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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants.
 December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$139 $139 $— $— $— 
NDTF equity securities8,233 8,203 2 — 28 
NDTF debt securities3,060 1,022 2,038 — — 
Other equity securities160 160 — — — 
Other debt securities266 52 214 — — 
Other cash and cash equivalents47 47 — — — 
Derivative assets434 2 423 9 — 
Total assets12,339 9,625 2,677 9 28 
Derivative liabilities(319)(3)(316)— — 
Net assets
$12,020 $9,622 $2,361 $9 $28 
 December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$133 $133 $— $— $— 
NDTF equity securities7,278 7,241 — — 37 
NDTF debt securities2,732 829 1,903 — — 
Other equity securities158 158 — — — 
Other debt securities271 55 216 — — 
Other cash and cash equivalents31 31 — — — 
Derivative assets189 37 137 15 — 
Total assets10,792 8,484 2,256 15 37 
Derivative liabilities(729)(60)(669)— — 
Net assets
$10,063 $8,424 $1,587 $15 $37 
Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
 Years Ended December 31,
(in millions) 20242023
Balance at beginning of period$15 $34 
Purchases, sales, issuances and settlements:
Purchases29 47 
Settlements(46)(72)
Total gains included on the Consolidated Balance Sheet
11 6 
Balance at end of period$9 $15 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
December 31, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio
FTRs$1 RTO auction pricingFTR price – per MWh$— –$1.13 $0.48 
Duke Energy Indiana
FTRs8 RTO auction pricingFTR price – per MWh(0.63)–9.24 0.94 
Duke Energy
Total Level 3 derivatives$9 
December 31, 2023
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio
FTRs$2 RTO auction pricingFTR price – per MWh$0.36 –$2.11 $0.71 
Duke Energy Indiana
FTRs13 RTO auction pricingFTR price – per MWh(1.05)–9.64 1.26 
Duke Energy
Total Level 3 derivatives$15 
Schedule of Long-Term Debt Fair Value
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
 December 31, 2024December 31, 2023
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$80,689 $73,440 $75,252 $69,790 
Duke Energy Carolinas17,490 15,975 16,012 15,077 
Progress Energy24,496 22,548 23,759 22,553 
Duke Energy Progress12,504 11,009 11,714 10,595 
Duke Energy Florida10,348 9,752 10,401 10,123 
Duke Energy Ohio4,165 3,871 3,518 3,310 
Duke Energy Indiana4,798 4,329 4,502 4,230 
Piedmont4,003 3,584 3,668 3,336 
(a)    Book value of long-term debt includes $1.0 billion as of December 31, 2024, and December 31, 2023, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
Duke Energy Carolinas  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$62 $62 $— $— 
NDTF equity securities4,751 4,721 2 28 
NDTF debt securities1,651 520 1,131 — 
Derivative assets94 — 94 — 
Total assets6,558 5,303 1,227 28 
Derivative liabilities(88)— (88)— 
Net assets$6,470 $5,303 $1,139 $28 
 December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$51 $51 $— $— 
NDTF equity securities4,196 4,159 — 37 
NDTF debt securities1,438 375 1,063 — 
Derivative assets35 — 35 — 
Total assets5,720 4,585 1,098 37 
Derivative liabilities(260)— (260)— 
Net assets$5,460 $4,585 $838 $37 
Progress Energy  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$77 $77 $— $82 $82 $— 
NDTF equity securities3,482 3,482 — 3,082 3,082 — 
NDTF debt securities1,409 502 907 1,294 454 840 
Other debt securities24 — 24 23 — 23 
Other cash and cash equivalents23 23 — 18 18 — 
Derivative assets127 — 127 34 — 34 
Total assets5,142 4,084 1,058 4,533 3,636 897 
Derivative liabilities(58)— (58)(234)— (234)
Net assets$5,084 $4,084 $1,000 $4,299 $3,636 $663 
Duke Energy Progress  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$54 $54 $— $55 $55 $— 
NDTF equity securities3,362 3,362 — 2,970 2,970 — 
NDTF debt securities1,221 365 856 1,050 266 784 
Other cash and cash equivalents16 16 — 14 14 — 
Derivative assets109 — 109 32 — 32 
Total assets4,762 3,797 965 4,121 3,305 816 
Derivative liabilities(57)— (57)(219)— (219)
Net assets$4,705 $3,797 $908 $3,902 $3,305 $597 
Duke Energy Florida  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$23 $23 $— $27 $27 $— 
NDTF equity securities120 120 — 112 112 — 
NDTF debt securities188 137 51 244 188 56 
Other debt securities24 — 24 23 — 23 
Other cash and cash equivalents3 3 — 3 3 — 
Derivative assets18 — 18 2 — 2 
Total assets376 283 93 411 330 81 
Derivative liabilities(1)— (1)(15)— (15)
Net assets$375 $283 $92 $396 $330 $66 
Duke Energy Indiana  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$89 $89 $— $— $98 $98 $— $— 
Other debt securities56 — 56 — 64 — 64 — 
Other cash equivalents1 1 — — 1 1 — — 
Derivative assets44 — 36 8 25 5 7 13 
Total assets190 90 92 8 188 104 71 13 
Derivative liabilities(3)(3)— — (18)(18)— — 
Net assets$187 $87 $92 $8 $170 $86 $71 $13 
Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
 Derivatives (net)
 Years Ended December 31,
(in millions)20242023
Balance at beginning of period$13 $29 
Purchases, sales, issuances and settlements:
Purchases27 42 
Settlements(42)(68)
Total gains included on the Consolidated Balance Sheet
10 10 
Balance at end of period$8 $13 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $1 $1 $— 
Derivative liabilities(94)— (94)(147)— (147)
Net (liabilities) assets$(93)$1 $(94)$(146)$1 $(147)