Duke Energy Corporation (Holding Company) · NYSE:DUK

Duke Energy Corporation (Holding Company) — Q3 2012 Earnings Presentation

65 slides from Duke Energy Corporation (Holding Company)'s earnings presentation, Nov 8, 2012

  1. Slide 1: Third Quarter 2012 Earnings Review and Business Update

    THIRD QUARTER 2012 Earnings Review and Business Update November 8, 2012 Jim Rogers Chairman, President and Chief Executive Officer Lynn Good Executive Vice President and Chief Financial Officer

  2. Slide 2: Safe Harbor Statement

    SAFE HARBOR 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. These forward-look

  3. Slide 3: Topics for Today's Call

    TOPICS FOR TODAY’S CALL Our near-term priorities Status of major construction projects Commercial Businesses update 3Q-2012 earnings review and financial update Regulated utility customer volume trends 2013 and long-term earnings growth considerations Financial objectives Third Quarter Earnin

  4. Slide 4: Near-Term Priorities

    NEAR-TERM PRIORITIES Crystal River 3 repair or retire decision Edwardsport in Merger service and integration and approval of synergies settlement North Carolina investigation Achieve Nuclear fleet resolution and Financial performance constructive rate optimization case outcomes Objectives Third Quar

  5. Slide 5: Progress Energy Carolinas – North Carolina Rate Case

    PROGRESS ENERGY CAROLINAS – NORTH CAROLINA RATE CASE Major Components of Filing Rate Case Drivers On October 12, Progress Energy Carolinas filed a rate case with the North Carolina Utilities Commission (NCUC) to request an average 11% net 13% increase in retail revenues, or ~$359 million* The fili

  6. Slide 6: Merger Integration Status – 3Q 2012

    MERGER INTEGRATION STATUS – 3Q 2012 Non-Fuel O&M Run-Rate Non-Fuel O&M Synergies Key Initiatives Status Focus Area  Release ~1,100 employees through Voluntary Functional Severance Program Consolidation  Staffing process essentially complete  Rationalize real estate portfolio Supply Chain  Consol

  7. Slide 7: Crystal River 3 Update

    CRYSTAL RIVER 3 UPDATE  On October 1, provided to the Florida Public Service Commission, the independent Zapata engineering report, which evaluated:  Technical feasibility and risk of the current repair option  Estimated costs to repair the unit  Timeframe needed to repair the unit  Report conc

  8. Slide 8: Edwardsport Update

    EDWARDSPORT UPDATE Project Cost Update  Due to lower than projected revenues from test output and delays due to more extensive testing, the cost estimate on the project has increased  Excluding financing costs, the cost estimate has increased from $2.98 billion to $3.154 billion Project Status  T

  9. Slide 9: Status of Major Construction Projects

    STATUS OF MAJOR CONSTRUCTION PROJECTS1 (As of 9/30/2012) EDWARDSPORT CLIFFSIDE DAN RIVER CC LEE CC SUTTON CC (Wayne County) $150 Spent as of 9/30/2012 $25 Estimated $3,350 expenditures to complete project $2,175 $90 $100 $200 $625 $650 $400 Duke Duke Duke Progress Progress Jurisdiction Indiana Carol

  10. Slide 10: Commercial Businesses Update

    COMMERCIAL BUSINESSES UPDATE Midwest Generation  Filed with Public Utilities Commission of Ohio requesting recovery of cost-based capacity Midwest generation – 6,919 MW  Request for deferral treatment for the difference between our cost-based capacity rates and the PJM rates from August 2013 – May

  11. Slide 11: 3Q-2012 Earnings Summary and Key Drivers

    3Q-2012 EARNINGS SUMMARY AND KEY DRIVERS Adjusted Diluted EPS (1) 3Q-2012 Key Adjusted Segment Income Drivers(4) USFE&G +$435 million +$0.62 ▲Contribution from Progress Energy utilities +$0.55 ▲Pricing and riders(5) +$0.12 ▲Lower governance and O&M costs +$0.01 ▼Less favorable weather ($0.06) $3.67

  12. Slide 12: USFE&G Weather-Normal Volume Trends

    USFE&G WEATHER-NORMAL VOLUME TRENDS  3Q-2012 weather-normalized load growth USFE&G Weather-Normal Volume Changes(1) showed a modest decline Residential Commercial Industrial Total  Industrial  Experiencing weakness in the textile and chemical sectors in the Carolinas and primary metals and 0.6% 0

  13. Slide 13: 2013 and Long-Term Earnings Growth Considerations

    2013 AND LONG-TERM EARNINGS GROWTH CONSIDERATIONS  Continue to target a long-term 2012 to 2013 earnings growth range of 4% - 6% in Earnings Drivers Considerations adjusted diluted earnings per share Positive Drivers ▲ Contribution from Progress utilities ▲ Partial year benefit from Carolinas’ rate

  14. Slide 14: Financial Objectives

    FINANCIAL OBJECTIVES Current year Long-term Balance Dividend earnings earnings sheet growth guidance growth strength Achieve 2012 Target long-term Continue growing Maintain strong, earnings guidance adjusted diluted the dividend within investment- range of EPS growth of a 65% - 70% target grade

  15. Slide 15: Appendix Materials

    APPENDIX MATERIALS Item Slides Key 2012 Assumptions 16-18 Duke Energy 3Q-2012 Earnings Supplement 19-32 Duke Energy Overview 33-35 Additional Financial Information 36-42 Environmental Overview 43-48 Upcoming Events 49 Third Quarter Earnings Review and Business Update November 8, 2012 15

  16. Slide 16: Key 2012 Assumptions

    KEY 2012 ASSUMPTIONS Third Quarter Earnings Review and Business Update November 8, 2012 16

  17. Slide 17: Business Segment Structure

    BUSINESS SEGMENT STRUCTURE DUKE ENERGY U.S. FRANCHISED COMMERCIAL ELECTRIC AND GAS INTERNATIONAL POWER North and South Duke Energy Duke Carolinas Carolina Renewables North and South Duke Energy Progress Carolinas Carolina Retail Progress Florida Florida Duke Indiana Indiana Ohio T&D Midwest Coal Gen

  18. Slide 18: Update on Key 2012 Assumptions

    UPDATE ON KEY 2012 ASSUMPTIONS ($ in Millions) 2012 Assumptions, 2012 YTD including Progress (thru 9/30/12)2 Merger1 Adjusted Segment Income: USFE&G $2,090 $1,588 International $420 $350 Commercial Power $100 $93 Other (3) ($160) ($44) Duke Energy Consolidated (4) $2,450 $1,987 Average Shares Outsta

  19. Slide 19: Duke Energy 3Q-2012 Earnings Supplement

    DUKE ENERGY 3Q-2012 EARNINGS SUPPLEMENT Third Quarter Earnings Review and Business Update November 8, 2012 19

  20. Slide 20: US Franchised Electric and Gas

    US FRANCHISED ELECTRIC AND GAS Reported & Adjusted Segment Income 3Q12 3Q11 YTD 2012 YTD 2011 ($ in Millions) Reported Segment Income $ 790 $ 337 $1,263 $975 Adjustments 117 135 325 135 Adjusted Segment Income $ 907 $ 472 $1,588 $1,110 YTD 2012 vs. YTD 2011 Drivers Adjusted segment income was flat p

  21. Slide 21: USFE&G Normalized Volume Trends, by Jurisdiction

    USFE&G NORMALIZED VOLUME TRENDS, BY JURISDICTION Duke Progress Progress Duke Duke USFE&G Carolinas Carolinas Florida Indiana Ohio/Kentucky 3.2% 1.3% 1.1% 0.9% 1.0% 0.8% 0.9% 0.6% 0.7% 0.4% 0.4% 0.5% 0.4% 0.4% 0.2% 0.1% -0.2% -0.3% -0.8% -0.7% -0.9% -0.9% -1.6% -2.5% Residential Commercial Industrial

  22. Slide 22: USFE&G Quarterly Weather Impacts

    USFE&G QUARTERLY WEATHER IMPACTS EPS Impact – Favorable / (Unfavorable) Weather Segment Income to Normal: 2012 2011 First Quarter ($0.11) $0.01 Second Quarter $0.03 $0.08 Third Quarter $0.02 (1) $0.12 Fourth Quarter ($0.08) Year-to-Date ($0.05) (2) $0.13(2) (1) 3Q12 includes weather impact compared

  23. Slide 23: Crystal River Unit 3 Nuclear Outage

    CRYSTAL RIVER UNIT 3 NUCLEAR OUTAGE (As of 9/30/2012)  Florida Public Service Commission unanimously approved  No NEIL receivable recorded associated with the comprehensive settlement agreement which provides second delamination regulatory recovery guidelines related to unit  Accounting standards

  24. Slide 24: Progress Energy Florida Cost of Removal History

    PROGRESS ENERGY FLORIDA COST OF REMOVAL HISTORY 2012 ($ in millions) 2010 2011 1Q 2Q 3Q YTD Amount $60 $250 $58 $-- $60 $118 recognized Balance $461 $246 $216 $232 $169 $169 remaining Note: The cost of removal balance remaining is impacted by accruals in accordance with Progress Energy Florida’s lat

  25. Slide 25: Near-Term Rate Cases to Recover Costs

    NEAR-TERM RATE CASES TO RECOVER COSTS (As of 11/8/12) Jurisdiction 2012 2013 Status DEC – North Carolina File 1Q 2013 DEC – South Carolina File 1Q 2013 On 10/12/12, filed rate case testimony. New rates are expected to be PEC – North Carolina Filed October 2012 in effect in mid-2013. Timing of any fu

  26. Slide 26: Current Rate Information

    CURRENT RATE INFORMATION (As of 11/8/12) North South Ohio Kentucky Florida Indiana Carolina Carolina Electric Gas Electric Gas Retail Rate Base in $14.5B (1) (DEC) $9.6B (2) $5.5B (3) $1.3B (4) $700M $600M (5) $200M (6) Rates $7.4B (1) (PEC) 10.63% N/A N/A 10.50% (DEC) 10.50% (DEC) Allowed ROE 10.50

  27. Slide 27: Rate Case Filing Requirements

    RATE CASE FILING REQUIREMENTS (As of 11/8/12) North South Ohio Kentucky Carolina Carolina Florida Indiana Electric Gas Electric Gas Notice of Intent Yes Yes Yes Yes Yes Yes Yes Yes Required? Notice Period 30 Days 30 Days 30 Days Varies 30 Days 30 Days 28 Days 28 Days Partially Projected Partially Fo

  28. Slide 28: Regulatory Calendar

    REGULATORY CALENDAR CAROLINAS OHIO Progress Energy Capacity Cost Recovery Electric Distribution Gas Distribution Case Carolinas Docket 12-2400-EL-UNC Case Docket 12-1685-GA-AIR NC Rate Case Filed August 29, 2012 Docket 12-1682-EL-AIR Filed July 20, 2012 Docket E-2, Sub 1023 Filed July 20, 2012 Filed

  29. Slide 29: International

    INTERNATIONAL Reported & Adjusted Segment Income 3Q12 3Q11 YTD 2012 YTD 2011 ($ in Millions) Reported Segment Income $ 103 $ 115 $ 350 $ 370 Adjustments -- -- -- -- Adjusted Segment Income $ 103 $ 115 $ 350 $ 370 International Adjusted ($ in millions) Segment Income YTD 2012 vs. YTD 2011 Drivers $17

  30. Slide 30: Duke Energy International – Brazil

    DUKE ENERGY INTERNATIONAL – BRAZIL Gov’t sets  “Contractible capacity” minimizes hydrology risk allowed  Historically, approximately 95-100% of contractible capacity has been contracted  New contracts priced at current market prices as contracts mature; escalated for contractible inflation with 5

  31. Slide 31: Commercial Power

    COMMERCIAL POWER Reported & Adjusted Segment Income 3Q12 3Q11 YTD 2012 YTD 2011 ($ in Millions) Reported Segment Income $ 12 $ 24 $ 71 $ 103 Adjustments 19 50 22 53 Adjusted Segment Income $ 31 $ 74 $ 93 $ 156 YTD 2012 vs. YTD 2011 Drivers Commercial Power Adjusted Adjusted segment income decreased

  32. Slide 32: Other

    OTHER Reported & Adjusted Income (Loss) 3Q12 3Q11 YTD 2012 YTD 2011 ($ in Millions) Reported Net Expense $ (315) $ (5) $ (356) $ (31) Adjustments 299 10 312 23 Adjusted Net (Expense)/Income $ (16) $ 5 $ (44) $ (8) Other Adjusted Income (Loss) ($ in millions) YTD 2012 vs. YTD 2011 Drivers $50 Adjuste

  33. Slide 33: Duke Energy Overview

    DUKE ENERGY OVERVIEW Third Quarter Earnings Review and Business Update November 8, 2012 33

  34. Slide 34: Duke Energy Overview

    DUKE ENERGY OVERVIEW (As of 9/30/2012) US Franchised Electric and Gas (Regulated) Commercial Businesses (Non-Regulated) Midwest generation – 6,919 MW Wind – 1,225 MW Solar – 56 MW Equity investment in National Methanol (NMC) – Saudi Arabia Guatemala 366 MW El Salvador 296 MW Ecuador 163 MW Peru 810

  35. Slide 35: Duke Energy Overview, Cont.

    DUKE ENERGY OVERVIEW, CONT. (As of 9/30/2012) Duke Energy Business Mix1 Duke Energy U.S. Generation Mix2 4% 16% By Owned Regulated 39% 16% 36% 9% 90% Capacity International By Actual 51% 29% 18% Generation Commercial Power Coal Nuclear -10% Other Gas/Oil Hydro/Renewables Regulated Business Commercia

  36. Slide 36: Additional Financial Information

    ADDITIONAL FINANCIAL INFORMATION Third Quarter Earnings Review and Business Update November 8, 2012 36

  37. Slide 37: Accounting Charges Related to Merger Consummation (Day 1 Charges)

    ACCOUNTING CHARGES RELATED TO MERGER CONSUMMATION (“DAY 1 CHARGES”) Duke Progress Progress Duke Duke Duke ($ in millions) Carolinas Carolinas Florida Ohio Indiana Energy FERC mitigation $ 46 $ 71 $ -- $ -- $ -- $ 117 Severance costs 48 42 24 15 13 146 Community 73 54 9 5 5 149 support, charitable co

  38. Slide 38: Dividend Policy

    DIVIDEND POLICY Duke Energy dividend policy DUK Annual Dividend Per Share History Continued growth in dividend at a rate slower than growth of adjusted diluted EPS $3.06 $3.00 Targeting a long-term payout range of 65% $2.88 $2.94 to 70% of adjusted diluted EPS $2.76 $2.64 Dividend supported by s

  39. Slide 39: Simplified Financing Structure

    SIMPLIFIED FINANCING STRUCTURE Duke Energy (HoldCo) Cinergy Corp. Duke Energy Progress Energy (HoldCo) International (HoldCo) * Duke Energy Duke Energy Duke Energy Progress Energy Progress Energy Carolinas Ohio Indiana Carolinas Florida Duke Energy Duke Energy Renewables and Kentucky Other Commercia

  40. Slide 40: Progress on 2012 Financing Plan

    PROGRESS ON 2012 FINANCING PLAN (As of 11/8/2012) Financing Philosophy 2012 Financing Plan(1) (2) ($ in millions) Utility operating subsidiary (3) $1,500 Duke Energy financings Duke Carolinas $650 Index eligible financings with longer- Progress Florida $650 dated tenors Duke Indiana $250 Utilize

  41. Slide 41: Duke Energy Liquidity

    DUKE ENERGY LIQUIDITY Liquidity (as of September 30, 2012) ($ in millions) Duke DE PE DE DE DE Energy Carolinas Carolinas PE Florida Indiana Ohio Kentucky Total Master Credit Facility (1) $ 1,750 $ 1,250 $ 750 $ 750 $ 750 $ 650 $ 100 $ 6,000 Regional Bank Credit Facility (2) 100 100 - - - - - 200 Le

  42. Slide 42: Credit Ratings

    CREDIT RATINGS (As of 11/8/2012) Fitch Moody's S&P DUKE ENERGY Stable Stable Negative Corporate Credit Rating / Issuer Rating BBB+ Baa2 BBB+ Senior Unsecured Debt BBB+ Baa2 BBB Commercial Paper F-2 P-2 A-2 PROGRESS ENERGY Stable Stable Negative Senior Unsecured Debt BBB Baa2 BBB DUKE CAROLINAS Stabl

  43. Slide 43: Environmental Overview

    ENVIRONMENTAL OVERVIEW Third Quarter Earnings Review and Business Update November 8, 2012 43

  44. Slide 44: Pending Environmental Regulations

    PENDING ENVIRONMENTAL REGULATIONS Rule Overview Potential Impacts to Duke Energy  Regulates Hazardous Air Pollutants (e.g., mercury & non-mercury HAPs)  Additional air emissions control Mercury and Air  EPA published final rule on February 16, 2012 equipment Toxics Standards Rule  Compliance dea

  45. Slide 45: Pending EPA Regulations Will Impact U.S. Generation

    PENDING EPA REGULATIONS WILL IMPACT U.S. GENERATION Major Regulations Duke Energy Domestic Generation (As of 9/30/12) Considerations for EPA Coal Combustion Coal Generation Profile Transition period must Residuals Rule TODAY – 22.1 GW (1) POST MODERNIZATION (2) – 20.2 GW be reasonable to allow (Coa

  46. Slide 46: Positioning Our Coal Fleet for EPA Regulations

    POSITIONING OUR COAL FLEET FOR EPA REGULATIONS Coal Generation Profile – As of 9/30/12 Plans for Coal Generation Without Controls  Riverbend 4-7 ~450MW potential to be retired by 2015 Duke Carolinas  Lee 1&2 ~200MW potential to be retired by 2015 ~7.0 GW 3.4 GW 2.5 GW 1.1 GW  Lee 3 ~170MW plan to

  47. Slide 47: Duke Energy Steam Facility Data

    DUKE ENERGY STEAM FACILITY DATA (As of 9/30/12) Owned Capacity – Structure Operating State Jurisdiction Steam Unit Facility Summer Rating (MW) Fuel Type Current Cooling Method Emissions Controls Regulated In Operation DE Carolinas Allen 1,127 Coal Once-Through Scrubber Regulated In Operation DE Caro

  48. Slide 48: Duke Energy Steam Facility Data, Cont.

    DUKE ENERGY STEAM FACILITY DATA, CONT. (As of 9/30/12) Owned Capacity – Structure Operating State Jurisdiction Steam Unit Facility Summer Rating (MW) Fuel Type Current Cooling Method Emissions Controls Regulated In Operation DE Indiana Cayuga 1,005 Coal Once-Through Scrubber Regulated In Operation D

  49. Slide 49: Upcoming Activities

    UPCOMING ACTIVITIES Event Date February 13, 2013 Fourth Quarter 2012 Earnings Call (tentative) Analyst Day February 28, 2013 Third Quarter Earnings Review and Business Update November 8, 2012 49

  50. Slide 50: For additional information on Duke Energy, please visit

    For additional information on Duke Energy, please visit: www.duke-energy.com/investors Third Quarter Earnings Review and Business Update November 8, 2012 50 50

  51. Slide 51: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Third Quarter Earnings Review & Business Update November 8, 2012 Adjusted Diluted Earnings per Share (“EPS”) The materials for Duke Energy Corporation’s (“Duke Energy”) Third Quarter Earnings Review and Business Update on November 8, 2012 include a di

  52. Slide 52: Non-GAAP Reconciliations (continued)

    includes the impact of special items and the mark-to-market impacts of economic hedges in the Commercial Power segment. 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 a

  53. Slide 53: Adjusted Earnings, Pre-Tax Income and Tax Expense Reconciliation

    Adjusted Earnings, Pre-Tax Income $2,923 Edwardsport Impairment (600) Voluntary Severance Opportunity Plan Deferral 99 Costs-to-Achieve Progress Energy Merger (472) Economic Hedges (Mark-to-Market) (35) DNC Support (10) Reported Income Before Income Taxes from Continuing Operations $1,905 Adjusted T

  54. Slide 54: Adjusted Operating, Maintenance and Other Expenses

    expenses adjusted for special items, expenses that are deferred or recovered through riders and adjustments for intercompany amounts. Management believes that the presentation of adjusted operating, maintenance and other expenses provides useful information to investors, as it provides a meaningful

  55. Slide 55: Adjusted to Reported Earnings Reconciliation, Three Months Ended Sept 30, 2012

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended September 30, 2012 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, DNC Host Economic Adjusted Progress Committee Edwardsport Hedges (Mark- Discontinued Total Reported Earnings Merg

  56. Slide 56: Adjusted to Reported Earnings Reconciliation, Nine Months Ended Sept 30, 2012

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2012 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Voluntary DNC Host Economic Adjusted Progress Opportunity Edwardsport Committee Hedges (Mark- Discontinued Total R

  57. Slide 57: Adjusted to Reported Earnings Reconciliation, Three Months Ended Sept 30, 2011

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended September 30, 2011 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Emission Economic Adjusted Progress Edwardsport Allowances Hedges (Mark- Discontinued Total Reported Earnings Mer

  58. Slide 58: Adjusted to Reported Earnings Reconciliation, Nine Months Ended Sept 30, 2011

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2011 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Emission Economic Adjusted Progress Edwardsport Allownaces Hedges (Mark- Discontinued Total Reported Earnings Merg

  59. Slide 59: Adjusted to Reported Earnings Reconciliation, Three Months Ended June 30, 2012

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended June 30, 2012 (Dollars in millions, except per-share amounts) Special Items (Note 1) Costs to Achieve, Economic Adjusted Progress Hedges (Mark- Discontinued Total Reported Earnings Merger to-Market) * Operations

  60. Slide 60: Adjusted to Reported Earnings Reconciliation, Three Months Ended March 31, 2012

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended March 31, 2012 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Voluntary Economic Adjusted Progress Opportunity Edwardsport Hedges (Mark- Discontinued Total Reported Earnings Merge

  61. Slide 61: Adjusted to Reported Earnings Reconciliation, Three Months Ended Dec 31, 2011

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended December 31, 2011 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Economic Adjusted Progress Hedges (Mark- Total Reported Earnings Merger to-Market) * Adjustments Earnings SEGMENT

  62. Slide 62: Adjusted to Reported Earnings Reconciliation, Three Months Ended June 30, 2011

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended June 30, 2011 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Adjusted Progress Reported Earnings Merger Earnings SEGMENT INCOME U.S. Franchised Electric and Gas $ 297 $ - $ 297 Co

  63. Slide 63: Adjusted to Reported Earnings Reconciliation, Three Months Ended March 31, 2011

    DUKE ENERGY CORPORATION ADJUSTED TO REPORTED EARNINGS RECONCILIATION Three Months Ended March 31, 2011 (Dollars in millions, except per-share amounts) Special Items Costs to Achieve, Economic Adjusted Progress Hedges (Mark- Total Reported Earnings Merger to-Market) * Adjustments Earnings SEGMENT INC

  64. Slide 64: Available Liquidity Reconciliation as of September 30, 2012

    Duke Energy Corporation Available Liquidity Reconciliation As of September 30, 2012 (In millions) Cash and Cash Equivalents $1,761 Short-Term Investments 335 Subtotal 2,096 Less: Amounts Held in Foreign Jurisdictions (1,364) $732 Plus: Remaining Availability under Master Credit and Regional Bank Cre

  65. Slide 65: Operations and Maintenance Expense

    Duke Energy Corporation Operations and Maintenance Expense For the Three and Nine Months Ended September 30, 2012 and 2011 (In millions) Three Months Ended Nine Months Ended September 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011 Operation, maintenance and other (a) $1,654 $866 $

Duke Energy — Q3 2012 Earnings Presentation on 6ix