DUKE ENERGY FLORIDA, LLC
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
DUK$127.78-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001326160-25-000150
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001326160-25-000168
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 235 current paragraphs.
67 unchanged; 69 reworded; 86 added; 33 removed; 7 previous and 13 current paragraphs rearranged.
Tables are not compared: 36 previous and 41 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (86)
Current report
Acting on Investment Opportunities. We operate in some of the most attractive jurisdictions in the country and the affordable, reliable power we provide continues to play a key role in bringing business and job growth to our region. Our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth. To efficiently fund this growth and the related capital required in the coming years, we entered into two strategic transactions in the third quarter of 2025.
Current report
In August 2025, we entered into an Investment Agreement to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. Subject to regulatory approvals, the transaction is expected to be completed through a series of closings through mid-2028. In July 2025, we announced the sale of Piedmont’s Tennessee Business to Spire, Inc. for $2.48 billion. Subject to regulatory approvals, we expect to complete the Piedmont transaction in the first quarter of 2026. Proceeds from both transactions will support Duke Energy’s expanded 2025-2029 capital plan of $87 billion and limit the need for additional long-term debt or common equity through 2029.
Current report
Both of these transactions, along with our unwavering focus on operational excellence and value creation, demonstrate our continued ability to meet the unprecedented growth anticipated across our service territories in the decades ahead. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Current report
•In June 2025, the governor of North Carolina announced Amazon is planning to invest an estimated $10 billion to launch a new high-tech cloud computing and artificial intelligence innovation campus in Richmond County, North Carolina. The site selected for this project was included in Duke Energy's Site Readiness Program in 2019, a program that helps state, regional, and local economic development partners increase the competitiveness of potential industrial land. These new data centers will be located in Duke Energy Progress' service territory and the investment is expected to be among the largest in North Carolina's history, a testament to the impactful and ongoing work of continuing to bring economic development success to the vibrant communities we proudly serve.
Current report
Operational Excellence. In June 2025, as summer's first heat wave brought triple-digit temperatures to parts of North Carolina and South Carolina, our customers set a new summertime record for electricity usage, surpassing the previous summertime record set in July 2024. We maintain a focus on operational excellence and prepare for the arrival of extreme weather to deliver on customer commitments by identifying potential risks, effectively maintaining adequate short-term planning reserves, leveraging outage scheduling optimization, and controlling planned and emergent equipment issues.
Current report
Minority Interest in Duke Energy Florida
Current report
In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an Investment Agreement for Florida Progress to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. The transaction is subject to the satisfaction of certain customary conditions described in the Investment Agreement, including receipt of the approval of the FERC and completion of review by the Committee on Foreign Investments in the United States (CFIUS), as well as approval, or a determination that the transaction does not require approval, by the NRC. The transaction is expected to be completed through a series of closings through June 30, 2028. Termination of the transaction under certain specified circumstances could require the investor to pay a $240 million termination fee to Progress Energy and result in Duke Energy seeking alternative funding sources through 2029, including additional long-term debt and common equity issuances. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
Current report
Sale of Piedmont's Tennessee Business
Current report
In July 2025, Piedmont entered into an agreement (Purchase Agreement) to sell Piedmont’s Tennessee Business. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. There is no assurance of the transaction as failure to obtain related approvals or to satisfy conditions in the Purchase Agreement could result in termination of the transaction. The Purchase Agreement contains termination rights and Spire Inc. may be required to pay a termination fee equal to 6.5% of the purchase price under certain circumstances that result in termination of the transaction. Termination of the contract could also result in Duke Energy seeking alternative funding sources for its 2025-2029 capital and investment expenditures plan, including additional long-term debt and common equity issuances. Completion of the transaction could impact the operating revenues and profitability of Piedmont, including potential recognition of a gain on sale. In the third quarter of 2025, Duke Energy and Piedmont will reclassify the Piedmont disposal unit to assets held for sale. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
Current report
•Regulatory Matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order.
Current report
GAAP reported EPS was $1.25 for the three months ended June 30, 2025, compared to $1.13 for the three months ended June 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments related to the 2024 South Carolina rate case in the prior year.
Current report
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was$1.25 for the three months ended June 30, 2025, compared to$1.18 for the three months ended June 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, partially offset by higher operation and maintenance expense and interest expense.
Current report
Note: Total EPS may not foot due to rounding.
Current report
(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations,
Current report
maintenance and other, and an $11 million reduction recorded within Interest Expense.
Current report
GAAP Reported EPS was $3.00 for the six months ended June 30, 2025, compared to $2.57 for the six months ended June 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments related to the 2024 South Carolina rate case in the prior year.
Current report
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $3.00 for the six months ended June 30, 2025, compared to $2.62 for the six months ended June 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, higher sales volumes and favorable weather, partially offset by higher interest expense, operation and maintenance expense and depreciation expense on a growing asset base.
Current report
(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations,
Current report
maintenance and other, and an $11 million reduction recorded within Interest Expense.
Current report
•a $235 million increase in storm recovery revenues at Duke Energy Florida;
Current report
•a $65 million increase in rider revenues primarily due to recovery of the SPP at Duke Energy Florida and the North Carolina Municipal Power Agency (NCEMPA) rider at Duke Energy Progress;
Current report
•a $156 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
Current report
•a $349 million decrease in fuel used in electric generation and purchased power primarily due tohigher recovery of fuel expense in the prior year at Duke Energy Carolinas and Duke Energy Progress, and lower fuel cost recovery and lower purchased power driven by the expiration of contractsin the prior year at Duke Energy Florida, partially offset byhigher fuel costs and purchased power at Duke Energy Ohio; and
Current report
•a $43 million decrease in impairment of assets and other charges primarily related to the impacts of the 2024 South Carolina rate case order at Duke Energy Carolinas in the prior year.
Current report
Other Income and Expense. The increase was primarily driven byhigher AFUDC equity rate and base compared to the prior year across all jurisdictions.
Current report
•a $264 million increase in storm recovery revenues at Duke Energy Florida;
Current report
•a $150 million increase in weather-normal retail sales volumes;
Current report
•a $104 million increase in rider revenues primarily due to the SPP at Duke Energy Florida, NCEMPA rider true-up, the recovery of South Carolina storm recovery charges through securitization and recovery of North Carolina residential decoupling revenues at Duke Energy Progress, as well as the Uncollectible Expense Riders and Distribution Capital Investment Rider and higher OVEC rider collections and OVEC sales into PJM Interconnection, LLC at Duke Energy Ohio;
Current report
•a $65 million increase in other revenues due to higher transmission revenues across all jurisdictions and higher Clean Energy Connection subscription revenues at Duke Energy Florida.
Current report
•a $440 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased costs related to customer products and services programs, litigation and environmental costs and higher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas, anincrease in TDSIC rider amortizations at Duke Energy Indiana and higher storm costs at Duke Energy Progress;
Current report
•a $265 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
Current report
•a $61 million increase in property and other taxes due to a higher base on which property taxes are levied, partially offset by sales and use tax at Duke Energy Carolinas and Duke Energy Progress.
Current report
•a $44 million decrease in impairment of assets and other charges primarily related to the impacts of the 2024 South Carolina rate case order in the prior year at Duke Energy Carolinas and Duke Energy Progress.
Current report
Other Income and Expense. The increase was primarily driven byhigher AFUDC equity rate and base compared to the prior year across all jurisdictions.
Current report
•an $80 million increase in cost of natural gas revenues primarily due to higher capacity charges, partially offset by lower natural gas costs passed through to customers and higher secondary marketing;
Current report
•a $6 million increase in Midwest rider revenue.
Current report
•a $12 million increase in operations, maintenance and other primarily due to higher customer charges, labor and service company costs.
Current report
Income Tax (Benefit) Expense. The decrease in tax expense was primarily due to lower state tax expense. The ETRs for the three months ended June 30, 2025, and 2024, were (200)% and 25%, respectively. The decrease in the ETR was primarily due to lower state tax expense.
Current report
GU&I’s results were impacted primarily byhigher revenues from the North Carolina rate case, partially offset by higher depreciation and amortization. The following is a detailed discussion of the variance drivers by line item.
Current report
•a $222 million increase in cost of natural gas revenues primarily due to higher commodity prices, an increase in volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers;
Showing the first 40 of 86 passages. Open the source sections for the rest.
Removed paragraphs (33)
Previous report
Ohio Substitute House Bill 15
Previous report
On April 30, 2025, Ohio Substitute House Bill 15 (HB 15) was passed and sent to the governor of Ohio. Duke Energy Ohio anticipates HB 15 will become law by August 10, 2025. HB 15 eliminates Duke Energy Ohio's Legacy Generation Rider (LGR) upon the effective date of HB 15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB 15, any future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC will not be recoverable from retail customers. Regulatory assets related to OVEC at the time of HB 15 becoming effective also may not be recoverable. Therefore, future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC would no longer be deferred or recovered from customers and will negatively impact Duke Energy Ohio’sresults of operations, financial position and cash flows. For more information, see Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Previous report
GAAP reported EPS and adjusted EPS were $1.76 for thethree months ended March 31, 2025, compared to $1.44 for thethree months ended March 31, 2024. GAAP reported EPS and adjusted EPS increased primarily due tohigher retail sales volumes and implementation of new rates and riders as well as improved weather, partially offset by higher interest expense and operation and maintenance expense.
Previous report
•a $120 million increase in weather-normal retail sales volumes;
Previous report
•a $42 million increase in wholesale revenues, net of fuel, due to higher sales volumes at Duke Energy Progress;
Previous report
•a $39 million increase in rider revenues primarily due to Environmental Compliance rider coal ash recovery and Midcontinent Independent System Operator, Inc. (MISO) at Duke Energy Indiana and Storm Protection Plan at Duke Energy Florida;
Previous report
•an $18 million increase in higher transmission revenues due to higher demand and higher Clean Energy Connection subscription revenues at Duke Energy Florida; and
Previous report
•a $72 million increase due to North Carolina base rate increases.
Previous report
• a $9 million increase in depreciation and amortization primarily due to higher depreciable base.
Previous report
•a $114 million increase due to higher pricing from the North Carolina MYRP increase and the South Carolina rate case;
Previous report
•an $8 million increase in property taxes and other taxes primarily due to a higher base upon which property taxes are levied.
Previous report
•an $86 million increase due to higher pricing from the Duke Energy Florida and Duke Energy Progress North Carolina MYRP increases;
Previous report
•a $41 million increase in weather-normal retail sales volumes at Duke Energy Progress and Duke Energy Florida;
Previous report
•a $34 million increase in wholesale revenues, net of fuel, due to higher sales volumes at Duke Energy Progress;
Previous report
•a $31 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling, at Duke Energy Florida and Duke Energy Progress;
Previous report
•a $21 million increase in rider revenues primarily due to higher rates for the Storm Protection Plan at Duke Energy Florida; and
Previous report
•an $18 million increase in higher transmission revenues due to higher demand and rates and higher Clean Energy Connection subscription revenues at Duke Energy Florida.
Previous report
Interest Expense. The increase was primarily due to higher outstanding debt balances at Duke Energy Progress and Duke Energy Florida and higher interest rates at Duke Energy Florida.
Previous report
•a $34 million increase in wholesale revenues, net of fuel, due to higher sales volumes;
Previous report
•a $32 million increase due to higher pricing from the North Carolina MYRP increase;
Previous report
•a $27 million increase in weather-normal retail sales volumes; and
Previous report
•a $15 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling.
Previous report
•an $18 million increase in depreciation and amortization primarily due to higher depreciable base and the implementation of the North Carolina MYRP increase; and
Previous report
•a $9 million increase in property taxes primarily due to due to a higher base upon which property taxes are levied.
Previous report
Interest Expense. The increase was driven primarily by higher outstanding debt balances.
Previous report
•a $14 million increase in weather-normal retail sales volumes.
Previous report
•a $35 million increase in operation, maintenance, and other primarily due to higher storm amortization; and
Previous report
•a $26 million increase in depreciation and amortization primarily due to higher depreciable base.
Previous report
•an $8 million increase in wholesale revenues, including fuel, primarily due to an increase in sales in the current year; and
Previous report
•an $8 million increase in rider revenues primarily due to Environmental Compliance rider coal ash recovery and MISO rider adjustments, partially offset by the completion of refunds related to the Supreme Court coal ash amortization in the prior year.
Previous report
•a $102 million increase in the cost of natural gas due to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
Previous report
•a $72 million increase due to North Carolina base rate increases.
Previous report
•a $102 million increase in the cost of natural gas due to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
Reworded paragraphs (69)
Previous wording
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the three months ended March 31, 2025, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the six months ended June 30, 2025, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Advancing Regulatory Initiatives and Energy Modernization. During the three months ended March 31, 2025, we continued to move our regulatory strategy forward and execute on investments for energy modernization while maintaining our focus on safety and operational excellence, our customers, growth of our business as well as the engagement and empowerment of our employees. These priorities enable us to provide strong, sustainable value for our employees, customers, communities and shareholders.
Current wording
Building a Smarter Energy Future. During the six months ended June 30, 2025, we continued to move our regulatory strategy forward and execute on investments for building a smarter energy future while maintaining our focus on safety and operational excellence, our customers, growth of our business as well as the engagement and empowerment of our employees. These priorities enable us to provide strong, sustainable value for our employees, customers, communities and shareholders.
Previous wording
•In January 2025, Piedmont and Duke Energy Indiana received constructive orders on their general rate cases from the NCUC and IURC, respectively. New rates were effective in November 2024 for Piedmont and late February 2025 for Duke Energy Indiana. Additionally, new rates were effective in January 2025 for Duke Energy Florida's new three-year rate plan.
Current wording
•In January 2025, Piedmont and Duke Energy Indiana received constructive orders on their general rate cases from the NCUC and IURC, respectively. New rates were effective in November 2024 for Piedmont and late February 2025 for Duke Energy Indiana. New rates were also effective in January 2025 for Duke Energy Florida's new three-year rate plan. In June 2025, Duke Energy Progress filed a South Carolina base rate case and Duke Energy Kentucky filed a natural gas base rate case. In July 2025, Duke Energy Carolinas filed a South Carolina base rate case. Our regulatory efforts focus on securing critical investments for reliable customer service while ensuring timely cost recovery across our service territories.
Previous wording
•In February 2025, Duke Energy Progress filed an application to construct and operate a second hydrogen-capable advanced-class CC unit in Person County at the Roxboro Plant in North Carolina and Duke Energy Indiana filed for a CPCN for the Cayuga CC Project. In March 2025, a final air permit was issued for the Cayuga CC Project. These advanced natural gas plants, along with our planned CTs at the existing Duke Energy Carolinas' Marshall Steam Station, will provide critical generation as we continue to modernize our energy infrastructure in the coming years.
Current wording
•In February 2025, Duke Energy Progress filed an application to construct and operate a second CC unit in Person County at the Roxboro Plant in North Carolina and Duke Energy Indiana filed for a CPCN for the Cayuga CC Project. In March 2025, a final air permit was issued for the Cayuga CC Project. In June 2025, Duke Energy Carolinas announced its intent to submit an application to the PSCSC for approval to build a new CC unit in Anderson County, South Carolina. These advanced natural gas plants, along with our planned CTs at the existing Duke Energy Carolinas' Marshall Steam Station, will provide critical generation as we continue to modernize our energy infrastructure in the coming years.
Previous wording
•We reached key milestones to recover costs related to critical storm restoration activities from the 2024 historic storm season while also seeking to minimize customer bill impacts resulting from hurricanes Debby, Helene and Milton. In February 2025, the FPSC voted to approve Duke Energy Florida's storm cost recovery of approximately $1.1 billion over 12 months beginning in March 2025. In March 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs. In April 2025, Duke Energy Carolinas and Duke Energy Progress received a constructive order from the NCUC on Phase I proceedings in North Carolina related to storm securitization and reached a settlement with the North Carolina Public Staff to resolve all remaining issues in Phase 2 in advance of the evidentiary hearing. A Phase 2 order is expected in June 2025.
Current wording
•We reached key milestones to recover costs related to critical storm restoration activities from the 2024 historic storm season while also seeking to minimize customer bill impacts resulting from hurricanes Debby, Helene and Milton. In February 2025, the FPSC voted to approve Duke Energy Florida's storm cost recovery of approximately $1.1 billion over 12 months beginning in March 2025. In April 2025, Duke Energy Carolinas and Duke Energy Progress received a constructive order from the NCUC on Phase I proceedings in North Carolina related to storm securitization and reached a settlement with the North Carolina Public Staff to resolve all remaining issues in Phase 2 in advance of the evidentiary hearing. A Phase 2 order approving the settlement was received in June 2025. In March 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs and reached a comprehensive settlement with key parties in June 2025. In July 2025, the settlement was approved by the PSCSC and a financing order was issued in August 2025. We expect to securitize the related Carolinas' storm costs by the end of 2025.
Previous wording
•Our nuclear sites continue to benefit our customers and communities by reliably generating large amounts of electricity with low operating costs, providing thousands of well-paying jobs and producing economic and tax benefits for our local communities. In March 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation of the units through 2053 and 2054. Oconee is the first of Duke Energy's nuclear facilities to reach this significant milestone and receive approval to operate for 80 years. In April 2025, we submitted a subsequent license renewal application to the NRC for Robinson, which would extend the plant's operations an additional 20 years through 2050. We've also continued to sell nuclear PTCs in 2025 as allowed under the IRA, working to further lower the cost of the energy modernization for our customers.
Current wording
•Our nuclear sites continue to benefit our customers and communities by reliably generating large amounts of electricity with low operating costs, providing thousands of well-paying jobs and producing economic and tax benefits for our local communities. In March 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation of the units through 2053 and 2054. Oconee is the first of Duke Energy's nuclear facilities to reach this significant milestone and receive approval to operate for 80 years. In April 2025, we submitted a subsequent license renewal application to the NRC for Robinson, which would extend the plant's operations an additional 20 years through 2050. We've also continued to sell nuclear PTCs in 2025 as allowed under the IRA, working to further lower the cost of building a smarter energy future for our customers.
Previous wording
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Duke Energy is analyzing the potential impacts the rules could have on the Company, which could be material and may influence the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. For more information, see "Other Matters."
Current wording
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Duke Energy is analyzing the potential impacts the rules could have on the Company, which could be material and may influence the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. In June 2025, the EPA proposed to repeal EPA Rule 111. For more information, see "Other Matters."
Previous wording
The Company continues to monitor the ongoing stability of markets for key materials and supplies. Public policy outcomes, including potential impacts from new or escalating tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan execution or the ability to execute on the Company's plan to modernize energy infrastructure.
Current wording
The Company continues to monitor the ongoing stability of markets for key materials and supplies. Public policy outcomes, including potential impacts from new or escalating tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan execution or the ability to execute on the Company's vision for a smarter energy future.
Previous wording
Duke Energy continues to monitor general market conditions, including the potential for interest rate pressures on the Company's cost of capital, which may impact Duke Energy's capital plan execution, future financial results or the ability to execute onthe Company's plan to modernize energy infrastructure.
Current wording
Duke Energy continues to monitor general market conditions, including the potential for interest rate pressures on the Company's cost of capital, which may impact Duke Energy's capital plan execution, future financial results or the ability to execute onthe Company's vision for a smarter energy future.
Previous wording
There were no special items included in the periods presented.
Current wording
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
Previous wording
(a)Recorded in Loss from Discontinued Operations, net of tax.
Current wording
(b) Recorded in Loss from Discontinued Operations, net of tax.
Previous wording
•a $218 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Progress, Duke Energy Indiana, and Duke Energy Florida;
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•a $279 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
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•a $30 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling.
Current wording
•a $30 million increase in weather-normal retail sales volumes; and
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•a $29 million increase in storm recovery revenues at Duke Energy Florida;
Current wording
•a $29 million increase in other revenues due to higher transmission revenues.
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•a $256 million decrease in fuel revenues primarily due to net lower fuel cost recovery and lower rates in the current year.
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•a $393 million decrease in fuel revenues primarily due to net lower rates in the current year.
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•a $107 million increase in operation, maintenance and other primarily driven by higher storm costs at Duke Energy Progress, higher storm amortization at Duke Energy Florida andhigher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas; and
Current wording
•a $332 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased costs related to customer products and services programs, litigation and environmental costsand higher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas and increase in TDSIC rider amortizationsat Duke Energy Indiana;
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•a $41 million increase in property and other taxes due to a higher base on which property taxes are levied at Duke Energy Ohio, Duke Energy Progress and Duke Energy Carolinas.
Current wording
•a $20 million increase in property and other taxes due to a higher base on which property taxes are levied, partially offset by sales and use tax at Duke Energy Carolinas and Duke Energy Progress.
Previous wording
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida and interest rates at Duke Energy Florida.
Current wording
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas and Duke Energy Progress.
Previous wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the three months ended March 31, 2025, and 2024, were 20.7% and 19.5%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of EDIT.
Current wording
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of income tax credits and lower state tax expense, partially offset by higher pretax income. The ETRs for the three months ended June 30, 2025, and 2024, were 14.1% and 16.1%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
Previous wording
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes, offset by higher depreciation and operation, maintenance and other expense. The following is a detailed discussion of the variance drivers by line item.
Current wording
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, higher weather-normal retail sales volumes and improved weather, offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Previous wording
•a $75 million increase in retail sales due to favorable weather compared to prior year, including the impacts of decoupling;
Current wording
•an $86 million increase in retail sales due to favorable weather compared to prior year; and
Previous wording
•a $236 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power driven by the expiration of contractsin the prior year at Duke Energy Florida, and higher recovery of fuel expense in the prior year at Duke Energy Carolinas, partially offset by Duke Energy Progress and Duke Energy Ohio.
Current wording
•a $585 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power driven by the expiration of contractsin the prior year at Duke Energy Florida and higher recovery of fuel expense in the prior year at Duke Energy Carolinas, partially offset by higher fuel costs and purchased power at Duke Energy Progress and Duke Energy Ohio; and
Previous wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT and income tax credits. The ETRs for the three months ended March 31, 2025, and 2024, were 12.7% and 14.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits.
Current wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income mostly offset by an increase in the amortization of EDIT and income tax credits. The ETRs for the six months ended June 30, 2025, and 2024, were 13.4% and 15.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
Previous wording
GU&I’s results were impacted primarily by margin growth. The following is a detailed discussion of the variance drivers by line item.
Current wording
GU&I’s results were impacted primarily by margin growth, partially offset by higher depreciation and amortization. The following is a detailed discussion of the variance drivers by line item.
Previous wording
•a $12 million increase in retail sales due to improved weather compared to prior year;
Current wording
•a $12 million increase due to higher pricing from the 2024 Piedmont North Carolina rate case; and
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•a $142 million increase in the cost of natural gas due primarily to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
Current wording
•an $80 million increase in the cost of natural gas due primarily to higher capacity charges and lower secondary marketing, partially offset by lower natural gas costs passed through to customers;
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•a $16 million increase in retail sales due to improved weather compared to prior year; and
Current wording
•a $16 million increase in depreciation and amortization primarily due to higher depreciable base; and
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•a $142 million increase in the cost of natural gas due primarily to higher rates, an increase to volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
Current wording
•a $222 million increase in the cost of natural gas primarily due to higher commodity prices, an increase to volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
Previous wording
Other's results were impacted by higher interest expense driven by higher outstanding long-term debt balances and lower returns on investments.
Current wording
Other's results were impacted by higher interest expense and lower equity earnings from the NMC investment.
Previous wording
Other Income and Expenses, net. The variance was primarily due to lower return on investments that fund certain employee benefit obligations, lower equity earnings from the NMC investment and lower yields on captive insurance investments.
Current wording
Other Income and Expenses, net. The decrease was primarily due to lower equity earnings from the NMC investment and lower return on investments that fund certain employee benefit obligations.
Previous wording
Income Tax Benefit. The increase in the tax benefit was primarily due to higher pretax losses. The ETRs for the three months ended March 31, 2025, and 2024, were 26.1% and 28.1%, respectively. The decrease in the ETR was primarily due to unfavorable tax impacts related to lower investment returns.
Current wording
Income Tax Benefit. The increase in the tax benefit was primarily due to an increase in pretax losses. The ETRs for the six months ended June 30, 2025, and 2024, were 26.2% and 28.7%, respectively. The decrease in the ETR was primarily due to the tax impacts related to the NMC investment.
Previous wording
•a $29 million increase in storm recovery revenues at Duke Energy Florida;
Current wording
•a $29 million increase in retail sales due to improved weather compared to prior year.
Previous wording
•a $57 million decrease in fuel revenues due to lower fuel rates, partially offset by higher volumes, including JDA sales.
Current wording
•a $241 million decrease in fuel revenues due to lower fuel rates, partially offset by higher volumes, including JDA sales.
Previous wording
•a $57 million decrease in fuel used in electric generation and purchased power primarily due to the increased recovery of fuel cost in the prior year, partially offset by higher purchased power costs, including JDA, natural gas prices and volumes.
Current wording
•a $235 million decrease in fuel used in electric generation and purchased power primarily due to the increased recovery of fuel cost in the prior year, partially offset by higher purchased power costs, including JDA, natural gas prices and volumes; and
Previous wording
•a $32 million increase in operation, maintenance and other primarily due to higher employee-related expenses in the current year and joint owner reimbursements in the prior year; and
Current wording
•an $89 million increase in operation, maintenance and other primarily due to increased costs related to customer products and services programs, litigation and environmental costs, employee-related expenses in the current year and higher joint owner reimbursements in the prior year; and
Previous wording
•a $35 million increase in depreciation and amortization primarily due to higher net amortizations and depreciation rates driven by the South Carolina rate case and North Carolina MYRP increase;
Current wording
•an $80 million increase in depreciation and amortization primarily due to higher net amortizations and depreciation rates driven by the 2024 South Carolina rate case and Year 2 of the North Carolina MYRP.
Previous wording
•a $42 million decrease in fuel and capacity revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida, partially offset by an increase in fuel volumes at Duke Energy Progress.
Current wording
•a $231 million decrease in fuel revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida and lower retail fuel rates at Duke Energy Progress, partially offset by an increase in fuel volumes at Duke Energy Progress.
Previous wording
•a $60 million increase in operation, maintenance and other primarily due to higher storm amortization at Duke Energy Florida and higher storm costs in the current year at Duke Energy Progress;
Current wording
•a $315 million increase in operation, maintenance and other primarily due to higher storm amortization at Duke Energy Florida and higher storm costs in the current year at Duke Energy Progress;
Previous wording
•a $44 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and the implementation of the North Carolina MYRP increase at Duke Energy Progress; and
Current wording
•an $85 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and Year 2 of the North Carolina MYRP at Duke Energy Progress; and
Previous wording
•a $14 million increase in property and other taxes primarily due to higher base upon which property taxes are levied at Duke Energy Progress and Duke Energy Florida.
Current wording
•a $23 million increase in property and other taxes primarily due to higher base upon which property taxes are levied at Duke Energy Florida and Duke Energy Progress.
Showing the first 40 of 69 pairs. Open the source sections for the rest.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report — wording carried from elsewhere
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
Current report — wording carried from elsewhere
(b)Recorded in Loss from Discontinued Operations, net of tax.
Current report — wording carried from elsewhere
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, storm recovery revenues and higher weather-normal retail sales volumes, partially offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Current report — wording carried from elsewhere
•a $497 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
Current report — wording carried from elsewhere
•a $649 million decrease in fuel revenues primarily due to net lower rates in the current year, partially offset by higher volumes.
Current report — wording carried from elsewhere
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas and Duke Energy Progress.
Current report — wording carried from elsewhere
•a $16 million increase in Midwest rider revenue.
Current report — wording carried from elsewhere
Other's results were impacted by higher interest expense, lower equity earnings from the NMC investment and lower return on investments that fund certain employee benefit obligations.
Current report — wording carried from elsewhere
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
Current report — wording carried from elsewhere
Interest Expense. The increase was primarily due to higher outstanding debt balances at Duke Energy Progress and Duke Energy Florida.
Current report — wording carried from elsewhere
Interest Expense. The increase was primarily due to higher outstanding debt balances.
Current report — wording carried from elsewhere
•a $13 million increase in retail sales due to improved weather compared to prior year.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
•an $11 million increase in revenues related to higher OVEC rider collections and OVEC sales into PJM Interconnection, LLC at Duke Energy Ohio.
Previous report — wording carried elsewhere
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of income tax credits and EDIT.
Previous report — wording carried elsewhere
•a $23 million increase in operation, maintenance and other primarily due to higher storm costs in the current year;
Previous report — wording carried elsewhere
•a $29 million increase in storm recovery revenues;
Previous report — wording carried elsewhere
•a $40 million increase in weather-normal retail sales volumes;
Previous report — wording carried elsewhere
•a $15 million increase in operation, maintenance and other primarily due to an increase in rider amortizations.
Previous report — wording carried elsewhere
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT.