Fourth Quarter 2017 Statistical Supplement

Table of Contents
Duke Energy Corporation (Unaudited)		Electric and Natural Gas Revenues by Customer Class
3	Consolidating Statements of Operations	21	Revenues by Customer Class (Unaudited)
5	Consolidating Balance Sheets
		Non-GAAP Disclosures (Unaudited)
Electric Utilities and Infrastructure (Unaudited)		22	Reported to Adjusted Earnings Reconciliations
9	Consolidating Segment Income	24	Non-GAAP Financial Measures
11	Consolidating Balance Sheets
Gas Utilities and Infrastructure (Unaudited)
15	Consolidating Segment Income
17	Consolidating Balance Sheets

This Statistical Supplement includes results of Piedmont Natural Gas subsequent to the acquisition on October 3, 2016, and should be read in conjunction with Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2017.

DUKE ENERGY CORPORATION

Consolidating Statements of Operations

(Unaudited)

	Twelve Months Ended December 31, 2017
(in millions)	Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Operating Revenues
Regulated electric	$	21,331		$	—		$	—		$	—		$	(154	)	$	21,177
Regulated natural gas	—			1,827			—			—			(93		)	1,734
Nonregulated electric and other	—			9			460			138			47			654
Total operating revenues	21,331			1,836			460			138			(200		)	23,565
Operating Expenses
Fuel used in electric generation and purchased power	6,379			—			—			58			(87		)	6,350
Cost of natural gas	—			632			—			—			—			632
Operation, maintenance and other	5,196			393			267			44			(112		)	5,788
Depreciation and amortization	3,010			231			155			131			—			3,527
Property and other taxes	1,079			106			33			14			1			1,233
Impairment charges	176			—			99			7			—			282
Total operating expenses	15,840			1,362			554			254			(198		)	17,812
Gains on Sales of Other Assets and Other, net	6			—			1			21			—			28
Operating Income (Loss)	5,497			474			(93		)	(95		)	(2		)	5,781
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates	5			62			(5		)	57			—			119
Other income and expenses, net	303			4			(7		)	70			(18		)	352
Total other income and expenses	308			66			(12		)	127			(18		)	471
Interest Expense	1,240			105			87			574			(20		)	1,986
Income (Loss) from Continuing Operations Before Income Taxes	4,565			435			(192		)	(542		)	—			4,266
Income Tax Expense (Benefit) from Continuing Operations	1,355			116			(628		)	353			—			1,196
Income (Loss) from Continuing Operations	3,210			319			436			(895		)	—			3,070
Less: Net (Loss) Income Attributable to Noncontrolling Interest	—			—			(5		)	10			—			5
Segment Income / Other Net Expense	$	3,210		$	319		$	441		$	(905	)	$	—		$	3,065
Loss from Discontinued Operations, net of tax																(6		)
Net Income Attributable to Duke Energy Corporation																$	3,059
Segment Income / Other Net Expense	$	3,210		$	319		$	441		$	(905	)	$	—		$	3,065
Special Items	(133		)	(26		)	(368		)	661			—			134
Adjusted Earnings(a)	$	3,077		$	293		$	73		$	(244	)	$	—		$	3,199

(a) See page 22 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings.

3

DUKE ENERGY CORPORATION

Consolidating Statements of Operations

(Unaudited)

	Twelve Months Ended December 31, 2016
(in millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure			Commercial Renewables			Other			International Energy		Eliminations/ Adjustments			Duke Energy
Operating Revenues
Regulated electric	$	21,366	$	—		$	—		$	—		$	—	$	(145	)	$	21,221
Regulated natural gas	—		901			—			(10		)	—		(28		)	863
Nonregulated electric and other	—		—			484			127			—		48			659
Total operating revenues	21,366		901			484			117			—		(125		)	22,743
Operating Expenses
Fuel used in electric generation and purchased power	6,595		—			—			51			—		(21		)	6,625
Cost of natural gas	—		265			—			—			—		—			265
Operation, maintenance and other	5,293		186			337			371			—		(102		)	6,085
Depreciation and amortization	2,897		115			130			152			—		—			3,294
Property and other taxes	1,020		70			25			28			—		(1		)	1,142
Impairment charges	16		—			—			2			—		—			18
Total operating expenses	15,821		636			492			604			—		(124		)	17,429
(Loss) Gains on Sales of Other Assets and Other, net	—		(1		)	5			23			—		—			27
Operating Income (Loss)	5,545		264			(3		)	(464		)	—		(1		)	5,341
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates(a)	5		19			(82		)	43			—		—			(15		)
Other income and expenses, net	298		5			(1		)	32			—		(10		)	324
Total other income and expenses	303		24			(83		)	75			—		(10		)	309
Interest Expense(b)	1,136		46			53			693			—		(12		)	1,916
Income (Loss) from Continuing Operations Before Income Taxes	4,712		242			(139		)	(1,082		)	—		1			3,734
Income Tax Expense (Benefit) from Continuing Operations	1,672		90			(160		)	(446		)	—		—			1,156
Income (Loss) from Continuing Operations	3,040		152			21			(636		)	—		1			2,578
Less: Net (Loss) Income Attributable to Noncontrolling Interest	—		—			(2		)	9			—		—			7
Segment Income / Other Net Expense	$	3,040	$	152		$	23		$	(645	)	$	—	$	1		$	2,571
Loss from Discontinued Operations, net of tax(c)																	(419		)
Net Income Attributable to Duke Energy Corporation																	$	2,152
Segment Income / Other Net Expense	$	3,040	$	152		$	23		$	(645	)	$	—	$	1		$	2,571
Special Items	—		—			45			386			243		(1		)	673
Adjusted Earnings(d)	$	3,040	$	152		$	68		$	(259	)	$	243	$	—		$	3,244

(a) Commercial Renewables includes a pretax impairment charge of $71 million related to certain equity method investments in wind projects.

(b) Other includes $234 million related to Piedmont acquisition financing, primarily due to losses on forward-starting interest rate swaps.

(c) Includes a loss on the sale of the International Disposal Group and an impairment charge related to certain assets in Central America, partially offset by the operating results of the International Disposal Group and a tax benefit related to previously sold businesses.

(d) See page 23 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings.

4

DUKE ENERGY CORPORATION

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2017
(in millions)	Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents	$	67		$	23		$	10		$	258		$	—		$	358
Receivables, net	445			276			6			52			—			779
Receivables of variable interest entities, net	1,966			—			30			—			(1		)	1,995
Receivables from affiliated companies	22			7			1,315			454			(1,798		)	—
Notes receivable from affiliated companies	166			3			—			613			(782		)	—
Inventory	3,106			106			15			23			—			3,250
Regulatory assets	1,220			96			—			122			(1		)	1,437
Other	240			56			124			212			2			634
Total current assets	7,232			567			1,500			1,734			(2,580		)	8,453
Property, Plant and Equipment
Cost	111,582			9,635			4,294			1,995			1			127,507
Accumulated depreciation and amortization	(37,541		)	(2,216		)	(691		)	(1,088		)	(1		)	(41,537		)
Generation facilities to be retired, net	421			—			—			—			—			421
Net property, plant and equipment	74,462			7,419			3,603			907			—			86,391
Other Noncurrent Assets
Goodwill	17,379			1,924			93			—			—			19,396
Regulatory assets	11,344			652			—			445			1			12,442
Nuclear decommissioning trust funds	7,097			—			—			—			—			7,097
Investments in equity method unconsolidated affiliates	89			763			190			133			—			1,175
Investment in consolidated subsidiaries	215			15			7			56,379			(56,616		)	—
Other	2,069			87			86			1,353			(635		)	2,960
Total other noncurrent assets	38,193			3,441			376			58,310			(57,250		)	43,070
Total Assets	119,887			11,427			5,479			60,951			(59,830		)	137,914
Segment reclassifications, intercompany balances and other	(464		)	35			(1,323		)	(58,266		)	60,018			—
Segment Assets	$	119,423		$	11,462		$	4,156		$	2,685		$	188		$	137,914

5

DUKE ENERGY CORPORATION

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2017
(in millions)	Electric Utilities and Infrastructure			Gas Utilities and Infrastructure		Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable	$	2,248		$	205	$	30		$	560		$	—		$	3,043
Accounts payable to affiliated companies	512			22		10			1,228			(1,772		)	—
Notes payable to affiliated companies	396			368		—			43			(807		)	—
Notes payable and commercial paper	—			—		4			2,159			—			2,163
Taxes accrued	580			42		(69		)	(2		)	—			551
Interest accrued	338			35		—			152			—			525
Current maturities of long-term debt	2,073			251		170			750			—			3,244
Asset retirement obligations	689			—		—			—			—			689
Regulatory liabilities	387			9		—			5			1			402
Other	1,370			74		35			388			(2		)	1,865
Total current liabilities	8,593			1,006		180			5,283			(2,580		)	12,482
Long-Term Debt	29,063			2,449		1,700			15,822			1			49,035
Long-Term Debt Payable to Affiliated Companies	618			7		9			—			(634		)	—
Other Noncurrent Liabilities
Deferred income taxes	8,555			860		(169		)	(2,625		)	—			6,621
Asset retirement obligations	9,345			50		90			1			—			9,486
Regulatory liabilities	13,819			1,510		—			2			(1		)	15,330
Accrued pension and other post-retirement benefit costs	723			21		—			359			—			1,103
Investment tax credits	536			3		—			—			—			539
Other	789			230		259			303			—			1,581
Total other noncurrent liabilities	33,767			2,674		180			(1,960		)	(1		)	34,660
Equity
Total Duke Energy Corporation stockholders' equity	47,846			5,291		3,409			41,809			(56,616		)	41,739
Noncontrolling interests	—			—		1			(3		)	—			(2		)
Total equity	47,846			5,291		3,410			41,806			(56,616		)	41,737
Total Liabilities and Equity	119,887			11,427		5,479			60,951			(59,830		)	137,914
Segment reclassifications, intercompany balances and other	(464		)	35		(1,323		)	(58,266		)	60,018			—
Segment Liabilities and Equity	$	119,423		$	11,462	$	4,156		$	2,685		$	188		$	137,914

6

DUKE ENERGY CORPORATION

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2016
(in millions)	Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents	$	72		$	25		$	8		$	287		$	—		$	392
Receivables, net	451			228			24			47			1			751
Receivables of variable interest entities, net	1,871			—			22			—			—			1,893
Receivables from affiliated companies	25			31			769			3,075			(3,900		)	—
Notes receivable from affiliated companies	179			38			—			89			(306		)	—
Inventory	3,372			108			17			26			(1		)	3,522
Regulatory assets	806			124			—			93			—			1,023
Other	283			31			107			35			2			458
Total current assets	7,059			585			947			3,652			(4,204		)	8,039
Property, Plant and Equipment
Cost	106,271			8,922			4,344			1,860			—			121,397
Accumulated depreciation and amortization	(35,788		)	(2,047		)	(569		)	(1,002		)	—			(39,406		)
Generation facilities to be retired, net	529			—			—			—			—			529
Net property, plant and equipment	71,012			6,875			3,775			858			—			82,520
Other Noncurrent Assets
Goodwill	17,379			1,924			122			—			—			19,425
Regulatory assets	11,590			785			—			503			—			12,878
Nuclear decommissioning trust funds	6,205			—			—			—			—			6,205
Investments in equity method unconsolidated affiliates	93			566			185			81			—			925
Investment in consolidated subsidiaries	234			(7		)	9			52,478			(52,714		)	—
Other	1,917			36			117			3,194			(2,495		)	2,769
Total other noncurrent assets	37,418			3,304			433			56,256			(55,209		)	42,202
Total Assets	115,489			10,764			5,155			60,766			(59,413		)	132,761
Segment reclassifications, intercompany balances and other	(496		)	(4		)	(778		)	(58,323		)	59,601			—
Segment Assets	$	114,993		$	10,760		$	4,377		$	2,443		$	188		$	132,761

7

DUKE ENERGY CORPORATION

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2016
(in millions)	Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Commercial Renewables			Other			Eliminations / Adjustments			Duke Energy
Current Liabilities
Accounts payable	$	2,301		$	233		$	57		$	403		$	—		$	2,994
Accounts payable to affiliated companies	3,427			5			174			248			(3,854		)	—
Notes payable to affiliated companies	143			1			—			186			(330		)	—
Notes payable and commercial paper	—			330			—			2,157			—			2,487
Taxes accrued	471			102			(267		)	79			(1		)	384
Interest accrued	328			38			—			139			(2		)	503
Current maturities of long-term debt	986			35			198			1,099			1			2,319
Asset retirement obligations	411			—			—			—			—			411
Regulatory liabilities	404			—			—			5			—			409
Other	1,360			99			53			551			(19		)	2,044
Total current liabilities	9,831			843			215			4,867			(4,205		)	11,551
Long-Term Debt	28,396			2,445			1,096			13,640			(1		)	45,576
Long-Term Debt Payable to Affiliated Companies	618			7			9			1,859			(2,493		)	—
Other Noncurrent Liabilities
Deferred income taxes	15,484			1,411			385			(3,124		)	(1		)	14,155
Asset retirement obligations	10,071			42			85			1			1			10,200
Regulatory liabilities	6,111			733			—			37			—			6,881
Accrued pension and other post-retirement benefit costs	718			31			—			362			—			1,111
Investment tax credits	490			3			—			—			—			493
Other	875			262			273			343			—			1,753
Total other noncurrent liabilities	33,749			2,482			743			(2,381		)	—			34,593
Equity
Total Duke Energy Corporation stockholders' equity	42,895			4,987			3,072			42,792			(52,713		)	41,033
Noncontrolling interests	—			—			20			(11		)	(1		)	8
Total equity	42,895			4,987			3,092			42,781			(52,714		)	41,041
Total Liabilities and Equity	115,489			10,764			5,155			60,766			(59,413		)	132,761
Segment reclassifications, intercompany balances and other	(496		)	(4		)	(778		)	(58,323		)	59,601			—
Segment Liabilities and Equity	$	114,993		$	10,760		$	4,377		$	2,443		$	188		$	132,761

8

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Segment Income

(Unaudited)

	Twelve Months Ended December 31, 2017
(in millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Commercial Transmission			Eliminations/ Adjustments			Electric Utilities and Infrastructure
Operating Revenues	$	7,302	$	5,129	$	4,646	$	1,373	$	3,047	$	1		$	(167	)	$	21,331
Operating Expenses
Fuel used in electric generation and purchased power	1,822		1,609		1,808		369		966		—			(195		)	6,379
Operation, maintenance and other	1,923		1,365		802		376		723		2			5			5,196
Depreciation and amortization	1,090		725		560		178		458		1			(2		)	3,010
Property and other taxes	281		156		347		220		76		—			(1		)	1,079
Impairment charges	—		19		138		1		18		—			—			176
Total operating expenses	5,116		3,874		3,655		1,144		2,241		3			(193		)	15,840
Gains on Sales of Other Assets and Other, net	1		4		1		—		—		—			—			6
Operating Income (Loss)	2,187		1,259		992		229		806		(2		)	26			5,497
Other Income and Expenses, net(b)	139		65		61		11		37		5			(10		)	308
Interest Expense	422		293		279		62		178		—			6			1,240
Income Before Income Taxes	1,904		1,031		774		178		665		3			10			4,565
Income Tax Expense (Benefit)	659		296		52		40		305		(1		)	4			1,355
Segment Income	$	1,245	$	735	$	722	$	138	$	360	$	4		$	6		$	3,210

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes an equity component of allowance for funds used during construction of $106 million for Duke Energy Carolinas, $47 million for Duke Energy Progress, $45 million for Duke Energy Florida, $9 million for Duke Energy Ohio, and $28 million for Duke Energy Indiana.

9

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Segment Income

(Unaudited)

	Twelve Months Ended December 31, 2016
(in millions)	Duke Energy Carolinas			Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Commercial Transmission			Eliminations / Adjustments			Electric Utilities and Infrastructure
Operating Revenues	$	7,322		$	5,277	$	4,568	$	1,410	$	2,958	$	—		$	(169	)	$	21,366
Operating Expenses
Fuel used in electric generation and purchased power	1,797			1,830		1,814		442		909		—			(197		)	6,595
Operation, maintenance and other	1,969			1,423		831		358		704		3			5			5,293
Depreciation and amortization	1,049			694		506		151		493		1			3			2,897
Property and other taxes	276			156		333		199		58		—			(2		)	1,020
Impairment charges	1			1		6		—		8		—			—			16
Total operating expenses	5,092			4,104		3,490		1,150		2,172		4			(191		)	15,821
(Loss) Gain on Sales of Other Assets and Other, net	(5		)	3		1		2		1		—			(2		)	—
Operating Income (Loss)	2,225			1,176		1,079		262		787		(4		)	20			5,545
Other Income and Expenses, net(b)	162			71		44		5		22		6			(7		)	303
Interest Expense	424			257		212		58		181		—			4			1,136
Income Before Income Taxes	1,963			990		911		209		628		2			9			4,712
Income Tax Expense	693			335		337		55		234		1			17			1,672
Segment Income	$	1,270		$	655	$	574	$	154	$	394	$	1		$	(8	)	$	3,040

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes an equity component of allowance for funds used during construction of $102 million for Duke Energy Carolinas, $50 million for Duke Energy Progress, $26 million for Duke Energy Florida, $5 million for Duke Energy Ohio, and $16 million for Duke Energy Indiana.

10

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2017
(in millions)	Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Commercial Transmission			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	16		$	20		$	13		$	8		$	9		$	—		$	1		$	67
Receivables, net	200			56			65			64			57			—			3			445
Receivables of variable interest entities, net	640			459			321			—			—			—			546			1,966
Receivables from affiliated companies	95			4			2			72			125			2			(278		)	22
Notes receivable from affiliated companies	—			—			313			10			—			—			(157		)	166
Inventory	971			1,017			574			93			450			—			1			3,106
Regulatory assets	299			352			389			7			165			—			8			1,220
Other	19			96			86			10			30			1			(2		)	240
Total current assets	2,240			2,004			1,763			264			836			3			122			7,232
Property, Plant and Equipment
Cost	42,939			29,583			17,730			5,818			14,948			4			560			111,582
Accumulated depreciation and amortization	(15,063		)	(10,903		)	(4,947		)	(1,954		)	(4,662		)	(2		)	(10		)	(37,541		)
Generation facilities to be retired, net	—			421			—			—			—			—			—			421
Net property, plant and equipment	27,876			19,101			12,783			3,864			10,286			2			550			74,462
Other Noncurrent Assets
Goodwill	—			—			—			596			—			—			16,783			17,379
Regulatory assets	2,853			3,507			2,503			329			978			—			1,174			11,344
Nuclear decommissioning trust funds	3,772			2,588			736			—			—			—			1			7,097
Investments in equity method unconsolidated affiliates	—			—			—			—			—			89			—			89
Investment in consolidated subsidiaries	39			5			3			167			1			—			—			215
Other	978			599			283			15			189			—			5			2,069
Total other noncurrent assets	7,642			6,699			3,525			1,107			1,168			89			17,963			38,193
Total Assets	37,758			27,804			18,071			5,235			12,290			94			18,635			119,887
Intercompany balances and other	(300		)	(97		)	(223		)	(169		)	(76		)	(55		)	456			(464		)
Reportable Segment Assets	$	37,458		$	27,707		$	17,848		$	5,066		$	12,214		$	39		$	19,091		$	119,423

(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.

11

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2017
(in millions)	Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Commercial Transmission			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	842		$	402		$	602		$	206		$	196		$	—		$	—		$	2,248
Accounts payable to affiliated companies	218			179			74			16			78			56			(109		)	512
Notes payable to affiliated companies	104			240			—			23			161			—			(132		)	396
Taxes accrued	236			64			35			144			95			1			5			580
Interest accrued	108			102			56			16			57			—			(1		)	338
Current maturities of long-term debt	1,205			3			768			2			3			—			92			2,073
Asset retirement obligations	337			295			—			3			54			—			—			689
Regulatory liabilities	126			139			74			25			24			—			(1		)	387
Other	486			376			335			67			105			—			1			1,370
Total current liabilities	3,662			1,800			1,944			502			773			57			(145		)	8,593
Long-Term Debt	8,598			7,204			6,327			1,552			3,630			—			1,752			29,063
Long-Term Debt Payable to Affiliated Companies	300			150			—			18			150			—			—			618
Other Noncurrent Liabilities
Deferred income taxes	3,440			1,888			1,762			526			925			3			11			8,555
Asset retirement obligations	3,273			4,378			741			45			727			—			181			9,345
Regulatory liabilities	6,231			3,999			1,307			559			1,723			—			—			13,819
Accrued pension and other post-retirement benefit costs	95			248			264			40			76			—			—			723
Investment tax credits	232			143			9			4			147			—			1			536
Other	566			45			99			70			18			—			(9		)	789
Total other noncurrent liabilities	13,837			10,701			4,182			1,244			3,616			3			184			33,767
Equity	11,361			7,949			5,618			1,919			4,121			34			16,844			47,846
Total Liabilities and Equity	37,758			27,804			18,071			5,235			12,290			94			18,635			119,887
Intercompany balances and other	(300		)	(97		)	(223		)	(169		)	(76		)	(55		)	456			(464		)
Reportable Segment Liabilities and Equity	$	37,458		$	27,707		$	17,848		$	5,066		$	12,214		$	39		$	19,091		$	119,423

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

12

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2016
(in millions)	Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Commercial Transmission			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	14		$	11		$	16		$	13		$	17		$	—		$	1		$	72
Receivables, net	160			51			61			72			105			—			2			451
Receivables of variable interest entities, net	645			404			288			—			—			—			534			1,871
Receivables from affiliated companies	163			5			5			72			111			2			(333		)	25
Notes receivable from affiliated companies	66			165			—			58			86			—			(196		)	179
Inventory	1,055			1,076			641			96			504			—			—			3,372
Regulatory assets	238			188			213			9			149			—			9			806
Other	36			57			125			21			45			—			(1		)	283
Total current assets	2,377			1,957			1,349			341			1,017			2			16			7,059
Property, Plant and Equipment
Cost	41,127			28,419			16,434			5,377			14,241			4			669			106,271
Accumulated depreciation and amortization	(14,365		)	(10,561		)	(4,644		)	(1,892		)	(4,317		)	(1		)	(8		)	(35,788		)
Generation facilities to be retired, net	—			529			—			—			—			—			—			529
Net property, plant and equipment	26,762			18,387			11,790			3,485			9,924			3			661			71,012
Other Noncurrent Assets
Goodwill	—			—			—			596			—			—			16,783			17,379
Regulatory assets	3,159			3,243			2,480			348			1,074			—			1,286			11,590
Nuclear decommissioning trust funds	3,273			2,217			715			—			—			—			—			6,205
Investments in equity method unconsolidated affiliates	—			—			1			—			—			92			—			93
Investment in consolidated subsidiaries	52			12			6			161			—			—			3			234
Other	943			525			278			16			143			—			12			1,917
Total other noncurrent assets	7,427			5,997			3,480			1,121			1,217			92			18,084			37,418
Total Assets	36,566			26,341			16,619			4,947			12,158			97			18,761			115,489
Intercompany balances and other	(298		)	(188		)	(132		)	(178		)	(53		)	(54		)	407			(496		)
Reportable Segment Assets	$	36,268		$	26,153		$	16,487		$	4,769		$	12,105		$	43		$	19,168		$	114,993

(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.

13

ELECTRIC UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2016
(in millions)	Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Commercial Transmission			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	833		$	589		$	413		$	200		$	262		$	—		$	4		$	2,301
Accounts payable to affiliated companies	247			227			125			13			7			54			2,754			3,427
Notes payable to affiliated companies	—			—			297			18			—			—			(172		)	143
Taxes accrued	150			107			37			139			32			1			5			471
Interest accrued	102			102			49			14			61			—			—			328
Current maturities of long-term debt	116			452			326			1			3			—			88			986
Asset retirement obligations	222			189			—			—			—			—			—			411
Regulatory liabilities	161			158			31			15			40			—			(1		)	404
Other	467			366			353			82			94			—			(2		)	1,360
Total current liabilities	2,298			2,190			1,631			482			499			55			2,676			9,831
Long-Term Debt	9,187			6,409			5,799			1,397			3,633			—			1,971			28,396
Long-Term Debt Payable to Affiliated Companies	300			150			—			18			150			—			—			618
Other Noncurrent Liabilities
Deferred income taxes	6,588			3,331			2,695			954			1,902			4			10			15,484
Asset retirement obligations	3,673			4,508			778			48			866			—			198			10,071
Regulatory liabilities	2,840			1,946			448			129			748			—			—			6,111
Accrued pension and other post-retirement benefit costs	97			252			262			36			71			—			—			718
Investment tax credits	203			146			3			1			137			—			—			490
Other	608			51			103			95			27			—			(9		)	875
Total other noncurrent liabilities	14,009			10,234			4,289			1,263			3,751			4			199			33,749
Equity	10,772			7,358			4,900			1,787			4,125			38			13,915			42,895
Total Liabilities and Equity	36,566			26,341			16,619			4,947			12,158			97			18,761			115,489
Intercompany balances and other	(298		)	(188		)	(132		)	(178		)	(53		)	(54		)	407			(496		)
Reportable Segment Liabilities and Equity	$	36,268		$	26,153		$	16,487		$	4,769		$	12,105		$	43		$	19,168		$	114,993

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

14

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Segment Income

(Unaudited)

	Twelve Months Ended December 31, 2017
(in millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC			Midstream Pipelines and Storage(b)			Eliminations/ Adjustments			Gas Utilities and Infrastructure
Operating Revenues
Regulated natural gas	$	508	$	1,319		$	—		$	—		$	1,827
Nonregulated natural gas and other	—		9			—			—			9
Operating Revenues	508		1,328			—			—			1,836
Operating Expenses
Cost of natural gas	107		524			—			1			632
Operation, maintenance and other	114		276			4			(1		)	393
Depreciation and amortization	83		148			—			—			231
Property and other taxes	58		48			—			—			106
Total operating expenses	362		996			4			—			1,362
Operating Income (Loss)	146		332			(4		)	—			474
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—			62			—			62
Other income and expenses, net	6		(1		)	—			(1		)	4
Total other income and expenses	6		(1		)	62			(1		)	66
Interest Expense	28		77			—			—			105
Income Before Income Taxes	124		254			58			(1		)	435
Income Tax Expense (Benefit)	39		88			(10		)	(1		)	116
Segment Income	$	85	$	166		$	68		$	—		$	319

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

15

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Segment Income

(Unaudited)

	Twelve Months Ended December 31, 2016
(in millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC(b)		Midstream Pipelines and Storage(b)(c)			Eliminations/ Adjustments			Gas Utilities and Infrastructure
Operating Revenues	$	503	$	398	$	—		$	—		$	901
Operating Expenses
Cost of natural gas	103		161		—			1			265
Operation, maintenance and other	116		70		2			(2		)	186
Depreciation and amortization	80		35		—			—			115
Property and other taxes	59		11		—			—			70
Total operating expenses	358		277		2			(1		)	636
Gains on Sales of Other Assets and Other, net	—		—		—			(1		)	(1		)
Operating Income (Loss)	145		121		(2		)	—			264
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—		19			—			19
Other income and expenses, net	3		1		2			(1		)	5
Total other income and expenses	3		1		21			(1		)	24
Interest Expense	27		20		—			(1		)	46
Income Before Income Taxes	121		102		19			—			242
Income Tax Expense	44		37		7			2			90
Segment Income	$	77	$	65	$	12		$	(2	)	$	152

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes Piedmont's results subsequent to the acquisition on October 3, 2016.

(c) Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

16

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2017
(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	$	4		$	19		$	—		$	—		$	23
Receivables, net	1			275			—			—			276
Receivables from affiliated companies	22			74			—			(89		)	7
Notes receivable from affiliated companies	4			—			—			(1		)	3
Inventory	40			66			—			—			106
Regulatory assets	1			95			—			—			96
Other	5			52			—			(1		)	56
Total current assets	77			581			—			(91		)	567
Property, Plant and Equipment
Cost	2,914			6,721			—			—			9,635
Accumulated depreciation and amortization	(737		)	(1,478		)	—			(1		)	(2,216		)
Net property, plant and equipment	2,177			5,243			—			(1		)	7,419
Other Noncurrent Assets
Goodwill	324			49			—			1,551			1,924
Regulatory assets	178			283			—			191			652
Investments in equity method unconsolidated affiliates	—			—			763			—			763
Investment in consolidated subsidiaries	—			—			—			15			15
Other	2			64			18			3			87
Total other noncurrent assets	504			396			781			1,760			3,441
Total Assets	2,758			6,220			781			1,668			11,427
Intercompany balances and other	—			(20		)	(35		)	90			35
Reportable Segment Assets	$	2,758		$	6,200		$	746		$	1,758		$	11,462

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

17

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2017
(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	$	80	$	125		$	—		$	—		$	205
Accounts payable to affiliated companies	5		14			92			(89		)	22
Notes payable to affiliated companies	6		364			—			(2		)	368
Taxes accrued	38		38			(34		)	—			42
Interest accrued	5		31			—			(1		)	35
Current maturities of long-term debt	1		250			—			—			251
Regulatory liabilities	11		(2		)	—			—			9
Other	2		69			1			2			74
Total current liabilities	148		889			59			(90		)	1,006
Long-Term Debt	487		1,787			—			175			2,449
Long-Term Debt Payable to Affiliated Companies	7		—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes	251		552			58			(1		)	860
Asset retirement obligations	35		15			—			—			50
Regulatory liabilities	353		1,141			—			16			1,510
Accrued pension and other post-retirement benefit costs	16		5			—			—			21
Investment tax credits	2		1			—			—			3
Other	57		162			11			—			230
Total other noncurrent liabilities	714		1,876			69			15			2,674
Equity	1,402		1,668			653			1,568			5,291
Total Liabilities and Equity	2,758		6,220			781			1,668			11,427
Intercompany balances and other	—		(20		)	(35		)	90			35
Reportable Segment Liabilities and Equity	$	2,758	$	6,200		$	746		$	1,758		$	11,462

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

18

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Assets

(Unaudited)

	December 31, 2016
(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	$	—		$	25		$	—	$	—		$	25
Receivables, net	(4		)	232			—		—			228
Receivables from affiliated companies	21			7			—		3			31
Notes receivable from affiliated companies	38			—			—		—			38
Inventory	41			66			—		1			108
Regulatory assets	6			117			—		1			124
Other	12			21			—		(2		)	31
Total current assets	114			468			—		3			585
Property, Plant and Equipment
Cost	2,748			6,174			—		—			8,922
Accumulated depreciation and amortization	(687		)	(1,360		)	—		—			(2,047		)
Net property, plant and equipment	2,061			4,814			—		—			6,875
Other Noncurrent Assets
Goodwill	324			49			—		1,551			1,924
Regulatory assets	196			379			—		210			785
Investments in equity method unconsolidated affiliates	—			—			566		—			566
Investment in consolidated subsidiaries	—			—			—		(7		)	(7		)
Other	2			21			12		1			36
Total other noncurrent assets	522			449			578		1,755			3,304
Total Assets	2,697			5,731			578		1,758			10,764
Intercompany balances and other	(1		)	91			—		(94		)	(4		)
Reportable Segment Assets	$	2,696		$	5,822		$	578	$	1,664		$	10,760

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

19

GAS UTILITIES AND INFRASTRUCTURE

Consolidating Balance Sheets - Liabilities and Equity

(Unaudited)

	December 31, 2016
(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	$	78		$	155		$	—	$	—		$	233
Accounts payable to affiliated companies	4			4			25		(28		)	5
Notes payable to affiliated companies	1			—			—		—			1
Notes payable and commercial paper	—			330								330
Taxes accrued	27			(14		)	89		—			102
Interest accrued	5			33			—		—			38
Current maturities of long-term debt	—			35			—		—			35
Regulatory liabilities	6			(6		)	—		—			—
Other	3			96			—		—			99
Total current liabilities	124			633			114		(28		)	843
Long-Term Debt	462			1,786			—		197			2,445
Long-Term Debt Payable to Affiliated Companies	7			—			—		—			7
Other Noncurrent Liabilities
Deferred income taxes	480			904			28		(1		)	1,411
Asset retirement obligations	28			14			—		—			42
Regulatory liabilities	108			608			—		17			733
Accrued pension and other post-retirement benefit costs	17			14			—		—			31
Investment tax credits	2			1			—		—			3
Other	68			194			—		—			262
Total other noncurrent liabilities	703			1,735			28		16			2,482
Equity	1,401			1,577			436		1,573			4,987
Total Liabilities and Equity	2,697			5,731			578		1,758			10,764
Intercompany balances and other	(1		)	91			—		(94		)	(4		)
Reportable Segment Liabilities and Equity	$	2,696		$	5,822		$	578	$	1,664		$	10,760

(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

20

Revenues By Customer Class

(Unaudited)

	Twelve Months Ended December 31, 2017
(in millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio (a)		Duke Energy Indiana		Piedmont Natural Gas		Eliminations/ Adjustments			Total
Regulated Electric Revenues
Residential	$	2,734	$	1,806	$	2,505	$	706	$	998	$	—	$	—		$	8,749
General service	2,212		1,262		1,422		424		768		—		—			6,088
Industrial	1,217		622		256		122		769		—		—			2,986
Wholesale	487		1,112		150		27		309		—		—			2,085
Change in unbilled	21		18		25		5		9		—		—			78
Other revenues	631		309		288		89		194		—		(166		)	1,345
Total Electric Revenues	$	7,302	$	5,129	$	4,646	$	1,373	$	3,047	$	—	$	(166	)	$	21,331
Regulated Natural Gas Revenues
Residential	$	—	$	—	$	—	$	332	$	—	$	631	$	—		$	963
Commercial	—		—		—		133		—		359		—			492
Industrial	—		—		—		18		—		132		—			150
Power Generation	—		—		—		—		—		89		—			89
Change in unbilled	—		—		—		1		—		9		—			10
Other revenues	—		—		—		24		—		99		—			123
Total Natural Gas Revenues	$	—	$	—	$	—	$	508	$	—	$	1,319	$	—		$	1,827

	Twelve Months Ended December 31, 2016
(in millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida			Duke Energy Ohio (a)		Duke Energy Indiana		Piedmont Natural Gas(b)		Eliminations/ Adjustments			Total
Regulated Electric Revenues
Residential	$	2,933	$	1,897	$	2,473		$	755	$	983	$	—	$	—		$	9,041
General service	2,299		1,323		1,373			442		741		—		—			6,178
Industrial	1,287		638		251			121		726		—		—			3,023
Wholesale	457		1,078		185			20		334		—		—			2,074
Change in unbilled	29		22		(11		)	13		26		—		—			79
Other revenues	317		319		297			59		148		—		(169		)	971
Total Electric Revenues	$	7,322	$	5,277	$	4,568		$	1,410	$	2,958	$	—	$	(169	)	$	21,366
Regulated Natural Gas Revenues
Residential	$	—	$	—	$	—		$	324	$	—	$	154	$	—		$	478
Commercial	—		—		—			128		—		83		—			211
Industrial	—		—		—			18		—		31		—			49
Power Generation	—		—		—			—		—		21		—			21
Change in unbilled	—		—		—			14		—		74		—			88
Other revenues	—		—		—			19		—		35		—			54
Total Natural Gas Revenues	$	—	$	—	$	—		$	503	$	—	$	398	$	—		$	901

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes Piedmont's results subsequent to the acquisition on October 3, 2016.

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Twelve Months Ended December 31, 2017

(Dollars in millions, except per share amounts)

				Special Items
	Reported Earnings			Costs to Achieve Piedmont Merger			Regulatory Settlements			Commercial Renewables Impairments			Impacts of the Tax Act				Discontinued Operations			Total Adjustments			Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,210		$	—		$	98	B	$	—		$	(231	)		$	—		$	(133	)	$	3,077
Gas Utilities and Infrastructure	319			—			—			—			(26		)	D	—			(26		)	293
Commercial Renewables	441			—			—			74		C	(442		)		—			(368		)	73
Total Reportable Segment Income	3,970			—			98			74			(699		)		—			(527		)	3,443
Other	(905		)	64		A	—			—			597				—			661			(244		)
Discontinued Operations	(6		)	—			—			—			—				6		E	6			—
Net Income Attributable to Duke Energy Corporation	$	3,059		$	64		$	98		$	74		$	(102	)	D	$	6		$	140		$	3,199
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED	$	4.36		$	0.09		$	0.14		$	0.11		$	(0.14	)		$	0.01		$	0.21		$	4.57

A - Net of $39 million tax benefit. $102 million recorded within Operating Expenses and $1 million recorded within Interest Expense on the Consolidated Statements of Operations.

B -Net of $60 million tax benefit. $154 recorded within Impairment Charges and $4 million recorded within Other Income and Expenses on the Consolidated Statements of Operations.

C - Net of $28 million tax benefit. $92 million recorded within Impairment Charges and $10 million recorded within Other Income and Expenses on the Consolidated Statements of Operations.

D - $118 million benefit recorded within Income Tax Expense from Continuing Operations, offset by $16 million expense recorded within Gas Utilities and Infrastructure's Equity in Earnings of Unconsolidated Affiliates on the Consolidated Statements of Operations.

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

Weighted Average Shares, Diluted (reported and adjusted) - 700 million

22

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Twelve Months Ended December 31, 2016

(Dollars in millions, except per share amounts)

				Special Items
	Reported Earnings			Costs to Achieve Mergers			Cost Savings Initiatives			Commercial Renewables Impairment			International Energy Operations				Discontinued Operations				Total Adjustments			Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	3,040		$	—		$	—		$	—		$	—			$	—			$	—		$	3,040
Gas Utilities and Infrastructure	152			—			—			—			—				—				—			152
Commercial Renewables	23			—			—			45		C	—				—				45			68
Total Reportable Segment Income	3,215			—			—			45			—				—				45			3,260
International Energy	—			—			—			—			243			D	—				243			243
Other	(645		)	329		A	57		B	—			—				—				386			(259		)
Intercompany Eliminations	1			—			—			—			—				(1		)		(1		)	—
Discontinued Operations	(419		)	—			—			—			(243		)	D	662			E	419			—
Net Income Attributable to Duke Energy Corporation	$	2,152		$	329		$	57		$	45		$	—			$	661			$	1,092		$	3,244
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED	$	3.11		$	0.48		$	0.08		$	0.07		$	—			$	0.95			$	1.58		$	4.69

A - Net of $194 million tax benefit. Includes $11 million recorded within Operating Revenues, $278 million recorded within Operating Expenses and $234 million recorded within Interest Expense on the Consolidated Statements of Operations. The interest expense primarily relates to losses on forward-starting interest rate swaps associated with the Piedmont acquisition financing.

B - Net of $35 million tax benefit. Primarily consists of severance costs recorded within Operation, maintenance and other on the Consolidated Statements of Operations.

C - Net of $26 million tax benefit. Other-than-temporary impairment included within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations.

D - Net of $27 million tax expense. Operating results of the International Disposal Group, which exclude the loss and impairment described below and other miscellaneous transaction-related costs, recorded within (Loss) Income from Discontinued Operations, net of tax on the Consolidated Statements of Operations.

E - Recorded within (Loss) Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations. Includes a loss on the sale of the International Disposal Group, an impairment related to certain assets in Central America, and a tax benefit related to previously sold businesses.

Weighted Average Shares, Diluted (reported and adjusted) - 691 million

23

DUKE ENERGY CORPORATION

Non-GAAP Financial Measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted diluted EPS. These items represent income from continuing operations attributable to Duke Energy, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Management believes the presentation of adjusted earnings and adjusted diluted EPS provides useful information to investors, as it provides them with an additional relevant comparison of Duke Energy’s performance across periods.

Management uses these non-GAAP financial measures for planning and forecasting and for reporting financial results to the Duke Energy Board of Directors, employees, stockholders, analysts and investors. Adjusted diluted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measures for adjusted earnings and adjusted diluted EPS are Net Income Attributable to Duke Energy Corporation (GAAP Reported Earnings) and Diluted EPS Attributable to Duke Energy Corporation common stockholders (GAAP Reported EPS), respectively.

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

• Costs to Achieve Mergers represents charges that result from strategic acquisitions.

• Regulatory Settlements represent charges related to the Levy nuclear project in Florida and the Mayo Zero Liquid Discharge and Sutton combustion turbine projects in North Carolina.

• Commercial Renewables Impairments represent other-than-temporary, asset and goodwill impairments.

• Impacts of the Tax Act represent estimated amounts recognized related to the Tax Cuts and Jobs Act.

• Cost Savings Initiatives represent severance charges related to company-wide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization.

Adjusted earnings also include operating results of the International Disposal Group, which have been classified as discontinued operations. Management believes inclusion of the operating results of the Disposal Group within adjusted earnings and adjusted diluted EPS results in a better reflection of Duke Energy's financial performance during the period.

Duke Energy’s adjusted earnings, adjusted diluted 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.

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