77 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Feb 11, 2021
Slide 1: Q4 2020 Earnings Review and Business Update
Q4 / 2020 UPDATE EARNINGS REVIEW AND BUSINESS Lynn Good / Chair, President and CEO Steve Young / Executive Vice President and CFO February 11, 2021 // 1
Slide 2: Safe Harbor statement / Regulation G disclosure
Safe Harbor statement This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy’s
Slide 3: Safe harbor statement
Safe harbor statement This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by
Slide 4: Financial highlights
Financial highlights $1.72 / $5.12 2020 REPORTED / ADJUSTED EPS ADJUSTED EPS AT MIDPOINT OF NARROWED RANGE $5.00 - $5.30 2021 ADJUSTED EPS GUIDANCE RANGE 5% – 7% GROWTH RATE THROUGH 2025 OFF 2021 MIDPOINT OF $5.15(1) (1) Based on adjusted EPS SWIFT RESPONSE TO 2020 HEADWINDS // 4 FOURTH QUARTER 2020
Slide 5: Recent accomplishments provide clarity and momentum
Recent accomplishments provide clarity and momentum CAROLINAS ✓ NC coal ash settlement with AG, Public Staff and Sierra Club ✓ NC rate case settlement on ROE, capital structure, grid deferral, tax reform ✓ Innovative IRPs outline six pathways to achieve climate goals ✓ EV pilots approved in NC and S
Slide 6: Clear vision for the future – to lead the energy transition
Clear vision for the future – to lead the energy transition Our Clean Energy Transformation ≥50% REDUCTION IN CO2 EMISSIONS AND NET-ZERO METHANE EMISSIONS BY 2030 ON THE WAY TO NET-ZERO CO2 BY 2050 Transform the system Near-term initiatives robust $59 billion capital plan focused on clean generation
Slide 7: Financial highlights: key messages
Financial highlights KEY MESSAGES ($0.13) $0.47 2020 PLAN TO 2020 ACTUALS (1) ($0.13) ▪ Delivered 2020 reported EPS of $1.72 and adjusted $0.47 EPS of $5.12; within the original and updated guidance ($0.13) range ($0.45) $0.45 ▪ Demonstrated clear agility in managing: $5.25 $5.12 $5.12 ‒ COVID-19 im
Slide 8: 2021 Financial outlook – adjusted EPS waterfall
2021 Financial outlook – adjusted EPS waterfall Electric Utilities Gas Utilities & Commercial ACP including Other & Infrastructure Infrastructure Renewables Financing(1) ($0.10) $0.48 $0.04 ($0.09) ($0.30) ▲ Rate cases ▲ Integrity ▼ Less management incremental riders growth ▲ Customer growth ▼ Tax o
Slide 9: Retail electric volumes
Retail electric volumes 2020 RETAIL ELECTRIC VOLUMES(1) FORECASTED 2021 RETAIL ELECTRIC VOLUMES(2) 2.6% 2% - 4% 2% - 3% 1% - 2% (2.3%) (0.5% - 1%) Residential Commercial Industrial Total Retail (5.5%) (5.5%) KEY MESSAGES Residential Commercial Industrial Total Retail ▪ Expect favorable volume relati
Slide 10: Cost management continues to be a core competency
Cost management continues to be a core competency 2020 HIGHLIGHTS TACTICAL AND BUSINESS TRANSFORMATION CONTINUES SUSTAINABLE COST MANAGEMENT TO PRODUCE SUSTAINABLE SAVINGS ▪ Activated agile business levers in 2020 to ▪ Net regulated Electric & Gas O&M has decreased achieve $450 million of mitigation
Slide 11: Capital plan focused on clean energy transition
Capital plan focused on clean energy transition Growing 5-year capex ~5% profile… …supports emission reductions as LDC we drive toward net-zero ~10% $65B - $75B 100% Through 2020 reduced 80% CO2 emissions > 40% $58B $59B $56B 60% 40% LDC Gas 20% 10% 0% 2020 – 2024 2020 – 2024 2021 – 2025 2025 – 2029
Slide 12: Projected growth over five-year plan
Projected growth over five-year plan ($0.13) UPSIDES TO PLAN 5-YEAR ADJUSTED EPS GROWTH PLAN(1) ▪ Acceleration of clean energy transformation ▪ Sustainable cost transformation ▪ Federal legislation, including infrastructure ▪ Stronger and faster economic recovery ITEMS TO MONITOR $5.12 ▪ Economic re
Slide 13: Balance sheet supports our long-term growth strategy
Balance sheet supports our long-term growth strategy COMMITTED TO STRONG CASH FLOWS SUPPORTIVE OF CREDIT RATINGS ▪ Duke Energy operates in constructive jurisdictions, with a de-risked financial plan – Rate case orders or settlements in Carolinas, Indiana, Florida and Tennessee ▪ Proven capability to
Slide 14: Our investor value proposition
Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 4.1% ~10% 5 -7% DIVIDEND YIELD(1) ATTRACTIVE zzz LONG-TERM WITH LONG-TERM RISK-ADJUSTED EPS GROWTH(4) DIVIDEND GROWTH TOTAL SHAREHOLDER THROUGH 2025 COMMITMENT(2) RETURN(3) CONSTRUCTIVE JURISDICTIONS, LOWER-RISK REGULATED INVESTMEN
Slide 15: Appendix
APPENDIX // 15
Slide 16: 2021 agreements provide clarity
2021 agreements provide clarity CLARITY ON NC COAL DUKE ENERGY FLORIDA DUKE ENERGY INDIANA ASH COST RECOVERY SETTLEMENT MINORITY INTEREST ▪ Settlement reached with NC AG, ▪ Clarity through 2024 SALE NC Public Staff and Sierra Club ▪ ROE band of 8.85% to 10.85%, ▪ Selling 19.9% interest in DEI for ▪
Slide 17: Recent strategic decisions have been in the best interest of shareholders
Recent strategic decisions have been in the best interest of shareholders 2016 PIEDMONT ACQUISITION HAS … AND GOOD FOR PIEDMONT BEEN GOOD FOR SHAREHOLDERS… CUSTOMERS 772 Satisfaction Scores Rate Base 18% $6.1 45 pt ($B) Customer CAGR increase $3.2 727 2016 2020 2016 2020 $1.34 $1.23 Avg Customer Rat
Slide 18: Sustainability / Environmental Social and Governance (ESG)
Sustainability / Environmental Social and Governance (ESG) // 18
Slide 19: Clean energy transformation
Clean energy transformation FUEL DIVERSITY KEY MESSAGES (MWh OUTPUT) 1% ▪ Since 2005, decreased CO2 emissions over 40%, sulfur dioxide emissions by over 95% and nitrogen oxides emissions by over 80%(1) 33% 60% ▪ Renewables deployment expected to accelerate through 2025 to reach 16 GW goal(4) 6% ▪ By
Slide 20: Financing practices supportive of ESG commitments
Financing practices supportive of ESG commitments $7.5 BILLION OF CAPITAL RAISED TO SUPPORT ENVIRONMENTAL & SOCIAL (E&S) INITIATIVES OVER THE LAST 5 YEARS $7.5 Commercial Renewables ▪ $3.0 billion of external financing to fund the development or purchase of ~3 GWs of solar and wind projects since 20
Slide 21: 2020 performance and 2021 guidance supplemental information
2020 performance and 2021 guidance supplemental information // 21
Slide 22: Key 2021 adjusted earnings guidance assumptions
Key 2021 adjusted earnings guidance assumptions 2021 Interest Expense ($ in millions) Original 2020 2020 2021 Assumption Assumptions Actual Assumptions (Consolidated Total $2,300) Adjusted segment income/ (expense) (1): $625 Electric Utilities & Infrastructure $3,640 $3,545 $3,900 $75 $1,450 Gas Uti
Slide 23: Electric utilities quarterly weather impacts
Electric utilities quarterly weather impacts Weather segment 2020 2019 income to normal: Pretax Weighted EPS impact Pretax Weighted EPS impact impact avg. shares favorable / impact avg. shares favorable / (unfavorable) (unfavorable) First Quarter ($110) 734 ($0.11) ($55) 727 ($0.06) Second Quarter (
Slide 24: Key 2021 earnings sensitivities
Key 2021 earnings sensitivities Driver EPS Impact 1% change in earned return on equity +/- $0.55 $1 billion change in rate base +/- $0.06 Electric Utilities & Infrastructure 1% change in retail volumes: Industrial +/- $0.02 (2) +/- $0.15(1) (2) Commercial +/- $0.05 (2) Residential +/- $0.08 (2) 1% c
Slide 25: Earnings base growth
Earnings base growth REGULATED ELECTRIC AND GAS EARNINGS BASE(1)(2) 2021-2025 REGULATED ELECTRIC AND GAS EARNINGS BASE(1)(2) $140B - $111 $150B $105 $12 ~5% $99 $11 $92 $99 $111B $10 $86 $94 $82 $10 $88 $86B $9 $8 $82 $77 $74 LDC Gas 2021E 2025E 2029E 2020A 2021E 2022E 2023E 2024E 2025E 10% Electric
Slide 26: Regulated utilities end of year earnings base
Regulated utilities end of year earnings base(1) Electric Utilities Earnings Base ($ in billions) 2020A 2021E 2022E 2023E 2024E 2025E Duke Energy Carolinas(2) $26.4 $27.9 $30.7 $33.3 $35.0 $37.2 Duke Energy Progress(2) 18.2 18.1 19.1 20.5 21.9 23.2 Duke Energy Florida 15.5 16.7 18.1 19.5 21.1 22.4 D
Slide 27: Capital expenditures profile
Capital expenditures profile(1) ($ in millions) Capital Expenditures 2020A 2021E 2022E 2023E 2024E 2025E 2021 - 2025 Electric Generation(2) 1,254 1,425 1,400 1,425 1,675 2,025 7,950 Electric T ransmission 908 1,325 1,425 1,400 1,275 1,275 6,700 Electric Distribution 2,365 2,700 4,150 4,000 3,975 4,1
Slide 28: Capital expenditures by utility (continued)
Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Carolinas 2020A 2021E 2022E 2023E 2024E 2025E 2021 - 2025 Electric Generation 612 500 550 575 575 725 2,925 Electric T ransmission 99 300 400 475 225 150 1,550 Electric Distribution 762 1,050 1,850 1,700 1,400 1,550 7,550 Env
Slide 29: Capital expenditures by utility (continued)
Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Florida 2020A 2021E 2022E 2023E 2024E 2025E 2021 - 2025 Electric Generation 324 600 450 400 300 275 2,025 Electric T ransmission 465 550 600 550 500 475 2,675 Electric Distribution 497 525 700 800 1,025 950 4,000 Environmenta
Slide 30: Capital expenditures by utility (continued)
Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy OH/KY Electric 2020A 2021E 2022E 2023E 2024E 2025E 2021 - 2025 Electric Generation 0 25 75 - - - 100 Electric T ransmission 172 125 125 150 150 150 700 Electric Distribution 272 250 250 225 250 250 1,225 Environmental & Other
Slide 31: Carolinas coal ash costs
Carolinas coal ash costs DEC and DEP system-wide estimated coal ash closure costs: Total Project Spend To Date 2021 – 2025 2026 – 2030 Reg Asset Balance Costs (through 12/31/20) Expected Spend Expected Spend 12/31/2020 Duke Energy Carolinas $4,365 $1,396 $1,060 $850 $570 Duke Energy Progress $3,520
Slide 32: Environmental compliance expenditures
Environmental compliance expenditures ($ in millions) Total Project Spend 2021-2025 Coal Ash Closure Costs Costs To Date(1) Plan Duke Energy Carolinas $4,365 $1,396 $1,060 Duke Energy Progress $3,520 $1,391 $915 Duke Energy Indiana $1,350 $334 $530 Duke Energy Florida $40 $5 $ -- Duke Energy Kentuck
Slide 33: Weather normalized volume trends, by electric jurisdiction
Weather normalized volume trends, by electric jurisdiction Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 2020 Retail Volume Summary 5.6% 4.3% 3.4% 2.4% 2.6% 1.8% 1.3% -0.8% -1.9% -2.3% -2.3% -2.6% -3.1% -4.0% -5.0% -4.
Slide 34: Managing regulatory lag and customer rate impacts
Managing regulatory lag and customer rate impacts ADJUSTED BOOK ROEs(1) COMPETITIVE CUSTOMER RATES(2) 10.6% U.S. AVG. 13.65 10.5% Carolinas DEP (SC) 12.43 9.8% 9.5–10.0% DEF 12.40 10.5% DEC (SC) 12.24 10.3% DEI 11.67 Florida 10.7% DEP (NC) 11.50 10.0–10.5% DEC (NC) 10.73 9.5% 9.8% DEK 9.75 Indiana 8
Slide 35: Financing plan update and current liquidity
Financing plan update and current liquidity // 35
Slide 36: 2021 Financing plan
2021 Financing plan(1) Estimated / Completed 2021 Issuer Actual Amount Security Date Issued Term Rate ($ in millions) Maturities(2) ($ in millions) $1,750 Holding Company $2,750 – $3,250 - - - - - (May & Sept) $500 DE Carolinas $900 - $1,100 - - - - - (June) $1,300 DE Progress $1,000 - $1,200 - - -
Slide 37: Liquidity summary (as of December 31, 2020)
Liquidity summary (as of December 31, 2020) ($ in millions) Duke Duke Duke Duke Duke Duke Piedmont Duke Energy Energy Energy Energy Energy Energy Natural Energy Carolinas Progress Florida Indiana Ohio Kentucky Gas Total Master Credit Facility (1) $ 2,650 $ 1,475 $ 1,250 $ 800 $ 600 $ 450 $ 175 $ 600
Slide 38: 2021 Pension funding and costs
2021 Pension funding and costs Pension 2021E – Contributions 2019A 2020A ▪ On a consolidated basis, Duke Energy pension plans 2025E ($ in millions) are fully funded as of 12/31/2020 on a PBO basis All plans $77 $0 $0 ▪ Duke Energy’s pension funding policy: ‒ Duke Energy’s policy is to fund amounts o
Slide 39: Simplified financing structure
Simplified financing structure Duke Energy (HoldCo) Cinergy Corp. Progress Energy (HoldCo) (HoldCo) (1) Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Piedmont Natural Carolinas Ohio Indiana Progress Florida Gas Commercial Paper and LT Financings Duke Energy Duke Energy Money Pool and L
Slide 40: Credit ratings and 2020 cash flow metrics
Credit ratings (as of February 11, 2021) and 2020 cash flow metrics(1) Current Ratings Moody's S&P Duke Energy Corporation Holdco Debt/Total Debt 33% DUKE ENERGY CORPORATION Negative Stable Senior Unsecured Debt Baa1 BBB FFO/Debt (2)(3) 15% Commercial Paper P-2 A-2 Duke Energy Duke Energy Duke Energ
Slide 41: Regulatory overview
Regulatory overview // 41
Slide 42: Regulatory calendar
Regulatory calendar Pending rate case Planned/Evaluating rate case Modern recovery mechanism JURISDICTION 2020 2021 2022 2023 2024 2025 DEC Pending – NC Planning for multiple rate cases – NC / SC DEP Pending – NC Planning for multiple rate cases – NC / SC Multi-year rate plan Evaluating DEF SOBRA Cl
Slide 43: Overview of state commissions by jurisdiction
Overview of state commissions by jurisdiction North Carolina South Carolina Florida Indiana Ohio Kentucky Tennessee Number of 7 7 5 5 5 3 5 Commissioners Term (years) 6 4 4 4 5 4 6 Appointed by Appointed by Elected by the Appointed by Appointed by Appointed by Appointed by Appointed/Elected Governor
Slide 44: Current electric rate information by jurisdiction
Current electric rate information by jurisdiction North South(1) Ohio Kentucky Florida Indiana Carolina Carolina (Electric) (Electric) $16.9 B (2) (DEC) $5.4 B (DEC) $1.3 B Retail Rate Base $14.7 B (3) $9.9 B $881 M $10.6 B (2) (DEP) $1.5 B (DEP) (dist. only) $2.1 B (DEC) 3Q 2020 $0.7 B Wholesale Ra
Slide 45: General Rate Case Provisions
Current electric rate information by jurisdiction (continued) General Rate Case Provisions North South Ohio Kentucky Florida Indiana Carolina Carolina (Electric) (Electric) Notice of Intent Required? Yes Yes Yes Yes (1) Yes Yes Notice Period 30 Days 30 Days 60 Days 30 Days (2) 30 Days 30 Days Histor
Slide 46: Current gas rate information by jurisdiction
Current gas rate information by jurisdiction North South Ohio Kentucky Tennessee(1) Carolina Carolina (Gas) (Gas) Rate Base ($M) $3.5 billion $366 million $897 million $900 million(2) $313 million Allowed ROE 9.7% 9.8% 9.8% 9.84% 9.7% Allowed Equity 52% 52.31% 50.5% 53.3% 50.8% Effective Date of 11/
Slide 47: Segment overviews
Segment overviews // 47
Slide 48: Duke Energy business segment structure
Duke Energy business segment structure Duke Energy Electric Utilities Gas Utilities Commercial Other & Infrastructure & Infrastructure Renewables North and South Duke Energy Carolinas Piedmont Natural Gas Carolina North and South Commercial Duke Energy Progress Carolina Pipelines Duke Energy Florida
Slide 49: Duke Energy – a large scale, highly regulated energy infrastructure company
Duke Energy – a large scale, highly regulated energy infrastructure company HEADQUARTERED IN ELECTRIC UTILITIES CHARLOTTE, NC & INFRASTRUCTURE ▪ Operating in six constructive jurisdictions, with attractive allowed ROEs, serving 7.9 million retail customers ▪ Customer rates below the national average
Slide 50: Complementary businesses with strong growth opportunities
Complementary businesses with strong growth opportunities ELECTRIC UTILITIES 2021 ADJUSTED 2021-2025 2021 – 2025 & INFRASTRUCTURE EPS CONTRIBUTION(1) CAPEX ADJUSTED EPS CAGR(2) 86% $49.5 B Consolidated 5-7% GAS UTILITIES & INFRASTRUCTURE 8-10% 9% $5.7 B 5-7% COMMERCIAL RENEWABLES 5% $2.5 B(3) Electr
Slide 51: Electric utilities & infrastructure
Electric utilities & infrastructure COMPETITIVE CUSTOMER RATES(1) REGULATED ELECTRIC EIGHT UTILITIES IN 2020 EARNINGS BASE RESIDENTIAL HIGH-QUALITY U.S. AVG. 13.65 DEO - Electric DEK - Electric REGIONS OF THE U.S. DEP (SC) 12.43 4% 2% DEF 12.40 DEC (SC) 12.24 DEI CAROLINAS DEI 11.67 12% DEP (NC) DEC
Slide 52: Grid improvement programs overview
Grid improvement programs overview BATTERY AMI DEPLOYMENT STORAGE DEC (1) SELF- TRANSMISSION DEP (1) OPTIMIZATION IMPROVEMENTS DEF DEI DEO DEK INTEGRATED SYSTEM 0% 50% 100% SYSTEM INTELLIGENCE OPERATIONS & AND GRID Previously Added To be added PLANNING AUTOMATION Completed In 2020 In 2021 INTEGRATED
Slide 53: Gas utilities & infrastructure
Gas utilities & infrastructure GAS UTILITIES WITH LOW VOLUMETRIC EXPOSURE DUE TO MOSTLY FIXED MARGINS… MARGIN STABILIZING MECHANISMS 13% 10% 1. Purchased Gas All States 77% Adjustment 87% MOSTLY 2. Uncollectible Recovery All States FIXED 3. Integrity Management North Carolina MARGINS Rider (“IMR”) a
Slide 54: Commercial Renewables asset locations
Commercial Renewables asset locations A full list of generation facilities can be found at: https://www.duke-energy.com//_/media/pdfs/our-company/investors/duke-energy-generation-portfolio.pdf // 54 FOURTH QUARTER 2020 EARNINGS REVIEW AND BUSINESS UPDATE // 54
Slide 55: Upcoming events
Upcoming events Event Date 1Q 2021 earnings call (tentative) May 10, 2021 2Q 2021 earnings call (tentative) August 5, 2021 3Q 2021 earnings call (tentative) November 4, 2021 // 55 FOURTH QUARTER 2020 EARNINGS REVIEW AND BUSINESS UPDATE // 55
Slide 56: Investor relations contact information
Investor relations contact information JACK SULLIVAN, VICE PRESIDENT INVESTOR RELATIONS ▪ Jack.Sullivan@duke-energy.com ▪ (980) 373-3564 CINDY LEE, DIRECTOR INVESTOR RELATIONS ▪ Cynthia.Lee@duke-energy.com ▪ (980) 373-4077 ABBY MOTSINGER, MANAGER INVESTOR RELATIONS ▪ Abby.Motsinger@duke-energy.com ▪
Slide 57: For additional information on Duke Energy
HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors FOURTH QUARTER 2020 EARNINGS REVIEW AND BUSINESS UPDATE // 57
Slide 58: Non-GAAP Reconciliations: Adjusted Earnings per Share
Duke Energy Corporation Non-GAAP Reconciliations Fourth Quarter Earnings Review & Business Update February 11, 2021 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Fourth Quarter Earnings Review and Business Update on February 11, 2021, include a discussio
Slide 59: Adjusted Segment Income (Loss) and Adjusted Other Net Loss
Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods, such as legal settlement
Slide 60: Adjusted Book Return on Equity (ROE)
Adjusted Book Return on Equity (ROE) The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update on February 11, 2021 include a reference to the historical and projected adjusted book return on equity (ROE) ratio. This ratio is a non-GAAP financial measure. The numerator repre
Slide 61: Net Regulated Electric and Gas O&M
Net Regulated Electric and Gas O&M The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update on February 11, 2021, include a discussion of Duke Energy’s net regulated Electric and Gas operating, maintenance and other expenses (O&M) for the year-to-date periods ended December
Slide 62: Reported to Adjusted Earnings Reconciliation, Year Ended December 31, 2020
DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2020 (Dollars in millions, except per share amounts) Special Items Reported Gas Pipeline Regulatory Discontinued Total Adjusted Earnings Investments Severance Settlements Operations Adjustments Earnings SEGM
Slide 63: Reported to Adjusted Earnings Reconciliation, Year Ended December 31, 2019
DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2019 (Dollars in millions, except per share amounts) Special Items Reported Impairment Discontinued Total Adjusted Earnings Charges Operations Adjustments Earnings SEGMENT INCOME Electric Utilities and Infra
Slide 64: Effective Tax Reconciliation December 2020
DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2020 (Dollars in millions) Three Months Ended Year Ended December 31, 2020 December 31, 2020 Effective Tax Effective Tax Balance Rate Balance Rate Reported (Loss) Income Before Income Taxes From Continuing Operations Before Income Taxes $
Slide 65: Available Liquidity Reconciliation
Duke Energy Corporation Available Liquidity Reconciliation As of December 31, 2020 (In millions) Cash and Cash Equivalents $ 259 Less: Certain Amounts Held in Foreign Jurisdictions (3) Less: Unavailable Domestic Cash (48) 208 Plus: Remaining Availability under Master Credit Facilities and other faci
Slide 66: Operations, Maintenance and Other Expense
Duke Energy Corporation Operations, Maintenance and Other Expense (In millions) Actual Actual Actual Actual Actual Forecast December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 (a) Operation, maintenance and other $6,223 $5,944 $6,463 $6,066 $5,
Slide 67: Adjusted Book Return on Equity, 2020
DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2020 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont Reported Net Income 2020 $ 956 $ 4
Slide 68: Adjusted Book Return on Equity, 2019
DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2019 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont Reported Net Income 2019 $ 1,403 $
Slide 69: Adjusted Book Return on Equity, 2018
DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2018 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont Reported Net Income 2018 $ 1,071 $
Slide 70: 2021 Forecasted Cash Flow Reconciliation
Duke Energy Corporation 2021 Forecasted Cash Flow Reconciliation, Required by SEC Regulation G February 11, 2021 ($ in millions) Forecast 2021 Primary Sources: Adjusted net income (1) (a) $3,960 Depreciation & amortization (a) 5,655 Deferred and accrued taxes (a) 325 Other sources / (uses), net (a)
Slide 71: FFO to Debt Calculation: Duke Energy Corporation
FFO to Debt Calculation Duke Energy Corporation (in millions) Year Ended December 31, 2020 Actual Cash From Operations 8,856 Adjust for Working Capital (1) (246) Coal ash ARO spend 610 Include Capitalized Interest as cost (112) Hybrid interest adjustment 10 Preferred stock adjustment (54) CR3 securi
Slide 72: FFO to Debt Calculation: Duke Energy Carolinas
FFO to Debt Calculation Duke Energy Carolinas (in millions) Year Ended December 31, 2020 Actual Cash From Operations 2,776 Adjust for Working Capital (1) (255) ARO spend 162 Include Capitalized Interest as cost (28) Lease‐imputed FFO adjustment (D&A) 43 Funds From Operations 2,698 Current maturities
Slide 73: FFO to Debt Calculation: Duke Energy Progress
FFO to Debt Calculation Duke Energy Progress (in millions) Year Ended December 31, 2020 Actual Cash From Operations 1,666 Adjust for Working Capital (1) (229) Coal ash ARO spend 304 Include Capitalized Interest as cost (12) Lease‐imputed FFO adjustment (D&A) 60 Funds From Operations 1,789 Notes paya
Slide 74: FFO to Debt Calculation: Duke Energy Florida
FFO to Debt Calculation Duke Energy Florida (in millions) Year Ended December 31, 2020 Actual Cash From Operations 1,661 Adjust for Working Capital (1) (51) Coal ash ARO spend 80 Include Capitalized Interest as cost (5) Adjust for CR3 (55) Lease‐imputed FFO adjustment (D&A) 99 Funds From Operations
Slide 75: FFO to Debt Calculation: Duke Energy Indiana
FFO to Debt Calculation Duke Energy Indiana (in millions) Year Ended December 31, 2020 Actual Cash From Operations 938 Adjust for Working Capital (1) (57) Coal ash ARO spend 63 Include Capitalized Interest as cost (10) Lease‐imputed FFO adjustment (D&A) 16 Funds From Operations 950 Notes payable to
Slide 76: FFO to Debt Calculation: Duke Energy Ohio
FFO to Debt Calculation Duke Energy Ohio (in millions) Year Ended December 31, 2020 Actual Cash From Operations 575 Adjust for Working Capital (1) (38) Coal Ash ARO spend 2 Include capitalized Interest as cost (26) Lease‐imputed FFO adjustment (D&A) 10 Funds From Operations 523 Notes payable to affi
Slide 77: FFO to Debt Calculation: Piedmont Natural Gas
FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2020 Actual Cash From Operations 481 Adjust for Working Capital (1) (31) Include Capitalized Interest as cost (8) Lease‐imputed FFO adjustment (D&A) 4 Funds From Operations 446 Notes payable to affiliated companies 53