News Release

Media Contact: Jennifer Garber

24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan

Office: 980.373.3564

Feb. 10, 2022

Duke Energy reports fourth-quarter and full-year 2021 financial results

▪2021 reported EPS of $4.94 and adjusted EPS of $5.24, closing year above the midpoint of updated guidance range

▪Strong results driven by constructive rate case outcomes and continued customer growth in electric and gas segments

▪Five-year capital plan increases to $63 billion with over 80% funding investments in the grid and clean energy transition

▪Established 2022 adjusted EPS guidance range of $5.30 to $5.60, and extended long-term adjusted EPS growth rate of 5% to 7% through 2026, off 2021 original midpoint of $5.15

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2021 full-year reported EPS of $4.94, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.24. This is compared to reported and adjusted EPS of $1.72 and $5.12, respectively, for the full-year 2020.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between full-year 2021 reported and adjusted EPS was primarily due to an impairment charge related to the South Carolina Supreme Court decision on coal ash and insurance proceeds, as well as workplace and workforce realignment costs.

Higher full-year 2021 adjusted results were primarily driven by rate case contributions and higher volumes in the Electric Utilities Infrastructure segment, complemented by growth and rate case contributions in the Gas Utilities and Infrastructure segment. These items were partially offset by higher O&M, the loss of ACP earnings, Texas Storm Uri, fewer Commercial Renewable projects placed in service and share dilution.

“The fourth quarter capped a strong finish to an exceptionally productive 2021, where we made great progress against our strategic and financial goals,” said Lynn Good, Duke Energy chair, president and chief executive officer.

“We’re leading the industry’s largest clean energy transformation with more than 80% of our $63 billion capital plan funding investments in grid modernization and zero or lower-carbon emitting generation. These investments position us to earn solidly within our 5% to 7% EPS growth range throughout our five-year plan.”

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“We also remain focused on ensuring reliable and affordable energy during this transition - delivering value to customers and shareholders in the years ahead."

Quarterly results

Duke Energy's fourth quarter 2021 reported EPS was $0.93, compared to reported loss per share of $0.12 for the fourth quarter of 2020. Duke Energy's fourth quarter 2021 adjusted EPS was $0.94, compared to $1.03 for the fourth quarter of 2020. Lower adjusted results for the quarter compared to last year were driven by mild weather, fewer renewable projects placed in service and share dilution, partially offset by lower income tax expense.

In addition to the following summary of fourth quarter 2021 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2021 compared to prior year are provided at the end of this news release.

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2021 segment income of $670 million, compared to segment loss of $170 million in the fourth quarter of 2020. Fourth quarter 2020 reported earnings included impacts of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2021 and fourth quarter 2020 segment income of $675 million. Flat quarterly results, excluding share dilution of $0.03, were primarily driven by lower income tax expense (+$0.06 per share) and lower depreciation and amortization (+$0.03 per share), partially offset by mild weather (-$0.08 per share).

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2021 segment income of $137 million, compared to $134 million in the fourth quarter of 2020. In addition to the 2021 drivers outlined below, fourth quarter 2020 results included costs related to the cancellation of ACP.

On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2021 segment income of $137 million, compared to $150 million in the fourth quarter of 2020, a decrease of $0.02 per share, excluding share dilution of $0.02. Lower quarterly results were driven by higher O&M (-$0.02 per share) and higher depreciation and amortization (-$0.02 per share), offset by rate case contributions (+$0.03 per share).

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Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2021 segment income of $49 million, compared to $79 million in the fourth quarter of 2020. This represents a decrease of $0.04 per share, excluding share dilution of $0.01. Lower quarterly results were primarily driven by fewer renewable projects placed in service.

Other

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

On a reported basis, Other recognized a fourth quarter 2021 net loss of $131 million, compared to a net loss of $127 million in the fourth quarter of 2020. In addition to the drivers outlined below, fourth quarter 2021 results include workplace and workforce realignment costs.

On an adjusted basis, Other recognized a fourth quarter 2021 net loss of $125 million, compared to a net loss of $127 million in the fourth quarter of 2020, an increase of $0.01 per share, excluding share dilution. Quarterly results were primarily due to lower income tax expense, partially offset by higher contributions to the Duke Energy Foundation.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2021 was (2.8)% compared to 50.8% in the fourth quarter of 2020. The decrease in the effective tax rate was primarily due to charges as part of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress in the prior year.

The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2021 was (2.4%) compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 11.1% in the fourth quarter of 2020. The decrease was primarily due to tax optimization and an increase in the amortization of excess deferred taxes.

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

Earnings conference call for analysts

An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth-quarter 2021 financial results. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 800.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 9510910. Please call in 10 to 15 minutes prior to the scheduled start time.

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A replay of the conference call will be available until 1 p.m. ET, Feb. 20, 2022, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 9510910. An audio replay and transcript will also be available by accessing the investors section of the company’s website.

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2021 and 2020 financial results:

(In millions, except per share amounts)	After-Tax Amount		4Q 2021 EPS		4Q 2020 EPS
EPS, as reported			$	0.93	$	(0.12)
Adjustments to reported EPS:
Fourth Quarter 2021
Workplace and workforce realignment	$	6	$	0.01
Regulatory settlements	5		0.01
Discontinued operations	(7)		(0.01)
Fourth Quarter 2020
Regulatory settlements	$	845			1.14
Gas pipeline investments	16				0.02
Discontinued operations	(7)				(0.01)
Total adjustments			$	0.01	$	1.15
EPS, adjusted			$	0.94	$	1.03

(In millions, except per share amounts)	After-Tax Amount		Full-Year 2021 EPS		Full-Year 2020 EPS
EPS, as reported			$	4.94	$	1.72
Adjustments to reported EPS:
Full-Year 2021
Workplace and workforce realignment	$	148	$	0.20
Regulatory settlements	69		0.09
Gas pipeline investments	15		0.02
Discontinued operations	(7)		(0.01)
Full-Year 2020
Gas pipeline investments	$	1,711			2.32
Regulatory settlements	872				1.19
Severance	(75)				(0.10)
Discontinued operations	(7)				(0.01)
Total adjustments			$	0.30	$	3.40
EPS, adjusted			$	5.24	$	5.12

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Non-GAAP financial measures

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

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

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

•Workplace and workforce realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.

•Regulatory settlements represents an impairment charge related to the South Carolina Supreme Court decision on coal ash, insurance proceeds and Duke Energy Carolinas and Duke Energy Progress coal ash settlement and the partial settlements in the 2019 North Carolina rate cases.

•Gas pipeline investments represents costs related to the cancellation of the ACP investment and additional exit obligations.

•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.

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

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

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

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

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities - with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is also a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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Forward-Looking Information

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

◦The impact of the COVID-19 pandemic;

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

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

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

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

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

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

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology;

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

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

◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns;

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

◦Operational interruptions to our natural gas distribution and transmission activities;

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

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

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

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

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

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

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

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

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

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

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

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

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

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

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

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

◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock; and

◦The ability to implement our business strategy, including its carbon emission reduction goals.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2021

(Dollars in millions, except per share amounts)

			Special Items
	Reported Earnings		Workplace and Workforce Realignment			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	670	$	—		$	5	B	$	—		$	5	$	675
Gas Utilities and Infrastructure	137		—			—			—			—		137
Commercial Renewables	49		$	—		—			—			—		49
Total Reportable Segment Income	856		—			5			—			5		861
Other	(131)		6		A	—			—			6		(125)
Discontinued Operations	7		—			—			(7)		C	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	732	$	6		$	5		$	(7)		$	4	$	736
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	0.93	$	0.01		$	0.01		$	(0.01)		$	0.01	$	0.94

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).

A - Net of $2 million tax benefit. $6 million reversal recorded within Impairment of assets and other charges and $14 million within Operations, maintenance and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

B - Net of $2 million tax benefit at Duke Energy Carolinas.

•$6 million of expense recorded within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash.

•$1 million of expense recorded within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash.

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

Weighted Average Shares (reported and adjusted) – 769 million

9

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2021

(Dollars in millions, except per share amounts)

			Special Items
	Reported Earnings		Gas Pipeline Investments			Workplace and Workforce Realignment			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	3,850	$	—		$	—		$	69	C	$	—		$	69	$	3,919
Gas Utilities and Infrastructure	396		15		A	—			—			—			15		411
Commercial Renewables	201		—			—			—			—			—		201
Total Reportable Segment Income	4,447		15			—			69			—			84		4,531
Other	(652)		—			148		B				—			148		(504)
Discontinued Operations	7		—			—			—			(7)		D	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,802	$	15		$	148		$	69		$	(7)		$	225	$	4,027
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	4.94	$	0.02		$	0.20		$	0.09		$	(0.01)		$	0.30	$	5.24

A - Net of $5 million tax benefit. $20 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Consolidated Statements of Operations.

B - Net of $44 million tax benefit. $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations.

C - Net of $20 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.

•$160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues, $3 million of expense within Interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.

•$42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues, $5 million of expense within Interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.

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

Weighted Average Shares (reported and adjusted) – 769 million

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2020

(Dollars in millions, except per share amounts)

			Special Items
	Reported Earnings		Gas Pipeline Investments			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	(170)	$	—		845		B	$	—		$	845	$	675
Gas Utilities and Infrastructure	134		16		A	—			—			16		150
Commercial Renewables	79		—			—			—			—		79
Total Reportable Segment Income	43		16			845			—			861		904
Other	(127)		—			—			—			—		(127)
Discontinued Operations	7		—			—			$	(7)	C	(7)		—
Net (Loss) Income Available to Duke Energy Corporation Common Stockholders	$	(77)	$	16		$	845		$	(7)		$	854	$	777
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	(0.12)	$	0.02		$	1.14		$	(0.01)		$	1.15	$	1.03

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).

A - Net of $4 million tax benefit. $20 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations.

B - Net of $117 million tax benefit at Duke Energy Carolinas and $138 million tax benefit at Duke Energy Progress.

•    $454 million included within Impairment of assets and other charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.

•    $494 million included within Impairment of assets and other charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Progress' Consolidated Statements of Operations.

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

Weighted Average Shares (reported and adjusted) – 742 million

11

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2020

(Dollars in millions, except per share amounts)

			Special Items
	Reported Earnings		Gas Pipeline Investments			Severance			Regulatory Settlements			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	2,669	$	4	A	$	—		$	872	D	$	—		$	876	$	3,545
Gas Utilities and Infrastructure	(1,266)		1,707		B	—			—			—			1,707		441
Commercial Renewables	286		—			—			—			—			—		286
Total Reportable Segment Income	1,689		1,711			—			872			—			2,583		4,272
Other	(426)		$	—		(75)		C	—			—			(75)		(501)
Discontinued Operations	7		—			—			—			(7)		E	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,270	$	1,711		$	(75)		$	872		$	(7)		$	2,501	$	3,771
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.72	$	2.32		$	(0.10)		$	1.19		$	(0.01)		$	3.40	$	5.12

.

A - Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Consolidated Statements of Operations.

B - Net of $398 million tax benefit.

• $2,098 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Consolidated Statements of

Operations.

• $7 million included within Impairment charges related to gas project materials on the Piedmont Consolidated Statements of Operations.

C - Net of $23 million tax expense. $98 million reversal of 2018 severance charges recorded within Operations, maintenance and other on the Consolidated Statements of Operations.

D - Net of $123 million tax benefit at Duke Energy Carolinas and $140 million tax benefit at Duke Energy Progress.

• $454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.

• $19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations.

• $494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with NCUC on the Duke Energy Progress' Consolidated Statements of Operations.

• $8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations.

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

Weighted Average Shares (reported and adjusted) – 737 million

12

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

December 2021

(Dollars in millions)

	Three Months Ended    December 31, 2021				Year Ended    December 31, 2021
	Balance		Effective Tax Rate		Balance		Effective Tax Rate
Reported Income Before Income Taxes From Continuing Operations Before Income Taxes	$	639			$	3,764
Gas Pipeline Investments	—				20
Workplace and Workforce Realignment	8				192
Regulatory Settlements	7				90
Noncontrolling Interests	79				326
Preferred Dividends	(14)				(106)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	719			$	4,286
Reported Income Tax (Benefit) Expense From Continuing Operations	$	(18)	(2.8)	%	$	192	5.1	%
Gas Pipeline Investments	—				5
Workplace and Workforce Realignment	2				44
Regulatory Settlements	2				21
Noncontrolling interest portion of income taxes(a)	(3)				(3)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	(17)	(2.4	%)	$	259	6.0	%

(a)    Income tax related to non-pass through entities for tax purposes.

	Three Months Ended    December 31, 2020				Year Ended    December 31, 2020
	Balance		Effective Tax Rate		Balance		Effective Tax Rate
Reported (Loss) Income From Continuing Operations Before Income Taxes	$	(319)			$	839
Regulatory Settlements	1,100				1,135
Gas Pipeline Investments	20				2,110
Severance	—				(98)
Noncontrolling Interests	87				295
Preferred Dividends	(14)				(107)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	874			$	4,174
Reported Income Tax Benefit From Continuing Operations	$	(162)	50.8	%	$	(236)	(28.1)	%
Regulatory Settlements	255				263
Gas Pipeline Investments	4				399
Severance	—				(23)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items	$	97	11.1	%	$	403	9.7	%

13

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2021 QTD vs. Prior Year

(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Discontinued Operations		Consolidated
2020 QTD Reported Earnings Per Share	$	(0.23)	$	0.20	$	0.11	$	(0.21)	$	0.01	$	(0.12)
Gas Pipeline Investments	—		0.02		—				—		0.02
Regulatory Settlements	1.14		—		—		—		—		1.14
Discontinued Operations	—		—		—		—		(0.01)		(0.01)
2020 QTD Adjusted Earnings Per Share	$	0.91	$	0.22	$	0.11	$	(0.21)	$	—	$	1.03
Weather	(0.08)		—		—		—		—		(0.08)
Volume	0.01		—		—		—		—		0.01
Riders and Other Retail Margin	(0.01)		0.02		—		—		—		0.01
Rate case impacts, net(a)	0.02		0.03		—		—		—		0.05
Wholesale	(0.03)		—		—		—		—		(0.03)
Operations and maintenance, net of recoverables	—		(0.02)		—		—		—		(0.02)
Duke Energy Renewables(b)	—		—		(0.04)		—		—		(0.04)
Interest Expense	(0.01)		—		—		(0.02)		—		(0.03)
AFUDC Equity	0.01		—		—		—		—		0.01
Depreciation and amortization(c)	0.03		(0.02)		—		—		—		0.01
Other(d)	0.06		(0.03)		—		0.03		—		0.06
Total variance before share count	$	—	$	(0.02)	$	(0.04)	$	0.01	$	—	$	(0.05)
Change in share count	(0.03)		(0.02)		(0.01)		0.02		—		(0.04)
2021 QTD Adjusted Earnings Per Share	$	0.88	$	0.18	$	0.06	$	(0.18)	$	—	$	0.94
Workplace and Workforce Realignment	—		—		—		(0.01)		—		(0.01)
Regulatory Settlements	(0.01)		—		—		—		—		(0.01)
Discontinued Operations	—		—		—		—		0.01		0.01
2021 QTD Reported Earnings Per Share	$	0.87	$	0.18	$	0.06	$	(0.19)	$	0.01	$	0.93
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 742 million shares to 769 million.

(a)    Electric Utilities and Infrastructure includes the net impact the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.01), respectively, and the DEF SBRA and multiyear rate plan (+0.01). Gas Utilities and Infrastructure includes the net impact of the PNG North Carolina rate case, effective November 2021 (+0.02), and the PNG Tennessee rate case, effective January 2021 (+0.01).

(b)    Primarily due to fewer renewable projects placed in service in the current year.

(c)    Electric Utilities and Infrastructure excludes rate case impacts.

(d)    Electric Utilities and Infrastructure and Other include lower income tax expense. Gas Utilities and Infrastructure is primarily due to an asset impairment in Ohio. Other includes lower income tax expense, partially offset by higher contributions to the Duke Energy Foundation.

14

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2021 YTD vs. Prior Year

(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Discontinued Operations		Consolidated
2020 YTD Reported Earnings Per Share	$	3.62	$	(1.70)	$	0.39	$	(0.60)	$	0.01	$	1.72
Gas Pipeline Investments	—		2.32		—		—		—		2.32
Severance	—		—		—		(0.10)		—		(0.10)
Regulatory Settlements	1.19		—		—		—		—		1.19
Discontinued Operations	—		—		—		—		(0.01)		(0.01)
2020 YTD Adjusted Earnings Per Share	$	4.81	$	0.62	$	0.39	$	(0.70)	$	—	$	5.12
Weather	0.01		—		—		—		—		0.01
Volume	0.19		—		—		—		—		0.19
Riders and Other Retail Margin(a)	0.07		0.07		—		—		—		0.14
Rate case impacts, net(b)	0.34		0.05		—		—		—		0.39
Wholesale	(0.01)		—		—		—		—		(0.01)
Operations and maintenance, net of recoverables(c)	(0.12)		(0.01)		—		—		—		(0.13)
Midstream Gas Pipelines(d)	—		(0.07)		—		—		—		(0.07)
Duke Energy Renewables(e)	—		—		(0.11)		—		—		(0.11)
Interest Expense	(0.02)		—		—		—		—		(0.02)
AFUDC Equity	0.02		—		—		—		—		0.02
Depreciation and amortization(f)	0.04		(0.05)		—		—		—		(0.01)
Other(g)	(0.03)		(0.03)		—		—		—		(0.06)
Total variance before share count	$	0.49	$	(0.04)	$	(0.11)	$	—	$	—	$	0.34
Change in share count	(0.20)		(0.04)		(0.02)		0.04		—		(0.22)
2021 YTD Adjusted Earnings Per Share	$	5.10	$	0.54	$	0.26	$	(0.66)	$	—	$	5.24
Gas Pipeline Investments	—		(0.02)		—		—		—		(0.02)
Workplace and Workforce Realignment	—		—		—		(0.20)		—		(0.20)
Regulatory Settlements	(0.09)		—		—		—		—		(0.09)
Discontinued Operations	—		—		—		—		0.01		0.01
2021 YTD Reported Earnings Per Share	$	5.01	$	0.52	$	0.26	$	(0.86)	$	0.01	$	4.94
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 737 million shares to 769 million.

(a)    Electric Utilities and Infrastructure includes higher transmission revenues and a disallowance of purchased power at a DEF plant in the prior year. Gas Utilities and Infrastructure includes increases related to the North Carolina and Ohio construction based riders and customer growth.

(b)    Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.20), DEI base rate increases, effective August 2020 (+0.10), DEF SBRA and multi-year rate plan (+0.03) and DEK base rates increases, effective April 2020 (+0.01). Gas Utilities and Infrastructure includes the net impact of the PNG North Carolina rate case, effective November 2021, and the PNG Tennessee rate case, effective January 2021.

(c)    Primarily due to higher employee-related expenses.

(d)    Primarily the loss of ACP earnings.

(e)    Primarily due to Texas Storm Uri impacts (-0.04) in February 2021, fewer projects placed in service in the current year (-0.04) and lower wind resource.

(f)    Electric Utilities and Infrastructure excludes rate case impacts. Gas Utilities and Infrastructure is primarily due to a higher depreciable base.

(g)    Electric Utilities and Infrastructure includes higher property tax expense. Gas Utilities and Infrastructure is primarily due to an asset impairment in Ohio. Other includes higher earnings at National Methanol Company, offset by higher contributions to the Duke Energy Foundation.

15

DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
	Years Ended December 31,
	2021		2020		2019
Operating Revenues
Regulated electric	$	22,319	$	21,461	$	22,615
Regulated natural gas	2,008		1,642		1,759
Nonregulated electric and other	770		765		705
Total operating revenues	25,097		23,868		25,079
Operating Expenses
Fuel used in electric generation and purchased power	6,255		6,051		6,826
Cost of natural gas	705		460		627
Operation, maintenance and other	6,042		5,788		6,066
Depreciation and amortization	4,990		4,705		4,548
Property and other taxes	1,389		1,337		1,307
Impairment of assets and other charges	356		984		(8)
Total operating expenses	19,737		19,325		19,366
Gains (Losses) on Sales of Other Assets and Other, net	13		10		(4)
Operating Income	5,373		4,553		5,709
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	28		(2,005)		162
Other income and expenses, net	643		453		430
Total other income and expenses	671		(1,552)		592
Interest Expense	2,280		2,162		2,204
Income From Continuing Operations Before Income Taxes	3,764		839		4,097
Income Tax Expense (Benefit) From Continuing Operations	192		(236)		519
Income From Continuing Operations	3,572		1,075		3,578
Income (Loss) From Discontinued Operations, net of tax	7		7		(7)
Net Income	3,579		1,082		3,571
Add: Net Loss Attributable to Noncontrolling Interests	329		295		177
Net Income Attributable to Duke Energy Corporation	3,908		1,377		$	3,748
Less: Preferred Dividends	106		107		$	41
Net Income Available to Duke Energy Corporation Common Stockholders	$	3,802	$	1,270	$	3,707
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	4.93	$	1.71	$	5.07
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	0.01	$	0.01	$	(0.01)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	4.94	$	1.72	$	5.06
Weighted average shares outstanding
Basic	769		737		729
Diluted	769		738		729

16

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	December 31, 2021		December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents	$	343	$	259
Receivables (net of allowance for doubtful accounts of $46 at 2021 and $29 at 2020)	1,173		1,009
Receivables of VIEs (net of allowance for doubtful accounts of $76 at 2021 and $117 at 2020)	2,437		2,144
Inventory	3,199		3,167
Regulatory assets (includes $105 at 2021 and $53 at 2020 related to VIEs)	2,150		1,641
Other (includes $256 at 2021 and $296 at 2020 related to VIEs)	638		462
Total current assets	9,940		8,682
Property, Plant and Equipment
Cost	161,819		155,580
Accumulated depreciation and amortization	(50,555)		(48,827)
Facilities to be retired, net	144		29
Net property, plant and equipment	111,408		106,782
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,823 at 2021 and $937 at 2020 related to VIEs)	12,487		12,421
Nuclear decommissioning trust funds	10,401		9,114
Operating lease right-of-use assets, net	1,266		1,524
Investments in equity method unconsolidated affiliates	970		961
Other (includes $92 at 2021 and $81 at 2020 related to VIEs)	3,812		3,601
Total other noncurrent assets	48,239		46,924
Total Assets	$	169,587	$	162,388
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,629	$	3,144
Notes payable and commercial paper	3,304		2,873
Taxes accrued	749		482
Interest accrued	533		537
Current maturities of long-term debt (includes $243 at 2021 and $472 at 2020 related to VIEs)	3,387		4,238
Asset retirement obligations	647		718
Regulatory liabilities	1,211		1,377
Other	2,471		2,936
Total current liabilities	15,931		16,305
Long-Term Debt (includes $4,854 at 2021 and $3,535 at 2020 related to VIEs)	60,448		55,625
Other Noncurrent Liabilities
Deferred income taxes	9,379		9,244
Asset retirement obligations	12,129		12,286
Regulatory liabilities	16,152		15,029
Operating lease liabilities	1,074		1,340
Accrued pension and other post-retirement benefit costs	855		969
Investment tax credits	833		687
Other (includes $319 at 2021 and $316 at 2020 related to VIEs)	1,650		1,719
Total other noncurrent liabilities	42,072		41,274
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2021 and 2020	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2021 and 2020	989		989
Common Stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2021 and 2020	1		1
Additional paid-in capital	44,371		43,767
Retained earnings	3,265		2,471
Accumulated other comprehensive loss	(303)		(237)
Total Duke Energy Corporation stockholders' equity	49,296		47,964
Noncontrolling interests	1,840		1,220
Total equity	51,136		49,184
Total Liabilities and Equity	$	169,587	$	162,388

17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
	Years Ended December 31,
	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	3,579	$	1,082	$	3,571
Adjustments to reconcile net income to net cash provided by operating activities	4,711		7,774		4,638
Net cash provided by operating activities	8,290		8,856		8,209
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(10,935)		(10,604)		(11,957)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	2,609		1,731		3,730
Net decrease in cash, cash equivalents and restricted cash	(36)		(17)		(18)
Cash, cash equivalents and restricted cash at beginning of period	556		573		591
Cash, cash equivalents and restricted cash at end of period	$	520	$	556	$	573

18

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended December 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,418	$	—	$	—	$	—	$	(71)	$	5,347
Regulated natural gas	—		718		—		—		(24)		694
Nonregulated electric and other	—		3		121		30		43		197
Total operating revenues	5,418		721		121		30		(52)		6,238
Operating Expenses
Fuel used in electric generation and purchased power	1,572		—		—		—		(19)		1,553
Cost of natural gas	—		275		—		—		—		275
Operation, maintenance and other	1,433		140		102		83		(35)		1,723
Depreciation and amortization	1,097		87		58		55		(5)		1,292
Property and other taxes	284		28		6		(2)		—		316
Impairment of assets and other charges	1		19		—		(6)		—		14
Total operating expenses	4,387		549		166		130		(59)		5,173
Gains on Sales of Other Assets and Other, net	2		—		—		—		—		2
Operating Income (Loss)	1,033		172		(45)		(100)		7		1,067
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(1)		6		(2)		11		—		14
Other income and expenses, net	114		12		2		32		(10)		150
Total Other Income and Expenses	113		18		—		43		(10)		164
Interest Expense	366		37		19		173		(3)		592
Income (Loss) from Continuing Operations Before Income Taxes	780		153		(64)		(230)		—		639
Income Tax Expense (Benefit) from Continuing Operations	101		16		(22)		(113)		—		(18)
Income (Loss) from Continuing Operations	679		137		(42)		(117)		—		657
Add: Net (Income) Loss Attributable to Noncontrolling Interest	(9)		—		91		—		—		82
Income from Continuing Operations Attributable to Duke Energy Corporation	670		137		49		(117)		—		739
Less: Preferred Dividends	—		—		—		14		—		14
Segment Income/Other Net Loss	$	670	$	137	$	49	$	(131)	$	—	$	725
Income from Discontinued Operations, net of tax											7
Net Income Available to Duke Energy Corporation Common Stockholders											$	732
Segment Income/Other Net Loss	$	670	$	137	$	49	$	(131)	$	—	$	725
Special Items	5		—		—		6		—		11
Adjusted Earnings(a)	$	675	$	137	$	49	$	(125)	$	—	$	736

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

19

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

	Year Ended December 31, 2021
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	22,603	$	—	$	—	$	—	$	(284)	$	22,319
Regulated natural gas	—		2,099		—		—		(91)		2,008
Nonregulated electric and other	—		13		476		111		170		770
Total operating revenues	22,603		2,112		476		111		(205)		25,097
Operating Expenses
Fuel used in electric generation and purchased power	6,332		—		—		—		(77)		6,255
Cost of natural gas	—		705		—		—		—		705
Operation, maintenance and other	5,340		442		342		40		(122)		6,042
Depreciation and amortization	4,251		303		225		237		(26)		4,990
Property and other taxes	1,233		120		34		2		—		1,389
Impairment of assets and other charges	204		19		—		133		—		356
Total operating expenses	17,360		1,589		601		412		(225)		19,737
Gains (Losses) on Sales of Other Assets and Other, net	13		—		—		(1)		1		13
Operating Income (Loss)	5,256		523		(125)		(302)		21		5,373
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	7		8		(34)		47		—		28
Other income and expenses, net	527		62		10		74		(30)		643
Total Other Income and Expenses	534		70		(24)		121		(30)		671
Interest Expense	1,432		142		72		643		(9)		2,280
Income (Loss) from Continuing Operations Before Income Taxes	4,358		451		(221)		(824)		—		3,764
Income Tax Expense (Benefit) from Continuing Operations	494		55		(78)		(279)		—		192
Income (Loss) from Continuing Operations	3,864		396		(143)		(545)		—		3,572
Add: Net (Income) Loss Attributable to Noncontrolling Interest	(14)		—		344		(1)		—		329
Income from Continuing Operations Attributable to Duke Energy Corporation	3,850		396		201		(546)		—		3,901
Less: Preferred Dividends	—		—		—		106		—		106
Segment Income/Other Net Loss	$	3,850	$	396	$	201	$	(652)	$	—	$	3,795
Income from Discontinued Operations, net of tax											7
Net Income Available to Duke Energy Corporation Common Stockholders											$	3,802
Segment Income/Other Net Loss	$	3,850	$	396	$	201	$	(652)	$	—	$	3,795
Special Items	69		15		—		148		—		232
Adjusted Earnings(a)	$	3,919	$	411	$	201	$	(504)	$	—	$	4,027

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

20

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended December 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	5,124	$	—	$	—	$	—	$	(65)	$	5,059
Regulated natural gas	—		551		—		—		(24)		527
Nonregulated electric and other	—		3		124		24		40		191
Total operating revenues	5,124		554		124		24		(49)		5,777
Operating Expenses
Fuel used in electric generation and purchased power	1,425		—		—		—		(19)		1,406
Cost of natural gas	—		160		—		—		1		161
Operation, maintenance and other	1,500		118		81		(27)		(26)		1,646
Depreciation and amortization	1,045		65		51		55		(8)		1,208
Property and other taxes	303		30		3		(1)		(1)		334
Impairment of assets and other charges	948		—		—		—		—		948
Total operating expenses	5,221		373		135		27		(53)		5,703
Losses on Sales of Other Assets and Other, net	—		—		(1)		—		1		—
Operating (Loss) Income	(97)		181		(12)		(3)		5		74
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	2		(13)		5		4		1		(1)
Other income and expenses, net	101		14		2		33		(7)		143
Total Other Income and Expenses	103		1		7		37		(6)		142
Interest Expense	329		32		17		159		(2)		535
(Loss) Income from Continuing Operations Before Income Taxes	(323)		150		(22)		(125)		1		(319)
Income Tax (Benefit) Expense from Continuing Operations	(153)		16		(13)		(13)		1		(162)
(Loss) Income from Continuing Operations	(170)		134		(9)		(112)		—		(157)
Add: Net Loss (Income) Attributable to Noncontrolling Interest	—		—		88		(1)		—		87
(Loss) Income from Continuing Operations Attributable to Duke Energy Corporation	(170)		134		79		(113)		—		(70)
Less: Preferred Dividends	—		—		—		14		—		14
Segment (Loss) Income/Other Net Loss	$	(170)	$	134	$	79	$	(127)	$	—	$	(84)
Income from Discontinued Operations, net of tax											7
Net Income Available to Duke Energy Corporation Common Stockholders											$	(77)
Segment (Loss) Income/Other Net Loss	$	(170)	$	134	$	79	$	(127)	$	—	$	(84)
Special Items	845		16		—		—		—		861
Adjusted Earnings(a)	$	675	$	150	$	79	$	(127)	$	—	$	777

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

21

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

	Year Ended December 31, 2020
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Commercial Renewables		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	21,720	$	—	$	—	$	—	$	(259)	$	21,461
Regulated natural gas	—		1,737		—		—		(95)		1,642
Nonregulated electric and other	—		11		502		97		155		765
Total operating revenues	21,720		1,748		502		97		(199)		23,868
Operating Expenses
Fuel used in electric generation and purchased power	6,128		—		—		—		(77)		6,051
Cost of natural gas	—		460		—		—		—		460
Operation, maintenance and other	5,391		430		285		(208)		(110)		5,788
Depreciation and amortization	4,068		258		199		209		(29)		4,705
Property and other taxes	1,188		112		27		11		(1)		1,337
Impairment of assets and other charges	971		7		6		—		—		984
Total operating expenses	17,746		1,267		517		12		(217)		19,325
Gains (Losses) on Sales of Other Assets and Other, net	11		—		(1)		—		—		10
Operating Income (Loss)	3,985		481		(16)		85		18		4,553
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(1)		(2,017)		—		13		—		(2,005)
Other income and expenses, net	345		56		7		79		(34)		453
Total Other Income and Expenses	344		(1,961)		7		92		(34)		(1,552)
Interest Expense	1,320		135		66		657		(16)		2,162
Income (Loss) from Continuing Operations Before Income Taxes	3,009		(1,615)		(75)		(480)		—		839
Income Tax Expense (Benefit) from Continuing Operations	340		(349)		(65)		(162)		—		(236)
Income (Loss) from Continuing Operations	2,669		(1,266)		(10)		(318)		—		1,075
Add: Net Loss (Income) Attributable to Noncontrolling Interest	—		—		296		(1)		—		295
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	2,669		(1,266)		286		(319)		—		1,370
Less: Preferred Dividends	—		—		—		107		—		107
Segment Income (Loss)/Other Net Loss	$