Duke Energy (DUK) 10-K risk factor changes: FY2021 vs FY2020

Duke Energy’s future results could be adversely affected if it is unable to implement its business [removed: strategy.][added: strategy including achieving its carbon emissions reduction goals.]

Duke Energy's [added: clean energy] strategy, which includes [removed: transforming the customer experience,] achieving net-zero carbon emissions [added: from electricity generation] by 2050, modernizing the regulatory [removed: construct] [added: construct, transforming the customer experience,] and digital transformation, is subject to business, [added: policy,] regulatory, [added: technology,] economic and competitive uncertainties and contingencies, [removed: and required advancements in technology to achieve net-zero carbon emissions by 2050,] many of which are beyond its [removed: control.][added: control and may make those goals difficult to achieve.]

As a consequence, Duke Energy may not be able to fully implement or realize the anticipated results of its [removed: strategy.][added: strategy, which may have an adverse effect on its financial condition.]

Federal and state regulations, [removed: laws] [added: laws, commercialization] and [added: reduction of costs and] other efforts designed to promote and expand the use of EE measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could [added: reduce recovery of fixed costs in Duke Energy service territories or] result in customers leaving the electric distribution system and an increase in customer net energy metering, which allows customers with private solar to receive bill credits for surplus power at the full retail amount.

Over time, customer adoption of these technologies [removed: and increased EE] could result in [removed: excess generation resources as well as stranded costs if] Duke Energy [removed: is] not [added: being] able to fully recover the costs and investment in generation.

The Duke Energy Registrants’ businesses are subject to extensive federal regulation and a wide variety of laws and governmental policies, including [removed: taxes,] [added: taxes and environmental regulations,] that may change over time in ways that affect operations and costs.

New state [removed: legislation, including the North Carolina Clean Energy Plan,] [added: legislation] could impose carbon reduction goals that are more aggressive than the company's plans.

Increased regulation of GHG emissions could impose significant additional costs on the Duke Energy Registrants' electric and natural gas operations, their suppliers and [removed: customers.][added: customers and affect demand for energy conservation and renewable products, which could impact both our electric and natural gas businesses.]

- ability to procure satisfactory levels of inventory, [added: including materials, supplies, and fuel] such as coal, natural gas and uranium; and

Natural disasters or [removed: other] operational accidents within the company or industry (such as forest fires, earthquakes, hurricanes or natural gas transmission pipeline explosions) could have direct or indirect impacts to the Duke Energy Registrants or to key contractors and suppliers.

In addition, if a serious operational accident were to occur, existing insurance policies may not cover all of the potential exposures or the actual amount of loss [removed: incurred.][added: incurred, including potential litigation awards.]

As a result of electricity produced for decades at coal-fired power plants, the Duke Energy Registrants manage large amounts of CCR that are primarily stored in dry storage within landfills or combined with water in [removed: other] surface impoundments, all in compliance with applicable regulatory requirements.

In addition to the federal regulations, CCR landfills and surface impoundments will continue to be regulated by existing state laws, regulations and permits, as well as additional legal requirements that may be imposed in the future, such as the settlement reached with the NCDEQ to excavate seven of the nine remaining coal ash basins in North Carolina, and partially excavate the remaining [removed: two.][added: two, and EPA's January 11, 2022, issuance of a letter interpreting the CCR Rule, including its applicability and closure provisions.]

Closure activities began in 2015 at the four sites specified as [added: high] priority by the Coal Ash Act and at the W.S. Lee Steam Station site in South Carolina in connection with other legal requirements.

Certain regulatory and legislative bodies have introduced or are considering requirements and/or incentives to reduce energy consumption by certain [removed: dates.][added: dates in response to concerns related to climate change.]

Additionally, technological advances driven by federal laws mandating new levels of EE in end-use electric [added: and natural gas] devices or other improvements in or applications of technology could lead to declines in per capita energy consumption.

The Duke Energy Registrants future results may be impacted by changing [removed: customer] expectations and demands including heightened emphasis on environmental, social and governance concerns.

Duke Energy’s [added: ability to execute its strategy and achieve anticipated financial] outcomes are influenced by the expectations of our [removed: customers] [added: customers, regulators, investors,] and stakeholders.

Those expectations are based [added: in part] on the core fundamentals of reliability and affordability but are also increasingly focused on our ability to meet rapidly changing demands for new and varied products, services and offerings.

Additionally, the risks of global climate change continues to shape our customers’ sustainability goals and energy [removed: needs.][added: needs as well as the investment and financing criteria of investors.]

Failure to meet [removed: those] [added: these increasing] expectations or to adequately address the risks and external pressures from regulators, [added: customers,] investors and other stakeholders may impact [added: Duke Energy’s reputation and affect its ability to achieve] favorable outcomes in future rate cases and the results of operations for the Duke Energy Registrants.

The Duke Energy Registrants’ operating results may fluctuate on a seasonal and quarterly basis and can be negatively affected by changes in weather conditions and severe weather, including extreme weather conditions [removed: associated with] [added: and changes in weather patterns from] climate change.

Further, [added: changing frequency or magnitude of] extreme weather conditions such as hurricanes, droughts, heat waves, winter storms and severe [removed: weather associated with] [added: weather, including from] climate [removed: change] [added: change,] could cause these seasonal fluctuations to be more pronounced.

Furthermore, destruction caused by severe weather events, such as hurricanes, flooding, tornadoes, severe thunderstorms, snow and ice storms, [added: including from climate change,] can result in lost operating revenues due to outages, property damage, including downed transmission and distribution lines, and additional and unexpected expenses to mitigate storm damage.

A significant disruption to interstate pipelines capacity or reduction in natural gas supply due to events including, but not limited to, operational failures or disruptions, hurricanes, tornadoes, floods, freeze off of natural gas wells, terrorist or cyberattacks or other acts of war or legislative or regulatory actions or requirements, including remediation related to integrity [removed: inspections,] [added: inspections or regulations and laws enacted to address climate change,] could reduce the normal interstate supply of natural gas and thereby reduce earnings.

Fuel costs are recovered primarily through [removed: cost-recovery] [added: cost recovery] clauses, subject to the approval of state utility commissions.

In the event of a significant cybersecurity breach on either the Duke Energy Registrants or with one of our material vendors or related third parties, the Duke Energy Registrants could (i) have business operations disrupted, including the disruption of the operation of our [added: natural gas and electric] assets and the power grid, theft of confidential company, employee, retiree, shareholder, vendor or customer information, and general business systems and process interruption or compromise, including preventing the Duke Energy Registrants from servicing customers, collecting revenues or the recording, processing and/or reporting financial information correctly, (ii) experience substantial loss of revenues, repair and restoration costs, penalties and costs for lack of compliance with relevant regulations, implementation costs for additional security measures to avert future cyberattacks and other financial loss and (iii) be subject to increased regulation, litigation and reputational damage.

While the Duke Energy Registrants believe they are in compliance [removed: with] [added: with, or, in the case of the recent TSA security directives, are in the process of implementing] such standards and regulations, the Duke Energy Registrants have from time to time been, and may in the future be, found to be in violation of such standards and regulations.

Such disruptions could include: economic downturns, the bankruptcy of an unrelated energy company, unfavorable capital market conditions, market prices for electricity and natural gas, [added: the generation mix of individual utilities,] actual or threatened terrorist attacks, or the overall health of the energy industry.

[removed: Systematic] [added: Systemic] risk of the banking system and the financial markets could prevent a bank from meeting its obligations under the facility agreement.

In addition, future acts of terrorism and possible reprisals as a consequence of action by the U.S. and its allies could be directed against companies operating in the U.S. Information technology systems, [added: transportation systems for our fuel sources including natural gas pipelines,] transmission and distribution and generation facilities such as nuclear plants could be potential targets of terrorist activities or harmful activities by individuals or groups that could have a material adverse effect on Duke Energy Registrants' businesses.

Federal or state policies could be enacted that restrict the availability of fuels or generation technologies, such as natural gas or nuclear power, that enable Duke Energy to reduce its carbon emissions.

Supportive policies may be needed to facilitate the siting and cost recovery of transmission and distribution upgrades needed to accommodate the build out of large volumes of renewables and energy storage.

Further, the approval of our state regulators will be necessary for the company to continue to retire existing carbon emitting assets or make investments in new generating capacity.

The company may be constrained by the ability to procure resources or labor needed to build new generation at a reasonable price as well as to construct projects on time.

In addition, new technologies that are not yet commercially available or are unproven at utility scale will be needed.

If these technologies are not developed or are not available at reasonable prices, or if we invest in early-stage technologies that are then supplanted by technological breakthroughs, Duke Energy’s ability to achieve a net-zero target by 2050 at a cost-effective price could be at risk.

Achieving our carbon reduction goals will require continued operation of our existing carbon-free technologies including nuclear and renewables.

The rapid transition to and expansion of certain low-carbon resources, such as renewables without cost-effective storage, may challenge our ability to meet customer expectations of reliability in a carbon constrained environment, Our nuclear fleet is central to our ability to meet these objectives and customer expectations.

We are continuing to seek to renew the operating licenses of the 11 reactors we operate at six nuclear stations for an additional 20 years, extending their operating lives to and beyond midcentury.

Failure to receive approval from the NRC for the relicensing of any of these reactors could affect our ability to achieve a net-zero target by 2050.

Differences in regulation between jurisdictions with concurrent operations, such as North Carolina and South Carolina in Duke Energy Carolinas' and Duke Energy Progress' service territory, may also result in failure to recover costs.

Certain local and state jurisdictions have also enacted laws to restrict or prevent new gas infrastructure.

Regulatory changes could also result in generation facilities to be retired earlier than planned to meet our net-zero 2050 goal.

Though we would plan to seek cost recovery for investments related to GHG emissions reductions through regulatory rate structures, changes in the regulatory climate could result in the failure to fully recover such costs and investment in generation.

The COVID-19 pandemic has immaterially impacted and could impact the Duke Energy Registrants' business strategy, results of operations, financial position and cash flows in the future as a result of delays in rate cases or other legal proceedings, an inability to obtain labor or equipment necessary for the construction of large capital projects, an inability to procure satisfactory levels of fuels or other necessary equipment for the continued production of electricity and delivery of natural gas, and the health and availability of our critical personnel and their ability to perform business functions.

The Duke Energy Registrants also monitor the impacts of inflation on the procurement of goods and services and seek to minimize its effects in future periods through pricing strategies, productivity improvements, and cost reductions.

Rapidly rising prices as a result of inflation or other factors may impact the ability of the company to recover costs timely or execute on its business strategy including the achievement of growth objectives.

In addition, the electrification of buildings and appliances currently relying on natural gas could reduce the number of customers in our natural gas distribution business.

Furthermore, the increasing use of social media may accelerate and increase the potential scope of negative publicity we might receive and could increase the negative impact on our reputation, business, results of operations, and financial condition.

As it relates to electric generation, a diversified fleet with increasingly clean generation resources may facilitate more efficient financing and lower costs.

Conversely, jurisdictions utilizing more carbon-intensive generation such as coal may experience difficulty attracting certain investors and obtaining the most economical financing terms available.

Furthermore, with this heightened emphasis on environmental, social, and governance concerns, and climate change in particular, there is an increased risk of litigation by activists.

In addition, the growth of renewables and energy storage will put strains on existing transmission assets and require transmission and distribution upgrades.

The Duke Energy Registrants that operate designated critical pipelines that transport natural gas are also subject to security directives issued by the Department of Homeland Security's Transportation Security Administration (TSA) requiring such registrants to implement specific cybersecurity mitigation measures.

Our business could be negatively affected as a result of actions of activist shareholders.

While we strive to maintain constructive communications with our shareholders, activist shareholders may, from time to time, engage in proxy solicitations or advance shareholder proposals, or otherwise attempt to affect changes and assert influence on our Board and management.

Perceived uncertainties as to the future direction or governance of the company may cause concern to our current or potential regulators, vendors or strategic partners, or make it more difficult to execute on our strategy or to attract and retain qualified personnel, which may have a material impact on our business and operating results.

In addition, actions such as those described above could cause fluctuations in the trading price of our common stock, based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.

| RISK FACTORS | | | | | |

Regulatory changes could result in generation facilities to be retired early and result in stranded costs if Duke Energy is not able to fully recover the costs and investment in generation, and could also affect demand for energy conservation and renewable products, which could impact our electric and natural gas businesses.

The COVID-19 pandemic has impacted the Duke Energy Registrants' business strategy, results of operations, financial position and cash flows, albeit not materially as of this filing date, from specific activities listed below:

- Decreased demand for electricity and natural gas;

- Delays in rate cases and other legal proceedings;

- An inability to obtain labor or equipment necessary for the construction of generation projects or pipeline expansion;

- The health and availability of our critical personnel and their ability to perform business functions; and

- Actions of state utility commissions or federal or state governments to allow customers to suspend or delay payment of bills related to the provision of electric or natural gas services.

Furthermore, due to the unpredictability of the COVID-19 pandemic’s ongoing impact on global health and economic stability, the Duke Energy Registrants expect that the activities listed below could negatively impact their business strategy, results of operations, financial position and cash flows:

- An inability to procure satisfactory levels of fuels or other necessary equipment to continue production of electricity and delivery of natural gas;

- An inability to maintain information technology systems and protections from cyberattack;

- An inability to obtain financing in volatile financial markets;

- Additional federal regulation tied to stimulus and other aid packages; and

- Impairment charges, which could include real estate as options for working remotely are evaluated and goodwill.

| UNRESOLVED STAFF COMMENTS | | | | | |

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018.][added: 2019.]

Management's Discussion and Analysis of Financial Condition and Results of Operations," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, [removed: 2019,] [added: 2020,] filed with the SEC on February [removed: 20, 2020,] [added: 25, 2021,] for a discussion of variance drivers for the year ended December 31, [removed: 2019,] [added: 2020,] as compared to December 31, [removed: 2018.][added: 2019.]

Duke Energy operates in the U.S. primarily through its [removed: wholly owned] [added: direct and indirect] subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont.

In [removed: 2020,] [added: 2021,] we [removed: met] [added: continued to make progress, meeting] our near-term financial [removed: commitments] [added: commitments, executing on strategic priorities,] and [removed: continued] [added: continuing] to provide safe and reliable service while managing the [added: ongoing] impacts of the COVID-19 pandemic.

In [removed: early] 2021, we continued to position the company for sustainable long-term growth, [added: working with stakeholders to achieve comprehensive bipartisan energy legislation in North Carolina,] executing an important [added: North Carolina] coal ash settlement [removed: agreement in North Carolina] [added: agreement,] and [removed: announcing] [added: closing] the [added: first phase of the] $2 billion [removed: sale] [added: investment] of a minority interest in Duke Energy [removed: Indiana, providing a source of efficient capital at an attractive valuation.][added: Indiana.]

We remain focused on [added: executing on our clean energy transformation and] a business portfolio that will deliver a reliable and growing dividend with [removed: 2020] [added: 2021] representing the [removed: 94th] [added: 95th] consecutive year Duke Energy paid a cash dividend on its common stock.

[removed: ][added: ]

[removed: 2020] [added: 2021] Areas of Focus and Accomplishments

Our commitment for 2030 includes retiring [added: higher-emitting] plants, operating our existing carbon-free resources and investing in renewables, our energy delivery system, and natural gas infrastructure.

We will work actively to advocate for research and development [added: and deployment] of carbon-free, dispatchable resources.

*Modernizing the Power [removed: Grid*][added: Grid and Natural Gas Infrastructure*]

We continue to expand our self-optimizing grid capabilities, and in [removed: 2020,] [added: 2021,] smart, self-healing technologies helped to avoid more than [removed: 800,000] [added: 700,000] extended customer outages across our six-state electric service area, saving customers more than [removed: 1.8] [added: 1.2] million hours of lost outage time.

Duke Energy [removed: also] has a demonstrated track record of driving efficiencies and productivity into the business and we continue to leverage new technology, digital tools and data analytics across the business in response to a transforming landscape.

[removed: *Expanding Natural Gas Infrastructure*][added: | | | | Electric | | | | | | Natural Gas | | | | | | | | | | | | | | |]

[removed: In the fall of 2020, recognizing] [added: Recognizing] the continued importance of natural gas to our plans, we [removed: announced] [added: continue to work toward] a net-zero methane emission goal by 2030 related to our [removed: gas distribution business, as well as our commitment to lead on reduction of upstream methane emissions through work with our] natural gas [removed: supply chain.][added: distribution business.]

We have a multiyear rate plan in Florida and in January [removed: 2021] [added: 2021, we] reached a constructive settlement agreement with key consumer [removed: groups, subject to FPSC approval,] [added: groups] to bring additional certainty to rates through [removed: 2024, In addition, grid investment riders in the Midwest enable more timely cost recovery and earnings growth.][added: 2024.]

Our employees delivered strong safety results in [removed: 2020,] [added: 2021,] and we are at or near the top of our industry.

Our ability to effectively handle all facets of the [removed: 2020] [added: 2021] storm response efforts, including navigating [added: ongoing] COVID-19 protocols, is a testament to our team’s extensive preparation and coordination, applying lessons learned from previous storms, and to on-the-ground management throughout the restoration efforts.

Leading Through COVID-19. COVID-19 [removed: impacted] [added: continued to impact] all that we accomplished in [removed: 2020] [added: 2021] and demonstrated our resiliency and agility:

- Duke Energy kept electricity and [added: natural] gas flowing while [added: continuing to] voluntarily [removed: making] [added: make] significant accommodations for our customers.

- We [removed: ensured the] [added: implemented safety procedures designed to provide] physical safety [removed: of] [added: for] our workers and provided support for our employees.

Duke Energy Objectives – [removed: 2021] [added: 2022] and Beyond

As we look ahead to [removed: 2021,] [added: 2022,] our plans include:

- Strengthening our relationships with [removed: all] our [removed: vast] stakeholders in the communities in which we operate and invest

- Generating cleaner energy and working to achieve net-zero carbon emissions by 2050 and [removed: net zero] [added: net-zero] methane emissions by 2030

- Modernizing and strengthening a green-enabled energy grid [added: and our natural gas infrastructure]

[removed: *Coal] [added: Coal] Ash [removed: Costs*][added: Costs]

In 2020, the Hoosier Environmental Council filed a petition challenging the Indiana Department of Environmental Management's [added: (IDEM)] partial approval of [added: five of] Duke Energy Indiana’s ash pond [added: site] closure [removed: plans.][added: plans at Gallagher Station.]

[removed: *MGP*][added: MGP]

[removed: Disallowance] [added: Failure to approve the Stipulation and Recommendation, disallowance] of costs incurred, failure to complete the work by the deadline or failure to obtain an extension from the PUCO could result in an adverse impact.

[removed: *Sale of Minority] [added: *Minority] Interest [added: Investment] in Duke Energy Indiana*

For [removed: additional] [added: further] information, see Note [removed: 1] [added: 3] to the Consolidated Financial Statements, [removed: “Summary of Significant Accounting Policies.”][added: "Regulatory Matters."]

Duke Energy continues to monitor recoverability of renewable merchant plants located in the Electric Reliability Council of Texas West market and [removed: PJM,] [added: in the PJM West market,] due to [removed: declining] [added: fluctuating] market pricing and [removed: declining] long-term forecasted energy [removed: prices, primarily driven by lower forecasted natural gas] prices.

A continued decline in energy market pricing [added: or other factors unfavorably impacting the economics] would likely result in a future impairment.

[removed: Both lost] [added: Lost] revenues and higher than expected purchased power costs [removed: are expected to] [added: have] negatively [removed: impact] [added: impacted] the operating results of these generating units.

See Note [removed: 25] [added: 4] to the Consolidated Financial Statements, [removed: "Subsequent Events."][added: "Commitments and Contingencies" for more information.]

These items represent income from continuing operations available to Duke Energy common stockholders in dollar and [removed: per-share] [added: per share] amounts, adjusted for the dollar and [removed: per-share] [added: per share] impact of special items.

- Gas Pipeline Investments represents costs related to the cancellation of the ACP [removed: pipeline] [added: investment] and additional exit [removed: costs related to Constitution.][added: obligations.]

- Regulatory Settlements represents [removed: charges] [added: an impairment charge] related to [added: the South Carolina Supreme Court decision on coal ash, insurance proceeds, the] Duke Energy [removed: Carolinas'] [added: Carolinas] and Duke Energy [removed: Progress' CCR Settlement Agreement] [added: Progress coal ash settlement] and the partial settlements in the 2019 North Carolina rate cases.

- Severance represents the reversal of 2018 [removed: costs,] [added: Severance charges,] which were deferred as a result of a partial settlement in the Duke Energy Carolinas and [removed: the] Duke Energy Progress 2019 North Carolina rate cases.

Duke Energy's 2021 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) were impacted by favorable rate case outcomes and improved volumes offset by charges which management believes are not indicative of ongoing performance, including impairments related to workplace and workforce realignment and regulatory settlements.

Our industry has been undergoing an incredible transformation and 2021 was a watershed year for our company where we executed on strategic priorities and delivered on our vision.

*Coal Ash Settlement*

In January 2021, we reached an agreement with the North Carolina Attorney General, the North Carolina Public Staff, and the Sierra Club on costs related to coal ash management and safe basin closure, resolving the last remaining major issues on coal ash management in North Carolina.

This settlement is significant as it resolves pending issues in the multiyear coal ash basin closure debate in North Carolina, which is critical for paving the way toward our clean energy future.

The agreement brought financial clarity to approximately $9 billion of mitigation costs, supporting coal ash cost recovery in North Carolina for Duke Energy Carolinas and Duke Energy Progress with a rate of return for the company.

We agreed to reduce North Carolina customers’ costs by approximately $1 billion, while maintaining our ability to achieve our long-term financial goals and our transition to cleaner energy.

The settlement agreement resolved all coal ash prudence and cost recovery issues in connection with the 2019 rate cases filed by Duke Energy Carolinas and Duke Energy Progress with the NCUC, as well as the equitable sharing issue on remand from the 2017 Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases.

In a significant move to support the company’s path to net-zero strategy, in September 2021 we completed the first phase of the investment of a 19.9% minority interest in Duke Energy Indiana by an affiliate of GIC, transferring 11.05% ownership interest in exchange for approximately $1.025 billion.

The proceeds from the two-phase $2.05 billion investment are expected to partially fund the company’s $63 billion capital and investment expenditure plan.

This plan includes grid improvement, investments in clean energy and an improved customer experience – keys to our strategy to reduce carbon emissions from electricity generation to net-zero by 2050.

House Bill 951 reflects new state policy that would accelerate a clean energy transition for generation serving customers in the Carolinas, including providing a framework for a goal of 70% carbon reduction in electric generation in the state from 2005 levels by 2030 and carbon neutrality by 2050 while continuing to prioritize affordability and reliability for our customers, who are located in North Carolina and South Carolina.

The legislation establishes a framework overseen by the NCUC to advance state CO2 emission reductions through the use of least cost planning, including stakeholder involvement, and also introduces modernized recovery mechanisms, including multiyear rate plans, that promote more efficient recovery of investments and align incentives between the company and the state’s energy policy objectives.

We’re targeting energy generated from coal to represent less than 5% by 2030 and a full exit by 2035, subject to regulatory approvals.

We’ve made strong progress to date in reducing carbon emissions from electricity generation (a 44% reduction from 2005) and have committed to do more (at least 50% reduction by 2030 and net-zero by 2050).

We’ve filed and refined comprehensive IRPs consistent with this strategy in multiple jurisdictions and updated the enterprise capital plan through 2026 to increase planned investments to $63 billion with over 80% of this capital plan funding investments in the grid and clean energy transition.

The increased capital plan will allow us to accelerate coal plant retirements, make needed grid investments to enable renewables and energy storage, increase resiliency, and allow for dynamic power flows.

In 2021, we passed the milestone of 10,000 MW of solar and wind resources and plan to own or purchase 16,000 MW of renewables by 2025 and 24,000 MW by 2030.

In June, we filed an application with the NRC to renew Oconee Nuclear Station's operating licenses for an additional 20 years and we intend to seek 20-year extensions and renewal of operating licenses for all 11 reactors.

We added 60 new self-healing networks in 2021 across our six-state service area and upgraded many existing systems to improve their smart capabilities and self-healing efficiency.

Additionally, we expect to invest $100 million in electric vehicle charging over the next three years.

In August 2021, we announced a partnership with Accenture and Microsoft to develop a novel technology platform with the intent of measuring baseline methane emissions from natural gas distribution systems with a high level of accuracy in near real time.

Once deployed, we expect the use of satellite technology and the new platform will increase the speed of a field response team’s ability to identify and repair methane leaks along distribution lines and systems.

As highlighted above, House Bill 951 provides the framework for many of these benefits in North Carolina under the direction of the NCUC.

Also, in October 2021, the Southeast Energy Exchange Market (SEEM) received clearance from the FERC.

The new SEEM platform will facilitate sub-hourly, bilateral trading, allowing participants to buy and sell power close to the time the energy is consumed, utilizing available unreserved transmission.

Southeastern electricity customers are expected to see cost, reliability and environmental benefits.

In 2021, we received constructive rate case orders related to our 2019 North Carolina rate cases for both Duke Energy Carolinas and Duke Energy Progress and also reached constructive settlement agreements in our natural gas businesses in Kentucky, North Carolina, and Tennessee.

In October 2021, Duke Energy Ohio filed a request to review the company’s electric distribution rates.

In addition, grid investment riders in the Midwest and Florida enable more timely cost recovery and earnings growth.

We successfully implemented the first three jurisdictional releases of Customer Connect, a new system that consolidates four legacy billing systems into one customer-service platform, allowing us to deliver the universal experience customers expect.

Our work has been recognized by our customers and we have maintained our above-target performance throughout the year, despite the resumption of standard billing and payment practices in most jurisdictions.

Storm activity was limited in our regulated service territories in 2021, but we supported Entergy Louisiana, sending approximately 500 workers to aid in restoring power after Hurricane Ida.

The February winter storm in Texas adversely impacted Duke Energy Renewables’ operations.

In addition to operating at reduced capacity, we were required to purchase power at scarcity pricing levels to meet fixed volume commitments.

Enterprisewide lessons learned were formed immediately following the Texas weather event to identify opportunities to ensure readiness for extreme weather.

Duke Energy has received over 20 Emergency Response Awards since EEI began recognizing storm response in 1998 (including eight for assisting other utilities, and eight in our service territories over the last decade).

- In addition to achieving financial results in the upper half of our original guidance, we have continued our cost-management journey – focused on driving productivity, increasing flexibility and prioritizing spend based on risk and strategic value to our customers and investors.

In 2021, we maintained approximately $200 million of O&M savings identified during the earliest days of the pandemic.

We also have successfully navigated supply chain challenges and the impacts of inflation.

With these recent announcements, we also increased our long-term adjusted EPS growth rate to 5% to 7% through 2025.

This growth is supported by our $59 billion capital plan from 2021 to 2025, clean energy investments that benefit our customers, timely cost-recovery mechanisms in most jurisdictions and our ability to effectively manage our cost structure.

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| MD&A | | | DUKE ENERGY | | |

Duke Energy's 2020 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) were impacted by: regulatory settlements related to coal ash cost recovery in Electric Utilities and Infrastructure; the cancellation of the ACP pipeline in Gas Utilities and Infrastructure; and growth in project investments in Commercial Renewables.

Our industry has been undergoing an incredible transformation and 2020 was a milestone year for our company where we articulated a clear vision for the future and outlined investments to achieve a clean energy future for our customers.

We continue to transform the customer experience by generating cleaner energy, modernizing the energy grid, and expanding natural gas infrastructure.

In October 2020, we held our first-ever Environmental, Social, and Governance (ESG) Day for investors, successfully outlining our climate strategy and highlighting our strong progress to date in reducing carbon (a greater than 40% reduction from 2005) and our commitment to do more (at least 50% reduction by 2030 and net-zero by 2050).

In the Carolinas, we participated in extensive stakeholder processes focused on carbon reduction and regulatory reform and filed comprehensive IRP consistent with that strategy.

Our planned coal retirements and transition to cleaner energy sources in the Carolinas are some of the largest in the industry.

We also committed to an all-electric light-duty fleet and 50% of all medium- and heavy-duty vehicles by 2030 – a pledge that also leads our industry.

In 2020, 98% of our jurisdictions were equipped with smart meters and we remain on track to be fully deployed across all regions by the end of this year.

In July 2020, Duke Energy and Dominion announced the cancellation of the ACP pipeline.

Litigation risks and delays presented too much uncertainty on our ability to economically complete the project on schedule to meet our customers’ needs.

Additionally, Dominion reached a decision to exit their natural gas transmission business, further impeding our ability to consider ongoing investment in the project.

The Company remains committed to pursuing natural gas infrastructure investments and continues to explore additional resources in eastern North Carolina for the Piedmont system and securing more transport capacity to support power generation.

Construction is expected to be completed this year on a liquefied natural gas facility in Robeson County, North Carolina, on property Piedmont owns.

This investment will help Piedmont provide a reliable gas supply to customers during peak usage periods and protect customers from price volatility when there is a higher-than-normal demand for natural gas.

In 2020, we conducted the bulk of proceedings related to our North Carolina rate cases for both Duke Energy Carolinas and Duke Energy Progress and achieved a partial settlement with the North Carolina Public Staff and ten other intervening parties.

In January 2021, Duke Energy Carolinas and Duke Energy Progress reached an important settlement agreement, which subject to NCUC approval, resolves historical coal ash prudence and cost recovery issues and provides clarity on coal ash cost recovery for the next decade.

In 2020, we also achieved constructive rate case outcomes in Indiana (our first rate base request in 15 years) and Kentucky (electric).

Our work has been recognized by our customers with external measures showing Duke Energy is improving customer satisfaction at a rate greater than the utility industry.

Additionally, in 2020, we surpassed our internal target that measures customer satisfaction by approximately 14%.

Additionally, the 2020 Atlantic hurricane season was incredibly active and marked the fifth consecutive year of above-average damaging storms.

- As the pandemic spread, stay-at-home orders coupled with recessionary economic conditions caused overall retail electric sales to decline by approximately 2%.

To offset this challenge, as well as mild weather and other COVID-related costs, we successfully achieved the high end of our goal of $400 million to $450 million of broad-based O&M reductions and other mitigating actions.

The Company’s results were within its adjusted EPS guidance range and we expect to sustain approximately $200 million of the 2020 O&M cost mitigation into 2021 forward.

We led the way in our sector nationally, suspending all nonpay disconnects in all jurisdictions and waiving late payment fees and other fees until the national state of emergency was lifted.

In the fall, we began returning to normal business practices, ensuring diligent communication with our customers and providing flexible payment arrangements.

As cases spiked nationally, we deployed COVID-19 safety protocols for our front-line essential workers and moved 18,000 colleagues to remote work.

Our COVID-19 Case Management Team managed exposures of our workforce and IT ensured our networks could handle the remote work while strengthening cyber protection.

Under our COVID-19 protocols, our front-line employees completed 150 fossil and nuclear outages, executed large major projects, restored service from storms and hurricanes, and managed high-water events.

Overall, our operations continued, and our team completed their work with excellence.

- Expanding our natural gas infrastructure

As a result of the NCDEQ settlement on December 31, 2019, Duke Energy Carolinas and Duke Energy Progress agreed to excavate seven of the nine remaining coal ash basins in North Carolina with ash moved to on-site lined landfills.

At the two remaining basins, uncapped basin ash will be excavated and moved to lined landfills.

In January 2021, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement on recovery of coal ash costs as outlined in Note 3, "Regulatory Matters," which is subject to review and approval of the NCUC.

The company agreed not to seek recovery of approximately $1 billion of deferred coal ash expenditures and Duke Energy Carolinas and Duke Energy Progress took a charge of approximately $500 million each.

In 2019, Duke Energy Carolinas and Duke Energy Progress received orders from the PSCSC denying recovery of certain coal ash costs.

Electric Utilities and Infrastructure provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately [removed: 7.9] [added: 8.2] million customers within the Southeast and Midwest regions of the U.S. The service territory is approximately 91,000 square miles across six states with a total estimated population of [removed: 25 million people.][added: 26 million.]

The following map shows the service territory for Electric Utilities and Infrastructure as of December 31, [removed: 2020.][added: 2021.]

[removed: ][added: ]

The following table represents the distribution of GWh billed sales by customer class for the year ended December 31, [removed: 2020.][added: 2021.]

| Residential | | | 33 | | % | | | | [removed: 27] [added: 28] | | % | | | | [removed: 51] [added: 49] | | % | | | | 38 | | % | | | | 30 | | % |

| General service | | | [removed: 33] [added: 32] | | % | | | | 22 | | % | | | | 35 | | % | | | | 37 | | % | | | | 25 | | % |

| Industrial | | | [removed: 23] [added: 24] | | % | | | | [removed: 16] [added: 14] | | % | | | | [removed: 7] [added: 8] | | % | | | | 23 | | % | | | | 31 | | % |

| Total retail sales | | | 89 | | % | | | | [removed: 65] [added: 64] | | % | | | | [removed: 93] [added: 92] | | % | | | | 98 | | % | | | | 86 | | % |

| Wholesale and other sales | | | 11 | | % | | | | [removed: 35] [added: 36] | | % | | | | [removed: 7] [added: 8] | | % | | | | 2 | | % | | | | 14 | | % |

Sales growth is expected within the service territory but continues to be [removed: influenced] [added: impacted] by adoption of energy efficiencies and self-generation.

Residential sales increased in [removed: 2020] [added: 2021] compared to [removed: 2019] [added: 2020] due to customer growth and the [removed: stay-at-home orders as] [added: introduction of] a [removed: result] [added: hybrid work environment in response to multiple waves] of [removed: the] COVID-19 [removed: pandemic.][added: during 2021.]

Meanwhile, sales for general service and industrial customers [removed: decreased] [added: recovered] in [added: 2021 from temporary closings and ramp backs experienced in] 2020 due to the [removed: impacts of the] COVID-19 pandemic.

[removed: It] [added: Over the longer time frame, it] is still expected that the continued adoption of more efficient housing and appliances will have a negative impact on average usage per residential customer over time.

Electric Utilities and Infrastructure owns approximately [removed: 50,807] [added: 50,259] MW of generation capacity.

The following table lists sources of electricity and fuel costs for the three years ended December 31, [removed: 2020.][added: 2021.]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Natural gas and [added: fuel] oil(a) | | | [removed: 31.3] [added: 31.8] | | % | | | | [removed: 29.2] [added: 31.3] | | % | | | | [removed: 26.2] [added: 29.2] | | % | | | | [removed: 2.55] [added: 3.89] | | | | | | [removed: 2.96] [added: 2.55] | | | | | | [removed: 3.57] [added: 2.96] | | |

| Nuclear(a) | | | [removed: 29.6] [added: 29.8] | | % | | | | [removed: 28.6] [added: 29.6] | | % | | | | [removed: 26.0] [added: 28.6] | | % | | | | 0.58 | | | | | | [removed: 0.60] [added: 0.58] | | | | | | [removed: 0.50] [added: 0.60] | | |

| Coal(a) | | | [removed: 18.1] [added: 18.2] | | % | | | | [removed: 21.6] [added: 18.1] | | % | | | | [removed: 24.4] [added: 21.6] | | % | | | | [removed: 2.99] [added: 2.84] | | | | | | [removed: 3.08] [added: 2.99] | | | | | | [removed: 2.82] [added: 3.08] | | |

| All fuels [removed: (cost-based] [added: (cost based] on weighted average)(a) | | | [removed: 79.0] [added: 79.8] | | % | | | | [removed: 79.4] [added: 79.0] | | % | | | | [removed: 76.6] [added: 79.4] | | % | | | | [removed: 1.91] [added: 2.42] | | | | | | [removed: 2.14] [added: 1.91] | | | | | | [removed: 2.29] [added: 2.14] | | |

| Hydroelectric and solar(b) | | | [removed: 1.9] [added: 1.5] | | % | | | | [removed: 1.2] [added: 1.9] | | % | | | | [removed: 1.3] [added: 1.2] | | % | | | | | | | | | | | | | | | | | | |

| Total generation | | | [removed: 80.9] [added: 81.3] | | % | | | | [removed: 80.6] [added: 80.9] | | % | | | | [removed: 77.9] [added: 80.6] | | % | | | | | | | | | | | | | | | | | | |

| Purchased power and net interchange | | | [removed: 19.1] [added: 18.7] | | % | | | | [removed: 19.4] [added: 19.1] | | % | | | | [removed: 22.1] [added: 19.4] | | % | | | | | | | | | | | | | | | | | | |

(a) Statistics related to all fuels reflect Electric Utilities and Infrastructure's [added: public utility] ownership interest in jointly owned generation facilities.

For Duke Energy Florida, there is currently an [removed: agreed to] [added: agreed-upon] moratorium with the FPSC on future hedging of natural gas prices.

Electric Utilities and Infrastructure has entered into fuel contracts that cover 100% of its uranium concentrates and conversion services through at least [removed: 2021,] [added: 2022,] 100% of its enrichment services through at least [removed: 2022,] [added: 2023,] and 100% of its fabrication services requirements for these plants through at least 2027.

Expiration dates for its long-term contracts, which may have various price adjustment provisions and market reopeners, range from [removed: 2021] [added: 2022] to [removed: 2023] [added: 2026] for Duke Energy Carolinas and Duke Energy Progress and [removed: 2021] [added: 2022] to 2025 for Duke Energy [added: Florida, Duke Energy Ohio and Duke Energy] Indiana.

The current average sulfur content of coal purchased by Electric Utilities and Infrastructure is between 1.5% and 2% for Duke Energy Carolinas and Duke Energy Progress, [removed: and] between 2.5% and 3% for Duke Energy [removed: Florida,] [added: Florida and] Duke Energy [removed: Ohio] [added: Indiana,] and [added: between 3% and 3.5% for] Duke Energy [removed: Indiana.][added: Ohio.]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Purchase obligations and leases (in millions of MWh)(a) | | | [removed: 32.7] [added: 36] | | | | | | [removed: 34.8] [added: 32.7] | | | | | | [removed: 21.3] [added: 34.8] | | |

| Purchase capacity under contract (in MW)(b) | | | [removed: 4,716] [added: 4,259] | | | | | | [removed: 4,238] [added: 4,716] | | | | | | [removed: 4,025] [added: 4,238] | | |

(a) Represents approximately [removed: 13%] [added: 14%] of total system requirements for [removed: 2020, 14%] [added: 2021, 13%] for [removed: 2019] [added: 2020] and [removed: 7%] [added: 14%] for [removed: 2018.][added: 2019.]

(b) For [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] these agreements include approximately 412 MW of firm capacity under contract by Duke Energy Florida with QFs.

As of December 31, [removed: 2020,] [added: 2021,] the inventory balance for Electric Utilities and Infrastructure was approximately $3 billion.

These regulations classify CCR as nonhazardous waste under the Resource Conservation and Recovery Act (RCRA) and apply to electric generating sites with new and existing landfills and new and existing surface impoundments and [removed: establishes] [added: establish] requirements regarding landfill design, structural integrity design and assessment criteria for surface impoundments, groundwater monitoring, protection and remedial procedures and other operational and reporting procedures for the disposal and management of CCR.

In addition to the federal regulations, CCR landfills and surface impoundments (ash basins or impoundments) will continue to be regulated by existing state laws, regulations and permits, such as the [added: North Carolina] Coal Ash Management Act [removed: in North Carolina.][added: of 2014 (Coal Ash Act).]

Closure plans [added: must be approved] and all associated permits [removed: will receive necessary approvals] [added: issued] before any work can begin.

Excavation began in 2015 at the four sites specified as high priority by the [removed: NC] Coal Ash [removed: Management] Act and at the W.S. Lee Steam Station site in South Carolina in connection with other legal requirements.

Excavation at these sites involves movement of CCR materials to [removed: off-site locations for use as structural fill, to] appropriate engineered off-site or on-site lined landfills or for reuse in an approved beneficial application.

Duke Energy has completed excavation of coal ash at three of the four high-priority [removed: NC] [added: North Carolina] sites.

During 2021, Duke Energy executed an agreement providing for an investment by an affiliate of GIC in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Holdco, LLC, the holding company for Duke Energy Indiana.

The transaction will be completed following two closings.

The first closing occurred on September 8, 2021, and resulted in Duke Energy Indiana Holdco, LLC issuing 11.05% of its membership interest to the affiliate of GIC.

The second closing is expected to occur no later than January 2023.

See Note 1 to the Consolidated Financial Statements, “Summary of Significant Accounting Policies," for additional information.

See Note 3 to the Consolidated Financial Statements, "Regulatory Matters,” for more information.

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission to renew ONS's operating license for an additional 20 years.

See Note 3 to the Consolidated Financial Statements, "Regulatory Matters,” for additional information.

| Duke Energy Ohio 2021 Ohio Electric Rate Case | | | PUCO | | | $ | 55 | | 10.3 | | % | 50.5 | | % | 7/1/2022 | | | | | |

They were approved on July 28, 2021, and implemented in August 2021.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021.

Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

| Piedmont 2021 North Carolina Natural Gas Base Rate Case | | | 67 | | | | | | 9.6 | | % | | | | 51.6 | | % | | | | November 2021 | | | | | | | | |

| Duke Energy Kentucky 2021 Natural Gas Base Rate Case(a) | | | 9 | | | | | | 9.38 | | % | | | | 51.3 | | % | | | | January 2022 | | | | | | | | |

(a) An ROE of 9.375% for natural gas base rates and 9.3% for natural gas riders was approved.

The portfolio includes nonregulated renewable energy and energy storage businesses.

The PTC for onshore wind is currently phased out for projects beginning construction after 2021, but remains available for projects that began construction in 2021 or earlier.

Our market competitive pay program includes short-term and long-term variable pay components that help to align the interests of Duke Energy to our customers and shareholders.

The company is committed to providing market competitive, fair, and equitable compensation and regularly conducts internal pay equity reviews, and benchmarking against peer companies to ensure our pay is competitive.

Our Enterprise Diversity and Inclusion Council, chaired by our Chief Operating Officer, monitors the effectiveness and execution of our diversity and inclusion strategy and programs.

Employee-led councils are also embedded across the company in our business units and focus on the specific diversity and inclusion needs of the business and help drive inclusion deeper into the employee experience.

Leaders and individual contributors also have the opportunity to participate in diversity and inclusion training programs and facilitated conversations on thought provoking topics offered to further our commitment to building and enabling an inclusive work environment.

| Melody Birmingham | | | | | | 50 | | | | | | Senior Vice President and Chief Administrative Officer. Ms. Birmingham assumed her current position in May 2021, Prior to that, Ms. Birmingham served as Senior Vice President, Supply Chain and Chief Procurement Officer since 2018; State President of Duke Energy Indiana’s operations from 2015 to 2018, and Senior Vice President, Midwest Delivery from 2012 to 2015. | | |

| R. Alexander Glenn | | | | | | 56 | | | | | | Senior Vice President and Chief Executive Officer, Duke Energy Florida and Midwest. Mr. Glenn assumed his current position in May 2021. Prior to that, Mr. Glenn served as Senior Vice President, State and Federal Regulatory Legal Support since 2017 and as State President of Duke Energy Florida's operations from 2012 to 2017. | | |

| Cynthia S. Lee | | | | | | 55 | | | | | | Vice President, Chief Accounting Officer and Controller. Ms. Lee assumed her role as Vice President, Chief Accounting Officer and Controller in May 2021. Prior to that, she served as Director, Investor Relations since June 2019 and in various roles within the Corporate Controller's organization after joining the Corporation and its affiliates in 2002. | | |

| Ronald R. Reising | | | | | | 61 | | | | | | Senior Vice President and Chief Human Resources Officer. Mr. Reising assumed his current position in July 2020. Prior to that, he served as Senior Vice President of Operations Support since 2014. Prior to that he served as Chief Procurement Officer since 2006. | | |

| Louis E. Renjel | | | | | | 48 | | | | | | Senior Vice President, External Affairs and Communications. Mr. Renjel his current position in May 2021. Prior to that he served as Senior Vice President of Federal Government and Corporate Affairs since 2019, and as Vice President, Federal Government Affairs and Strategic Policy since he joined Duke Energy in March 2017 until 2019. Prior to joining Duke Energy, Mr. Renjel served as Vice President of Strategic Infrastructure since 2009 for CSX Corp and as their Director of Environmental and Government Affairs from 2006 to 2008. | | |

PART I

In 2021, Duke Energy completed the first phase of the investment in Duke Energy Indiana by GIC.

For additional information, see Note 1 to the Consolidated Financial Statements, "Summary of Significant Accounting Policies."

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| BUSINESS | | | | | |

These trends in residential, general service and industrial sales may continue in the short term but are not expected to be permanent.

Expiration dates for Duke Energy Florida and Duke Energy Ohio are in 2021.

In January 2021, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement on recovery of coal ash costs, which is subject to review and approval of the NCUC.

| | | | | | | | | | | | | | | | | | | | | |

| Duke Energy Kentucky 2017 Kentucky Electric Rate Case | | | KPSC | | | 8 | | | 9.725 | | % | 49 | | % | 5/1/2018 | | | | | |

| Duke Energy Carolinas 2019 North Carolina Rate Case(b) | | | NCUC | | | $ | 291 | | 10.3 | | % | 53 | | % | 8/1/2020 | | | | | |

| Duke Energy Progress 2019 North Carolina Rate Case(b) | | | NCUC | | | 464 | | | 10.3 | | % | 53 | | % | 9/1/2020 | | | | | |

Amounts exclude the Utility Receipt Tax amounts.

(b) Partial Settlements were reached on July 31, 2020, which are subject to approval by the NCUC.

Components of the partial settlements included a return of equity of 9.6% and a capital structure of 52% equity.

These temporary rates went into effect August 24, 2020, for Duke Energy Carolinas and September 1, 2020, for Duke Energy Progress.

A settlement was also reached, subject to approval by the NCUC, on coal ash cost recovery in January of 2021.

For the year ended December 31, 2020, Duke Energy recorded $2.1 billion of costs related to ACP.

| Piedmont 2018 South Carolina Rate Stabilization Adjustment Filing | | | (14) | | | | | | 10.2 | | % | | | | 53.0 | | % | | | | November 2018 | | | | | | | | |

ITCs are recognized over the useful life of the asset as a reduction to depreciation expense.

The PTC is being phased out and wind turbines will earn 10 years of PTCs at phased-out rates if construction begins in 2017 through 2021.

We supplement our pay for performance program with a number of compensation policies that are aligned with the long-term interests of Duke Energy and our shareholders, including a short-term incentive plan and a long-term incentive plan for eligible employees.

Our Enterprise Diversity and Inclusion Advisory Council, which is chaired by our Chief Operating Officer, is responsible for reviewing our diversity and inclusion initiatives for continuous improvement, as well as helping to develop actionable outcomes and results.

We have established aspirational goals with respect to diversity and inclusion, and we regularly report our progress toward achieving those goals.

COVID-19 Response

Safety continued to be of paramount importance during the COVID-19 pandemic and included executing on robust business continuity plans that helped ensure critical functions continued to operate under a broad range of circumstances while maintaining a safe work environment.

Actions included the following:

- Engaged our environmental, health and safety experts to develop new safety protocols for thousands of essential workers

- Quickly transitioned thousands of employees to virtual status

- Added bandwidth for our information technology systems, reviewed inventory in supply chain, implemented a series of surveys to get employee input, and provided ongoing communications to keep them informed as conditions evolved

- Created a cross-functional COVID-19 case management team to track and disposition positive cases, ensure appropriate contact tracing and compliance with quarantine and safe return to work requirements

- Ensured power plants and electricity and natural gas delivery facilities were staffed, helping safeguard dependable service to customers

- Implemented stringent preventive measures in alignment with the Centers for Disease Control and Prevention’s (CDC) guidance to help keep employees and customers safe and help ensure we had adequate resources to maintain reliability

The company also provided additional benefits to support our workforce throughout the pandemic, including:

- 60 hours of additional personal time off to employees who experienced a disruption in dependent care due to school, daycare or other dependent care issues

- A $1,500 stipend to assist with unplanned expenses resulting from costs related to COVID-19 to employees at a certain pay threshold

- Donated more than $550,000 to the Relief4Employees program, which is a fund that employees can draw upon for short-term financial help during times of personal need

| Douglas F Esamann | | | | | | 63 | | | | | | Executive Vice President, Energy Solutions and President, Midwest/Florida Regions and Natural Gas Business. Mr. Esamann assumed his current position in October 2019, was Executive Vice President, Energy Solutions and President, Midwest and Florida Regions since September 2016 and was Executive Vice President and President, Midwest and Florida Regions since June 2015. Prior to that, he served as President, Duke Energy Indiana since November 2010. | | |

| Dwight L. Jacobs | | | | | | 55 | | | | | | Senior Vice President, Chief Accounting Officer, Tax and Controller. Mr. Jacobs has served as Senior Vice President, Chief Accounting Officer, Tax and Controller since January 1, 2019. Prior to that, he served as Senior Vice President, Chief Accounting Officer and Controller since June 1, 2018. Prior to that, he served as Senior Vice President, Financial Planning & Analysis since February 2016 and as Chief Risk Officer since July 2014. Prior to his role as Chief Risk Officer, Mr. Jacobs served as Vice President, Rates & Regulatory Strategy since May 2010. | | |

On December 18, 2020, the plaintiff and defendants selected 50 focus sites, none of which have any ties to Duke Energy [removed: Merchants, and discovery is likely to be specific to those sites.][added: Merchants.]

Discovery will be specific to those sites.

At this time, Duke Energy Merchants has not engaged in settlement negotiations with the plaintiff and the plaintiff has not reached a settlement agreement with any defendant.

For the fiscal [removed: period] [added: year] ended December 31, [removed: 2020] [added: 2021] or

| | | | [removed: ] [added: ] | | | | | |

| Estimated aggregate market value of the common equity held by nonaffiliates of Duke Energy at June 30, [removed: 2020.] [added: 2021.] | | | $ | [removed: 58,688,204,289] [added: 75,871,309,901] | |

| Number of shares of Common Stock, $0.001 par value, outstanding at January 31, [removed: 2021.] [added: 2022.] | | | [removed: 768,663,580] [added: 769,358,344] | | |

FORM 10-K FOR THE YEAR ENDED December 31, [removed: 2020][added: 2021]

| | | | [DUKE [removed: ENERGY](#i407a9b40c8764948846bbcb56028eafd_22)] [added: ENERGY](#i5af3a964ecc442a88b8b04e0c268c3fc_22)] | | | [removed: [9](#i407a9b40c8764948846bbcb56028eafd_22)] [added: [9](#i5af3a964ecc442a88b8b04e0c268c3fc_22)] | | |

| | | | [BUSINESS [removed: SEGMENTS](#i407a9b40c8764948846bbcb56028eafd_28)] [added: SEGMENTS](#i5af3a964ecc442a88b8b04e0c268c3fc_28)] | | | [removed: [9](#i407a9b40c8764948846bbcb56028eafd_28)] [added: [9](#i5af3a964ecc442a88b8b04e0c268c3fc_28)] | | |

| | | | [EXECUTIVE [removed: OFFICERS](#i407a9b40c8764948846bbcb56028eafd_46)] [added: OFFICERS](#i5af3a964ecc442a88b8b04e0c268c3fc_46)] | | | [removed: [23](#i407a9b40c8764948846bbcb56028eafd_46)] [added: [22](#i5af3a964ecc442a88b8b04e0c268c3fc_46)] | | |

| | | | [ENVIRONMENTAL [removed: MATTERS](#i407a9b40c8764948846bbcb56028eafd_49)] [added: MATTERS](#i5af3a964ecc442a88b8b04e0c268c3fc_49)] | | | [removed: [23](#i407a9b40c8764948846bbcb56028eafd_49)] [added: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_49)] | | |

| | | | [DUKE ENERGY [removed: CAROLINAS](#i407a9b40c8764948846bbcb56028eafd_52)] [added: CAROLINAS](#i5af3a964ecc442a88b8b04e0c268c3fc_52)] | | | [removed: [24](#i407a9b40c8764948846bbcb56028eafd_52)] [added: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_52)] | | |

| | | | [PROGRESS [removed: ENERGY](#i407a9b40c8764948846bbcb56028eafd_55)] [added: ENERGY](#i5af3a964ecc442a88b8b04e0c268c3fc_55)] | | | [removed: [24](#i407a9b40c8764948846bbcb56028eafd_55)] [added: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_55)] | | |

| | | | [DUKE ENERGY [removed: PROGRESS](#i407a9b40c8764948846bbcb56028eafd_58)] [added: PROGRESS](#i5af3a964ecc442a88b8b04e0c268c3fc_58)] | | | [removed: [24](#i407a9b40c8764948846bbcb56028eafd_58)] [added: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_58)] | | |

| | | | [DUKE ENERGY [removed: FLORIDA](#i407a9b40c8764948846bbcb56028eafd_61)] [added: FLORIDA](#i5af3a964ecc442a88b8b04e0c268c3fc_61)] | | | [removed: [24](#i407a9b40c8764948846bbcb56028eafd_61)] [added: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_61)] | | |

| | | | [DUKE ENERGY [removed: OHIO](#i407a9b40c8764948846bbcb56028eafd_64)] [added: OHIO](#i5af3a964ecc442a88b8b04e0c268c3fc_64)] | | | [removed: [25](#i407a9b40c8764948846bbcb56028eafd_64)] [added: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_64)] | | |

| | | | [DUKE ENERGY [removed: INDIANA](#i407a9b40c8764948846bbcb56028eafd_67)] [added: INDIANA](#i5af3a964ecc442a88b8b04e0c268c3fc_67)] | | | [removed: [25](#i407a9b40c8764948846bbcb56028eafd_67)] [added: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_67)] | | |

| 1A. | | | [RISK [removed: FACTORS](#i407a9b40c8764948846bbcb56028eafd_73)] [added: FACTORS](#i5af3a964ecc442a88b8b04e0c268c3fc_73)] | | | [removed: [25](#i407a9b40c8764948846bbcb56028eafd_73)] [added: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_73)] | | |

| 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#i407a9b40c8764948846bbcb56028eafd_76)] [added: COMMENTS](#i5af3a964ecc442a88b8b04e0c268c3fc_76)] | | | [removed: [34](#i407a9b40c8764948846bbcb56028eafd_76)] [added: [33](#i5af3a964ecc442a88b8b04e0c268c3fc_76)] | | |

| 3. | | | [LEGAL [removed: PROCEEDINGS](#i407a9b40c8764948846bbcb56028eafd_91)] [added: PROCEEDINGS](#i5af3a964ecc442a88b8b04e0c268c3fc_91)] | | | [removed: [40](#i407a9b40c8764948846bbcb56028eafd_91)] [added: [38](#i5af3a964ecc442a88b8b04e0c268c3fc_91)] | | |

| 4. | | | [MINE SAFETY [removed: DISCLOSURES](#i407a9b40c8764948846bbcb56028eafd_94)] [added: DISCLOSURES](#i5af3a964ecc442a88b8b04e0c268c3fc_94)] | | | [removed: [40](#i407a9b40c8764948846bbcb56028eafd_94)] [added: [38](#i5af3a964ecc442a88b8b04e0c268c3fc_94)] | | |

| 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i407a9b40c8764948846bbcb56028eafd_100)] [added: SECURITIES](#i5af3a964ecc442a88b8b04e0c268c3fc_100)] | | | [removed: [41](#i407a9b40c8764948846bbcb56028eafd_100)] [added: [39](#i5af3a964ecc442a88b8b04e0c268c3fc_100)] | | |

| 6. | | | [SELECTED FINANCIAL [removed: DATA](#i407a9b40c8764948846bbcb56028eafd_103)] [added: DATA](#i5af3a964ecc442a88b8b04e0c268c3fc_103)] | | | [removed: [41](#i407a9b40c8764948846bbcb56028eafd_103)] [added: [39](#i5af3a964ecc442a88b8b04e0c268c3fc_103)] | | |

| 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i407a9b40c8764948846bbcb56028eafd_109)] [added: OPERATIONS](#i5af3a964ecc442a88b8b04e0c268c3fc_109)] | | | [removed: [42](#i407a9b40c8764948846bbcb56028eafd_106)] [added: [40](#i5af3a964ecc442a88b8b04e0c268c3fc_106)] | | |

| 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i407a9b40c8764948846bbcb56028eafd_223)] [added: RISK](#i5af3a964ecc442a88b8b04e0c268c3fc_193)] | | | [removed: [74](#i407a9b40c8764948846bbcb56028eafd_223)] [added: [70](#i5af3a964ecc442a88b8b04e0c268c3fc_193)] | | |

| 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i407a9b40c8764948846bbcb56028eafd_226)] [added: DATA](#i5af3a964ecc442a88b8b04e0c268c3fc_196)] | | | [removed: [75](#i407a9b40c8764948846bbcb56028eafd_226)] [added: [71](#i5af3a964ecc442a88b8b04e0c268c3fc_196)] | | |

| 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i407a9b40c8764948846bbcb56028eafd_535)] [added: DISCLOSURE](#i5af3a964ecc442a88b8b04e0c268c3fc_436)] | | | [removed: [243](#i407a9b40c8764948846bbcb56028eafd_535)] [added: [230](#i5af3a964ecc442a88b8b04e0c268c3fc_436)] | | |

| 9A. | | | [CONTROLS AND [removed: PROCEDURES](#i407a9b40c8764948846bbcb56028eafd_538)] [added: PROCEDURES](#i5af3a964ecc442a88b8b04e0c268c3fc_439)] | | | [removed: [243](#i407a9b40c8764948846bbcb56028eafd_538)] [added: [230](#i5af3a964ecc442a88b8b04e0c268c3fc_439)] | | |

| 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i407a9b40c8764948846bbcb56028eafd_547)] [added: GOVERNANCE](#i5af3a964ecc442a88b8b04e0c268c3fc_448)] | | | [removed: [245](#i407a9b40c8764948846bbcb56028eafd_547)] [added: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_448)] | | |

| 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i407a9b40c8764948846bbcb56028eafd_553)] [added: MATTERS](#i5af3a964ecc442a88b8b04e0c268c3fc_454)] | | | [removed: [245](#i407a9b40c8764948846bbcb56028eafd_553)] [added: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_454)] | | |

| 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR [removed: INDEPENDENCE](#i407a9b40c8764948846bbcb56028eafd_556)] [added: INDEPENDENCE](#i5af3a964ecc442a88b8b04e0c268c3fc_457)] | | | [removed: [246](#i407a9b40c8764948846bbcb56028eafd_556)] [added: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_457)] | | |

| 14. | | | [PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#i407a9b40c8764948846bbcb56028eafd_559)] [added: SERVICES](#i5af3a964ecc442a88b8b04e0c268c3fc_460)] | | | [removed: [246](#i407a9b40c8764948846bbcb56028eafd_559)] [added: [233](#i5af3a964ecc442a88b8b04e0c268c3fc_460)] | | |

| 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i407a9b40c8764948846bbcb56028eafd_565)] [added: SCHEDULES](#i5af3a964ecc442a88b8b04e0c268c3fc_466)] | | | [removed: [247](#i407a9b40c8764948846bbcb56028eafd_565)] [added: [234](#i5af3a964ecc442a88b8b04e0c268c3fc_466)] | | |

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement [removed: obligations] [added: obligations, asset retirement] and [added: construction] costs related to [added: carbon emissions reductions, and costs related to] significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency [removed: efforts] [added: efforts, natural gas building] and [added: appliance electrification, and] use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency [removed: measures] [added: measures, natural gas electrification,] and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in [removed: customers leaving the electric distribution system,] [added: a reduced number of customers,] excess generation resources as well as stranded costs;

◦Changing [added: investor,] customer [added: and other stakeholder] expectations and demands including heightened emphasis on environmental, social and governance concerns;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and [removed: conditions] [added: conditions, an individual utility’s generation mix,] and general market and economic conditions;

◦The impacts from potential impairments of goodwill or equity method investment carrying values; [removed: and]

◦The ability to implement our business strategy, including [removed: enhancing existing technology systems.][added: its carbon emission reduction goals.]

| ACP | | | Atlantic Coast Pipeline, LLC, a limited liability company owned by [removed: Dominion,] [added: Dominion and] Duke Energy [removed: and Southern Company Gas] | | |

526 South Church Street

Auditor Firm ID: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Charlotte, NC

| 1. | | | [BUSINESS](#i5af3a964ecc442a88b8b04e0c268c3fc_67) | | | [9](#i5af3a964ecc442a88b8b04e0c268c3fc_19) | | |

| | | | [GENERAL](#i5af3a964ecc442a88b8b04e0c268c3fc_25) | | | [9](#i5af3a964ecc442a88b8b04e0c268c3fc_25) | | |

| | | | [EMPLOYEES](#i5af3a964ecc442a88b8b04e0c268c3fc_43) | | | [20](#i5af3a964ecc442a88b8b04e0c268c3fc_43) | | |

| | | | PIEDMONT | | | [24](#i5af3a964ecc442a88b8b04e0c268c3fc_70) | | |

| 2. | | | [PROPERTIES](#i5af3a964ecc442a88b8b04e0c268c3fc_79) | | | [34](#i5af3a964ecc442a88b8b04e0c268c3fc_79) | | |

| 11. | | | [EXECUTIVE COMPENSATION](#i5af3a964ecc442a88b8b04e0c268c3fc_451) | | | [232](#i5af3a964ecc442a88b8b04e0c268c3fc_451) | | |

| | | | EXHIBIT INDEX | | | [E-1](#i5af3a964ecc442a88b8b04e0c268c3fc_469) | | |

| | | | [SIGNATURES](#i5af3a964ecc442a88b8b04e0c268c3fc_472) | | | E-[2](#i5af3a964ecc442a88b8b04e0c268c3fc_472) | | |

◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock; and

| 2021 Settlement | | | Settlement Agreement in 2021 among Duke Energy Florida, the Florida Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PSC Phosphate and NUCOR Steel Florida, Inc. | | |

| COVID-19 | | | Coronavirus Disease 2019 | | |

| DECON | | | A method of decommissioning in which structures, systems, and components that contain radioactive contamination are removed from a site and safely disposed at a commercially operated low-level waste disposal facility, or decontaminated to a level that permits the site to be released for unrestricted use shortly after it ceases operation | | |

| EDIT | | | Excess deferred income tax | | |

| GAAP Reported Earnings | | | Net Income Available to Duke Energy Corporation common stockholders | | |

| GIC | | | GIC Private Limited, Singapore's sovereign wealth fund and an experienced investor in U.S. infrastructure | | |

| | | | | | |

550 South Tryon Street

Duke Energy 5.125% Junior Subordinated Debentures due DUKH New York Stock Exchange LLC

January 15, 2073

| 1. | | | [BUSINESS](#i407a9b40c8764948846bbcb56028eafd_67) | | | [9](#i407a9b40c8764948846bbcb56028eafd_19) | | |

| | | | [GENERAL](#i407a9b40c8764948846bbcb56028eafd_25) | | | [9](#i407a9b40c8764948846bbcb56028eafd_25) | | |

| | | | [EMPLOYEES](#i407a9b40c8764948846bbcb56028eafd_43) | | | [21](#i407a9b40c8764948846bbcb56028eafd_43) | | |

| | | | PIEDMONT | | | [25](#i407a9b40c8764948846bbcb56028eafd_70) | | |

| 2. | | | [PROPERTIES](#i407a9b40c8764948846bbcb56028eafd_79) | | | [35](#i407a9b40c8764948846bbcb56028eafd_79) | | |

| 11. | | | [EXECUTIVE COMPENSATION](#i407a9b40c8764948846bbcb56028eafd_550) | | | [245](#i407a9b40c8764948846bbcb56028eafd_550) | | |

| | | | EXHIBIT INDEX | | | [E-1](#i407a9b40c8764948846bbcb56028eafd_568) | | |

| | | | [SIGNATURES](#i407a9b40c8764948846bbcb56028eafd_571) | | | E-[2](#i407a9b40c8764948846bbcb56028eafd_571) | | |

| 2013 Settlement | | | Revised and Restated Stipulation and Settlement Agreement approved in November 2013 among Duke Energy Florida, the Florida Office of Public Counsel and other customer advocates | | |

| ACE | | | Affordable Clean Energy | | |

| ATM | | | At-the-market | | |

| Beckjord | | | Beckjord Generating Station | | |

| CWA | | | Clean Water Act | | |

| D.C. Circuit Court | | | U.S. Court of Appeals for the District of Columbia | | |

| FES | | | FirstEnergy Solutions Corp. | | |

| GIC | | | GIC Private Limited | | |

| IGCC | | | Integrated Gasification Combined Cycle | | |

| MMBtu | | | Million British Thermal Unit | | |

| NCEMC | | | North Carolina Electric Membership Corporation | | |

| NCEMPA | | | North Carolina Eastern Municipal Power Agency | | |

| ORS | | | Office of Regulatory Staff | | |

| SELC | | | Southern Environmental Law Center | | |

| Spectra Capital | | | Spectra Energy Capital, LLC | | |

The following table provides information related to the Electric Utilities and Infrastructure's generation stations as of December 31, [removed: 2020.][added: 2021.]

| Lincoln Combustion Turbine (CT) | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 1,193] [added: 1,161] | | | | | |

| Allen | | | Fossil | | | Coal | | | NC | | | | | | [removed: 1,098] [added: 840] | | | | | |

| Bad Creek | | | Hydro | | | Water | | | SC | | | | | | [removed: 1,440] [added: 1,520] | | | | | |

| Other small facilities (19 plants) | | | Hydro | | | Water | | | NC/SC | | | | | | [removed: 603] [added: 581] | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | NC | | | | | | [removed: 38] [added: 71] | | | | | |

| Total Duke Energy Carolinas | | | | | | | | | | | | | | | [removed: 20,280] [added: 20,081] | | | | | |

| Smith CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 1,085] [added: 1,083] | | | | | |

| Wayne County CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 857] [added: 822] | | | | | |

| Mayo | | | Fossil | | | Coal | | | NC | | | | | | [removed: 727] [added: 704] | | | | | |

| Asheville CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 474] [added: 476] | | | | | |

| L.V. Sutton CT (Black Start) | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 78] [added: 84] | | | | | |

| Other small facilities (3) | | | Hydro | | | Water | | | NC | | | | | | [removed: 115] [added: 116] | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | NC | | | | | | [removed: 49] [added: 35] | | | | | |

| Total Duke Energy Progress | | | | | | | | | | | | | | | [removed: 12,533] [added: 12,468] | | | | | |

| Hines CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 2,054] [added: 2,061] | | | | | |

| Crystal River | | | Fossil | | | Coal | | | FL | | | | | | [removed: 1,422] [added: 1,410] | | | | | |

| Bartow CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 1,169] [added: 1,112] | | | | | |

| Intercession City CT | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 951] [added: 931] | | | | | |

| DeBary CT | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 559] [added: 524] | | | | | |

| Tiger Bay CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 200] [added: 193] | | | | | |

| Suwannee River CT | | | Fossil | | | Gas | | | FL | | | | | | [removed: 149] [added: 145] | | | | | |

| University of Florida CoGen CT | | | Fossil | | | Gas | | | FL | | | | | | [removed: 43] [added: 44] | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | FL | | | | | | [removed: 195] [added: 323] | | | | | |

| Total Duke Energy Florida | | | | | | | | | | | | | | | [removed: 10,287] [added: 10,288] | | | | | |

| Wheatland CT | | | Fossil | | | Gas | | | IN | | | | | | [removed: 450] [added: 444] | | | | | |

| Cayuga CT | | | Fossil | | | Gas/Oil | | | IN | | | | | | [removed: 86] [added: 84] | | | | | |

| Markland | | | Hydro | | | Water | | | IN | | | | | | [removed: 51] [added: 54] | | | | | |

| Total Duke Energy Indiana | | | | | | | | | | | | | | | [removed: 6,631] [added: 6,346] | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | [removed: 50,807] [added: 50,259] | | | | | |

The following table provides information related to Electric Utilities and Infrastructure's electric transmission and distribution properties as of December 31, [removed: 2020.][added: 2021.]

| Miles of 230 kV | | | [removed: 8,400] [added: 8,500] | | | 2,700 | | | 3,400 | | | [removed: 1,600] [added: 1,700] | | | — | | | 700 | | |

| Miles of 13 to 69 kV | | | [removed: 8,300] [added: 8,200] | | | [removed: 3,000] [added: 2,900] | | | — | | | 2,200 | | | 600 | | | 2,500 | | |

| Total conductor miles of electric transmission lines | | | 31,300 | | | [removed: 13,100] [added: 13,000] | | | 6,300 | | | [removed: 4,900] [added: 5,000] | | | 1,700 | | | 5,300 | | |

| Miles of overhead lines | | | [removed: 173,500] [added: 173,400] | | | 66,600 | | | 46,400 | | | [removed: 25,100] [added: 25,200] | | | 13,300 | | | [removed: 22,100] [added: 21,900] | | |

| Total conductor miles of electric distribution lines | | | [removed: 282,400] [added: 283,200] | | | [removed: 107,000] [added: 106,600] | | | [removed: 78,200] [added: 79,000] | | | [removed: 46,200] [added: 46,700] | | | [removed: 19,500] [added: 19,600] | | | [removed: 31,500] [added: 31,300] | | |

| Number of electric transmission and distribution substations | | | [removed: 3,200] [added: 3,000] | | | [removed: 1,400] [added: 1,200] | | | 500 | | | 500 | | | [removed: 300] [added: 500] | | | [removed: 500] [added: 300] | | |

| Miles of natural gas distribution and transmission pipelines | | | [removed: 34,200] [added: 34,800] | | | [removed: 7,400] [added: 7,500] | | | [removed: 26,800] [added: 27,300] | | |

| Miles of natural gas service lines | | | [removed: 27,200] [added: 27,700] | | | [removed: 6,300] [added: 6,500] | | | [removed: 20,900] [added: 21,200] | | |

The following table provides information related to Commercial Renewables' electric generation facilities as of December 31, [removed: 2020.][added: 2021.]

| Fossil | | | | | | | | | | | | | | | 37,252 | | | | | |

| Hydro | | | | | | | | | | | | | | | 3,639 | | | | | |

| Renewable | | | | | | | | | | | | | | | 460 | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | 50,259 | | | | | |

| Miles of underground line | | | 109,800 | | | 40,000 | | | 32,600 | | | 21,500 | | | 6,300 | | | 9,400 | | |

| Frontier Windpower II(a) | | | Renewable | | | Wind | | | OK | | | | | | 352 | | | 100 | | % |

| Maryneal(a) | | | Renewable | | | Wind | | | TX | | | | | | 182 | | | 100 | | % |

| Pflugerville(a) | | | Renewable | | | Solar | | | TX | | | | | | 144 | | | 100 | | % |

| Broad River(a) | | | Renewable | | | Solar | | | NC | | | | | | 50 | | | 100 | | % |

| Speedway(a) | | | Renewable | | | Solar | | | NC | | | | | | 23 | | | 100 | | % |

| | | | | | | | | | | | | | | | | | | | | |

| Wind | | | | | | | | | | | | | | | 1,959 | | | | | |

| Solar | | | | | | | | | | | | | | | 1,531 | | | | | |

See Note 10, "Property, Plant and Equipment," for further information.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Gallagher | | | Fossil | | | Coal | | | IN | | | | | | 280 | | | | | |

| Fossil | | | | | | | | | | | | | | | 38,010 | | | | | |

| Hydro | | | | | | | | | | | | | | | 3,577 | | | | | |

| Renewable | | | | | | | | | | | | | | | 312 | | | | | |

| Miles of underground line | | | 108,900 | | | 40,400 | | | 31,800 | | | 21,100 | | | 6,200 | | | 9,400 | | |

| Wind | | | | | | | | | | | | | | | 1,426 | | | | | |

| Solar | | | | | | | | | | | | | | | 1,274 | | | | | |

| LEGAL PROCEEDINGS AND MINE SAFETY DISCLOSURES | | | | | |

As of January 31, [removed: 2021,] [added: 2022,] there were [removed: 136,857] [added: 131,590] Duke Energy common stockholders of record.

See Note 1, "Summary of Significant Accounting Policies," to the Consolidated Financial Statements for information on the 2021 [removed: sale] [added: investment] of a minority interest in Duke Energy Indiana.

Issuer Purchases of Equity Securities for Fourth Quarter [removed: 2020][added: 2021]

There were no repurchases of equity securities during the fourth quarter of [removed: 2020.][added: 2021.]

The graph assumes an initial investment of $100 on December 31, [removed: 2015,] [added: 2016,] in Duke Energy common stock, in the S&P 500 and in the Philadelphia Utility Index and that all dividends were reinvested.

[removed: ][added: ]

Duke Energy has filed the certification of its Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to this Annual Report on Form 10-K for the year ended December 31, [removed: 2020.][added: 2021.]

| Report of Independent Registered Public Accounting Firm | | | [removed: [77](#i407a9b40c8764948846bbcb56028eafd_229)] [added: [73](#i5af3a964ecc442a88b8b04e0c268c3fc_199)] | | |

| Consolidated Statements of Operations | | | [removed: [79](#i407a9b40c8764948846bbcb56028eafd_232)] [added: [75](#i5af3a964ecc442a88b8b04e0c268c3fc_202)] | | |

| Consolidated Statements of [added: Operations and] Comprehensive Income | | | [removed: [80](#i407a9b40c8764948846bbcb56028eafd_235)] [added: [88](#i5af3a964ecc442a88b8b04e0c268c3fc_235)] | | |

| Consolidated Balance Sheets | | | [removed: [81](#i407a9b40c8764948846bbcb56028eafd_238)] [added: [89](#i5af3a964ecc442a88b8b04e0c268c3fc_238)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [82](#i407a9b40c8764948846bbcb56028eafd_244)] [added: [78](#i5af3a964ecc442a88b8b04e0c268c3fc_211)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [83](#i407a9b40c8764948846bbcb56028eafd_247)] [added: [79](#i5af3a964ecc442a88b8b04e0c268c3fc_214)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [84](#i407a9b40c8764948846bbcb56028eafd_250)] [added: [80](#i5af3a964ecc442a88b8b04e0c268c3fc_217)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [86](#i407a9b40c8764948846bbcb56028eafd_253)] [added: [82](#i5af3a964ecc442a88b8b04e0c268c3fc_220)] | | |

| Consolidated Balance Sheets | | | [removed: [87](#i407a9b40c8764948846bbcb56028eafd_256)] [added: [77](#i5af3a964ecc442a88b8b04e0c268c3fc_208)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [88](#i407a9b40c8764948846bbcb56028eafd_262)] [added: [84](#i5af3a964ecc442a88b8b04e0c268c3fc_226)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [89](#i407a9b40c8764948846bbcb56028eafd_265)] [added: [85](#i5af3a964ecc442a88b8b04e0c268c3fc_229)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [90](#i407a9b40c8764948846bbcb56028eafd_268)] [added: [86](#i5af3a964ecc442a88b8b04e0c268c3fc_232)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [92](#i407a9b40c8764948846bbcb56028eafd_271)] [added: [94](#i5af3a964ecc442a88b8b04e0c268c3fc_250)] | | |

| Consolidated Balance Sheets | | | [removed: [93](#i407a9b40c8764948846bbcb56028eafd_274)] [added: [83](#i5af3a964ecc442a88b8b04e0c268c3fc_223)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [94](#i407a9b40c8764948846bbcb56028eafd_280)] [added: [90](#i5af3a964ecc442a88b8b04e0c268c3fc_241)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [95](#i407a9b40c8764948846bbcb56028eafd_283)] [added: [91](#i5af3a964ecc442a88b8b04e0c268c3fc_244)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [96](#i407a9b40c8764948846bbcb56028eafd_286)] [added: [92](#i5af3a964ecc442a88b8b04e0c268c3fc_247)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [98](#i407a9b40c8764948846bbcb56028eafd_289)] [added: [100](#i5af3a964ecc442a88b8b04e0c268c3fc_265)] | | |

| Consolidated Balance Sheets | | | [removed: [99](#i407a9b40c8764948846bbcb56028eafd_295)] [added: [95](#i5af3a964ecc442a88b8b04e0c268c3fc_253)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [100](#i407a9b40c8764948846bbcb56028eafd_301)] [added: [114](#i5af3a964ecc442a88b8b04e0c268c3fc_301)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [101](#i407a9b40c8764948846bbcb56028eafd_304)] [added: [115](#i5af3a964ecc442a88b8b04e0c268c3fc_304)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [102](#i407a9b40c8764948846bbcb56028eafd_307)] [added: [116](#i5af3a964ecc442a88b8b04e0c268c3fc_307)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [104](#i407a9b40c8764948846bbcb56028eafd_310)] [added: [118](#i5af3a964ecc442a88b8b04e0c268c3fc_310)] | | |

| Consolidated Balance Sheets | | | [removed: [105](#i407a9b40c8764948846bbcb56028eafd_313)] [added: [119](#i5af3a964ecc442a88b8b04e0c268c3fc_313)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [106](#i407a9b40c8764948846bbcb56028eafd_319)] [added: [96](#i5af3a964ecc442a88b8b04e0c268c3fc_256)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [107](#i407a9b40c8764948846bbcb56028eafd_322)] [added: [97](#i5af3a964ecc442a88b8b04e0c268c3fc_259)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [108](#i407a9b40c8764948846bbcb56028eafd_325)] [added: [98](#i5af3a964ecc442a88b8b04e0c268c3fc_262)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [110](#i407a9b40c8764948846bbcb56028eafd_328)] [added: [106](#i5af3a964ecc442a88b8b04e0c268c3fc_280)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [112](#i407a9b40c8764948846bbcb56028eafd_340)] [added: [102](#i5af3a964ecc442a88b8b04e0c268c3fc_271)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [113](#i407a9b40c8764948846bbcb56028eafd_343)] [added: [103](#i5af3a964ecc442a88b8b04e0c268c3fc_274)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [114](#i407a9b40c8764948846bbcb56028eafd_346)] [added: [104](#i5af3a964ecc442a88b8b04e0c268c3fc_277)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [116](#i407a9b40c8764948846bbcb56028eafd_349)] [added: [112](#i5af3a964ecc442a88b8b04e0c268c3fc_295)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [118](#i407a9b40c8764948846bbcb56028eafd_358)] [added: [108](#i5af3a964ecc442a88b8b04e0c268c3fc_286)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [119](#i407a9b40c8764948846bbcb56028eafd_361)] [added: [109](#i5af3a964ecc442a88b8b04e0c268c3fc_289)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [120](#i407a9b40c8764948846bbcb56028eafd_364)] [added: [110](#i5af3a964ecc442a88b8b04e0c268c3fc_292)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [124](#i407a9b40c8764948846bbcb56028eafd_379)] [added: [120](#i5af3a964ecc442a88b8b04e0c268c3fc_316)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [125](#i407a9b40c8764948846bbcb56028eafd_382)] [added: [121](#i5af3a964ecc442a88b8b04e0c268c3fc_319)] | | |

| Note 1 – Summary of Significant Accounting Policies | | | [removed: [126](#i407a9b40c8764948846bbcb56028eafd_388)] [added: [122](#i5af3a964ecc442a88b8b04e0c268c3fc_325)] | | |

| Note 4 – Commitments and Contingencies | | | [removed: [163](#i407a9b40c8764948846bbcb56028eafd_430)] [added: [154](#i5af3a964ecc442a88b8b04e0c268c3fc_358)] | | |

| Note 6 – Debt and Credit Facilities | | | [removed: [173](#i407a9b40c8764948846bbcb56028eafd_439)] [added: [164](#i5af3a964ecc442a88b8b04e0c268c3fc_370)] | | |

| Consolidated Statements of Comprehensive Income | | | [76](#i5af3a964ecc442a88b8b04e0c268c3fc_205) | | |

| Consolidated Balance Sheets | | | [101](#i5af3a964ecc442a88b8b04e0c268c3fc_268) | | |

| Consolidated Balance Sheets | | | [107](#i5af3a964ecc442a88b8b04e0c268c3fc_283) | | |

| Consolidated Balance Sheets | | | [113](#i5af3a964ecc442a88b8b04e0c268c3fc_298) | | |

| Note 2 – Business Segments | | | [131](#i5af3a964ecc442a88b8b04e0c268c3fc_331) | | |

| Note 3 – Regulatory Matters | | | [135](#i5af3a964ecc442a88b8b04e0c268c3fc_334) | | |

| Note 5 – Leases | | | [159](#i5af3a964ecc442a88b8b04e0c268c3fc_364) | | |

| Note 9 – Asset Retirement Obligations | | | [171](#i5af3a964ecc442a88b8b04e0c268c3fc_379) | | |

| Note 18 – Revenue | | | [199](#i5af3a964ecc442a88b8b04e0c268c3fc_406) | | |

| Note 19 – Stockholders' Equity | | | [204](#i5af3a964ecc442a88b8b04e0c268c3fc_412) | | |

| Note 20 – Severance | | | [206](#i5af3a964ecc442a88b8b04e0c268c3fc_415) | | |

| Note 23 – Income Taxes | | | [222](#i5af3a964ecc442a88b8b04e0c268c3fc_424) | | |

| Note 25 – Subsequent Events | | | [229](#i5af3a964ecc442a88b8b04e0c268c3fc_430) | | |

We also evaluated the external information and compared it to management’s recorded balances for completeness.

Noncontrolling Interests - Minority Interest Investment in Duke Energy Indiana – Refer to Note 1 to the financial statements

On January 28, 2021, the Company executed an agreement providing for an investment by an affiliate of GIC Private Limited in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Indiana Holdco, LLC, the holding company for Duke Energy Indiana.

The Company retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Consolidated Statements of Operations.

The difference between the net cash consideration received and the carrying value of the noncontrolling interest was recorded as an increase to equity.

The Company has the discretion to determine the timing of the second closing, but the closing will occur no later than January 2023.

We identified the minority interest investment in Duke Energy Indiana as a critical audit matter because of the extensive audit effort required to audit the transaction, including the need to involve professionals in our firm with the appropriate expertise to assist us in evaluating management’s conclusions that there should be no gain or loss associated with this transaction recognized on the Consolidated Statements of Operations for the year ended December 31, 2021.

Our audit procedures related to the minority interest investment in Duke Energy Indiana included the following, among others:

- We tested the effectiveness of controls over the accounting assessment of significant and non- routine transactions, including the controls over the income tax treatment of such transactions.

- We evaluated management’s conclusions related to accounting for the transaction by:

–Obtaining and reading the agreement providing for the minority investment,

–Involving professionals in our firm with the appropriate expertise to evaluate the work performed by management’s expert related to the tax treatment of the transaction,

–Assessing management’s documentation for accounting for the transaction.

- We evaluated the appropriateness of the Company’s disclosures related to the minority interest investment.

| Impairment of assets and other charges | | | 356 | | | | | | 984 | | | | | | (8) | | |

| Less: Preferred Dividends | | | 106 | | | | | | 107 | | | | | | 41 | | |

| Facilities to be retired, net | | | 144 | | | | | | 29 | | |

| Impairment of assets and other charges | | | 356 | | | | | | 984 | | | | | | (8) | | |

| Disbursements to canceled equity method investments | | | (855) | | | | | | — | | | | | | — | | |

| Contribution from noncontrolling interest(f) | | | — | | | — | | | | | | — | | | | | | (17) | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (17) | | | | | | 426 | | | | | | 409 | | |

| Net income | | | — | | | — | | | | | | — | | | | | | — | | | | | | 3,802 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,802 | | | | | | (329) | | | | | | 3,473 | | |

| Sale of noncontrolling interest(e) | | | — | | | — | | | | | | — | | | | | | 545 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 545 | | | | | | 454 | | | | | | 999 | | |

| Balance at December 31, 2021 | | | $ | 1,962 | | 769 | | | | | | $ | 1 | | | | | $ | 44,371 | | | | | $ | 3,265 | | | | | | | | | | | $ | (232) | | | | | $ | (2) | | | | | $ | (69) | | | | | $ | 49,296 | | | | | $ | 1,840 | | | | | $ | 51,136 | |

(e) Relates to the sale of a noncontrolling interest in Duke Energy Indiana.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

We identified the impact of rate regulation related to regulatory assets as a critical audit matter due to the significant judgments made by management, including assumptions regarding the outcome of future decisions by the Commissions, to support its assertions on the likelihood of future recovery for deferred costs.

Given that management’s accounting judgments are based on assumptions about the outcome of future decisions by the Commissions, auditing these judgments required specialized knowledge of accounting for rate regulation and the ratemaking process due to its inherent complexities as it relates to regulatory assets.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Consolidated Balance Sheets | | | [111](#i407a9b40c8764948846bbcb56028eafd_334) | | |

| Consolidated Balance Sheets | | | [117](#i407a9b40c8764948846bbcb56028eafd_352) | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [122](#i407a9b40c8764948846bbcb56028eafd_367) | | |

| Consolidated Balance Sheets | | | [123](#i407a9b40c8764948846bbcb56028eafd_373) | | |

| Note 2 – Business Segments | | | [135](#i407a9b40c8764948846bbcb56028eafd_394) | | |

| Note 3 – Regulatory Matters | | | [139](#i407a9b40c8764948846bbcb56028eafd_397) | | |

| Note 5 – Leases | | | [168](#i407a9b40c8764948846bbcb56028eafd_436) | | |

| Note 18 – Revenue | | | [211](#i407a9b40c8764948846bbcb56028eafd_496) | | |

| Note 19 – Stockholders' Equity | | | [217](#i407a9b40c8764948846bbcb56028eafd_502) | | |

| Note 20 – Severance | | | [219](#i407a9b40c8764948846bbcb56028eafd_508) | | |

| Note 23 – Income Taxes | | | [235](#i407a9b40c8764948846bbcb56028eafd_523) | | |

| Note 25 – Subsequent Events | | | [242](#i407a9b40c8764948846bbcb56028eafd_529) | | |

The Company’s rates are subject to regulatory rate-setting processes and annual earnings oversight.

Rates charged to customers are determined and approved in regulatory proceedings based on an analysis of the Company’s costs to provide utility service and a return on the Company’s investment in the utility business.

Regulatory decisions can have an impact on the recovery of costs, the rate of return earned on investment and the timing and amount of assets to be recovered by rates.

The regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital.

As such, auditing these judgments required specialized knowledge of accounting for rate regulation due to its inherent complexities, a high degree of auditor judgment, and an increased extent of effort.

February 25, 2021

| | | | | | | | | | | | | | | | | | |

| Impairment charges | | | 984 | | | | | | (8) | | | | | | 402 | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Payment for the disposal of other assets | | | — | | | | | | — | | | | | | (105) | | |

| Other assets | | | (398) | | | | | | (559) | | | | | | (1,062) | | |

| Balance at December 31, 2017 | | | $ | — | | 700 | | | | | | $ | 1 | | | | | $ | 38,792 | | | | | $ | 3,013 | | | | | | | | | | | $ | (10) | | | | | $ | 12 | | | | | $ | (69) | | | | | $ | 41,739 | | | | | $ | (2) | | | | | $ | 41,737 | |

| Net income | | | — | | | — | | | | | | — | | | | | | — | | | | | | 2,666 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,666 | | | | | | (22) | | | | | | 2,644 | | |

| Impairment charges | | | 476 | | | | | | 17 | | | | | | 192 | | |

| Reclassification into earnings from cash flow hedges | | | — | | | | | | — | | | | | | 1 | | |

| | | | | | | | | | | | | | | |

| Regulatory assets | | | | | | 473 | | | | | | 550 | | |

| Other | | | (2) | | | | | | (1) | | | | | | (23) | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2017 | | | $ | 11,368 | | | | | $ | (7) | | | | | | | | | | | $ | 11,361 | |

| Net income | | | 1,071 | | | | | | — | | | | | | | | | | | | 1,071 | | |

| Other(a) | | | (13) | | | | | | — | | | | | | | | | | | | (13) | | |

| Other | | | (13) | | | | | | 12 | | | | | | (1) | | |

| Balance at December 31, 2017 | | | | | | | | | $ | 9,143 | | | | | $ | 4,350 | | | | | $ | (18) | | | | | $ | 5 | | | | | $ | (12) | | | | | $ | 13,468 | | | | | $ | (3) | | | | | $ | 13,465 | |

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, [removed: 2020,] [added: 2021,] and, based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal [removed: quarter] [added: year] ended December 31, [removed: 2020,] [added: 2021,] and [removed: have concluded] [added: other than with respect to the Customer Connect SAP implementation, there were] no [removed: change has] [added: other changes in our internal control over financial reporting during the year ended December 31, 2021, that have] materially affected, or [removed: is] [added: are] reasonably likely to materially affect, [added: our] internal [removed: control] [added: controls] over financial reporting.

The Duke Energy Registrants’ management, including their Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of their internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on the framework in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on that evaluation, management concluded that its internal controls over financial reporting were effective as of December 31, [removed: 2020.][added: 2021.]

We have audited the internal control over financial reporting of Duke Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February [removed: 25, 2021,] [added: 24, 2022,] expressed an unqualified opinion on those financial statements.

During the fourth quarter of 2021, Duke Energy Progress and Duke Energy Florida implemented Customer Connect, an SAP based customer engagement and billing solution.

Customer Connect was previously implemented at Duke Energy Carolinas during the second quarter of 2021.

As a result of this implementation, we modified certain existing internal controls and implemented new controls and procedures related to Customer Connect.

We evaluated the design and operating effectiveness of these internal controls and do not believe this implementation had an adverse effect on our internal control over financial reporting.

February 24, 2022

February 25, 2021

The following table shows information as of December 31, [removed: 2020,] [added: 2021,] about securities to be issued upon exercise of outstanding options, warrants and rights under Duke Energy's equity compensation plans, along with the weighted average exercise price of the outstanding options, warrants and rights and the number of securities remaining available for future issuance under the plans.

| Equity compensation plans [added: not] approved by security holders | | | [removed: 3,256,542] [added: 113,176] | | | [removed: (2)] [added: (4)] | | | n/a | | | [removed: 4,450,675] [added: n/a] | | | [removed: (3)] [added: (5)] | | |

| Equity compensation plans [removed: not] approved by security holders | | | [removed: 143,272] [added: 3,277,358] | | | [removed: (4)] [added: (2)] | | | n/a | | | [removed: n/a] [added: 3,470,774] | | | [removed: (5)] [added: (3)] | | |

(1) As of December 31, [removed: 2020,] [added: 2021,] no options were outstanding under equity compensation plans.

| Total | | | 3,390,534 | | | | | | n/a | | | 3,470,774 | | | | | |

| Total | | | 3,399,814 | | | | | | n/a | | | 4,450,675 | | | | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| OTHER INFORMATION | | | | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| OTHER INFORMATION | | | | | |

The following tables present the Deloitte fees for services rendered to the Duke Energy Registrants during [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

| Audit Fees(a) | | | [removed: $] [added: $] | [removed: 12.9] [added: 12.9] | | | | | [removed: $] [added: $] | [removed: 3.0] [added: 3.0] | | | | | [removed: $] [added: $] | [removed: 4.5] [added: 4.5] | | | | | [removed: $] [added: $] | [removed: 2.3] [added: 2.3] | | | | | [removed: $] [added: $] | [removed: 2.2] [added: 2.2] | | | | | [removed: $] [added: $] | [removed: 1.9] [added: 1.9] | | | | | [removed: $] [added: $] | [removed: 1.7] [added: 1.7] | | | | | [removed: $] [added: $] | [removed: 1.3] [added: 1.3] | |

| Audit-Related Fees(b) | | | [removed: 1.7] [added: 1.7] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: 0.3] [added: 0.3] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: 0.3] [added: 0.3] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: —] [added: —] | | |

| Tax Fees(c) | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | |

| Total Fees | | | [removed: $] [added: $] | [removed: 14.7] [added: 14.7] | | | | | [removed: $] [added: $] | [removed: 3.2] [added: 3.2] | | | | | [removed: $] [added: $] | [removed: 4.8] [added: 4.8] | | | | | [removed: $] [added: $] | [removed: 2.4] [added: 2.4] | | | | | [removed: $] [added: $] | [removed: 2.4] [added: 2.4] | | | | | [removed: $] [added: $] | [removed: 2.2] [added: 2.2] | | | | | [removed: $] [added: $] | [removed: 1.8] [added: 1.8] | | | | | [removed: $] [added: $] | [removed: 1.3] [added: 1.3] | |

| | | | Year Ended December 31, [removed: 2019] [added: 2021] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Audit-Related Fees(b) | | | [removed: 0.6] [added: 1.5] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | |

All services performed in [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] by the independent accountant were approved by the Audit Committee pursuant to the preapproval policy.

| Audit Fees(a) | | | $ | 13.2 | | | | | $ | 3.1 | | | | | $ | 4.7 | | | | | $ | 2.4 | | | | | $ | 2.3 | | | | | $ | 1.9 | | | | | $ | 1.7 | | | | | $ | 1.3 | |

| Total Fees | | | $ | 14.7 | | | | | $ | 3.2 | | | | | $ | 4.9 | | | | | $ | 2.5 | | | | | $ | 2.4 | | | | | $ | 2.1 | | | | | $ | 1.7 | | | | | $ | 1.3 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Audit Fees(a) | | | $ | 13.5 | | | | | $ | 4.6 | | | | | $ | 5.3 | | | | | $ | 3.1 | | | | | $ | 2.2 | | | | | $ | 0.9 | | | | | $ | 1.4 | | | | | $ | 0.8 | |

| Tax Fees(c) | | | 0.2 | | | | | | 0.1 | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Total Fees | | | $ | 14.3 | | | | | $ | 4.8 | | | | | $ | 5.6 | | | | | $ | 3.2 | | | | | $ | 2.3 | | | | | $ | 1.1 | | | | | $ | 1.4 | | | | | $ | 0.8 | |

Consolidated Statements of Operations for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

Consolidated Statements of Comprehensive Income for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

Consolidated Balance Sheets as of December 31, [removed: 2020,] [added: 2021,] and [removed: 2019][added: 2020]

Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

| 3.3.1 | | | [Amended Articles of Organization, effective October 1, [removed: 2006](http://www.sec.gov/Archives/edgar/data/30371/000119312506233026/dex31.htm) [(incorporated] [added: 2006 (incorporated] by reference to Exhibit 3.1 to Duke Energy Carolinas, LLC's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, filed on November 13, 2006, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000119312506233026/dex31.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.4.1 | | | [Amended Articles of Incorporation, effective September 19, [removed: 2006](http://www.sec.gov/Archives/edgar/data/20290/000119312506238407/dex31.htm) [(incorporated] [added: 2006 (incorporated] by reference to Exhibit 3.1 to Duke Energy Ohio, Inc.'s (formerly The Cincinnati Gas & Electric Company) Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, filed on November 17, 2006, File No. 1-1232).](http://www.sec.gov/Archives/edgar/data/20290/000119312506238407/dex31.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | |

| 3.5.4 | | | [removed: [Limited] [added: [Amended and Restated Limited] Liability Company Operating Agreement of Duke Energy Indiana, [removed: LLC] [added: LLC, dated August 25, 2021] (incorporated by reference to Exhibit [removed: 3.5] [added: 3.1] to registrant's [removed: Current] [added: Quarterly] Report on Form [removed: 8-K] [added: 10-Q for the quarter ended September 30, 2021,] filed on [removed: January] [added: November] 4, [removed: 2016,] [added: 2021,] File No. [removed: 1-3543).](http://www.sec.gov/Archives/edgar/data/81020/000110465916087742/a16-1106_1ex3d5.htm)] [added: 1-3543).](https://www.sec.gov/Archives/edgar/data/17797/000132616021000231/duk-20210930x10qxexx31.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | |

| 3.7 | | | [Regulations of Duke Energy Ohio, Inc. (formerly The Cincinnati Gas & Electric Company), effective July 23, [removed: 2003](http://www.sec.gov/Archives/edgar/data/20290/000110465903018212/a03-1575_1ex3d2.htm) [(incorporated] [added: 2003 (incorporated] by reference to Exhibit 3.2 to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003, filed on August 13, 2003, File No. 1-1232).](http://www.sec.gov/Archives/edgar/data/20290/000110465903018212/a03-1575_1ex3d2.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | |

| 3.9 | | | [Amended and Restated Articles of Incorporation of Progress Energy, Inc. (formerly CP&L Energy, Inc.), effective June 15, [removed: 2000](http://www.sec.gov/Archives/edgar/data/17797/000095016800001893/0000950168-00-001893-0002.txt) [(incorporated] [added: 2000 (incorporated] by reference to Exhibit 3(a)(1) to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, filed on August 14, 2000, File No. 1-3382).](http://www.sec.gov/Archives/edgar/data/17797/000095016800001893/0000950168-00-001893-0002.txt) | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.9.1 | | | [Articles of Amendment to the Amended and Restated Articles of Incorporation of Progress Energy, Inc. (formerly CP&L Energy, Inc.), effective December 4, [removed: 2000](http://www.sec.gov/Archives/edgar/data/17797/000102140802004307/dex3b1.txt) [(incorporated] [added: 2000 (incorporated] by reference to Exhibit 3(b)(1) to registrant's Annual Report on Form 10-K for the year ended December 31, 2001, filed on March 28, 2002, File No. 1-3382).](http://www.sec.gov/Archives/edgar/data/17797/000102140802004307/dex3b1.txt) | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.9.2 | | | [Articles of Amendment to the Amended and Restated Articles of Incorporation of Progress Energy, Inc. (formerly CP&L Energy, Inc.), effective May 10, [removed: 2006](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/articlesofamendment.htm) [](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/articlesofamendment.htm)[(incorporated] [added: 2006 (incorporated] by reference to Exhibit 3(a) to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed on August 9, 2006, File No. 1-15929).](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/articlesofamendment.htm) | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.9.3 | | | [By-Laws of Progress Energy, Inc. (formerly CP&L Energy, Inc.), effective May 10, [removed: 2006](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/bylaws.htm) [](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/bylaws.htm)[(incorporated] [added: 2006 (incorporated] by reference to Exhibit 3(b) to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed on August 9, 2006, File No. 1-15929).](http://www.sec.gov/Archives/edgar/data/17797/000109409306000296/bylaws.htm) | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.12 | | | [Certificate of Designations with respect to Series A Preferred Stock, dated March 28, 2019 (incorporated by reference to Exhibit 3.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1326160/000110465919018587/a19-6987_5ex3d1.htm) [r](http://www.sec.gov/Archives/edgar/data/1326160/000110465919018587/a19-6987_5ex3d1.htm)[egistrant’s] [added: to registrant’s] Current Report on Form 8-K filed on March 29, 2019, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465919018587/a19-6987_5ex3d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1 | | | [Indenture between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of June 3, [removed: 2008](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w1.htm)[(incorporated] [added: 2008 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on June 16, 2008, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.1 | | | [First Supplemental Indenture, dated as of June 16, [removed: 2008](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w2.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w2.htm)[(incorporated] [added: 2008 (incorporated] by reference to Exhibit 4.2 to Duke Energy Corporation's Current Report on Form 8-K filed on June 16, 2008, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000095014408004857/g13855k2exv4w2.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.2 | | | [Second Supplemental Indenture, dated as of January 26, [removed: 2009](http://www.sec.gov/Archives/edgar/data/1326160/000095014409000420/g17395exv4w1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000095014409000420/g17395exv4w1.htm)[(incorporated] [added: 2009 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on January 26, 2009, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000095014409000420/g17395exv4w1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.3 | | | [Third Supplemental Indenture, dated as of August 28, [removed: 2009](http://www.sec.gov/Archives/edgar/data/1326160/000095012309039010/g20354exv4w1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000095012309039010/g20354exv4w1.htm)[(incorporated] [added: 2009 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on August 28, 2009, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000095012309039010/g20354exv4w1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.4 | | | [Fourth Supplemental Indenture, dated as of March 25, [removed: 2010](http://www.sec.gov/Archives/edgar/data/1326160/000095012310028062/g22615exv4w1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000095012310028062/g22615exv4w1.htm)[(incorporated] [added: 2010 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on March 25, 2010, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000095012310028062/g22615exv4w1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.5 | | | [Fifth Supplemental Indenture, dated as of August 25, [removed: 2011](http://www.sec.gov/Archives/edgar/data/1326160/000110465911048638/a11-24875_1ex4d1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000110465911048638/a11-24875_1ex4d1.htm)[(incorporated] [added: 2011 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on August 25, 2011, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465911048638/a11-24875_1ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.6 | | | [Sixth Supplemental Indenture, dated as of November 17, [removed: 2011](http://www.sec.gov/Archives/edgar/data/1326160/000110465911064783/a11-29715_4ex4d1.htm) [(incorporated] [added: 2011 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on November 17, 2011, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465911064783/a11-29715_4ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.7 | | | [Seventh Supplemental Indenture, dated as of August 16, [removed: 2012](http://www.sec.gov/Archives/edgar/data/1326160/000110465912058363/a12-18433_1ex4d1.htm) [](http://www.sec.gov/Archives/edgar/data/1326160/000110465912058363/a12-18433_1ex4d1.htm)[(incorporated] [added: 2012 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on August 16, 2012, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465912058363/a12-18433_1ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.8 | | | [Eighth Supplemental Indenture, dated as of January 14, [removed: 2013](http://www.sec.gov/Archives/edgar/data/1326160/000110465913002211/a13-2700_1ex2.htm) [(incorporated] [added: 2013 (incorporated] by reference to Exhibit 2 to the Registration Statement of Form 8-A [removed: of](http://www.sec.gov/Archives/edgar/data/1326160/000110465913002211/a13-2700_1ex2.htm) [D](http://www.sec.gov/Archives/edgar/data/1326160/000110465913002211/a13-2700_1ex2.htm)[uke] [added: of Duke] Energy [removed: Corporation](http://www.sec.gov/Archives/edgar/data/1326160/000110465913002211/a13-2700_1ex2.htm) [filed] [added: Corporation filed] on January 14, 2013, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465913002211/a13-2700_1ex2.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.9 | | | [Ninth Supplemental Indenture, dated as of June 13, [removed: 2013](http://www.sec.gov/Archives/edgar/data/1326160/000110465913048873/a13-14587_3ex4d1.htm) [(incorporated] [added: 2013 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on June 13, 2013, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465913048873/a13-14587_3ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.10 | | | [Tenth Supplemental Indenture, dated as of October 11, [removed: 2013](http://www.sec.gov/Archives/edgar/data/1326160/000110465913075301/a13-21872_3ex4d1.htm) [(incorporated] [added: 2013 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on October 11, 2013, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465913075301/a13-21872_3ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.11 | | | [Eleventh Supplemental Indenture, dated as of April 4, [removed: 2014](http://www.sec.gov/Archives/edgar/data/1326160/000110465914025973/a14-8817_3ex4d1.htm) [(incorporated] [added: 2014 (incorporated] by reference to Exhibit 4.1 to Duke Energy Corporation's Current Report on Form 8-K filed on April 4, 2014, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465914025973/a14-8817_3ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.12 | | | [Twelfth Supplemental Indenture, dated as of November 19, [removed: 2015](http://www.sec.gov/Archives/edgar/data/1326160/000110465915080169/a15-20001_4ex4d2.htm) [(incorporated] [added: 2015 (incorporated] by reference to Exhibit 4.2 to Duke Energy Corporation's Current Report on Form 8-K filed on November 19, 2015, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465915080169/a15-20001_4ex4d2.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.14 | | | [Fourteenth Supplemental Indenture, dated as of August 12, [removed: 2016](http://www.sec.gov/Archives/edgar/data/1326160/000110465916139189/a16-16189_4ex4d1.htm) [(incorporated] [added: 2016 (incorporated] by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on August 12, 2016, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465916139189/a16-16189_4ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.15 | | | [Fifteenth Supplemental Indenture, dated as of April 11, 2017 (incorporated by reference to Exhibit 4.2 to registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2017](http://www.sec.gov/Archives/edgar/data/17797/000132616017000109/duk-20170331x10qxexx42.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616017000109/duk-20170331x10qxexx42.htm) [filed] [added: 2017, filed] on May 9, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000109/duk-20170331x10qxexx42.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.16 | | | [Sixteenth Supplemental Indenture, dated as of June 13, 2017 (incorporated by reference to Exhibit 4.1 to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, [removed: 2017](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx41.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx41.htm) [filed] [added: 2017, filed] on August 3, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx41.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.18 | | | [Eighteenth Supplemental Indenture, dated as of March 29, 2018 (incorporated by reference to Exhibit 4.2 to registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2018](http://www.sec.gov/Archives/edgar/data/17797/000132616018000139/duk-20180331x10qxexx42.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616018000139/duk-20180331x10qxexx42.htm) [filed] [added: 2018, filed] on May 10, 2018, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616018000139/duk-20180331x10qxexx42.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.19 | | | [Nineteenth Supplemental Indenture, dated as of May 16, 2018 (incorporated by reference to Exhibit 4.1 to registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, [removed: 2018](http://www.sec.gov/Archives/edgar/data/17797/000132616018000176/duk-20180630x10qxexx41.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616018000176/duk-20180630x10qxexx41.htm) [filed] [added: 2018, filed] on August 2, 2018, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616018000176/duk-20180630x10qxexx41.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.21 | | | [removed: [Twenty-](http://www.sec.gov/Archives/edgar/data/1326160/000110465919013779/a19-5892_3ex4d1.htm)[f](http://www.sec.gov/Archives/edgar/data/1326160/000110465919013779/a19-5892_3ex4d1.htm)[irst] [added: [Twenty-first] Supplemental Indenture (incorporated by reference to Exhibit 4.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1326160/000110465919013779/a19-5892_3ex4d1.htm) [r](http://www.sec.gov/Archives/edgar/data/1326160/000110465919013779/a19-5892_3ex4d1.htm)[egistrant’s] [added: to registrant’s] Current Report on Form 8-K filed on March 11, 2019, File no. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465919013779/a19-5892_3ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.22 | | | [removed: [Twenty-](http://www.sec.gov/Archives/edgar/data/1326160/000110465919034442/a19-10914_3ex4d1.htm)[s](http://www.sec.gov/Archives/edgar/data/1326160/000110465919034442/a19-10914_3ex4d1.htm)[econd] [added: [Twenty-second] Supplemental Indenture, dated as of June 7, 2019 (incorporated by reference to Exhibit 4.1 to registrant’s Current Report on Form 8-K filed on June 7, 2019, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465919034442/a19-10914_3ex4d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.2 | | | [Senior Indenture between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), dated as of September 1, [removed: 1998](http://www.sec.gov/Archives/edgar/data/30371/0001021408-99-000609.txt) [(incorporated] [added: 1998 (incorporated] by reference to Exhibit 4-D-1 to registrant's Post-Effective Amendment No. 2 to Registration Statement on Form S-3 filed on April 7, 1999, File No. 333-14209).](http://www.sec.gov/Archives/edgar/data/30371/0001021408-99-000609.txt) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.2.1 | | | [Fifteenth Supplemental Indenture, dated as of April 3, [removed: 2006](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w4w1.htm) [(incorporated] [added: 2006 (incorporated] by reference to Exhibit 4.4.1 to registrant's Registration Statement on Form S-3 filed on October 3, 2007, File No. 333-146483-03).](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.2.2 | | | [Sixteenth Supplemental Indenture, dated as of June 5, [removed: 2007](http://www.sec.gov/Archives/edgar/data/30371/000110465907045841/a07-15582_5ex4d1.htm) [(incorporated] [added: 2007 (incorporated] by reference to Exhibit 4.1 registrant's Current Report on Form 8-K filed on June 6, 2007, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465907045841/a07-15582_5ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.3.7 | | | [Eighty-fourth Supplemental Indenture, dated as of March 20, [removed: 2006](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w6w9.htm) [(incorporated] [added: 2006 (incorporated] by reference to Exhibit 4.6.9 to registrant's Registration Statement on Form S-3 filed on October 3, 2007, File No. 333-146483-03).](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w6w9.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.3.8 | | | [Eighty-fifth Supplemental Indenture, dated as of January 10, [removed: 2008](http://www.sec.gov/Archives/edgar/data/30371/000119312508005077/dex41.htm) [(incorporated] [added: 2008 (incorporated] by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on January 11, 2008, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000119312508005077/dex41.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Balance Sheets as of December 31, 2021, and 2020

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019

| 4.1.25 | | | [Twenty-fifth Supplemental Indenture, dated as of June 10, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on June 10, 2021, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465921079172/tm2118340d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.26 | | | [Twenty-sixth Supplemental Indenture, dated as of September 28, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on September 28, 2021, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465921120046/tm2127747d4_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.3.24 | | | [One-Hundred and Fifth Supplemental Indenture, dated as of April 1, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on April 1, 2021, File No. 1-4928).](https://www.sec.gov/Archives/edgar/data/0000030371/000110465921045353/tm2110089d4_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.84 | | | [Ninety-first Supplemental Indenture, dated as of August 1, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on August 12, 2021, File No. 1-3382).](https://www.sec.gov/Archives/edgar/data/0000017797/000110465921103890/tm2123919d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.7.20 | | | [Fifty-eighth Supplemental Indenture, dated as of November 1, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on December 2, 2021, File No. 1-3274).](https://www.sec.gov/Archives/edgar/data/0000037637/000110465921145756/tm2133343d4_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| 4.26.9 | | | [Eleventh Supplemental Indenture, dated as of March 11, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 11, 2021, File No. 1-6196).](https://www.sec.gov/Archives/edgar/data/78460/000110465921034796/tm218351d3_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| *10.12 | | | [Amendment to Duke Energy Corporation Directors' Savings Plan, effective as of December 16, 2021.](https://www.sec.gov/Archives/edgar/data/1326160/000132616022000072/duk-20211231x10kxexx1012.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.26 | | | [Coal Combustion Residuals Settlement Agreement between registrants and the Public Staff-North Carolina Utilities Commission, the North Carolina Attorney General's Office, and the Sierra Club, dated as of January 22, 2021 (incorporated by reference to Exhibit 10.1 to registrants' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on May 10, 2021, File Nos. 1-32853, 1-4928, 1-3382).](https://www.sec.gov/Archives/edgar/data/17797/000132616021000136/duk-20210331x10qxexx101.htm) | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.27 | | | [Investment Agreement by and among Cinergy Corp., Duke Energy Indiana HoldCo, LLC, Duke Energy Corporation, and Epson Investment PTE. LTD,. dated as of January 28, 2021 (incorporated by reference to Exhibit 10.2 to registrants' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on May 10, 2021, File Nos. 1-32853, 1-3543).](https://www.sec.gov/Archives/edgar/data/17797/000132616021000136/duk-20210331x10qxexx102.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | |

| 10.28 | | | [Cooperation Agreement, dated as of November 13, 2021, by and among Duke Energy Corporation, Elliott Investment Management L.P., and Elliott International, L.P.(incorporated by reference to registrant's Current Report on Form 8-K filed on November 15, 2021, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465921138544/tm2132901d1_ex10-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.41 | | | [Consulting Agreement, dated as of September 22, 2021, between Duke Energy Business Services, LLC and Douglas F Esamann (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K filed on September 27, 2021, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/0001326160/000132616021000219/exhibit101consultingagreem.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *10.42 | | | [Retention Award Agreement](https://www.sec.gov/Archives/edgar/data/1326160/000132616022000072/duk-20211231x10kxexx1042.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.57 | | | [Amended and Restated Limited Liability Company Operating Agreement of Duke Energy Indiana Holdco, LLC (incorporated by reference to Exhibit 10.1 to registrants' Current Report on Form 8-K filed on September 8, 2021, File Nos. 1-32853, 1-03543).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465921113669/tm2126982d1_ex10-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | |

| 10.35 | | | [Progress Energy, Inc. 2007 Equity Incentive Plan (incorporated by reference to Exhibit C to registrant's Form DEF 14A filed on March 30, 2007, File No. 1-15929).](http://www.sec.gov/Archives/edgar/data/1094093/000110465907024035/a07-6243_1def14a.htm#ProgressEnergyinc_2007EquityIncen_022323) | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.41.2 | | | [Amendment to Duke Energy Corporation Executive Savings Plan, dated as of October 1, 2020 (incorporated by reference to Exhibit 10.2 to Duke Energy Corporation's Current Report on Form 8-K filed on September 25, 2020, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465920108520/tm2031555d1_10-2.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.46 | | | [Plea Agreement between Duke Energy Corporation and the Court of the Eastern District of North Carolina in connection with the May 14, 2015, Dan River Grand Jury Settlement (incorporated by reference to Exhibit 10.4 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 7, 2015, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616015000151/duk-20150630x10qxexx104.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.50 | | | [Severance Agreements with Thomas E. Skains and Franklin H. Yoho, dated September 4, 2007](http://www.sec.gov/Archives/edgar/data/78460/000095014407008450/g09364exv10w2.htm) [(incorporated by reference to Exhibits 10.2 and 10.2a to Piedmont Natural Gas Company, Inc's Quarterly Report on Form 10-Q for the quarter ended July 31, 2007, filed on September 7, 2007, File No. 1-06196).](http://www.sec.gov/Archives/edgar/data/78460/000095014407008450/g09364exv10w2.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.51.1 | | | [First Amendment to Piedmont Natural Gas Company, Inc. Incentive Compensation Plan (incorporated by reference to Exhibit 4.2 to registrant's Registration Statement on Form S-8 filed on October 3, 2016, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000119312516728908/d273327dex42.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.52 | | | [Waiver of Certain Rights to Terminate for Good Reason between Duke Energy Corporation and Franklin H. Yoho (incorporated by reference to Exhibit 10.66 to registrant's Annual Report on Form 10-K for the year ended December 31, 2016](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1066.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1066.htm) [filed on February 24, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1066.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.54 | | | [Retention Award Agreement, dated as of October 24, 2015, between Duke Energy Corporation and Franklin H. Yoho (incorporated by reference to Exhibit 10.68 to registrant's Annual Report on Form 10-K for the year ended December 31, 2016](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1068.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1068.htm) [filed on February 24, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000016/duk-20161231x10kxexx1068.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.55 | | | [Consulting Agreement, dated as of October 4, 2019, between Duke Energy Corporation and Franklin H. Yoho](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kex1054.htm) [(incorporated by reference to Exhibit 10.54 to registrant's Annual Report of Form 10-K for th](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kex1054.htm)[e year ended December](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kex1054.htm) [31, 2019, filed on February 20](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kex1054.htm)[, 2020, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kex1054.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.61 | | | [Second Amended and Restated Limited Liability Company Agreement of SouthStar Energy Services LLC, dated as of September 1, 2013, by and between Georgia Natural Gas Company and Piedmont Energy Company (incorporated by reference to Exhibit 10.39 to registrant's Annual Report on Form 10-K for the year ended October 31, 2013, filed on December 23, 2013, File No. 1-06196).](http://www.sec.gov/Archives/edgar/data/78460/000119312513481979/d644063dex1039.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.62 | | | [Limited Liability Company Agreement of Atlantic Coast Pipeline, LLC, dated as of September 2, 2014, by and between Dominion Atlantic Coast Pipeline, LLC, Duke Energy ACP, LLC, Piedmont ACP Company, LLC, and Maple Enterprise Holdings, Inc. (incorporated by reference to Exhibit 10.35 to registrant's Annual Report on Form 10-K for the year ended October 31, 2014, filed on December 23, 2014, File No. 1-06196).](http://www.sec.gov/Archives/edgar/data/78460/000007846014000008/a20141031exhibit1035.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.64 | | | [Decommissioning Services Agreement between Duke Energy Florida, LLC, and ADP CR3, LLC, and ADP SF1, LLC (incorporated by reference to Exhibit 10.3 to registrant](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm)['s](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm) [Quarterly Report on Form 10-Q for the quarter ended June 30, 2019,](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm) [file](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm)[d](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm) [on August 6, 2019, File No. 2-5293). (Portions of the exhibit have been omitted for confidentiality.)](http://www.sec.gov/Archives/edgar/data/17797/000132616019000189/duk-20190630x10qxex103.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| 10.66 | | | [Lease Agreement dated as of December 23, 2019, between the registrant and CGA 525 South Tryon TIC 1, LLC, a Delaware limited liability company, CGA 525 South Tryon TIC 2, LLC, a Delaware limited liability company, and CK 525 South Tryon TIC, LLC, a Delaware limited liability company](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm) [(in](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm)[corporated by reference to Exhibit 10.64 to registrant's Annual Report on Form 10-](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm)[K for the year ended December](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm) [31, 20](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm)[19, filed o](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm)[n Feb](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm)[ruary 20, 2020, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1064.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.67 | | | [Construction Agency Agreement dated as of December 23, 2019, between the registrant and CGA 525 South Tryon TIC 1, LLC, a Delaware limited liability company, CGA 525 South Tryon TIC 2, LLC, a Delaware limited liability company, and CK 525 South Tryon TIC, LLC, a Delaware limited liability company](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1065.htm) [(incorporated by reference to Exhibit 10.65 t](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1065.htm)[o registrant's Annual R](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1065.htm)[eport on Form 10-K for the year ended December 31, 2019, fi](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1065.htm)[led on February 20, 2020, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/17797/000132616020000034/duk-20191231x10kxex1065.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (iii) | | | /s/ DWIGHT L. JACOBS | | | | | |

| | | | Dwight L. Jacobs | | | | | |

| | | | Michael G. Browning* | | | John T. Herron* | | |

| | | | Annette K. Clayton* | | | William E. Kennard* | | |

| | | | Robert M. Davis* | | | Marya M. Rose* | | |

| | | | Daniel R. DiMicco* | | | Thomas E. Skains* | | |

| | | | /s/ DOUGLAS F ESAMANN | | | | | |

| | | | Douglas F Esamann | | | | | |