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$128.10+0.3%Stored close · as of Nov 9, 2026

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Contents

Progress Energy, Inc. Financial Statements

FINANCIAL STATEMENTS

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions)	2025	2024	2025	2024
Operating Revenues	$3,569	$3,357	$7,036	$6,585
Operating Expenses
Fuel used in electric generation and purchased power	1,025	1,202	2,131	2,345
Operation, maintenance and other	843	588	1,531	1,216
Depreciation and amortization	609	568	1,240	1,155
Property and other taxes	175	166	347	324
Impairment of assets and other charges	—	9	—	9
Total operating expenses	2,652	2,533	5,249	5,049
Gains on Sales of Other Assets and Other, net	6	6	12	13
Operating Income	923	830	1,799	1,549
Other Income and Expenses, net	75	60	130	122
Interest Expense	283	265	558	525
Income Before Income Taxes	715	625	1,371	1,146
Income Tax Expense	108	104	218	190
Net Income	$607	$521	$1,153	$956
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities	(1)	—	(1)	—
Comprehensive Income	$606	$521	$1,152	$956

FINANCIAL STATEMENTS

(in millions)	June 30, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$58	$73
Receivables (net of allowance for doubtful accounts of $70 at 2025 and $39 at 2024)	1,737	707
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)	9	835
Receivables from affiliated companies	101	25
Notes receivable from affiliated companies	897	—
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)	2,090	2,086
Regulatory assets (includes $108 at 2025 and 2024 related to VIEs)	1,176	1,647
Other (includes $65 at 2025 and $75 at 2024 related to VIEs)	229	182
Total current assets	6,297	5,555
Property, Plant and Equipment
Cost	74,996	72,560
Accumulated depreciation and amortization	(24,591)	(23,586)
Net property, plant and equipment	50,405	48,974
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets (includes $1,467 at 2025 and $1,516 at 2024 related to VIEs)	6,758	6,618
Nuclear decommissioning trust funds	5,230	4,967
Operating lease right-of-use assets, net	653	625
Other	1,313	1,242
Total other noncurrent assets	17,609	17,107
Total Assets	$74,311	$71,636
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $241 at 2025 and $208 at 2024 related to VIEs)	$1,560	$2,170
Accounts payable to affiliated companies	648	507
Notes payable to affiliated companies	15	1,077
Taxes accrued	412	312
Interest accrued	266	232
Current maturities of long-term debt (includes $100 at 2025 and $502 at 2024 related to VIEs)	1,817	1,517
Asset retirement obligations	223	231
Regulatory liabilities	356	522
Other	684	792
Total current liabilities	5,981	7,360
Long-Term Debt (includes $1,530 at 2025 and $1,582 at 2024 related to VIEs)	24,913	22,829
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,424	5,263
Asset retirement obligations	4,318	4,317
Regulatory liabilities	5,458	5,258
Operating lease liabilities	600	557
Accrued pension and other post-retirement benefit costs	246	254
Investment tax credits	383	385
Other (includes $11 at 2024 related to VIEs)	425	357
Total other noncurrent liabilities	16,854	16,391
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2025 and 2024	—	—
Additional paid-in capital	12,187	11,830
Retained earnings	14,237	13,086
Accumulated other comprehensive loss	(11)	(10)
Total equity	26,413	24,906
Total Liabilities and Equity	$74,311	$71,636

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,153	$956
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,675	1,330
Equity component of AFUDC	(51)	(36)
Gains on sales of other assets	(12)	(13)
Impairment of assets and other charges	—	9
Deferred income taxes	122	(61)
Payments for asset retirement obligations	(101)	(144)
(Increase) decrease in
Receivables	(176)	(223)
Receivables from affiliated companies	(76)	85
Inventory	7	(106)
Other current assets	51	494
Increase (decrease) in
Accounts payable	(624)	(34)
Accounts payable to affiliated companies	198	24
Taxes accrued	109	169
Other current liabilities	(128)	28
Other assets	(60)	(136)
Other liabilities	78	79
Net cash provided by operating activities	2,165	2,421
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,742)	(2,623)
Purchases of debt and equity securities	(1,638)	(989)
Proceeds from sales and maturities of debt and equity securities	1,660	1,039
Notes receivable from affiliated companies	(897)	—
Other	(211)	(192)
Net cash used in investing activities	(3,828)	(2,765)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	2,860	844
Payments for the redemption of long-term debt	(459)	(407)
Notes payable to affiliated companies	(1,062)	(67)
Capital contribution from parent	300	—
Other	(1)	(1)
Net cash provided by financing activities	1,638	369
Net (decrease) increase in cash, cash equivalents and restricted cash	(25)	25
Cash, cash equivalents and restricted cash at beginning of period	160	135
Cash, cash equivalents and restricted cash at end of period	$135	$160
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$827	$729

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2024 and 2025
	Accumulated Other Comprehensive Income (Loss)
Net Gains · Net Unrealized
Additional · (Losses) on · Gains (Losses) on · Pension and
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Total
(in millions)	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity
Balance at March 31, 2024	$11,830	$11,475	$(1)	$(5)	$(4)	$23,295
Net income	—	521	—	—	—	521
Other	19	—	—	—	—	19
Balance at June 30, 2024	$11,849	$11,996	$(1)	$(5)	$(4)	$23,835
Balance at March 31, 2025	$12,130	$13,630	$(1)	$(5)	$(4)	$25,750
Net income	—	607	—	—	—	607
Other comprehensive income (loss)	—	—	—	(1)	—	(1)
Equitization of certain intercompany balances with affiliates	57	—	—	—	—	57
Balance at June 30, 2025	$12,187	$14,237	$(1)	$(6)	$(4)	$26,413
	Six Months Ended June 30, 2024 and 2025
	Accumulated Other Comprehensive Income (Loss)
Net Gains · Net Unrealized
Additional · (Losses) on · Gains (Losses) on · Pension and
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Total
	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity
Balance at December 31, 2023	$11,830	$11,040	$(1)	$(5)	$(4)	$22,860
Net income	—	956	—	—	—	956
Other	19	—	—	—	—	19
Balance at June 30, 2024	$11,849	$11,996	$(1)	$(5)	$(4)	$23,835
Balance at December 31, 2024	$11,830	$13,086	$(1)	$(5)	$(4)	$24,906
Net income	—	1,153	—	—	—	1,153
Other comprehensive income (loss)	—	—	—	(1)	—	(1)
Equitization of certain intercompany balances with affiliates	57	(2)	—	—	—	55
Capital contribution from parent	300	—	—	—	—	300
Balance at June 30, 2025	$12,187	$14,237	$(1)	$(6)	$(4)	$26,413

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