year impairment at Citrus County CC. |
◦ | The impact of the COVID-19 pandemic; |
◦ | State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; |
◦ | The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; |
◦ | The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations 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 | Gas Pipeline Investments | Regulatory Settlements | Total Adjustments | Adjusted Earnings | ||||||||||||||||
SEGMENT INCOME (LOSS) | ||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 1,381 | $ | 4 | A | $ | 27 | C | $ | 31 | $ | 1,412 | ||||||||
Gas Utilities and Infrastructure | (73 | ) | 65 | B | — | 65 | (8 | ) | ||||||||||||
Commercial Renewables | 60 | — | — | — | 60 | |||||||||||||||
Total Reportable Segment Income | 1,368 | 69 | 27 | 96 | 1,464 | |||||||||||||||
Other | (103 | ) | — | — | — | (103 | ) | |||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,265 | $ | 69 | $ | 27 | $ | 96 | $ | 1,361 | ||||||||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.74 | $ | 0.09 | $ | 0.04 | $ | 0.13 | $ | 1.87 |
• | $78 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Condensed Consolidated Statements of Operations. |
• | $19 million included within Impairment charges related to the Clemson University Combined Heat and Power plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations. |
Special Items | ||||||||||||||||||||||||
Reported Earnings | Gas Pipeline Investments | Severance | Regulatory Settlements | Total Adjustments | Adjusted Earnings | |||||||||||||||||||
SEGMENT INCOME (LOSS) | ||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,839 | $ | 4 | A | $ | — | $ | 27 | D | $ | 31 | $ | 2,870 | ||||||||||
Gas Utilities and Infrastructure | (1,400 | ) | 1,691 | B | — | — | 1,691 | 291 | ||||||||||||||||
Commercial Renewables | 207 | — | — | — | — | 207 | ||||||||||||||||||
Total Reportable Segment Income | 1,646 | 1,695 | — | 27 | 1,722 | 3,368 | ||||||||||||||||||
Other | (299 | ) | — | (75 | ) | C | (75 | ) | (374 | ) | ||||||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,347 | $ | 1,695 | $ | (75 | ) | $ | 27 | $ | 1,647 | $ | 2,994 | |||||||||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.85 | $ | 2.30 | $ | (0.10 | ) | $ | 0.04 | $ | 2.24 | $ | 4.09 |
• | $2,078 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Condensed Consolidated Statements of Operations. |
• | $7 million included within Impairment charges related to gas project materials on the Piedmont Condensed Consolidated Statements of Operations. |
• | $19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations. |
• | $8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statements of Operations. |
Special Item | |||||||||||||||
Reported Earnings | Impairment Charge | Total Adjustments | Adjusted Earnings | ||||||||||||
SEGMENT INCOME | |||||||||||||||
Electric Utilities and Infrastructure | $ | 1,385 | $ | (19 | ) | A | $ | (19 | ) | $ | 1,366 | ||||
Gas Utilities and Infrastructure | 26 | — | — | 26 | |||||||||||
Commercial Renewables | 40 | — | — | 40 | |||||||||||
Total Reportable Segment Income | 1,451 | (19 | ) | (19 | ) | 1,432 | |||||||||
Other | (124 | ) | — | (124 | ) | ||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,327 | $ | (19 | ) | $ | (19 | ) | $ | 1,308 | |||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.82 | $ | (0.03 | ) | $ | (0.03 | ) | $ | 1.79 |
Special Item | ||||||||||||||||
Reported Earnings | Impairment Charge | Total Adjustments | Adjusted Earnings | |||||||||||||
SEGMENT INCOME | ||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,944 | $ | (19 | ) | A | $ | (19 | ) | $ | 2,925 | |||||
Gas Utilities and Infrastructure | 292 | — | — | 292 | ||||||||||||
Commercial Renewables | 139 | — | — | 139 | ||||||||||||
Total Reportable Segment Income | 3,375 | (19 | ) | (19 | ) | 3,356 | ||||||||||
Other | (328 | ) | — | — | (328 | ) | ||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,047 | $ | (19 | ) | $ | (19 | ) | $ | 3,028 | ||||||
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 4.18 | $ | (0.03 | ) | $ | (0.03 | ) | $ | 4.15 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | |||||||||||
Reported Income Before Income Taxes | $ | 1,339 | $ | 1,158 | ||||||||||
Gas Pipeline Investments | 90 | 2,090 | ||||||||||||
Severance | — | (98 | ) | |||||||||||
Regulatory Settlements | 35 | 35 | ||||||||||||
Noncontrolling Interests | 70 | 208 | ||||||||||||
Preferred Dividends | (39 | ) | (93 | ) | ||||||||||
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,495 | $ | 3,300 | ||||||||||
Reported Income Tax Expense (Benefit) | $ | 105 | 7.8 | % | $ | (74 | ) | (6.4 | )% | |||||
Gas Pipeline Investments | 21 | 395 | ||||||||||||
Severance | — | (23 | ) | |||||||||||
Regulatory Settlements | 8 | 8 | ||||||||||||
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 134 | 9.0 | % | $ | 306 | 9.3 | % |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||
Balance | Effective Tax Rate | Balance | Effective Tax Rate | |||||||||||
Reported Income Before Income Taxes | $ | 1,511 | $ | 3,388 | ||||||||||
Impairment Charge | (25 | ) | (25 | ) | ||||||||||
Noncontrolling Interests | 19 | 110 | ||||||||||||
Preferred Dividends | (15 | ) | (27 | ) | ||||||||||
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,490 | $ | 3,446 | ||||||||||
Reported Income Tax Expense | $ | 188 | 12.4 | % | $ | 424 | 12.5 | % | ||||||
Impairment Charge | (6 | ) | (6 | ) | ||||||||||
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 182 | 12.2 | % | $ | 418 | 12.1 | % |
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Consolidated | |||||||||||||||||||
2019 QTD Reported Earnings Per Share | $ | 1.90 | $ | 0.04 | $ | 0.06 | $ | (0.18 | ) | $ | 1.82 | |||||||||||||
Impairment Charge | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
2019 QTD Adjusted Earnings Per Share | $ | 1.87 | $ | 0.04 | $ | 0.06 | $ | (0.18 | ) | $ | 1.79 | |||||||||||||
Weather | (0.08 | ) | — | — | — | (0.08 | ) | |||||||||||||||||
Volume | (0.01 | ) | — | — | — | (0.01 | ) | |||||||||||||||||
Riders and Other Retail Margin(a) | (0.02 | ) | — | — | — | (0.02 | ) | |||||||||||||||||
Rate case impacts, net(b) | 0.07 | 0.01 | — | — | 0.08 | |||||||||||||||||||
Wholesale | 0.03 | — | — | — | 0.03 | |||||||||||||||||||
Operations and maintenance, net of recoverables(c) | 0.08 | — | — | — | 0.08 | |||||||||||||||||||
Midstream Gas Pipelines(d) | — | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||
Duke Energy Renewables(e) | — | — | 0.03 | — | 0.03 | |||||||||||||||||||
Interest Expense | — | — | — | 0.03 | 0.03 | |||||||||||||||||||
Depreciation and amortization(f) | (0.06 | ) | — | — | — | (0.06 | ) | |||||||||||||||||
Preferred Dividends | — | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Other(g) | 0.05 | (0.02 | ) | — | 0.04 | 0.07 | ||||||||||||||||||
Total variance before share count | $ | 0.06 | $ | (0.05 | ) | $ | 0.03 | $ | 0.05 | $ | 0.09 | |||||||||||||
Change in share count | (0.01 | ) | — | — | — | (0.01 | ) | |||||||||||||||||
2020 QTD Adjusted Earnings Per Share | $ | 1.92 | $ | (0.01 | ) | $ | 0.09 | $ | (0.13 | ) | $ | 1.87 | ||||||||||||
Gas Pipeline Investments | — | (0.09 | ) | — | — | (0.09 | ) | |||||||||||||||||
Regulatory Settlements | (0.04 | ) | — | — | — | (0.04 | ) | |||||||||||||||||
2020 QTD Reported Earnings Per Share | $ | 1.88 | $ | (0.10 | ) | $ | 0.09 | $ | (0.13 | ) | $ | 1.74 | ||||||||||||
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 729 million shares to 735 million. | ||||||||||||||||||||||||
(a) | Primarily driven by lower retail margin due to a prior year favorable true-up of purchased power and lower late payment fees, net of deferrals (-$0.04), partially offset by higher energy efficiency and grid modernization rider programs (+$0.02). |
(b) | Electric Utilities and Infrastructure includes the net impact of the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.03), DEI base rate increases, effective August 2020 (+$0.02), the DEF SBRA and multi-year rate plan (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019. |
(c) | Includes lower employee-related expenses, lower storm costs, operational efficiencies and other savings due to mitigation efforts. |
(d) | Primarily the loss of ACP earnings. |
(e) | Primarily due to growth in new renewable projects. |
(f) | Excludes rate case impacts. |
(g) | Electric Utilities and Infrastructure and Other includes lower tax expense. |
(Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Consolidated | |||||||||||||||||||
2019 YTD Reported Earnings Per Share | $ | 4.05 | $ | 0.40 | $ | 0.19 | $ | (0.46 | ) | $ | 4.18 | |||||||||||||
Impairment Charge | (0.03 | ) | — | — | — | (0.03 | ) | |||||||||||||||||
2019 YTD Adjusted Earnings Per Share | $ | 4.02 | $ | 0.40 | $ | 0.19 | $ | (0.46 | ) | $ | 4.15 | |||||||||||||
Weather | (0.21 | ) | — | — | — | (0.21 | ) | |||||||||||||||||
Volume | (0.02 | ) | — | — | — | (0.02 | ) | |||||||||||||||||
Riders and Other Retail Margin | (0.01 | ) | 0.02 | — | — | 0.01 | ||||||||||||||||||
Rate case impacts, net(a) | 0.12 | 0.07 | — | — | 0.19 | |||||||||||||||||||
Wholesale | 0.03 | — | — | — | 0.03 | |||||||||||||||||||
Operations and maintenance, net of recoverables(b) | 0.15 | — | — | — | 0.15 | |||||||||||||||||||
Midstream Gas Pipelines(c) | — | (0.09 | ) | — | — | (0.09 | ) | |||||||||||||||||
Duke Energy Renewables(d) | — | — | 0.09 | — | 0.09 | |||||||||||||||||||
Interest Expense | (0.01 | ) | — | — | 0.04 | 0.03 | ||||||||||||||||||
Depreciation and amortization(e) | (0.17 | ) | — | — | — | (0.17 | ) | |||||||||||||||||
Preferred Dividends | — | — | — | (0.07 | ) | (0.07 | ) | |||||||||||||||||
Other(f) | 0.04 | — | — | — | 0.04 | |||||||||||||||||||
Total variance before share count | $ | (0.08 | ) | $ | — | $ | 0.09 | $ | (0.03 | ) | $ | (0.02 | ) | |||||||||||
Change in share count | (0.04 | ) | — | — | — | (0.04 | ) | |||||||||||||||||
2020 YTD Adjusted Earnings Per Share | $ | 3.90 | $ | 0.40 | $ | 0.28 | $ | (0.49 | ) | $ | 4.09 | |||||||||||||
Gas Pipeline Investments | — | (2.30 | ) | — | — | (2.30 | ) | |||||||||||||||||
Severance | — | — | — | 0.10 | 0.10 | |||||||||||||||||||
Regulatory Settlements | (0.04 | ) | — | — | — | (0.04 | ) | |||||||||||||||||
2020 YTD Reported Earnings Per Share | $ | 3.86 | $ | (1.90 | ) | $ | 0.28 | $ | (0.39 | ) | $ | 1.85 | ||||||||||||
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 728 million shares to 735 million. | ||||||||||||||||||||||||
(a) | Electric Utilities and Infrastructure includes the net impact of the DEC and DEP South Carolina rate cases, effective June 2019 (+0.03), DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.03), the DEF SBRA and multi-year rate plan (+0.03), DEI base rate increases, effective August 2020 (+0.02) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019. |
(b) | Primarily due to lower employee-related expenses, lower outage costs and customer delivery charges and other savings due to mitigation efforts, partially offset by increased COVID-19 expenses, net of deferrals. For the nine months ended September 30, 2020, the Duke Energy Registrants incurred -$0.09 of incremental COVID-19 O&M costs, the company has deferred +$0.06 of these incremental costs. |
(c) | Primarily related to a favorable income tax adjustment for equity method investments in the prior year and the loss of ACP earnings. |
(d) | Primarily due to new renewable projects. |
(e) | Excludes rate case impacts. |
(f) | Electric Utilities and Infrastructure includes lower income tax expense. Other includes lower income tax expense which was offset primarily by unrealized investment losses on non-pension executive benefit trusts and lower interest income. |
September 2020 | |||||||||||||||
QUARTERLY HIGHLIGHTS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(In millions, except per share amounts and where noted) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Earnings Per Share – Basic and Diluted | |||||||||||||||
Net income per share available to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | 1.74 | $ | 1.82 | $ | 1.85 | $ | 4.18 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 735 | 729 | 735 | 728 | |||||||||||
Diluted | 735 | 729 | 735 | 728 | |||||||||||
INCOME (LOSS) BY BUSINESS SEGMENT | |||||||||||||||
Electric Utilities and Infrastructure(a) | $ | 1,381 | $ | 1,385 | $ | 2,839 | $ | 2,944 | |||||||
Gas Utilities and Infrastructure(b) | (73 | ) | 26 | (1,400 | ) | 292 | |||||||||
Commercial Renewables | 60 | 40 | 207 | 139 | |||||||||||
Total Reportable Segment Income | 1,368 | 1,451 | 1,646 | 3,375 | |||||||||||
Other(c) | (103 | ) | (124 | ) | (299 | ) | (328 | ) | |||||||
Net Income Available to Duke Energy Corporation common stockholders | $ | 1,265 | $ | 1,327 | $ | 1,347 | $ | 3,047 | |||||||
CAPITALIZATION | |||||||||||||||
Total Common Equity (%) | 42 | % | 44 | % | |||||||||||
Total Debt (%) | 58 | % | 56 | % | |||||||||||
Total Debt | $ | 64,143 | $ | 60,383 | |||||||||||
Book Value Per Share | $ | 64.26 | $ | 65.03 | |||||||||||
Actual Shares Outstanding | 736 | 729 | |||||||||||||
CAPITAL AND INVESTMENT EXPENDITURES | |||||||||||||||
Electric Utilities and Infrastructure | $ | 1,809 | $ | 1,906 | $ | 5,637 | $ | 6,092 | |||||||
Gas Utilities and Infrastructure | 329 | 382 | 933 | 1,129 | |||||||||||
Commercial Renewables | 197 | 359 | 894 | 932 | |||||||||||
Other | 82 | 81 | 220 | 202 | |||||||||||
Total Capital and Investment Expenditures | $ | 2,417 | $ | 2,728 | $ | 7,684 | $ | 8,355 | |||||||
(a) | Includes $35 million (after tax $27 million) of costs related to regulatory settlements for Duke Energy Carolinas and Duke Energy Progress for the three and nine months ended September 30, 2020, and a $5 million (after tax $4 million) impairment charge related to gas pipeline interconnections for the three and nine months ended September 30, 2020. Additionally, EUI includes a $25 million (after tax $19 million) reduction of a prior year impairment at Citrus County CC for the three and nine months ended September 30, 2019. |
(b) | Includes costs related to exit obligations for gas pipeline investments of $85 million (after tax $65 million) for the three months ended September 30, 2020, and $2.1 billion (after tax $1.7 billion) for the nine months ended September 30, 2020. |
(c) | Includes a $98 million (after tax $75 million) reversal of 2018 severance costs due to the partial settlement of the Duke Energy Carolina's 2019 North Carolina rate case for the nine months ended September 30, 2020. |
DUKE ENERGY CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating Revenues | |||||||||||||||
Regulated electric | $ | 6,315 | $ | 6,515 | $ | 16,402 | $ | 17,223 | |||||||
Regulated natural gas | 214 | 223 | 1,115 | 1,231 | |||||||||||
Nonregulated electric and other | 192 | 202 | 574 | 522 | |||||||||||
Total operating revenues | 6,721 | 6,940 | 18,091 | 18,976 | |||||||||||
Operating Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | 1,849 | 1,978 | 4,645 | 5,228 | |||||||||||
Cost of natural gas | 41 | 48 | 299 | 451 | |||||||||||
Operation, maintenance and other | 1,450 | 1,484 | 4,142 | 4,337 | |||||||||||
Depreciation and amortization | 1,217 | 1,186 | 3,497 | 3,364 | |||||||||||
Property and other taxes | 324 | 335 | 1,003 | 1,012 | |||||||||||
Impairment charges | 28 | (20 | ) | 36 | (16 | ) | |||||||||
Total operating expenses | 4,909 | 5,011 | 13,622 | 14,376 | |||||||||||
Gains on Sales of Other Assets and Other, net | 2 | — | 10 | — | |||||||||||
Operating Income | 1,814 | 1,929 | 4,479 | 4,600 | |||||||||||
Other Income and Expenses | |||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (80 | ) | 50 | (2,004 | ) | 137 | |||||||||
Other income and expenses, net | 127 | 104 | 310 | 308 | |||||||||||
Total other income and expenses | 47 | 154 | (1,694 | ) | 445 | ||||||||||
Interest Expense | 522 | 572 | 1,627 | 1,657 | |||||||||||
Income Before Income Taxes | 1,339 | 1,511 | 1,158 | 3,388 | |||||||||||
Income Tax Expense (Benefit) | 105 | 188 | (74 | ) | 424 | ||||||||||
Net Income | 1,234 | 1,323 | 1,232 | 2,964 | |||||||||||
Add: Net Loss Attributable to Noncontrolling Interests | 70 | 19 | 208 | 110 | |||||||||||
Net Income Attributable to Duke Energy Corporation | 1,304 | 1,342 | 1,440 | 3,074 | |||||||||||
Less: Preferred Dividends | 39 | 15 | 93 | 27 | |||||||||||
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,265 | $ | 1,327 | $ | 1,347 | $ | 3,047 | |||||||
Earnings Per Share – Basic and Diluted | |||||||||||||||
Basic and Diluted | $ | 1.74 | $ | 1.82 | $ | 1.85 | $ | 4.18 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic and Diluted | 735 | 729 | 735 | 728 |
(In millions) | September 30, 2020 | December 31, 2019 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 308 | $ | 311 | |||
Receivables (net of allowance for doubtful accounts of $27 at 2020 and $22 at 2019) | 719 | 1,066 | |||||
Receivables of VIEs (net of allowance for doubtful accounts of $106 at 2020 and $54 at 2019) | 2,320 | 1,994 | |||||
Inventory | 3,190 | 3,232 | |||||
Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs) | 1,637 | 1,796 | |||||
Other (includes $335 at 2020 and $242 at 2019 related to VIEs) | 505 | 764 | |||||
Total current assets | 8,679 | 9,163 | |||||
Property, Plant and Equipment | |||||||
Cost | 153,916 | 147,654 | |||||
Accumulated depreciation and amortization | (48,185 | ) | (45,773 | ) | |||
Generation facilities to be retired, net | 29 | 246 | |||||
Net property, plant and equipment | 105,760 | 102,127 | |||||
Other Noncurrent Assets | |||||||
Goodwill | 19,303 | 19,303 | |||||
Regulatory assets (includes $951 at 2020 and $989 at 2019 related to VIEs) | 13,264 | 13,222 | |||||
Nuclear decommissioning trust funds | 8,363 | 8,140 | |||||
Operating lease right-of-use assets, net | 1,577 | 1,658 | |||||
Investments in equity method unconsolidated affiliates | 924 | 1,936 | |||||
Other (includes $90 at 2020 and $110 at 2019 related to VIEs) | 3,539 | 3,289 | |||||
Total other noncurrent assets | 46,970 | 47,548 | |||||
Total Assets | $ | 161,409 | $ | 158,838 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 2,486 | $ | 3,487 | |||
Notes payable and commercial paper | 3,425 | 3,135 | |||||
Taxes accrued | 768 | 392 | |||||
Interest accrued | 556 | 565 | |||||
Current maturities of long-term debt (includes $466 at 2020 and $216 at 2019 related to VIEs) | 4,669 | 3,141 | |||||
Asset retirement obligations | 742 | 881 | |||||
Regulatory liabilities | 1,218 | 784 | |||||
Other | 2,829 | 2,367 | |||||
Total current liabilities | 16,693 | 14,752 | |||||
Long-Term Debt (includes $3,628 at 2020 and $3,997 at 2019 related to VIEs) | 56,049 | 54,985 | |||||
Other Noncurrent Liabilities | |||||||
Deferred income taxes | 9,170 | 8,878 | |||||
Asset retirement obligations | 12,912 | 12,437 | |||||
Regulatory liabilities | 14,546 | 15,264 | |||||
Operating lease liabilities | 1,379 | 1,432 | |||||
Accrued pension and other post-retirement benefit costs | 903 | 934 | |||||
Investment tax credits | 689 | 624 | |||||
Other (includes $342 at 2020 and $228 at 2019 related to VIEs) | 1,773 | 1,581 | |||||
Total other noncurrent liabilities | 41,372 | 41,150 | |||||
Commitments and Contingencies | |||||||
Equity | |||||||
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2020 and 2019 | 973 | 973 | |||||
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2020 and 2019 | 989 | 989 | |||||
Common stock, $0.001 par value, 2 billion shares authorized; 736 million shares outstanding at 2020 and 733 million shares outstanding at 2019 | 1 | 1 | |||||
Additional paid-in capital | 41,046 | 40,881 | |||||
Retained earnings | 3,260 | 4,108 | |||||
Accumulated other comprehensive loss | (263 | ) | (130 | ) | |||
Total Duke Energy Corporation stockholders' equity | 46,006 | 46,822 | |||||
Noncontrolling interests | 1,289 | 1,129 | |||||
Total equity | 47,295 | 47,951 | |||||
Total Liabilities and Equity | $ | 161,409 | $ | 158,838 |
DUKE ENERGY CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In millions) | ||||||||
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 1,232 | $ | 2,964 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | 5,534 | 2,673 | ||||||
Net cash provided by operating activities | 6,766 | 5,637 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Net cash used in investing activities | (7,964 | ) | (8,633 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net cash provided by financing activities | 1,225 | 2,987 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 27 | (9 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 573 | 591 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 600 | $ | 582 |
Three Months Ended September 30, 2020 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 6,379 | $ | — | $ | — | $ | — | $ | (64 | ) | $ | 6,315 | |||||
Regulated natural gas | — | 238 | — | — | (24 | ) | 214 | |||||||||||
Nonregulated electric and other | — | 3 | 126 | 24 | 39 | 192 | ||||||||||||
Total operating revenues | 6,379 | 241 | 126 | 24 | (49 | ) | 6,721 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,869 | — | — | — | (20 | ) | 1,849 | |||||||||||
Cost of natural gas | — | 41 | — | — | — | 41 | ||||||||||||
Operation, maintenance and other | 1,326 | 103 | 72 | (21 | ) | (30 | ) | 1,450 | ||||||||||
Depreciation and amortization | 1,053 | 65 | 52 | 54 | (7 | ) | 1,217 | |||||||||||
Property and other taxes | 286 | 26 | 8 | 4 | — | 324 | ||||||||||||
Impairment charges | 20 | 7 | — | — | 1 | 28 | ||||||||||||
Total operating expenses | 4,554 | 242 | 132 | 37 | (56 | ) | 4,909 | |||||||||||
Gains on Sales of Other Assets and Other, net | 3 | — | — | — | (1 | ) | 2 | |||||||||||
Operating Income (Loss) | 1,828 | (1 | ) | (6 | ) | (13 | ) | 6 | 1,814 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (8 | ) | (71 | ) | (3 | ) | 3 | (1 | ) | (80 | ) | |||||||
Other income and expenses, net | 75 | 16 | 2 | 40 | (6 | ) | 127 | |||||||||||
Total Other Income and Expenses | 67 | (55 | ) | (1 | ) | 43 | (7 | ) | 47 | |||||||||
Interest Expense | 308 | 35 | 18 | 160 | 1 | 522 | ||||||||||||
Income (Loss) Before Income Taxes | 1,587 | (91 | ) | (25 | ) | (130 | ) | (2 | ) | 1,339 | ||||||||
Income Tax Expense (Benefit) | 206 | (18 | ) | (15 | ) | (66 | ) | (2 | ) | 105 | ||||||||
Net Income (Loss) | 1,381 | (73 | ) | (10 | ) | (64 | ) | — | 1,234 | |||||||||
Add: Net Loss Attributable to Noncontrolling Interest | — | — | 70 | — | — | 70 | ||||||||||||
Net Income (Loss) Attributable to Duke Energy Corporation | 1,381 | (73 | ) | 60 | (64 | ) | — | 1,304 | ||||||||||
Less: Preferred Dividends | — | — | — | 39 | — | 39 | ||||||||||||
Segment Income (Loss) / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,381 | $ | (73 | ) | $ | 60 | $ | (103 | ) | $ | — | $ | 1,265 | ||||
Special Items | 31 | 65 | — | — | — | 96 | ||||||||||||
Adjusted Earnings(a) | $ | 1,412 | $ | (8 | ) | $ | 60 | $ | (103 | ) | $ | — | $ | 1,361 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings. |
Nine Months Ended September 30, 2020 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 16,596 | $ | — | $ | — | $ | — | $ | (194 | ) | $ | 16,402 | |||||
Regulated natural gas | — | 1,186 | — | — | (71 | ) | 1,115 | |||||||||||
Nonregulated electric and other | — | 8 | 378 | 73 | 115 | 574 | ||||||||||||
Total operating revenues | 16,596 | 1,194 | 378 | 73 | (150 | ) | 18,091 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 4,703 | — | — | — | (58 | ) | 4,645 | |||||||||||
Cost of natural gas | — | 300 | — | — | (1 | ) | 299 | |||||||||||
Operation, maintenance and other | 3,891 | 312 | 204 | (181 | ) | (84 | ) | 4,142 | ||||||||||
Depreciation and amortization | 3,023 | 193 | 148 | 154 | (21 | ) | 3,497 | |||||||||||
Property and other taxes | 885 | 82 | 24 | 12 | — | 1,003 | ||||||||||||
Impairment charges | 23 | 7 | 6 | — | — | 36 | ||||||||||||
Total operating expenses | 12,525 | 894 | 382 | (15 | ) | (164 | ) | 13,622 | ||||||||||
Gains on Sales of Other Assets and Other, net | 11 | — | — | — | (1 | ) | 10 | |||||||||||
Operating Income | 4,082 | 300 | (4 | ) | 88 | 13 | 4,479 | |||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (3 | ) | (2,004 | ) | (5 | ) | 9 | (1 | ) | (2,004 | ) | |||||||
Other income and expenses, net | 244 | 42 | 5 | 46 | (27 | ) | 310 | |||||||||||
Total Other Income and Expenses | 241 | (1,962 | ) | — | 55 | (28 | ) | (1,694 | ) | |||||||||
Interest Expense | 991 | 103 | 49 | 498 | (14 | ) | 1,627 | |||||||||||
Income (Loss) Before Income Taxes | 3,332 | (1,765 | ) | (53 | ) | (355 | ) | (1 | ) | 1,158 | ||||||||
Income Tax Expense (Benefit) | 493 | (365 | ) | (52 | ) | (149 | ) | (1 | ) | (74 | ) | |||||||
Net Income (Loss) | 2,839 | (1,400 | ) | (1 | ) | (206 | ) | — | 1,232 | |||||||||
Add: Net Loss Attributable to Noncontrolling Interest | — | — | 208 | — | — | 208 | ||||||||||||
Net Income (Loss) Attributable to Duke Energy Corporation | 2,839 | (1,400 | ) | 207 | (206 | ) | — | 1,440 | ||||||||||
Less: Preferred Dividends | — | — | — | 93 | — | 93 | ||||||||||||
Segment Income (Loss) / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 2,839 | $ | (1,400 | ) | $ | 207 | $ | (299 | ) | $ | — | $ | 1,347 | ||||
Special Items | 31 | 1,691 | — | (75 | ) | — | 1,647 | |||||||||||
Adjusted Earnings(a) | $ | 2,870 | $ | 291 | $ | 207 | $ | (374 | ) | $ | — | $ | 2,994 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings. |
Three Months Ended September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 6,577 | $ | — | $ | — | $ | — | $ | (62 | ) | $ | 6,515 | |||||
Regulated natural gas | — | 246 | — | — | (23 | ) | 223 | |||||||||||
Nonregulated electric and other | — | 3 | 138 | 25 | 36 | 202 | ||||||||||||
Total operating revenues | 6,577 | 249 | 138 | 25 | (49 | ) | 6,940 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,994 | — | — | — | (16 | ) | 1,978 | |||||||||||
Cost of natural gas | — | 48 | — | — | — | 48 | ||||||||||||
Operation, maintenance and other | 1,357 | 108 | 81 | (30 | ) | (32 | ) | 1,484 | ||||||||||
Depreciation and amortization | 1,026 | 64 | 43 | 53 | — | 1,186 | ||||||||||||
Property and other taxes | 301 | 24 | 6 | 4 | — | 335 | ||||||||||||
Impairment charges | (20 | ) | — | — | — | — | (20 | ) | ||||||||||
Total operating expenses | 4,658 | 244 | 130 | 27 | (48 | ) | 5,011 | |||||||||||
Operating Income (Loss) | 1,919 | 5 | 8 | (2 | ) | (1 | ) | 1,929 | ||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 5 | 37 | (2 | ) | 10 | — | 50 | |||||||||||
Other income and expenses, net | 82 | 5 | 15 | 14 | (12 | ) | 104 | |||||||||||
Total Other Income and Expenses | 87 | 42 | 13 | 24 | (12 | ) | 154 | |||||||||||
Interest Expense | 336 | 29 | 35 | 185 | (13 | ) | 572 | |||||||||||
Income (Loss) Before Income Taxes | 1,670 | 18 | (14 | ) | (163 | ) | — | 1,511 | ||||||||||
Income Tax Expense (Benefit) | 285 | (8 | ) | (35 | ) | (54 | ) | — | 188 | |||||||||
Net Income (Loss) | 1,385 | 26 | 21 | (109 | ) | — | 1,323 | |||||||||||
Add: Net Loss Attributable to Noncontrolling Interest | — | — | 19 | — | — | 19 | ||||||||||||
Net Income (Loss) Attributable to Duke Energy Corporation | 1,385 | 26 | 40 | (109 | ) | — | 1,342 | |||||||||||
Less: Preferred Dividends | — | — | — | 15 | — | 15 | ||||||||||||
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,385 | $ | 26 | $ | 40 | $ | (124 | ) | $ | — | $ | 1,327 | |||||
Special Item | (19 | ) | — | — | — | — | (19 | ) | ||||||||||
Adjusted Earnings(a) | $ | 1,366 | $ | 26 | $ | 40 | $ | (124 | ) | $ | — | $ | 1,308 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
Nine Months Ended September 30, 2019 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 17,381 | $ | — | $ | — | $ | — | $ | (158 | ) | $ | 17,223 | |||||
Regulated natural gas | — | 1,302 | — | — | (71 | ) | 1,231 | |||||||||||
Nonregulated electric and other | — | 9 | 362 | 71 | 80 | 522 | ||||||||||||
Total operating revenues | 17,381 | 1,311 | 362 | 71 | (149 | ) | 18,976 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 5,286 | — | — | — | (58 | ) | 5,228 | |||||||||||
Cost of natural gas | — | 451 | — | — | — | 451 | ||||||||||||
Operation, maintenance and other | 3,957 | 325 | 211 | (69 | ) | (87 | ) | 4,337 | ||||||||||
Depreciation and amortization | 2,924 | 192 | 123 | 125 | — | 3,364 | ||||||||||||
Property and other taxes | 899 | 84 | 18 | 10 | 1 | 1,012 | ||||||||||||
Impairment charges | (16 | ) | — | — | — | — | (16 | ) | ||||||||||
Total operating expenses | 13,050 | 1,052 | 352 | 66 | (144 | ) | 14,376 | |||||||||||
Operating Income | 4,331 | 259 | 10 | 5 | (5 | ) | 4,600 | |||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 11 | 101 | (4 | ) | 28 | 1 | 137 | |||||||||||
Other income and expenses, net | 256 | 18 | 7 | 70 | (43 | ) | 308 | |||||||||||
Total Other Income and Expenses | 267 | 119 | 3 | 98 | (42 | ) | 445 | |||||||||||
Interest Expense | 1,004 | 86 | 78 | 536 | (47 | ) | 1,657 | |||||||||||
Income (Loss) Before Income Taxes | 3,594 | 292 | (65 | ) | (433 | ) | — | 3,388 | ||||||||||
Income Tax Expense (Benefit) | 650 | — | (94 | ) | (132 | ) | — | 424 | ||||||||||
Net Income (Loss) | 2,944 | 292 | 29 | (301 | ) | — | 2,964 | |||||||||||
Add: Net Loss Attributable to Noncontrolling Interest | — | — | 110 | — | — | 110 | ||||||||||||
Net Income (Loss) Attributable to Duke Energy Corporation | 2,944 | 292 | 139 | (301 | ) | — | 3,074 | |||||||||||
Less: Preferred Dividends | — | — | — | 27 | — | 27 | ||||||||||||
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 2,944 | $ | 292 | $ | 139 | $ | (328 | ) | $ | — | $ | 3,047 | |||||
Special Item | (19 | ) | — | — | — | — | (19 | ) | ||||||||||
Adjusted Earnings(a) | $ | 2,925 | $ | 292 | $ | 139 | $ | (328 | ) | $ | — | $ | 3,028 |
(a) | See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings. |
September 30, 2020 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 107 | $ | 2 | $ | 3 | $ | 196 | $ | — | $ | 308 | ||||||
Receivables, net | 501 | 102 | 105 | 11 | — | 719 | ||||||||||||
Receivables of variable interest entities, net | 2,320 | — | — | — | — | 2,320 | ||||||||||||
Receivables from affiliated companies | 102 | 15 | 599 | 733 | (1,449 | ) | — | |||||||||||
Notes receivable from affiliated companies | 46 | — | — | 740 | (786 | ) | — | |||||||||||
Inventory | 2,971 | 84 | 101 | 35 | (1 | ) | 3,190 | |||||||||||
Regulatory assets | 1,420 | 120 | — | 97 | — | 1,637 | ||||||||||||
Other | 150 | 50 | 208 | 114 | (17 | ) | 505 | |||||||||||
Total current assets | 7,617 | 373 | 1,016 | 1,926 | (2,253 | ) | 8,679 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 132,668 | 12,424 | 6,536 | 2,389 | (101 | ) | 153,916 | |||||||||||
Accumulated depreciation and amortization | (43,100 | ) | (2,602 | ) | (1,177 | ) | (1,307 | ) | 1 | (48,185 | ) | |||||||
Generation facilities to be retired, net | 29 | — | — | — | — | 29 | ||||||||||||
Net property, plant and equipment | 89,597 | 9,822 | 5,359 | 1,082 | (100 | ) | 105,760 | |||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | — | — | — | 19,303 | ||||||||||||
Regulatory assets | 12,090 | 679 | — | 495 | — | 13,264 | ||||||||||||
Nuclear decommissioning trust funds | 8,363 | — | — | — | — | 8,363 | ||||||||||||
Operating lease right-of-use assets, net | 1,136 | 21 | 123 | 297 | — | 1,577 | ||||||||||||
Investments in equity method unconsolidated affiliates | 109 | 214 | 491 | 111 | (1 | ) | 924 | |||||||||||
Investment in consolidated subsidiaries | 540 | 6 | 2 | 63,058 | (63,606 | ) | — | |||||||||||
Other | 2,133 | 306 | 151 | 1,583 | (634 | ) | 3,539 | |||||||||||
Total other noncurrent assets | 41,750 | 3,150 | 767 | 65,544 | (64,241 | ) | 46,970 | |||||||||||
Total Assets | 138,964 | 13,345 | 7,142 | 68,552 | (66,594 | ) | 161,409 | |||||||||||
Segment reclassifications, intercompany balances and other | (822 | ) | (2 | ) | (601 | ) | (65,165 | ) | 66,590 | — | ||||||||
Segment Assets | $ | 138,142 | $ | 13,343 | $ | 6,541 | $ | 3,387 | $ | (4 | ) | $ | 161,409 |
September 30, 2020 | ||||||||||||||||||
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 1,754 | $ | 212 | $ | 117 | $ | 404 | $ | (1 | ) | $ | 2,486 | |||||
Accounts payable to affiliated companies | 466 | 93 | 263 | 573 | (1,395 | ) | — | |||||||||||
Notes payable to affiliated companies | 363 | 354 | 50 | 27 | (794 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | 59 | 3,365 | 1 | 3,425 | ||||||||||||
Taxes accrued | 1,136 | (360 | ) | 321 | (329 | ) | — | 768 | ||||||||||
Interest accrued | 371 | 45 | 1 | 139 | — | 556 | ||||||||||||
Current maturities of long-term debt | 2,074 | 189 | 161 | 2,249 | (4 | ) | 4,669 | |||||||||||
Asset retirement obligations | 742 | — | — | — | — | 742 | ||||||||||||
Regulatory liabilities | 1,089 | 126 | — | 2 | 1 | 1,218 | ||||||||||||
Other | 1,415 | 990 | 74 | 415 | (65 | ) | 2,829 | |||||||||||
Total current liabilities | 9,410 | 1,649 | 1,046 | 6,845 | (2,257 | ) | 16,693 | |||||||||||
Long-Term Debt | 35,059 | 3,289 | 1,453 | 16,345 | (97 | ) | 56,049 | |||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 10,472 | 1,070 | (619 | ) | (1,753 | ) | — | 9,170 | ||||||||||
Asset retirement obligations | 12,704 | 56 | 152 | — | — | 12,912 | ||||||||||||
Regulatory liabilities | 13,050 | 1,473 | — | 23 | — | 14,546 | ||||||||||||
Operating lease liabilities | 1,035 | 20 | 127 | 197 | — | 1,379 | ||||||||||||
Accrued pension and other post-retirement benefit costs | 578 | 32 | 1 | 291 | 1 | 903 | ||||||||||||
Investment tax credits | 687 | 2 | — | — | — | 689 | ||||||||||||
Other | 877 | 195 | 368 | 521 | (188 | ) | 1,773 | |||||||||||
Total other noncurrent liabilities | 39,403 | 2,848 | 29 | (721 | ) | (187 | ) | 41,372 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 54,474 | 5,552 | 3,319 | 46,080 | (63,419 | ) | 46,006 | |||||||||||
Noncontrolling interests | — | — | 1,286 | 3 | — | 1,289 | ||||||||||||
Total equity | 54,474 | 5,552 | 4,605 | 46,083 | (63,419 | ) | 47,295 | |||||||||||
Total Liabilities and Equity | 138,964 | 13,345 | 7,142 | 68,552 | (66,594 | ) | 161,409 | |||||||||||
Segment reclassifications, intercompany balances and other | (822 | ) | (2 | ) | (601 | ) | (65,165 | ) | 66,590 | — | ||||||||
Segment Liabilities and Equity | $ | 138,142 | $ | 13,343 | $ | 6,541 | $ | 3,387 | $ | (4 | ) | $ | 161,409 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure | ||||||||||||||
Operating Revenues | $ | 2,058 | $ | 1,626 | $ | 1,567 | $ | 394 | $ | 761 | $ | (27 | ) | $ | 6,379 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 497 | 537 | 551 | 94 | 222 | (32 | ) | 1,869 | |||||||||||||
Operation, maintenance and other | 394 | 344 | 289 | 84 | 205 | 10 | 1,326 | ||||||||||||||
Depreciation and amortization | 372 | 289 | 183 | 53 | 149 | 7 | 1,053 | ||||||||||||||
Property and other taxes | 57 | 38 | 110 | 71 | 15 | (5 | ) | 286 | |||||||||||||
Impairment charges | 20 | 5 | (4 | ) | — | — | (1 | ) | 20 | ||||||||||||
Total operating expenses | 1,340 | 1,213 | 1,129 | 302 | 591 | (21 | ) | 4,554 | |||||||||||||
Gains on Sales of Other Assets and Other, net | 1 | 3 | — | — | — | (1 | ) | 3 | |||||||||||||
Operating Income | 719 | 416 | 438 | 92 | 170 | (7 | ) | 1,828 | |||||||||||||
Other Income and Expenses, net(b) | 42 | 11 | 11 | 3 | 9 | (9 | ) | 67 | |||||||||||||
Interest Expense | 122 | 66 | 81 | 22 | 29 | (12 | ) | 308 | |||||||||||||
Income Before Income Taxes | 639 | 361 | 368 | 73 | 150 | (4 | ) | 1,587 | |||||||||||||
Income Tax Expense | 78 | 10 | 79 | 10 | 29 | — | 206 | ||||||||||||||
Segment Income | $ | 561 | $ | 351 | $ | 289 | $ | 63 | $ | 121 | $ | (4 | ) | $ | 1,381 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $17 million for Duke Energy Carolinas, $3 million for Duke Energy Progress, $3 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $7 million for Duke Energy Indiana. |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure | ||||||||||||||
Operating Revenues | $ | 5,416 | $ | 4,207 | $ | 3,897 | $ | 1,070 | $ | 2,070 | $ | (64 | ) | $ | 16,596 | ||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,326 | 1,337 | 1,291 | 258 | 577 | (86 | ) | 4,703 | |||||||||||||
Operation, maintenance and other | 1,266 | 992 | 799 | 250 | 559 | 25 | 3,891 | ||||||||||||||
Depreciation and amortization | 1,090 | 833 | 523 | 149 | 415 | 13 | 3,023 | ||||||||||||||
Property and other taxes | 213 | 129 | 290 | 199 | 57 | (3 | ) | 885 | |||||||||||||
Impairment charges | 22 | 5 | (4 | ) | — | — | — | 23 | |||||||||||||
Total operating expenses | 3,917 | 3,296 | 2,899 | 856 | 1,608 | (51 | ) | 12,525 | |||||||||||||
Gains on Sales of Other Assets and Other, net | 1 | 8 | — | — | — | 2 | 11 | ||||||||||||||
Operating Income | 1,500 | 919 | 998 | 214 | 462 | (11 | ) | 4,082 | |||||||||||||
Other Income and Expenses, net(b) | 128 | 52 | 36 | 7 | 28 | (10 | ) | 241 | |||||||||||||
Interest Expense | 370 | 203 | 245 | 62 | 114 | (3 | ) | 991 | |||||||||||||
Income Before Income Taxes | 1,258 | 768 | 789 | 159 | 376 | (18 | ) | 3,332 | |||||||||||||
Income Tax Expense | 167 | 73 | 161 | 22 | 73 | (3 | ) | 493 | |||||||||||||
Segment Income | $ | 1,091 | $ | 695 | $ | 628 | $ | 137 | $ | 303 | $ | (15 | ) | $ | 2,839 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $46 million for Duke Energy Carolinas, $22 million for Duke Energy Progress, $8 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $18 million for Duke Energy Indiana. |
September 30, 2020 | |||||||||||||||||||||
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure | ||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 23 | $ | 43 | $ | 19 | $ | 8 | $ | 15 | $ | (1 | ) | $ | 107 | ||||||
Receivables, net | 177 | 103 | 91 | 81 | 48 | 1 | 501 | ||||||||||||||
Receivables of variable interest entities, net | 770 | 559 | 512 | — | — | 479 | 2,320 | ||||||||||||||
Receivables from affiliated companies | 64 | 45 | 3 | 74 | 84 | (168 | ) | 102 | |||||||||||||
Notes receivable from affiliated companies | 65 | — | — | — | — | (19 | ) | 46 | |||||||||||||
Inventory | 992 | 910 | 468 | 93 | 507 | 1 | 2,971 | ||||||||||||||
Regulatory assets | 495 | 472 | 303 | 19 | 119 | 12 | 1,420 | ||||||||||||||
Other | 44 | 54 | 25 | (2 | ) | 30 | (1 | ) | 150 | ||||||||||||
Total current assets | 2,630 | 2,186 | 1,421 | 273 | 803 | 304 | 7,617 | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Cost | 50,622 | 35,479 | 21,662 | 7,257 | 17,223 | 425 | 132,668 | ||||||||||||||
Accumulated depreciation and amortization | (17,406 | ) | (12,548 | ) | (5,452 | ) | (2,099 | ) | (5,579 | ) | (16 | ) | (43,100 | ) | |||||||
Generation facilities to be retired, net | — | 29 | — | — | — | — | 29 | ||||||||||||||
Net property, plant and equipment | 33,216 | 22,960 | 16,210 | 5,158 | 11,644 | 409 | 89,597 | ||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | — | — | — | 596 | — | 16,783 | 17,379 | ||||||||||||||
Regulatory assets | 3,400 | 4,449 | 1,821 | 356 | 1,184 | 880 | 12,090 | ||||||||||||||
Nuclear decommissioning trust funds | 4,506 | 3,189 | 668 | — | — | — | 8,363 | ||||||||||||||
Operating lease right-of-use assets, net | 117 | 357 | 354 | 20 | 55 | 233 | 1,136 | ||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | 1 | — | — | 108 | 109 | ||||||||||||||
Investment in consolidated subsidiaries | 49 | 14 | 2 | 240 | 1 | 234 | 540 | ||||||||||||||
Other | 1,179 | 720 | 339 | 49 | 228 | (382 | ) | 2,133 | |||||||||||||
Total other noncurrent assets | 9,251 | 8,729 | 3,185 | 1,261 | 1,468 | 17,856 | 41,750 | ||||||||||||||
Total Assets | 45,097 | 33,875 | 20,816 | 6,692 | 13,915 | 18,569 | 138,964 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (215 | ) | (93 | ) | (73 | ) | (244 | ) | (64 | ) | (133 | ) | (822 | ) | |||||||
Reportable Segment Assets | $ | 44,882 | $ | 33,782 | $ | 20,743 | $ | 6,448 | $ | 13,851 | $ | 18,436 | $ | 138,142 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company. |
September 30, 2020 | |||||||||||||||||||||
(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 | $ | 583 | $ | 372 | $ | 424 | $ | 203 | $ | 172 | $ | — | $ | 1,754 | |||||||
Accounts payable to affiliated companies | 155 | 144 | 77 | 16 | 65 | 9 | 466 | ||||||||||||||
Notes payable to affiliated companies | — | 167 | 66 | 58 | 83 | (11 | ) | 363 | |||||||||||||
Taxes accrued | 400 | 208 | 261 | 169 | 111 | (13 | ) | 1,136 | |||||||||||||
Interest accrued | 130 | 80 | 73 | 24 | 63 | 1 | 371 | ||||||||||||||
Current maturities of long-term debt | 751 | 603 | 623 | (26 | ) | 13 | 110 | 2,074 | |||||||||||||
Asset retirement obligations | 267 | 297 | 1 | 7 | 170 | — | 742 | ||||||||||||||
Regulatory liabilities | 430 | 436 | 109 | 39 | 76 | (1 | ) | 1,089 | |||||||||||||
Other | 487 | 389 | 357 | 67 | 97 | 18 | 1,415 | ||||||||||||||
Total current liabilities | 3,203 | 2,696 | 1,991 | 557 | 850 | 113 | 9,410 | ||||||||||||||
Long-Term Debt | 11,497 | 8,605 | 7,294 | 2,515 | 3,941 | 1,207 | 35,059 | ||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | 618 | ||||||||||||||
Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 3,962 | 2,438 | 2,176 | 686 | 1,180 | 30 | 10,472 | ||||||||||||||
Asset retirement obligations | 5,507 | 5,503 | 555 | 45 | 1,044 | 50 | 12,704 | ||||||||||||||
Regulatory liabilities | 6,243 | 4,140 | 669 | 366 | 1,648 | (16 | ) | 13,050 | |||||||||||||
Operating lease liabilities | 102 | 329 | 308 | 20 | 53 | 223 | 1,035 | ||||||||||||||
Accrued pension and other post-retirement benefit costs | 76 | 236 | 207 | 79 | 151 | (171 | ) | 578 | |||||||||||||
Investment tax credits | 237 | 133 | 146 | 3 | 168 | — | 687 | ||||||||||||||
Other | 644 | 89 | 59 | 66 | 55 | (36 | ) | 877 | |||||||||||||
Total other noncurrent liabilities | 16,771 | 12,868 | 4,120 | 1,265 | 4,299 | 80 | 39,403 | ||||||||||||||
Equity | 13,326 | 9,556 | 7,411 | 2,337 | 4,675 | 17,169 | 54,474 | ||||||||||||||
Total Liabilities and Equity | 45,097 | 33,875 | 20,816 | 6,692 | 13,915 | 18,569 | 138,964 | ||||||||||||||
Segment reclassifications, intercompany balances and other | (215 | ) | (93 | ) | (73 | ) | (244 | ) | (64 | ) | (133 | ) | (822 | ) | |||||||
Reportable Segment Liabilities and Equity | $ | 44,882 | $ | 33,782 | $ | 20,743 | $ | 6,448 | $ | 13,851 | $ | 18,436 | $ | 138,142 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Three Months Ended September 30, 2020 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 79 | $ | 162 | $ | — | $ | — | $ | 241 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 3 | 39 | — | (1 | ) | 41 | |||||||||
Operation, maintenance and other | 28 | 73 | 1 | 1 | 103 | ||||||||||
Depreciation and amortization | 20 | 45 | — | — | 65 | ||||||||||
Property and other taxes | 12 | 13 | — | 1 | 26 | ||||||||||
Impairment charges | — | 7 | — | — | 7 | ||||||||||
Total operating expenses | 63 | 177 | 1 | 1 | 242 | ||||||||||
Operating Income (Loss) | 16 | (15 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||
Other Income and Expenses | |||||||||||||||
Equity in losses of unconsolidated affiliates | — | — | (71 | ) | — | (71 | ) | ||||||||
Other income and expenses, net | 1 | 13 | — | 2 | 16 | ||||||||||
Total other income and expenses | 1 | 13 | (71 | ) | 2 | (55 | ) | ||||||||
Interest Expense | 3 | 29 | — | 3 | 35 | ||||||||||
Income (Loss) Before Income Taxes | 14 | (31 | ) | (72 | ) | (2 | ) | (91 | ) | ||||||
Income Tax Expense (Benefit) | 5 | (5 | ) | (16 | ) | (2 | ) | (18 | ) | ||||||
Segment Loss | $ | 9 | $ | (26 | ) | $ | (56 | ) | $ | — | $ | (73 | ) |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
Nine Months Ended September 30, 2020 | |||||||||||||||
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 324 | $ | 871 | $ | — | $ | (1 | ) | $ | 1,194 | ||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 46 | 254 | — | — | 300 | ||||||||||
Operation, maintenance and other | 77 | 231 | 4 | — | 312 | ||||||||||
Depreciation and amortization | 60 | 133 | — | — | 193 | ||||||||||
Property and other taxes | 45 | 37 | — | — | 82 | ||||||||||
Impairment charges | — | 7 | — | — | 7 | ||||||||||
Total operating expenses | 228 | 662 | 4 | — | 894 | ||||||||||
Operating Income (Loss) | 96 | 209 | (4 | ) | (1 | ) | 300 | ||||||||
Other Income and Expenses | |||||||||||||||
Equity in losses of unconsolidated affiliates | — | — | (2,004 | ) | — | (2,004 | ) | ||||||||
Other income and expenses, net | 4 | 37 | — | 1 | 42 | ||||||||||
Total other income and expenses | 4 | 37 | (2,004 | ) | 1 | (1,962 | ) | ||||||||
Interest Expense | 13 | 89 | — | 1 | 103 | ||||||||||
Income (Loss) Before Income Taxes | 87 | 157 | (2,008 | ) | (1 | ) | (1,765 | ) | |||||||
Income Tax Expense (Benefit) | 19 | 5 | (388 | ) | (1 | ) | (365 | ) | |||||||
Segment Loss | $ | 68 | $ | 152 | $ | (1,620 | ) | $ | — | $ | (1,400 | ) |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
September 30, 2020 | |||||||||||||||
(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 | $ | 2 | $ | — | $ | — | $ | — | $ | 2 | |||||
Receivables, net | 8 | 93 | — | 1 | 102 | ||||||||||
Receivables from affiliated companies | 4 | 63 | — | (52 | ) | 15 | |||||||||
Inventory | 37 | 47 | — | — | 84 | ||||||||||
Regulatory assets | 1 | 119 | — | — | 120 | ||||||||||
Other | — | 50 | 1 | (1 | ) | 50 | |||||||||
Total current assets | 52 | 372 | 1 | (52 | ) | 373 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 3,547 | 8,877 | — | — | 12,424 | ||||||||||
Accumulated depreciation and amortization | (889 | ) | (1,713 | ) | — | — | (2,602 | ) | |||||||
Net property, plant and equipment | 2,658 | 7,164 | — | — | 9,822 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 256 | 287 | — | 136 | 679 | ||||||||||
Operating lease right-of-use assets, net | — | 21 | — | — | 21 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 209 | 5 | 214 | ||||||||||
Investment in consolidated subsidiaries | — | — | — | 6 | 6 | ||||||||||
Other | 10 | 279 | 15 | 2 | 306 | ||||||||||
Total other noncurrent assets | 590 | 636 | 224 | 1,700 | 3,150 | ||||||||||
Total Assets | 3,300 | 8,172 | 225 | 1,648 | 13,345 | ||||||||||
Segment reclassifications, intercompany balances and other | (3 | ) | (45 | ) | (15 | ) | 61 | (2 | ) | ||||||
Reportable Segment Assets | $ | 3,297 | $ | 8,127 | $ | 210 | $ | 1,709 | $ | 13,343 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
September 30, 2020 | |||||||||||||||
(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 | $ | 35 | $ | 177 | $ | — | $ | — | $ | 212 | |||||
Accounts payable to affiliated companies | 19 | 47 | 79 | (52 | ) | 93 | |||||||||
Notes payable to affiliated companies | 28 | 327 | — | (1 | ) | 354 | |||||||||
Taxes accrued | 15 | 31 | (406 | ) | — | (360 | ) | ||||||||
Interest accrued | 9 | 37 | — | (1 | ) | 45 | |||||||||
Current maturities of long-term debt | 26 | 160 | — | 3 | 189 | ||||||||||
Regulatory liabilities | 25 | 101 | — | — | 126 | ||||||||||
Other | 4 | 59 | 927 | — | 990 | ||||||||||
Total current liabilities | 161 | 939 | 600 | (51 | ) | 1,649 | |||||||||
Long-Term Debt | 549 | 2,620 | — | 120 | 3,289 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 289 | 759 | 20 | 2 | 1,070 | ||||||||||
Asset retirement obligations | 39 | 17 | — | — | 56 | ||||||||||
Regulatory liabilities | 388 | 1,070 | — | 15 | 1,473 | ||||||||||
Operating lease liabilities | — | 20 | — | — | 20 | ||||||||||
Accrued pension and other post-retirement benefit costs | 25 | 7 | — | — | 32 | ||||||||||
Investment tax credits | 2 | — | — | — | 2 | ||||||||||
Other | 30 | 145 | 19 | 1 | 195 | ||||||||||
Total other noncurrent liabilities | 773 | 2,018 | 39 | 18 | 2,848 | ||||||||||
Equity | 1,810 | 2,595 | (414 | ) | 1,561 | 5,552 | |||||||||
Total Liabilities and Equity | 3,300 | 8,172 | 225 | 1,648 | 13,345 | ||||||||||
Segment reclassifications, intercompany balances and other | (3 | ) | (45 | ) | (15 | ) | 61 | (2 | ) | ||||||
Reportable Segment Liabilities and Equity | $ | 3,297 | $ | 8,127 | $ | 210 | $ | 1,709 | $ | 13,343 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Electric Utilities and Infrastructure | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
Gigawatt-hour (GWh) Sales(a) | ||||||||||||||||||||||||
Residential | 26,157 | 25,304 | 3.4 | % | 4.1 | % | 65,817 | 66,345 | (0.8 | %) | 2.7 | % | ||||||||||||
General Service | 21,113 | 22,396 | (5.7 | %) | (5.3 | %) | 55,263 | 59,328 | (6.9 | %) | (5.9 | %) | ||||||||||||
Industrial | 12,662 | 13,669 | (7.4 | %) | (7.5 | %) | 35,583 | 38,480 | (7.5 | %) | (7.5 | %) | ||||||||||||
Other Energy Sales | 130 | 146 | (11.0 | %) | n/a | 421 | 436 | (3.4 | %) | n/a | ||||||||||||||
Unbilled Sales | (1,171 | ) | 110 | (1,164.5 | %) | n/a | (219 | ) | 461 | (147.5 | %) | n/a | ||||||||||||
Total Retail Sales | 58,891 | 61,625 | (4.4 | %) | (2.1 | )% | 156,865 | 165,050 | (5.0 | %) | (2.8 | %) | ||||||||||||
Wholesale and Other | 11,984 | 12,306 | (2.6 | %) | 29,687 | 31,799 | (6.6 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 70,875 | 73,931 | (4.1 | %) | 186,552 | 196,849 | (5.2 | %) | ||||||||||||||||
Average Number of Customers (Electric) | ||||||||||||||||||||||||
Residential | 6,883,872 | 6,747,169 | 2.0 | % | 6,848,397 | 6,727,714 | 1.8 | % | ||||||||||||||||
General Service | 1,005,196 | 993,468 | 1.2 | % | 1,000,760 | 990,882 | 1.0 | % | ||||||||||||||||
Industrial | 17,270 | 17,291 | (0.1 | %) | 17,294 | 17,342 | (0.3 | %) | ||||||||||||||||
Other Energy Sales | 31,157 | 30,639 | 1.7 | % | 31,042 | 29,278 | 6.0 | % | ||||||||||||||||
Total Retail Customers | 7,937,495 | 7,788,567 | 1.9 | % | 7,897,493 | 7,765,216 | 1.7 | % | ||||||||||||||||
Wholesale and Other | 46 | 50 | (8.0 | %) | 45 | 48 | (6.3 | %) | ||||||||||||||||
Total Average Number of Customers – Electric Utilities and Infrastructure | 7,937,541 | 7,788,617 | 1.9 | % | 7,897,538 | 7,765,264 | 1.7 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 17,245 | 18,535 | (7.0 | %) | 33,201 | 43,713 | (24.0 | %) | ||||||||||||||||
Nuclear | 18,852 | 18,970 | (0.6 | %) | 55,890 | 55,698 | 0.3 | % | ||||||||||||||||
Hydro | 640 | 240 | 166.7 | % | 2,544 | 2,072 | 22.8 | % | ||||||||||||||||
Oil and Natural Gas | 22,424 | 22,421 | — | % | 59,585 | 58,266 | 2.3 | % | ||||||||||||||||
Renewable Energy | 334 | 197 | 69.5 | % | 894 | 519 | 72.3 | % | ||||||||||||||||
Total Generation(d) | 59,495 | 60,363 | (1.4 | %) | 152,114 | 160,268 | (5.1 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 15,631 | 16,238 | (3.7 | %) | 44,441 | 46,285 | (4.0 | %) | ||||||||||||||||
Total Sources of Energy | 75,126 | 76,601 | (1.9 | %) | 196,555 | 206,553 | (4.8 | %) | ||||||||||||||||
Less: Line Loss and Other | 4,251 | 2,670 | 59.2 | % | 10,003 | 9,704 | 3.1 | % | ||||||||||||||||
Total GWh Sources | 70,875 | 73,931 | (4.1 | %) | 186,552 | 196,849 | (5.2 | %) | ||||||||||||||||
Owned Megawatt (MW) Capacity(c) | ||||||||||||||||||||||||
Summer | 50,759 | 50,871 | ||||||||||||||||||||||
Winter | 54,272 | 54,566 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 95 | 96 | ||||||||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
(f) | Statistics reflect 100% of jointly owned stations. |
Duke Energy Carolinas | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 8,657 | 8,452 | 2.4 | % | 21,879 | 22,375 | (2.2 | %) | ||||||||||||||||
General Service | 8,023 | 8,546 | (6.1 | %) | 21,077 | 22,539 | (6.5 | %) | ||||||||||||||||
Industrial | 5,273 | 5,790 | (8.9 | %) | 14,612 | 16,126 | (9.4 | %) | ||||||||||||||||
Other Energy Sales | 68 | 82 | (17.1 | %) | 229 | 241 | (5.0 | %) | ||||||||||||||||
Unbilled Sales | (816 | ) | (158 | ) | (416.5 | %) | (418 | ) | (169 | ) | (147.3 | %) | ||||||||||||
Total Retail Sales | 21,205 | 22,712 | (6.6 | %) | (3.4 | %) | 57,379 | 61,112 | (6.1 | %) | (3.0 | %) | ||||||||||||
Wholesale and Other | 2,521 | 2,875 | (12.3 | %) | 6,666 | 7,907 | (15.7 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Duke Energy Carolinas | 23,726 | 25,587 | (7.3 | %) | 64,045 | 69,019 | (7.2 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 2,316,390 | 2,266,663 | 2.2 | % | 2,300,089 | 2,256,206 | 1.9 | % | ||||||||||||||||
General Service | 368,342 | 363,073 | 1.5 | % | 366,071 | 361,739 | 1.2 | % | ||||||||||||||||
Industrial | 6,097 | 6,113 | (0.3 | %) | 6,103 | 6,124 | (0.3 | %) | ||||||||||||||||
Other Energy Sales | 22,981 | 22,555 | 1.9 | % | 22,880 | 21,219 | 7.8 | % | ||||||||||||||||
Total Retail Customers | 2,713,810 | 2,658,404 | 2.1 | % | 2,695,143 | 2,645,288 | 1.9 | % | ||||||||||||||||
Wholesale and Other | 21 | 23 | (8.7 | %) | 22 | 19 | 15.8 | % | ||||||||||||||||
Total Average Number of Customers – Duke Energy Carolinas | 2,713,831 | 2,658,427 | 2.1 | % | 2,695,165 | 2,645,307 | 1.9 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 5,940 | 8,124 | (26.9 | %) | 11,587 | 16,416 | (29.4 | %) | ||||||||||||||||
Nuclear | 11,463 | 11,666 | (1.7 | %) | 33,642 | 34,147 | (1.5 | %) | ||||||||||||||||
Hydro | 423 | 104 | 306.7 | % | 1,783 | 1,423 | 25.3 | % | ||||||||||||||||
Oil and Natural Gas | 4,712 | 4,697 | 0.3 | % | 12,975 | 12,585 | 3.1 | % | ||||||||||||||||
Renewable Energy | 47 | 45 | 4.4 | % | 132 | 123 | 7.3 | % | ||||||||||||||||
Total Generation(d) | 22,585 | 24,636 | (8.3 | %) | 60,119 | 64,694 | (7.1 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 2,823 | 2,187 | 29.1 | % | 7,521 | 8,030 | (6.3 | %) | ||||||||||||||||
Total Sources of Energy | 25,408 | 26,823 | (5.3 | %) | 67,640 | 72,724 | (7.0 | %) | ||||||||||||||||
Less: Line Loss and Other | 1,682 | 1,236 | 36.1 | % | 3,595 | 3,705 | (3.0 | %) | ||||||||||||||||
Total GWh Sources | 23,726 | 25,587 | (7.3 | %) | 64,045 | 69,019 | (7.2 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 20,191 | 20,192 | ||||||||||||||||||||||
Winter | 21,127 | 21,129 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 96 | 98 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 37 | — | — | % | 1,735 | 1,730 | 0.3 | % | ||||||||||||||||
Cooling Degree Days | 1,027 | 1,205 | (14.8 | %) | 1,474 | 1,841 | (19.9 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | 144.2 | % | (100.0 | %) | (11.5 | %) | (11.5 | %) | ||||||||||||||||
Cooling Degree Days | 3.0 | % | 21.8 | % | (1.9 | %) | 23.8 | % | ||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
(f) | Statistics reflect 100% of jointly owned stations. |
Duke Energy Progress | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 5,427 | 5,299 | 2.4 | % | 13,705 | 14,107 | (2.8 | %) | ||||||||||||||||
General Service | 4,283 | 4,552 | (5.9 | %) | 10,901 | 11,808 | (7.7 | %) | ||||||||||||||||
Industrial | 2,721 | 2,903 | (6.3 | %) | 7,588 | 8,018 | (5.4 | %) | ||||||||||||||||
Other Energy Sales | 19 | 19 | — | % | 58 | 58 | — | % | ||||||||||||||||
Unbilled Sales | (216 | ) | (171 | ) | (26.3 | %) | (147 | ) | 10 | (1,570 | %) | |||||||||||||
Total Retail Sales | 12,234 | 12,602 | (2.9 | %) | (1.3 | %) | 32,105 | 34,001 | (5.6 | %) | (2.5 | %) | ||||||||||||
Wholesale and Other | 6,801 | 6,900 | (1.4 | %) | 17,407 | 18,071 | (3.7 | %) | ||||||||||||||||
Total Consolidated Electric Sales – Duke Energy Progress | 19,035 | 19,502 | (2.4 | %) | 49,512 | 52,072 | (4.9 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,380,981 | 1,351,180 | 2.2 | % | 1,371,672 | 1,346,472 | 1.9 | % | ||||||||||||||||
General Service | 239,941 | 237,037 | 1.2 | % | 238,656 | 236,328 | 1.0 | % | ||||||||||||||||
Industrial | 3,997 | 4,018 | (0.5 | %) | 4,000 | 4,032 | (0.8 | %) | ||||||||||||||||
Other Energy Sales | 1,415 | 1,413 | 0.1 | % | 1,415 | 1,415 | — | % | ||||||||||||||||
Total Retail Customers | 1,626,334 | 1,593,648 | 2.1 | % | 1,615,743 | 1,588,247 | 1.7 | % | ||||||||||||||||
Wholesale and Other | 9 | 9 | — | % | 9 | 12 | (25.0 | %) | ||||||||||||||||
Total Average Number of Customers – Duke Energy Progress | 1,626,343 | 1,593,657 | 2.1 | % | 1,615,752 | 1,588,259 | 1.7 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 3,162 | 3,792 | (16.6 | %) | 4,602 | 7,484 | (38.5 | %) | ||||||||||||||||
Nuclear | 7,389 | 7,304 | 1.2 | % | 22,248 | 21,551 | 3.2 | % | ||||||||||||||||
Hydro | 160 | 84 | 90.5 | % | 624 | 543 | 14.9 | % | ||||||||||||||||
Oil and Natural Gas | 6,155 | 5,959 | 3.3 | % | 16,235 | 15,825 | 2.6 | % | ||||||||||||||||
Renewable Energy | 68 | 77 | (11.7 | %) | 193 | 202 | (4.5 | %) | ||||||||||||||||
Total Generation(d) | 16,934 | 17,216 | (1.6 | %) | 43,902 | 45,605 | (3.7 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 2,738 | 2,796 | (2.1 | %) | 7,223 | 7,978 | (9.5 | %) | ||||||||||||||||
Total Sources of Energy | 19,672 | 20,012 | (1.7 | %) | 51,125 | 53,583 | (4.6 | %) | ||||||||||||||||
Less: Line Loss and Other | 637 | 510 | 24.9 | % | 1,613 | 1,511 | 6.8 | % | ||||||||||||||||
Total GWh Sources | 19,035 | 19,502 | (2.4 | %) | 49,512 | 52,072 | (4.9 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 12,534 | 12,779 | ||||||||||||||||||||||
Winter | 13,594 | 13,942 | ||||||||||||||||||||||
Nuclear Capacity Factor (%)(f) | 94 | 92 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 23 | — | — | % | 1,433 | 1,600 | (10.4 | %) | ||||||||||||||||
Cooling Degree Days | 1,157 | 1,233 | (6.2 | %) | 1,670 | 1,954 | (14.5 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | 138.8 | % | (100.0 | %) | (19.9 | %) | (11.2 | %) | ||||||||||||||||
Cooling Degree Days | 8.5 | % | 16.2 | % | 2.6 | % | 21.4 | % | ||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
(f) | Statistics reflect 100% of jointly owned stations. |
Duke Energy Florida | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 6,795 | 6,450 | 5.3 | % | 16,289 | 15,832 | 2.9 | % | ||||||||||||||||
General Service | 4,143 | 4,363 | (5.0 | %) | 10,895 | 11,590 | (6.0 | %) | ||||||||||||||||
Industrial | 831 | 756 | 9.9 | % | 2,356 | 2,203 | 6.9 | % | ||||||||||||||||
Other Energy Sales | 6 | 6 | — | % | 17 | 18 | (5.6 | %) | ||||||||||||||||
Unbilled Sales | — | 186 | (100.0 | %) | 544 | 518 | 5.0 | % | ||||||||||||||||
Total Retail Sales | 11,775 | 11,761 | 0.1 | % | 0.2 | % | 30,101 | 30,161 | (0.2 | %) | 1.1 | % | ||||||||||||
Wholesale and Other | 1,198 | 1,235 | (3.0 | %) | 2,289 | 2,457 | (6.8 | %) | ||||||||||||||||
Total Electric Sales – Duke Energy Florida | 12,973 | 12,996 | (0.2 | %) | 32,390 | 32,618 | (0.7 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 1,659,206 | 1,627,182 | 2.0 | % | 1,650,696 | 1,621,718 | 1.8 | % | ||||||||||||||||
General Service | 205,232 | 203,247 | 1.0 | % | 204,590 | 202,930 | 0.8 | % | ||||||||||||||||
Industrial | 2,000 | 2,018 | (0.9 | %) | 2,004 | 2,028 | (1.2 | %) | ||||||||||||||||
Other Energy Sales | 1,493 | 1,497 | (0.3 | %) | 1,493 | 1,501 | (0.5 | %) | ||||||||||||||||
Total Retail Customers | 1,867,931 | 1,833,944 | 1.9 | % | 1,858,783 | 1,828,177 | 1.7 | % | ||||||||||||||||
Wholesale and Other | 11 | 13 | (15.4 | %) | 9 | 12 | (25.0 | %) | ||||||||||||||||
Total Average Number of Customers – Duke Energy Florida | 1,867,942 | 1,833,957 | 1.9 | % | 1,858,792 | 1,828,189 | 1.7 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 1,621 | 1,300 | 24.7 | % | 2,420 | 3,051 | (20.7 | %) | ||||||||||||||||
Oil and Natural Gas | 10,595 | 10,742 | (1.4 | %) | 27,889 | 27,648 | 0.9 | % | ||||||||||||||||
Renewable Energy | 210 | 65 | 223.1 | % | 546 | 171 | 219.3 | % | ||||||||||||||||
Total Generation(d) | 12,426 | 12,107 | 2.6 | % | 30,855 | 30,870 | — | % | ||||||||||||||||
Purchased Power and Net Interchange(e) | 1,233 | 1,466 | (15.9 | %) | 3,304 | 3,662 | (9.8 | %) | ||||||||||||||||
Total Sources of Energy | 13,659 | 13,573 | 0.6 | % | 34,159 | 34,532 | (1.1 | %) | ||||||||||||||||
Less: Line Loss and Other | 686 | 577 | 18.9 | % | 1,769 | 1,914 | (7.6 | %) | ||||||||||||||||
Total GWh Sources | 12,973 | 12,996 | (0.2 | %) | 32,390 | 32,618 | (0.7 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 10,335 | 10,218 | ||||||||||||||||||||||
Winter | 11,347 | 11,308 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | — | — | — | % | 220 | 271 | (18.8 | %) | ||||||||||||||||
Cooling Degree Days | 1,569 | 1,545 | 1.6 | % | 3,229 | 2,948 | 9.5 | % | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | — | % | — | % | (10.8 | %) | (28.6 | %) | ||||||||||||||||
Cooling Degree Days | 5.5 | % | 4.0 | % | 17.4 | % | 8.3 | % | ||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
Duke Energy Ohio | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 2,725 | 2,637 | 3.3 | % | 6,911 | 6,921 | (0.1 | %) | ||||||||||||||||
General Service | 2,458 | 2,655 | (7.4 | %) | 6,593 | 7,153 | (7.8 | %) | ||||||||||||||||
Industrial | 1,403 | 1,520 | (7.7 | %) | 3,978 | 4,318 | (7.9 | %) | ||||||||||||||||
Other Energy Sales | 25 | 27 | (7.4 | %) | 79 | 81 | (2.5 | %) | ||||||||||||||||
Unbilled Sales | (70 | ) | 136 | (151.5 | %) | (54 | ) | 78 | (169.2 | %) | ||||||||||||||
Total Retail Sales | 6,541 | 6,975 | (6.2 | %) | (1.5 | %) | 17,507 | 18,551 | (5.6 | %) | (2.9 | %) | ||||||||||||
Wholesale and Other | 137 | 160 | (14.4 | %) | 256 | 408 | (37.3 | %) | ||||||||||||||||
Total Electric Sales – Duke Energy Ohio | 6,678 | 7,135 | (6.4 | %) | 17,763 | 18,959 | (6.3 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 782,281 | 770,403 | 1.5 | % | 781,935 | 770,910 | 1.4 | % | ||||||||||||||||
General Service | 89,075 | 88,356 | 0.8 | % | 89,027 | 88,253 | 0.9 | % | ||||||||||||||||
Industrial | 2,479 | 2,456 | 0.9 | % | 2,488 | 2,466 | 0.9 | % | ||||||||||||||||
Other Energy Sales | 3,440 | 3,406 | 1.0 | % | 3,439 | 3,392 | 1.4 | % | ||||||||||||||||
Total Retail Customers | 877,275 | 864,621 | 1.5 | % | 876,889 | 865,021 | 1.4 | % | ||||||||||||||||
Wholesale and Other | 1 | 1 | — | % | 1 | 1 | — | % | ||||||||||||||||
Total Average Number of Customers – Duke Energy Ohio | 877,276 | 864,622 | 1.5 | % | 876,890 | 865,022 | 1.4 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 940 | 1,070 | (12.1 | %) | 1,833 | 2,768 | (33.8 | %) | ||||||||||||||||
Oil and Natural Gas | 33 | 101 | (67.3 | %) | 40 | 133 | (69.9 | %) | ||||||||||||||||
Total Generation(d) | 973 | 1,171 | (16.9 | %) | 1,873 | 2,901 | (35.4 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 6,399 | 6,233 | 2.7 | % | 17,693 | 17,740 | (0.3 | %) | ||||||||||||||||
Total Sources of Energy | 7,372 | 7,404 | (0.4 | %) | 19,566 | 20,641 | (5.2 | %) | ||||||||||||||||
Less: Line Loss and Other | 694 | 269 | 158.0 | % | 1,803 | 1,682 | 7.2 | % | ||||||||||||||||
Total GWh Sources | 6,678 | 7,135 | (6.4 | %) | 17,763 | 18,959 | (6.3 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 1,076 | 1,076 | ||||||||||||||||||||||
Winter | 1,164 | 1,164 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 50 | — | — | % | 2,826 | 2,918 | (3.2 | %) | ||||||||||||||||
Cooling Degree Days | 825 | 1,026 | (19.6 | %) | 1,177 | 1,359 | (13.4 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (12.3 | %) | (100.0 | %) | (8.3 | %) | (4.7 | %) | ||||||||||||||||
Cooling Degree Days | 9.4 | % | 36.0 | % | 8.1 | % | 25.6 | % | ||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
Duke Energy Indiana | ||||||||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||||||||
Supplemental Electric Utilities and Infrastructure Information | ||||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | 2020 | 2019 | % Inc.(Dec.) | % Inc. (Dec.) Weather Normal(b) | |||||||||||||||||
GWh Sales(a) | ||||||||||||||||||||||||
Residential | 2,553 | 2,466 | 3.5 | % | 7,033 | 7,110 | (1.1 | %) | ||||||||||||||||
General Service | 2,206 | 2,280 | (3.2 | %) | 5,797 | 6,238 | (7.1 | %) | ||||||||||||||||
Industrial | 2,434 | 2,700 | (9.9 | %) | 7,049 | 7,815 | (9.8 | %) | ||||||||||||||||
Other Energy Sales | 12 | 12 | — | % | 38 | 38 | — | % | ||||||||||||||||
Unbilled Sales | (69 | ) | 117 | (159.0 | %) | (144 | ) | 24 | (700.0 | %) | ||||||||||||||
Total Retail Sales | 7,136 | 7,575 | (5.8 | %) | (3.3 | %) | 19,773 | 21,225 | (6.8 | %) | (5.4 | %) | ||||||||||||
Wholesale and Other | 1,327 | 1,136 | 16.8 | % | 3,069 | 2,956 | 3.8 | % | ||||||||||||||||
Total Electric Sales – Duke Energy Indiana | 8,463 | 8,711 | (2.8 | %) | 22,842 | 24,181 | (5.5 | %) | ||||||||||||||||
Average Number of Customers | ||||||||||||||||||||||||
Residential | 745,014 | 731,741 | 1.8 | % | 744,005 | 732,408 | 1.6 | % | ||||||||||||||||
General Service | 102,606 | 101,755 | 0.8 | % | 102,416 | 101,632 | 0.8 | % | ||||||||||||||||
Industrial | 2,697 | 2,686 | 0.4 | % | 2,699 | 2,692 | 0.3 | % | ||||||||||||||||
Other Energy Sales | 1,828 | 1,768 | 3.4 | % | 1,815 | 1,751 | 3.7 | % | ||||||||||||||||
Total Retail Customers | 852,145 | 837,950 | 1.7 | % | 850,935 | 838,483 | 1.5 | % | ||||||||||||||||
Wholesale and Other | 4 | 4 | — | % | 4 | 4 | — | % | ||||||||||||||||
Total Average Number of Customers – Duke Energy Indiana | 852,149 | 837,954 | 1.7 | % | 850,939 | 838,487 | 1.5 | % | ||||||||||||||||
Sources of Electric Energy (GWh) | ||||||||||||||||||||||||
Generated – Net Output(c) | ||||||||||||||||||||||||
Coal | 5,582 | 4,249 | 31.4 | % | 12,759 | 13,994 | (8.8 | %) | ||||||||||||||||
Hydro | 57 | 52 | 9.6 | % | 137 | 106 | 29.2 | % | ||||||||||||||||
Oil and Natural Gas | 929 | 922 | 0.8 | % | 2,446 | 2,075 | 17.9 | % | ||||||||||||||||
Renewable Energy | 9 | 10 | (10.0 | %) | 23 | 23 | — | % | ||||||||||||||||
Total Generation(d) | 6,577 | 5,233 | 25.7 | % | 15,365 | 16,198 | (5.1 | %) | ||||||||||||||||
Purchased Power and Net Interchange(e) | 2,438 | 3,556 | (31.4 | %) | 8,700 | 8,875 | (2.0 | %) | ||||||||||||||||
Total Sources of Energy | 9,015 | 8,789 | 2.6 | % | 24,065 | 25,073 | (4.0 | %) | ||||||||||||||||
Less: Line Loss and Other | 552 | 78 | 607.7 | % | 1,223 | 892 | 37.1 | % | ||||||||||||||||
Total GWh Sources | 8,463 | 8,711 | (2.8 | %) | 22,842 | 24,181 | (5.5 | %) | ||||||||||||||||
Owned MW Capacity(c) | ||||||||||||||||||||||||
Summer | 6,623 | 6,606 | ||||||||||||||||||||||
Winter | 7,040 | 7,023 | ||||||||||||||||||||||
Heating and Cooling Degree Days | ||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||
Heating Degree Days | 52 | — | — | % | 3,142 | 3,358 | (6.4 | %) | ||||||||||||||||
Cooling Degree Days | 789 | 930 | (15.2 | %) | 1,132 | 1,224 | (7.5 | %) | ||||||||||||||||
Variance from Normal | ||||||||||||||||||||||||
Heating Degree Days | (19.6 | %) | (100.0 | %) | (5.0 | %) | 1.2 | % | ||||||||||||||||
Cooling Degree Days | 5.7 | % | 24.6 | % | 5.0 | % | 13.3 | % | ||||||||||||||||
(a) | Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
(b) | Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). |
(c) | Statistics reflect Duke Energy's ownership share of jointly owned stations. |
(d) | Generation by source is reported net of auxiliary power. |
(e) | Purchased power includes renewable energy purchases. |
Gas Utilities and Infrastructure | ||||||||||||||||||
Quarterly Highlights | ||||||||||||||||||
September 2020 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | % Inc. (Dec.) | 2020 | 2019 | % Inc. (Dec.) | |||||||||||||
Total Sales | ||||||||||||||||||
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 115,549,371 | 121,378,484 | (4.8 | %) | 360,861,306 | 377,725,958 | (4.5 | %) | ||||||||||
Duke Energy Midwest LDC throughput (Mcf) | 9,678,342 | 9,997,444 | (3.2 | %) | 58,570,583 | 62,278,623 | (6.0 | %) | ||||||||||
Average Number of Customers – Piedmont Natural Gas | ||||||||||||||||||
Residential | 1,003,014 | 971,955 | 3.2 | % | 1,000,857 | 978,739 | 2.3 | % | ||||||||||
Commercial | 104,572 | 103,179 | 1.4 | % | 105,023 | 104,046 | 0.9 | % | ||||||||||
Industrial | 965 | 974 | (0.9 | %) | 970 | 970 | — | % | ||||||||||
Power Generation | 19 | 16 | 18.8 | % | 18 | 16 | 12.5 | % | ||||||||||
Total Average Number of Gas Customers – Piedmont Natural Gas | 1,108,570 | 1,076,124 | 3.0 | % | 1,106,868 | 1,083,771 | 2.1 | % | ||||||||||
Average Number of Customers – Duke Energy Midwest | ||||||||||||||||||
Residential | 493,169 | 485,307 | 1.6 | % | 495,049 | 489,401 | 1.2 | % | ||||||||||
General Service | 41,729 | 41,291 | 1.1 | % | 43,371 | 43,250 | 0.3 | % | ||||||||||
Industrial | 1,524 | 1,491 | 2.2 | % | 1,572 | 1,574 | (0.1 | %) | ||||||||||
Other | 132 | 136 | (2.9 | %) | 132 | 135 | (2.2 | %) | ||||||||||
Total Average Number of Gas Customers – Duke Energy Midwest | 536,554 | 528,225 | 1.6 | % | 540,124 | 534,360 | 1.1 | % |
(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 | ||||||||||||||||||
September 2020 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | % Inc. (Dec.) | 2020 | 2019 | % Inc. (Dec.) | |||||||||||||
Renewable Plant Production, GWh | 2,563 | 2,146 | 19.4 | % | 7,660 | 6,528 | 17.3 | % | ||||||||||
Net Proportional MW Capacity in Operation(a) | n/a | n/a | 3,984 | 3,162 | 26.0 | % |
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