Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q4 2023 Earnings Presentation

73 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Feb 8, 2024

1. Slide 1: Q4 2023 Earnings Review and Business Update

   Q4 / 2023 Earnings Review and Business Update Lynn Good / Chair, President and CEO Brian Savoy / Executive Vice President and CFO February 8, 2024 // 1

2. 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

3. 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

4. Slide 4: Financial highlights

   Financial highlights $3.54 / $5.56 $73 BILLION 2023 REPORTED(1) / ADJUSTED EPS 5-YR CAPEX PLAN $8 BILLION INCREASE FROM PRIOR CAPEX PLAN AS ENERGY TRANSITION ADVANCES ADJUSTED EARNINGS PER SHARE $5.85 - $6.10 INTRODUCING 2024 ADJUSTED EPS GUIDANCE RANGE $5.85 - $6.10 $5.56 5% – 7% EARNINGS GROWTH TH

5. Slide 5: 2023 accomplishments provide clarity and momentum

   2023 accomplishments provide clarity and momentum $45 BILLION OF HISTORIC AND FUTURE RATE BASE INVESTMENTS APPROVED(1)  Implemented multi-year plans for first time ever in North Carolina  DE Progress-NC approved in August  DE Carolinas-NC approved in December  DE Progress-SC approved in March 

6. Slide 6: Areas of focus for 2024

   Areas of focus for 2024 BUILDING ON SIGNIFICANT MOMENTUM IN 2023 Planning for generation resources to support our growing communities  Filed supplemental update in Carolinas Resource Plan in January. Expect orders in North Carolina and South Carolina by year end  Filing IRPs in Indiana and Kentuck

7. Slide 7: Pure play regulated utility in constructive, growing jurisdictions

   Pure play regulated utility operating in constructive and growing jurisdictions COMPLETED PORTFOLIO TRANSITION TO FULLY REGULATED COMPANY… 2011 Duke Energy & . Energy NC enacts bi-partisan Current Progress Energy Acquired Piedmont comprehensive clean Merge merger 2015 Natural Gas 2016 energy legisla

8. Slide 8: 2023 Financial results

   2023 Financial results REPORTED AND ADJUSTED YEAR-OVER-YEAR DRIVERS EARNINGS PER SHARE Electric Utilities and Infrastructure (+$0.10 $5.56 adjusted EPS) $5.27  Rate increases (NC, FL, SC, KY), riders and cost $3.54 mitigation, partially offset by weather, volumes $3.17 and higher interest expense G

9. Slide 9: 2024 Financial outlook – adjusted EPS waterfall

   2024 Financial outlook – adjusted EPS waterfall Electric Utilities & Gas Utilities & Other Infrastructure Infrastructure ($0.43) $0.78 $0.07 ▲ Rate cases and riders ▲ Customer growth ▼ Interest expense ▼ D&A and property taxes ▼ Interest expense $5.98 ▼ Higher effective Midpoint tax rate $5.56 ▲ Nor

10. Slide 10: Retail electric volumes

    Retail electric volumes EXPECT 2023 - 2028 LOAD PROJECTED GROWTH FROM GROWTH OF 1.5 - 2% ECONOMIC DEVELOPMENT (GWh)(3)  Continued residential customer growth from ~10,000 - 16,000 population migration ~8,000 - 13,000  2.1% customer growth in the Carolinas and ~5,000 - 2% in Florida from 2022 to 20

11. Slide 11: Culture of continuous improvement delivers sustainable savings

    Culture of continuous improvement delivers sustainable savings SIGNIFICANT O&M SAVINGS TOP-PERFORMER ACROSS MULTIPLE DESPITE RISING INFLATION O&M COST EFFICIENCY MEASURES(2)  Delivered on all 2023 cost initiatives #2 / 19 ELECTRIC NON-GENERATION O&M / CUSTOMER O&M Cost Management ($ in billions) $4

12. Slide 12: $8B increase in capital plan drives earnings base growth

    $8B increase in capital plan drives significant earnings base growth GROWING 5-YEAR LONG-TERM GROWTH SUPPORTED BY CAPEX PROFILE… ROBUST CAPITAL PLAN $95B -  Capital plan reflects early estimate of the $73B $105B supplemental Carolinas Resource Plan filing and $73B approved North Carolina multi-year

13. Slide 13: Committed to current credit ratings

    Committed to current credit ratings KEY MESSAGES 2024 FFO / DEBT DRIVERS  Continue to benefit from a number of credit 2023 FFO / Debt(1) 12.5% supportive drivers: Normal weather + 25 bps  Constructive rate case outcomes improve Weather-normal 2023 FFO / Debt 12.8% cash from operations Rate cases a

14. Slide 14: Our investor value proposition

    Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 4.3% ~10% 5 -7% DIVIDEND YIELD(1) ATTRACTIVE zzz LONG-TERM WITH LONG-TERM RISK-ADJUSTED EPS GROWTH(4) DIVIDEND GROWTH TOTAL SHAREHOLDER THROUGH 2028 COMMITMENT(2) RETURN(3) CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED

15. Slide 15: Appendix

    APPENDIX // 15

16. Slide 16: Constructive North Carolina rate case outcomes

    Constructive North Carolina rate case outcomes IMPLEMENTS PERFORMANCE-BASED REGULATIONS AUTHORIZED BY HB 951, INCLUDING MULTI-YEAR RATE PLANS DE PROGRESS RATE CASE ORDER DE CAROLINAS RATE CASE ORDER  On August 18, 2023, the NCUC issued an order  On December 15, 2023, the NCUC issued an order appro

17. Slide 17: Advancing Carolinas energy transition

    Advancing Carolinas energy transition SUPPLEMENTAL CAROLINAS RESOURCE NEAR-TERM ACTION PLAN PLAN FILED IN NORTH CAROLINA AND HIGHLIGHTS SOUTH CAROLINA ON JANUARY 31  Reflects significant growth in economic development  6,500 MW of new solar in- opportunities since August IRP filings and changes to

18. Slide 18: Coal as a % of Earnings Base

    Coal as a % of Earnings Base Coal / Oil Dual-Fuel(2) ~12% 4% ~10% 4% ~7% 3% 8% ~2 - 3% 6% 4% ~1-2% ~1-2% (1) (1) 2021 2023 2025E 2030E (1) 2025 and 2030 estimate will be impacted by customer demand for electricity, weather, fuel and purchased power prices, and other factors. (2) As of December 31, 2

19. Slide 19: Emerging technology advancements

    Emerging technology advancements  Testing EnerVenue nickel hydrogen battery, EOS Gen 3 zinc battery, and GKN hydrogen storage unit at Duke Energy’s Emerging Technology and Innovation Center in North Carolina  Deploying 100 residential Generac batteries in Florida to perform peak ENERGY shaving and

20. Slide 20: Significantly reducing emissions from electricity generation

    Significantly reducing Scope 1 emissions from electricity generation Removed 67 million metric tons of annual CO2 emissions from electric generation since 2005, equivalent to taking nearly 15 million fossil-fueled vehicles off the road Emissions from electric generation CO2 emissions CO2 Emissions (

21. Slide 21: Strong governance driven from diverse Board of Directors

    Long-standing history of strong governance driven from diverse Board of Directors FOCUSED ON BOARD COMPOSITION TO OVERSEE THE COMPANY’S LONG-TERM STRATEGY  13 out of 14 directors are independent (all directors except Chair, President and CEO)  7 out of 14 directors are female or identify as a part

22. Slide 22: Key 2024 adjusted earnings guidance assumptions

    Key 2024 adjusted earnings guidance assumptions 2024 Interest Expense Assumption ($ in millions) Original 2023 2023 2024 (Consolidated Total $3,350) Assumptions(1) Actual(1) Assumptions Adjusted segment income/(expense)(2): $1,050 Electric Utilities & Infrastructure $4,610 $4,287 $4,890 $2,050 Gas U

23. Slide 23: Electric utilities quarterly weather impacts

    Electric utilities quarterly weather impacts Weather segment 2023 2022 income to normal: Pretax Weighted EPS impact Pretax Weighted EPS impact impact avg. shares favorable / impact avg. shares favorable / (unfavorable) (unfavorable) First Quarter ($225) 770 ($0.22) ($33) 770 ($0.03) Second Quarter (

24. Slide 24: Key 2024 earnings sensitivities

    Key 2024 earnings sensitivities Full-year Driver EPS Impact 1% change in earned return on equity +/- $0.63 $1 billion change in rate base +/- $0.07 Electric Utilities & 1% change in Electric Utilities volumes Infrastructure Industrial +/- $0.02(2) +/- $0.12(1)(2) Commercial +/- $0.05(2) Residential

25. Slide 25: Clean energy transition underpins capital plans

    Clean energy transition underpins five- and ten-year capital plans PERCENTAGE OF TOTAL CAPEX PERCENTAGE OF TOTAL CAPEX 2024-2028(1) 2024-2033 Environmental Environmental Remediation Remediation Coal Maintenance Coal Maintenance ~3% Corp, IT & Cyber ~2% Corp, IT & Cyber ~2% ~1% $73B ~5% ~3% ~5% ~4% G

26. Slide 26: Regulated utilities end of year earnings base

    Regulated utilities end of year earnings base(1) Electric Utilities Earnings Base ($ in billions) 2023A 2024E 2025E 2026E 2027E 2028E Duke Energy Carolinas $32.6 $34.7 $37.2 $39.9 $43.1 $46.4 Duke Energy Progress 21.4 23.2 25.3 28.3 31.5 34.7 Duke Energy Florida 19.1 21.1 22.5 23.5 24.6 25.4 Duke In

27. Slide 27: Capital expenditures profile

    Capital expenditures profile(1) ($ in millions) Capital Expenditures 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 (2) Electric Generation 2,747 3,200 4,100 5,225 6,850 7,200 26,575 Electric Transmission 1,881 2,325 2,550 2,625 2,700 2,850 13,050 Electric Distribution 5,110 4,625 5,150 4,825 4,500

28. Slide 28: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Carolinas 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Generation 1,044 1,300 1,500 1,950 2,825 2,975 10,550 Electric Transmission 513 575 725 825 900 1,050 4,075 Electric Distribution 1,973 1,550 1,775 1,775 1,50

29. Slide 29: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Florida 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Generation 676 500 550 625 625 725 3,025 Electric Transmission 631 750 625 575 550 550 3,050 Electric Distribution 1,167 1,150 1,275 1,100 1,100 975 5,600 (2) E

30. Slide 30: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy OH/KY Electric 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Generation 34 50 75 50 25 50 250 Electric Transmission 129 175 175 150 200 175 875 Electric Distribution 336 325 350 350 350 325 1,700 (2) Environmental

31. Slide 31: Weather normalized volume trends, by electric jurisdiction

    Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of December 31, 2023 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 0.8% -0.2% -0.6% -1.1% -1.0% -0.7% -1.2% -1.4% -0.9% -0.7% -1.7% -

32. Slide 32: Managing regulatory lag and customer rate impacts

    Managing regulatory lag and customer rate impacts ADJUSTED BOOK ROEs(1) COMPETITIVE CUSTOMER RATES(2) RESIDENTIAL 10.0 - 10.5% U.S. AVG. 17.50 9.7% DEF 17.18 Carolinas 10.9% DEO 16.90 10.9% DEP (SC) 14.92 DEP (NC) 14.76 9.5 - 10.0% DEI 13.13 10.8% DEC (SC) 12.88 Florida 10.6% DEC (NC) 11.70 9.6% DEK

33. Slide 33: 2024 Financing plan

    2024 Financing plan Estimated / Actual Notional Pre-Issuance Completed Issuer Amount Hedges Security Date Issued Term Rate 2024 Maturities(1) ($ in millions) ($ in millions) ($ in millions) $600 3-year 4.85% (2) $1,250 - Senior Debt January 2024 $3,000 $650 5-year 4.85% Holding Company (Jan., Apr.,

34. Slide 34: Debt maturities through 2025 by issuer

    Debt maturities through 2025 by issuer(1) Amount Total Entity Security Type Rate Type Settlement Date Maturity Date ($ in millions) ($ in millions) (2) Duke Energy Corporation $1,000 Term Loan 6.16% Floating 03/09/22 03/09/24 Duke Energy Corporation $600 Sr. Notes 3.75% Fixed 04/04/14 04/15/24 $3,00

35. Slide 35: Liquidity summary (as of December 31, 2023)

    Liquidity summary (as of December 31, 2023) ($ 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) $ 2,275 $ 1,575 $ 1,400 $ 950 $ 950 $ 825 $ 225 $ 800

36. Slide 36: 2024 Pension funding and costs

    2024 Pension funding and costs  On a consolidated basis, Duke Energy Pension pension plans are ~114% funded across all Contributions 2022A 2023A 2024E ($ in millions) plans as of 12/31/2023 on a PBO basis All plans $58 $100 ~$150  Duke Energy’s pension funding policy:  Duke Energy’s policy is to

37. Slide 37: 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 Holdco(2) Progress Florida Gas Commercial Paper and LT Financings Duke Energy Duke Energy Money P

38. Slide 38: Credit ratings and 2023 credit metrics

    Credit ratings and 2023 credit metrics(1) Current Ratings Moody’s S&P INDUSTRY OUTLOOK Stable Stable DUKE ENERGY CORPORATION Stable Stable Senior Unsecured Debt Baa2 BBB Commercial Paper P-2 A-2 PROGRESS ENERGY, INC Stable Stable Senior Unsecured Debt Baa1 BBB Duke Energy Corporation DUKE ENERGY CAR

39. Slide 39: Modern recovery mechanisms and pending rate cases

    Modern recovery mechanisms and pending rate cases Pending rate case Evaluating rate case Modern recovery mechanism JURISDICTION 2023 2024 2025 2026 2027 2028 NC - Multi-year rate plan DEC SC Pending DEP NC - Multi-year rate plan Storm Protection Plan (SPP) – Filed annually(1) DEF Multi-year rate pla

40. Slide 40: Electric utilities & infrastructure recovery mechanisms

    Electric utilities & infrastructure recovery mechanisms RECOVERY MECHANISMS FOR ELECTRIC CAPEX(1)  ~90% of electric segment capital investments are eligible for modern recovery mechanisms, mitigating regulatory lag  Includes recovery through riders, rate cases with forecasted test years, and multi

41. Slide 41: Regulatory activity details

    Regulatory activity details FILING DOCKET KEY STATUS TYPE NO. DRIVERS  Filing is based on a retail rate base of $7.3 billion as of Dec. 31, 2022, adjusted for known and measurable changes through Dec. 31, 2023  Major capital investments include ~$1.5 billion in  Application filed Jan. 4, 2024 tra

42. Slide 42: 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 2 7 Commissioners(1) Term (years) 6 4 4 4 5 3 6 Appointed by Appointed by Appointed by Appointed by Elected by the Appointed by Appointed by Appointed/Elected Gover

43. Slide 43: Current electric rate information by jurisdiction

    Current electric rate information by jurisdiction North South Ohio Kentucky Florida Indiana Carolina Carolina (Electric) (Electric) $20.4 B(1) (DEC) $5.4 B(2) (DEC) $2.0 B Retail Rate Base $19.0 B(3) $10.4 B $1.1 B $13.0 B(1) (DEP) $1.8 B(2) (DEP) (dist. only) $2.5 B (DEC) 3Q 2023 $1.0 B Wholesale R

44. Slide 44: Current electric rate information by jurisdiction (continued)

    Current electric rate information by jurisdiction (continued) General Rate Case North South Ohio Kentucky Florida Indiana Provisions 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 Base Rat

45. Slide 45: Current gas rate information by jurisdiction

    Current gas rate information by jurisdiction North South Ohio Kentucky Tennessee Carolina Carolina (Gas) (Gas) Rate Base $4.7 billion $559 million $1.1 billion $1.9 billion $313 million 9.375% for base rates Allowed ROE 9.6% 9.3% 9.8% 9.6% 9.3% for riders Allowed Equity 51.6% 53.125% 48.67% 52.3% 51

46. Slide 46: Duke Energy business segment structure

    Duke Energy business segment structure Duke Energy Electric Utilities Gas Utilities Other & Infrastructure & Infrastructure North and South Duke Energy Carolinas Piedmont Natural Gas Carolina North and South Commercial Duke Energy Progress Carolina Pipelines Duke Energy Florida Florida Duke Energy I

47. Slide 47: A large scale, highly regulated energy infrastructure company

    Duke Energy – a large scale, highly regulated energy infrastructure company HEADQUARTERED IN ELECTRIC UTILITIES & GAS UTILITIES & CHARLOTTE, NC INFRASTRUCTURE INFRASTRUCTURE Operations A FORTUNE 150 COMPANY $73 B Retail Customers 8.4 million in six states 1.7 million in five states MARKET CAP (AS OF

48. Slide 48: Electric utilities & infrastructure

    Electric utilities & infrastructure EIGHT UTILITIES IN HIGH-QUALITY REGIONS OF THE U.S. CAROLINAS FLORIDA MIDWEST Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Duke Energy (NC/SC) (NC/SC) Indiana Ohio / Kentucky REGULATED ELECTRIC REGULATED ELECTRIC BALANCED 2023 EARNING

49. Slide 49: Gas utilities & infrastructure

    Gas utilities & infrastructure GAS UTILITIES WITH LOW VOLUMETRIC EXPOSURE DUE TO MOSTLY FIXED MARGINS… MARGIN STABILIZING MECHANISMS 13% 14% 1. Purchased Gas All States Adjustment 73% 87% MOSTLY 2. Uncollectible Recovery All States FIXED 3. Integrity Management Rider North Carolina MARGINS (“IMR”) 4

50. Slide 50: Top-performer across multiple O&M cost efficiency measures

    Top-performer across multiple O&M cost efficiency measures(1) Electric non-generation Electric non-generation Nuclear production expense / O&M / Customer O&M / MWh Nuclear Generation MWh #2 / 19 #3 / 19 #2 / 11 $0 $25 $50 $0 $500 $1,000 $0 $25 $50 $75 (1) Source: Company annual filings, 2022 FERC Fo

51. Slide 51: Upcoming events & other

    UPCOMING EVENTS & OTHER // 51

52. Slide 52: Upcoming events

    Upcoming events Event Date 1Q 2024 earnings call (tentative) May 7, 2024 2Q 2024 earnings call (tentative) August 6, 2024 3Q 2024 earnings call (tentative) November 7, 2024 // 52 FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 52

53. Slide 53: Investor relations contact information

    Investor relations contact information ABBY MOTSINGER, VICE PRESIDENT INVESTOR RELATIONS  Abby.Motsinger@duke-energy.com  (704) 382-7624 CHRIS JACOBI, DIRECTOR INVESTOR RELATIONS  Christopher.Jacobi@duke-energy.com  (704) 382-8397 MEGAN HAMMEL, MANAGER INVESTOR RELATIONS  Megan.Hammel@duke-ener

54. Slide 54: For additional information visit duke-energy.com/investors

    HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 54

55. Slide 55: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Fourth Quarter Earnings Review & Business Update February 8, 2024 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion

56. Slide 56: Adjusted Segment Income 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

57. Slide 57: 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 8, 2024, 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

58. Slide 58: Earnings Contribution Percentage

    Earnings Contribution Percentage The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update on February 8, 2024, reference each segment’s 2024 projected adjusted segment income as a percentage of the total projected 2024 adjusted EPS midpoint of approximately $5.98 (i.e., ear

59. Slide 59: Reported to Adjusted Earnings Reconciliation, 2023

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Regulatory Organizational Discontinued Total Adjusted Earnings Matters Optimization Operations Adjustments Earnings SEGMENT INCOME

60. Slide 60: Reported to Adjusted Earnings Reconciliation, 2022

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2022 (Dollars in millions, except per share amounts) Special Items Workplace Regulatory and Reported Matters and Workforce Discontinued Total Adjusted Earnings Litigation Realignment Operations Adjustments E

61. Slide 61: Effective Tax Reconciliation

    DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2023 (Dollars in millions) Three Months Ended Year Ended December 31, 2023 December 31, 2023 Effective Tax Effective Tax Balance Rate Balance Rate Reported Income Before Income Taxes From Continuing Operations Before Income Taxes $ 1,257

62. Slide 62: Operations, Maintenance and Other Expense

    Duke Energy Corporation Operations, Maintenance and Other Expense (In millions) Actual Actual Forecast December 31, 2022 December 31, 2023 December 31, 2024 (a) Operations, maintenance and other $ 5,734 $ 5,625 $ 5,459 Adjustments: (b) Regulatory Settlement (25) (16) – (b) Workplace and Workforce Re

63. Slide 63: Adjusted Book ROEs, 2023

    DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2023 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 2023 $ 1,470 $

64. Slide 64: Adjusted Book ROEs, 2022

    DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2022 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 2022 $ 1,600 $

65. Slide 65: Adjusted Book ROEs, 2021

    DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2021 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 2021 $ 1,336 $

66. Slide 66: Available Liquidity Reconciliation

    Duke Energy Corporation Available Liquidity Reconciliation As of December 31, 2023 (In millions) Cash and Cash Equivalents $ 253 Less: Certain Amounts Held in Foreign Jurisdictions (32) Less: Unavailable Domestic Cash (34) 187 Plus: Remaining Availability under Master Credit Facilities and other fac

67. Slide 67: FFO to Debt Calculation – Duke Energy Corporation

    FFO to Debt Calculation Duke Energy Corporation (in millions) Year Ended December 31, 2023 Actual Cash From Operations 9,788 Adjust for Working Capital (1) 1,230 Coal ash ARO spend 552 Include Capitalized Interest as cost (201) Hybrid interest adjustment 22 Preferred stock adjustment (54) CR3 securi

68. Slide 68: FFO to Debt Calculation – Duke Energy Carolinas

    FFO to Debt Calculation Duke Energy Carolinas (in millions) Year Ended December 31, 2023 Actual Cash From Operations 2,785 Adjust for Working Capital (1) 940 ARO spend 210 Include Capitalized Interest as cost (62) Storm securitization (12) Lease-imputed FFO adjustment (D&A) 36 Adjustment for Long-te

69. Slide 69: FFO to Debt Calculation – Duke Energy Progress

    FFO to Debt Calculation Duke Energy Progress (in millions) Year Ended December 31, 2023 Actual Cash From Operations 1,734 Adjust for Working Capital (1) 564 Coal ash ARO spend 249 Include Capitalized Interest as cost (35) Storm securitization (39) Lease-imputed FFO adjustment (D&A) 61 Adjustment for

70. Slide 70: FFO to Debt Calculation – Duke Energy Florida

    FFO to Debt Calculation Duke Energy Florida (in millions) Year Ended December 31, 2023 Actual Cash From Operations 2,387 Adjust for Working Capital (1) (41) Include Capitalized Interest as cost (6) CR3 securitization adjustment (53) Lease-imputed FFO adjustment (D&A) 61 Adjustment for Long-term Defe

71. Slide 71: FFO to Debt Calculation – Duke Energy Ohio

    FFO to Debt Calculation Duke Energy Ohio (in millions) Year Ended December 31, 2023 Actual Cash From Operations 506 Adjust for Working Capital (1) 226 Coal Ash ARO spend 13 Include capitalized Interest as cost (16) Lease-imputed FFO adjustment (D&A) 10 Funds From Operations 739 Notes payable to affi

72. Slide 72: FFO to Debt Calculation – Duke Energy Indiana

    FFO to Debt Calculation Duke Energy Indiana (in millions) Year Ended December 31, 2023 Actual Cash From Operations 1,107 Adjust for Working Capital (1) (11) Coal ash ARO spend 81 Include Capitalized Interest as cost (21) Lease-imputed FFO adjustment (D&A) 14 Funds From Operations 1,170 Notes payable

73. Slide 73: FFO to Debt Calculation – Piedmont Natural Gas

    FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2023 Actual Cash From Operations 762 Adjust for Working Capital (1) (140) Include Capitalized Interest as cost (8) Lease-imputed FFO adjustment (D&A) 1 Funds From Operations 615 Notes payable to affiliated companies 5

Duke Energy Corporation (Holding Company) — Q4 2023 Earnings Presentation on 6ix