Duke Energy (DUK) 10-K risk factor changes: FY2022 vs FY2021

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

[added: In addition, new technologies that are not yet commercially available or are unproven at utility scale will likely be needed including new resources capable of following electric load over long durations such as advanced nuclear, hydrogen and long-duration storage,] If these technologies are not developed or are not available at reasonable prices, or if we invest in [removed: early-stage] [added: 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.

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 [removed: environment, Our nuclear fleet is central to our ability to meet these objectives and customer expectations.][added: environment.]

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

The Duke Energy Registrants’ regulated utility revenues, earnings and results [added: of operations] are dependent on state legislation and regulation that affect electric generation, electric and natural gas transmission, distribution and related activities, which may limit their ability to recover costs.

Additionally, if regulatory [added: or legislative] bodies do not allow recovery of costs incurred in providing service, or do not do so on a timely basis, the Duke Energy Registrants’ earnings could be negatively impacted.

The rates that the Duke Energy Registrants’ regulated utility [removed: business] [added: businesses] are allowed to charge significantly influences the results of operations, financial position and cash flows of the Duke Energy Registrants.

Negative decisions made by these regulators, or by any court on appeal of a rate case proceeding, [added: have, and in the future] could [removed: have] [added: have,] a material adverse effect on the Duke Energy Registrants’ results of operations, financial position or cash flows and affect the ability of the Duke Energy Registrants to recover costs and an appropriate return on the significant infrastructure investments being made.

Increased competition resulting from deregulation or restructuring legislation could have a significant adverse impact on the Duke Energy Registrants’ results of operations, financial position or cash [removed: flows.][added: flows and their utility businesses.]

The EPA and state regulators [added: have, and] may adopt and [removed: implement] [added: implement, additional] regulations to restrict emissions of GHGs to address global climate change.

Certain local and state jurisdictions have also enacted laws to restrict or prevent new [added: natural] gas infrastructure.

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 [added: delay in or] failure to fully recover such costs and investment in generation.

The Duke Energy Registrants’ operations have been and may be affected by [removed: COVID-19] [added: pandemic health events, including COVID-19,] in ways listed below and in ways the [removed: registrants] [added: Duke Energy Registrants] cannot predict at this time.

[removed: The] [added: If the] COVID-19 pandemic [removed: has immaterially impacted] [added: or other health epidemics] and [added: outbreaks that may occur are significantly prolonged, it] 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 [removed: also] sell electricity into the spot market or other competitive power markets on a contractual basis.

These market prices may fluctuate substantially over relatively short periods of time and could [added: negatively impact the company's ability to accurately forecast the financial impact or] reduce the Duke Energy Registrants’ revenues and margins, thereby diminishing results of operations.

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 two, and [added: the] EPA's January 11, 2022, issuance of a letter interpreting the CCR Rule, including its applicability and closure provisions.

Excavation at these sites involves movement of CCR materials to off-site locations for use as structural fill, to [removed: appropriate] [added: appropriately] engineered off-site or on-site lined landfills or conversion of the ash for beneficial use.

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

Customer growth and customer usage are affected by several factors outside the control of the Duke Energy Registrants, such as mandated EE measures, demand-side management goals, distributed generation resources and economic and demographic conditions, such as [added: inflation and interest rate volatility,] population changes, job and income growth, housing starts, new business formation and the overall level of economic activity.

[removed: Certain] [added: In addition, certain] regulatory and legislative bodies have [added: passed legislation implementing the extension of certain tax credits to be used toward the costs of residential solar installation or have] introduced or are considering requirements and/or incentives to reduce energy consumption by certain dates in response to concerns related to climate change.

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

Furthermore, with this heightened emphasis on environmental, social, and governance concerns, and climate change in particular, there is an increased risk of [removed: litigation by activists.][added: litigation, activism, and legislation from groups both in support of and opposed to various environmental, social and governance initiatives, which could cause delays and increase the costs of our clean energy transition.]

The Duke Energy Registrants are subject to standards enacted by the North American Electric Reliability Corporation and enforced by FERC regarding protection of the physical and [removed: cyber security] [added: cybersecurity] of critical infrastructure assets required for operating North America's bulk electric system.

While the Duke Energy Registrants believe they are in compliance with, or, in the case of [removed: 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.

Duke Energy’s long-term strategy requires the construction of new projects, either wholly owned or partially owned, which involve a number of risks, including construction delays, [added: delays in or failure to receive required regulatory approvals and/or sitting or environmental permits,] nonperformance by equipment and other third-party suppliers, and increases in equipment and labor costs.

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

Such cash funding obligations, and the Subsidiary Registrants’ proportionate share of such cash funding obligations, could have a material [added: adverse] impact on the Duke Energy Registrants’ results of operations, financial position and cash flows.

Our nuclear fleet is central to our ability to meet these objectives and customer expectations.

A continuation of adverse economic conditions including economic downturn or high commodity prices could also negatively impact the financial stability of certain of our customers and result in their inability to pay for electric and natural gas services.

This could lead to increased bad debt expense and higher allowance for doubtful account reserves for the Duke Energy Registrants and result in delayed or unrecovered operating costs and lower financial results.

- availability of purchased power;

The COVID-19 pandemic and efforts to respond to it have resulted in widespread adverse consequences on the global economy and on the Duke Energy Registrants’ customers, third-party vendors, and other parties with whom we do business.

Additionally, rapidly rising interest rates could impact the ability to affordably finance the capital plan or increase rates to customers and could have an impact on our ability to execute on our clean energy transition.

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

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019.][added: 2020.]

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: 2020,] [added: 2021,] filed with the SEC on February [removed: 25, 2021,] [added: 24, 2022,] for a discussion of variance drivers for the year ended December 31, [removed: 2020,] [added: 2021,] as compared to December 31, [removed: 2019.][added: 2020.]

[removed: At Duke Energy the] [added: The] fundamentals of our business are strong and allow us to deliver growth in earnings and dividends in a low-risk, predictable and transparent way.

In [removed: 2021,] [added: 2022,] we continued to make progress, [added: navigating rising interest rates, volatile commodity prices and other macroeconomic headwinds while] meeting our near-term financial commitments, executing on [added: our] strategic priorities, [added: responding to severe weather] and [added: external events, and] continuing to provide [added: the] safe and reliable service [removed: while managing the ongoing impacts of the COVID-19 pandemic.][added: that our communities depend on.]

We [removed: remain focused on executing on] [added: also continue to make the investments necessary to support] our [added: ongoing] clean energy [removed: transformation] [added: transition] and a business portfolio that [removed: will deliver] [added: delivers] a reliable and growing [removed: dividend] [added: dividend,] with [removed: 2021] [added: 2022] representing the [removed: 95th] [added: 96th] consecutive year Duke Energy paid a cash dividend on its common stock.

[removed: ][added: ]

[removed: 2021] [added: 2022] Areas of Focus and Accomplishments

Clean Energy [removed: Transformation.][added: Transition.]

[removed: *Minority Interest Investment in Duke Energy Indiana*][added: | MD&A | | | DUKE ENERGY INDIANA | | |]

[removed: In] [added: On] October [added: 13,] 2021, North Carolina House Bill 951 [added: (HB 951)] was signed into law [removed: after legislative leaders announced bipartisan support for and the General Assembly passed this new legislation.][added: (the “Legislation”).]

[added: North Carolina] House Bill 951 [added: (HB 951) was passed in 2021 and] reflects new state policy that [removed: would accelerate] [added: accelerates] 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 [removed: customers, who are located in North Carolina and South Carolina.][added: customers.]

The legislation [removed: establishes] [added: established] a framework overseen by the NCUC to advance state CO2 emission reductions through the use of least cost planning, including stakeholder involvement, and also [removed: introduces] [added: introduced] modernized recovery mechanisms, including multiyear rate [removed: plans,] [added: plans (MYRP),] that promote more efficient recovery of investments and [added: performance-based regulation (PBR), that] align incentives between the company and the state’s energy policy objectives.

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

[removed: That] [added: This] includes longer-duration energy storage, advanced nuclear technologies, carbon capture and zero-carbon fuels.

Modernization of the electric grid, including smart meters, storm hardening, self-healing and targeted undergrounding, helps to [added: continue to] ensure the system is better prepared for severe weather, improves the system's reliability and flexibility, and provides better information and services for customers.

We continue to expand our self-optimizing grid capabilities, and in [removed: 2021,] [added: 2022,] smart, self-healing technologies helped to avoid more than [removed: 700,000 extended] [added: 1.4 million] customer [removed: outages] [added: interruptions] across our six-state electric service area, saving customers more than [removed: 1.2] [added: 443] million [removed: hours] [added: minutes] of lost outage time.

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

Recognizing the [removed: continued] importance of natural gas to our plans, we continue to work toward a net-zero methane emission goal by 2030 related to our natural gas distribution business.

[removed: As] [added: Additionally, as] highlighted above, [removed: House Bill] [added: HB] 951 provides the framework for many of [removed: these] [added: the] benefits [added: of modernized regulatory constructs] in North Carolina under the direction of the NCUC.

The new SEEM platform [removed: will facilitate] [added: facilitates] sub-hourly, bilateral trading, allowing participants to buy and sell power close to the time the energy is consumed, utilizing available unreserved [removed: transmission.][added: transmission and providing southeastern electricity customers cost, reliability and environmental benefits.]

[removed: In addition, grid] [added: Grid] investment riders in the Midwest and Florida enable more timely cost recovery and earnings [removed: growth.][added: growth and we have a MYRP in Florida through 2024.]

This data-driven approach allows us to identify the investments that are [removed: the] most important to the customer experience.

[removed: We] [added: In 2022, we] successfully implemented the [removed: first three] [added: last of eight] 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.

Operational Excellence, Safety and Reliability. The reliable and safe operation of our power plants, electric distribution system and natural gas infrastructure in our communities [removed: is] [added: continues to be] foundational to [added: serving] our customers, our financial [removed: results] [added: results,] and our credibility with stakeholders.

[removed: Our] [added: Despite these recent challenges, our] regulated generation fleet and nuclear sites had strong performance throughout the year and our electric distribution system performed well.

Our ability to effectively handle all facets of the [removed: 2021] [added: 2022] storm response efforts, including navigating ongoing [removed: COVID-19 protocols,] [added: macroeconomic challenges and supply chain constraints,] 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.

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

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

Our procurement teams [removed: have created] [added: continue to execute on] action plans to enhance planning, augment supply, amend operations and leverage our scale to [added: continue to] mitigate these risks to the extent possible.

Duke Energy Objectives – [removed: 2022] [added: 2023] and Beyond

Duke Energy Carolinas and Duke Energy Progress [added: both] have approximately [removed: $1.2 billion and] $1.4 billion, [removed: respectively,] in regulatory assets related to coal ash retirement obligations as of December 31, [removed: 2021.][added: 2022.]

Future spending, including amounts recorded for depreciation and liability accretion, is expected to continue to be [removed: deferred.][added: deferred and recovered in future rate cases or rider filings.]

The majority of spend is expected to occur over the next [removed: 15-20] [added: 10 to 15] years.

Duke Energy Indiana has approximately [removed: $749] [added: $385] million in regulatory assets related to coal ash asset retirement obligations as of December 31, [removed: 2021.][added: 2022.]

See Note [removed: 4] [added: 5] to the Consolidated Financial Statements, "Commitments and Contingencies" for more information.

For [removed: additional] [added: further] information, see Note [removed: 3] [added: 4] to the Consolidated Financial Statements, [removed: “Regulatory] [added: "Regulatory] Matters."

[removed: Commercial Renewables][added: *Sale of Commercial Renewables*]

For additional information, see Note [removed: 10] [added: 15] to the Consolidated Financial Statements, [removed: "Property, Plant] [added: “Derivatives] and [removed: Equipment."][added: Hedging.”]

[removed: In addition,] Duke Energy has been named in multiple lawsuits arising out of this winter storm.

For more information, see [removed: Notes 2 and 4] [added: Note 5] to the Consolidated Financial Statements, [removed: "Business Segments" and] "Commitments and [removed: Contingencies," respectively.][added: Contingencies."]

At Duke Energy, we remain focused on continuing to advance our clean energy transition while maintaining affordability and reliability for our customers and delivering on our commitments to our communities, employees, investors, and other stakeholders.

In 2022, we announced the sale of our commercial renewables business, filed the Carbon Plan with the NCUC, and continued to engage with the communities in our jurisdictions.

On February 9, 2023, Duke Energy announced 2022 full year reported earnings of $2,563 million, or $3.33 per share and adjusted earnings of $4,060 million, or $5.27 per share.

On February 21, 2023, Duke Energy Indiana received an opinion from the Indiana Court of Appeals disallowing recovery of certain coal ash costs.

As a result of this opinion, Duke Energy Indiana recognized a pretax charge of approximately $175 million to Impairment of assets and other charges for the year ended December 31, 2022.

The 2022 full year reported earnings changed to $2,444 million, or $3.17 per share.

There was no change to adjusted earnings or adjusted earnings per share.

Duke Energy's 2022 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) was impacted primarily by the estimated impairment on the sale of the Commercial Renewables business in the current year.

Our industry continues to experience an unprecedented level of change and 2022 was a dynamic year for our company as we navigated macroeconomic headwinds and continued to execute on our strategic priorities and deliver on our vision.

In October 2022, we announced an additional interim target to reduce carbon emissions from electric generation by 80% by 2040.

We also adopted a goal of reducing Scope 2 and certain Scope 3 emissions, including emissions from upstream purchased power and fossil fuel purchases, as well as downstream customer use of natural gas, by 50% by 2035, on the way to net-zero by 2050.

Duke Energy is one of the first utilities to address the totality of its impact – approximately 95% of the company's greenhouse gas emissions are now tied to a measurable net-zero goal.

Over the next decade, we expect to deploy over $145 billion of capital into our regulated businesses, driven by clean energy transition investments.

These investments will drive substantial economic benefits for the communities we serve and reduce our customer’s exposure to fuel volatility.

We’ve filed and refined comprehensive IRPs consistent with this strategy in multiple jurisdictions, allowing us to accelerate coal plant retirements, make needed grid investments to enable renewables and energy storage, and increase resiliency.

To partially fund this plan, in December 2022, we closed on the second and final tranche of the approximate $2 billion investment in Duke Energy Indiana by GIC.

In 2022, we were awarded one of two North Carolina offshore wind sites held by the Bureau of Ocean Energy Management.

The approximately 55,000-acre site in the Atlantic Ocean east of Wilmington could support up to 1.6 gigawatts of potential offshore wind energy, enough to power nearly 375,000 homes.

Securing this contract creates optionality for future offshore wind if the NCUC determines it's part of the least cost path to achieve North Carolina's interim and long-term carbon reduction goals.

In November 2022, the Board approved pursuing the sale of our Commercial Renewables business, excluding the offshore wind contract for Carolina Long Bay.

Since 2007, we have built a portfolio of approximately 5,000 megawatts of commercial wind, solar and battery projects across the U.S., and established a robust development pipeline.

As we look forward to the remainder of this decade and beyond, we have line of sight to significant renewable, grid and other investment opportunities within our faster-growing regulated operations.

*Carbon Plan*

In May 2022, we filed a proposed Carbon Plan with the NCUC that outlined potential pathways toward achieving the HB 951 carbon reduction targets while balancing affordability and reliability for our customers.

We presented four “portfolios” – a base portfolio of what it would take to achieve 70% carbon reduction by 2030 and other portfolios demonstrating the impact of an extension to the 2030 compliance deadline to allow the introduction of new technologies at a more affordable price.

In December 2022, the NCUC issued an order adopting its initial Carbon Plan, which included a set of near-term actions to support meeting the state's carbon reduction goals.

This is a constructive outcome that advances our clean energy transition, supporting a diverse, all-of-the-above approach that is essential for long-term resource planning.

In 2022, we filed for approval of a new demand response pilot program expected to launch in 2023 for customers in the Duke Energy Carolinas service area.

Pilot incentives will reduce vehicle lease payments for program participants who lease an eligible electric vehicle, including Ford F-150 Lightning trucks.

In exchange, customers will allow their electric vehicles to feed energy back to the grid – helping to balance it during peak demand.

Also, in August 2022, Duke Energy Florida announced a research and development pilot program to test and evaluate the viability of the new Ford F-150 Lightning all-electric truck's high-capacity batteries as a grid edge resource.

In our LDC business, we are making great progress reducing methane emissions through our partnership with Accenture, Microsoft and Avanade to use satellites and build an emissions platform, the addition of other sensors and technologies to find and fix leaks in near real time, and the use of cross compression to avoid releasing natural gas into the atmosphere during certain operational activities.

Investments in integrity management of our natural gas infrastructure continue to be of importance to ensure reliable, safe, and increasingly clean delivery of natural gas to our customers.

Response to Macroeconomic Headwinds.

In 2022, to address rising interest rates, increased commodity prices, labor and material inflation, and supply chain constraints, we launched the Workload Reduction Initiative, building on our culture of continuous improvement to identify more ways to reduce operating costs.

Including cost reductions from supply chain, we identified approximately $300 million of savings opportunities focused on organization simplification, elimination of work, automation, reducing service levels provided to internal customers, and outsourcing.

Commodity prices have impacted the price of electricity in all of our jurisdictions.

We actively worked to manage and maintain prices at lower levels than they otherwise would be in light of increased commodity prices, working with our regulators to extend recovery periods in certain jurisdictions in a way that is manageable for our customers.

We also continued our work with our vulnerable customers through increased communications, securing state and federal funding, and providing access to philanthropic support.

Additionally, we've created a specialized team that's partnered with agencies across our service territories and has helped connect customers to nearly $300 million in energy assistance funding since 2021.

In 2021, we continued to position the company for sustainable long-term growth, working with stakeholders to achieve comprehensive bipartisan energy legislation in North Carolina, executing an important North Carolina coal ash settlement agreement, and closing the first phase of the $2 billion investment of a minority interest in Duke Energy Indiana.

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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.

*North Carolina Energy Legislation*

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.

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

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.

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

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.

We have a multiyear rate plan in Florida and in January 2021, we reached a constructive settlement agreement with key consumer groups to bring additional certainty to rates through 2024.

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.

Our employees delivered strong safety results in 2021, and we are at or near the top of our industry.

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.

Leading Through COVID-19. COVID-19 continued to impact all that we accomplished in 2021 and demonstrated our resiliency and agility:

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.

- Duke Energy kept electricity and natural gas flowing while continuing to voluntarily make significant accommodations for our customers.

To continue to support our customers, we extended the COVID-19 payment flexibility policies we developed in 2020 without compromising our financial performance.

Duke Energy's segment structure includes [removed: three] [added: two] reportable business segments: Electric Utilities and [removed: Infrastructure,] [added: Infrastructure (EU&I) and] Gas Utilities and Infrastructure [removed: and Commercial Renewables.][added: (GU&I).]

For additional information on each of these business segments, including financial and geographic information, see Note [removed: 2] [added: 3] to the Consolidated Financial Statements, “Business Segments.” The following sections describe the business and operations of each of Duke Energy’s business segments, as well as Other.

[removed: Electric Utilities and Infrastructure] [added: EU&I] conducts operations primarily through the regulated public utilities of Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio.

[removed: Electric Utilities and Infrastructure] [added: EU&I] provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 8.2 million customers within the Southeast and Midwest regions of the U.S. The service territory is approximately [removed: 91,000] [added: 92,000] square miles across six states with a total estimated population of 26 million.

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 [added: Indiana] Holdco, LLC, the holding company for Duke Energy Indiana.

The transaction [removed: will be] [added: was] completed following two closings.

See Note [removed: 1] [added: 2] to the Consolidated Financial Statements, [removed: “Summary of Significant Accounting Policies,"] [added: “Dispositions,"] for additional information.

[removed: Electric Utilities and Infrastructure] [added: EU&I] is also a joint owner in certain electric transmission projects.

[removed: Electric Utilities and Infrastructure] [added: EU&I] has a 50% ownership interest in DATC, a partnership with American Transmission Company, formed to design, build and operate transmission infrastructure.

[removed: Electric Utilities and Infrastructure] [added: EU&I] also has a 50% ownership interest in Pioneer, which builds, owns and operates electric transmission facilities in North America.

The following map shows the service territory for [removed: Electric Utilities and Infrastructure] [added: EU&I] as of December 31, [removed: 2021.][added: 2022.]

[removed: ][added: ]

The following table represents the distribution of GWh billed sales by customer class for the year ended December 31, [removed: 2021.][added: 2022.]

| Residential | | | 33 | | % | | | | [removed: 28] [added: 26] | | % | | | | [removed: 49] [added: 47] | | % | | | | 38 | | % | | | | 30 | | % |

| General service | | | [removed: 32] [added: 33] | | % | | | | 22 | | % | | | | [removed: 35] [added: 34] | | % | | | | [removed: 37] [added: 38] | | % | | | | [removed: 25] [added: 27] | | % |

| Industrial | | | [removed: 24] [added: 23] | | % | | | | [removed: 14] [added: 16] | | % | | | | 8 | | % | | | | [removed: 23] [added: 22] | | % | | | | [removed: 31] [added: 28] | | % |

| Total retail sales | | | 89 | | % | | | | 64 | | % | | | | [removed: 92] [added: 89] | | % | | | | 98 | | % | | | | [removed: 86] [added: 85] | | % |

| Wholesale and other sales | | | 11 | | % | | | | 36 | | % | | | | [removed: 8] [added: 11] | | % | | | | 2 | | % | | | | [removed: 14] [added: 15] | | % |

The number of residential and general service customers within the [removed: Electric Utilities and Infrastructure] [added: EU&I] service territory is expected to increase over time.

[removed: Electric Utilities and Infrastructure’s] [added: EU&I’s] businesses operate as the sole supplier of electricity within their service territories, with the exception of Ohio, which has a competitive electricity supply market for generation service.

[removed: Electric Utilities and Infrastructure] [added: EU&I] owns and operates facilities necessary to generate, transmit, distribute and sell electricity.

In Ohio, [removed: Electric Utilities and Infrastructure] [added: EU&I] conducts competitive auctions for electricity supply.

[removed: Electric Utilities and Infrastructure] [added: EU&I] earns retail margin in Ohio on the transmission and distribution of electricity, but not on the cost of the underlying energy.

Increased competition in the wholesale electric utility industry and the availability of transmission access could affect [removed: Electric Utilities and Infrastructure’s] [added: EU&I’s] load forecasts, plans for power supply and wholesale energy sales and related revenues.

Wholesale energy sales will be impacted by the extent to which additional generation is available to sell to the wholesale market and the ability of [removed: Electric Utilities and Infrastructure] [added: EU&I] to attract new customers and to retain existing customers.

[removed: Electric Utilities and Infrastructure] [added: EU&I] owns approximately [removed: 50,259] [added: 49,870] MW of generation capacity.

Factors that could cause [removed: Electric Utilities and Infrastructure] [added: EU&I] to purchase power for its customers may include, but are not limited to, generating plant outages, extreme weather conditions, generation reliability, demand growth and price.

[removed: Electric Utilities and Infrastructure] [added: EU&I] has interconnections and arrangements with its neighboring utilities to facilitate planning, emergency assistance, sale and purchase of capacity and energy and reliability of power supply.

[removed: Electric Utilities and Infrastructure’s] [added: EU&I’s] generation portfolio is a balanced mix of energy resources having different operating characteristics and fuel sources designed to provide energy at the lowest possible cost to meet its obligation to serve retail customers.

[removed: Electric Utilities and Infrastructure] [added: EU&I] relies principally on natural gas, nuclear fuel and coal for its generation of electricity.

The following table lists sources of electricity and fuel costs for the three years ended December 31, [removed: 2021.][added: 2022.]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Natural gas and fuel oil(a) | | | [removed: 31.8] [added: 34.2] | | % | | | | [removed: 31.3] [added: 31.8] | | % | | | | [removed: 29.2] [added: 31.3] | | % | | | | [removed: 3.89] [added: 6.35] | | | | | | [removed: 2.55] [added: 3.89] | | | | | | [removed: 2.96] [added: 2.55] | | |

| Nuclear(a) | | | [removed: 29.8] [added: 26.6] | | % | | | | [removed: 29.6] [added: 29.8] | | % | | | | [removed: 28.6] [added: 29.6] | | % | | | | 0.58 | | | | | | 0.58 | | | | | | [removed: 0.60] [added: 0.58] | | |

| Coal(a) | | | [removed: 18.2] [added: 13.5] | | % | | | | [removed: 18.1] [added: 18.2] | | % | | | | [removed: 21.6] [added: 18.1] | | % | | | | [removed: 2.84] [added: 3.43] | | | | | | [removed: 2.99] [added: 2.84] | | | | | | [removed: 3.08] [added: 2.99] | | |

| All fuels (cost based on weighted average)(a) | | | [removed: 79.8] [added: 74.3] | | % | | | | [removed: 79.0] [added: 79.8] | | % | | | | [removed: 79.4] [added: 79.0] | | % | | | | [removed: 2.42] [added: 3.75] | | | | | | [removed: 1.91] [added: 2.42] | | | | | | [removed: 2.14] [added: 1.91] | | |

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

| Total generation | | | [removed: 81.3] [added: 75.8] | | % | | | | [removed: 80.9] [added: 81.3] | | % | | | | [removed: 80.6] [added: 80.9] | | % | | | | | | | | | | | | | | | | | | |

| Purchased power and net interchange | | | [removed: 18.7] [added: 24.2] | | % | | | | [removed: 19.1] [added: 18.7] | | % | | | | [removed: 19.4] [added: 19.1] | | % | | | | | | | | | | | | | | | | | | |

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

Commercial Renewables is reported as discontinued operations and is no longer a reportable segment beginning in the fourth quarter of 2022.

See Note 2 for further details.

Additionally, in November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to EU&I.

Migration into EU&I’s service territories and continued remote work contributed to higher residential sales volumes in 2022 while higher data center usage contributed to growth in commercial sales volumes.

This was partially offset by lower industrial sales volumes impacted by certain automotive customers experiencing supply chain constraints along with reduced volumes in the steel sector.

The impact on customer's usage from these factors and other potential economic dynamics continues to be monitored.

Duke Energy Florida has temporarily agreed to not hedge natural gas prices, but retains an ability to propose hedging again in annual fuel docket filings.

In October 2021, Duke Energy Progress filed the 2019 nuclear decommissioning cost study with the FERC, as well as a revised date schedule for decommissioning expense to be collected from wholesale customers.

The FERC accepted the filing, as filed on December 9, 2021.

See Note 4 to the Consolidated Financial Statements, "Regulatory Matters,” for more information.

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

| Duke Energy Carolinas 2023 North Carolina Rate Case(b) | | | NCUC | | | $ | 823 | | 10.4 | | % | 53 | | % | 1/1/2024 | | | | | |

| Duke Energy Kentucky 2022 Kentucky Electric Rate Case | | | KPSC | | | 75 | | | 10.35 | | % | 52.5 | | % | 7/15/2023 | | | | | |

| Duke Energy Progress 2022 North Carolina Rate Case(c) | | | NCUC | | | 615 | | | 10.4 | | % | 53 | | % | 10/1/2023 | | | | | |

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

(b) Year 1 rates are approximately 61% of the total.

Year 2 rates are approximately 21% of the total rate case increase.

Year 3 rates are approximately 18% of the total rate increase.

(c) Year 1 rates are approximately 53% of the total.

Year 2 rates are approximately 25% of the total rate case increase.

Year 3 rates are approximately 22% of the total rate increase.

Implementation of interim rates is planned for June 1, 2023.

Approximately 90% of forecasted demand was under contract prior to the winter heating season, with firm daily spot purchases making up the balance.

Natural Gas Investments

Duke Energy, also through its GU&I segment, has investments in various renewable natural gas joint ventures.

KO Transmission sold all of its pipeline facilities and related real property to Columbia Gas Transmission, LLC on February 1, 2023, for approximately book value.

| Pending Rate Cases: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

(b) Under the rate stabilization adjustment (RSA) mechanism, Piedmont resets rates in South Carolina based on updated costs and revenues on an annual basis.

The SC RSA filing for 2022 did not reset the rates since Piedmont filed a General Rate Case in 2022.

Piedmont has withdrawn from the Tennessee IMR mechanism subsequent to the authorization of the Tennessee Annual Review Mechanism effective January 2022.

In Ohio, GU&I has a Capital Expenditure Program Rider (CEP Rider) designed to recover costs between rate cases on PUCO approved capital expenditures.

Duke Energy Ohio submits a filing each year for incremental investments to increase the revenue requirement up to the cap of approximately $7 million.

The cumulative investment under the CEP Rider is $359 million with total annual revenue requirement of $70 million.

For more information on rate matters and other regulatory proceedings, see Note 4 to the Consolidated Financial Statements, “Regulatory Matters.”

The company also has 10 Employee Resource Groups (ERGs), with 37 chapters and more than 6,500 employees participating.

| T. Preston Gillespie | | | | | | 60 | | | | | | Executive Vice President, Chief Generation Officer and Enterprise Operational Excellence. Mr. Gillespie assumed the position of Executive Vice President, Chief Generation Officer and Enterprise Operational Excellence in January 2023. Prior to that, Mr. Gillespie served as the Chief Generation Officer since 2020. | | |

For additional information regarding this business segment, including financial information, see Note 3 to the Consolidated Financial Statements, “Business Segments.”

For additional information regarding this business segment, including financial information, see Note 3 to the Consolidated Financial Statements, “Business Segments.”

For additional information regarding this business segment, including financial information, see Note 3 to the Consolidated Financial Statements, “Business Segments.”

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.

| | | | | | |

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

| BUSINESS | | | | | |

Residential sales increased in 2021 compared to 2020 due to customer growth and the introduction of a hybrid work environment in response to multiple waves of COVID-19 during 2021.

Meanwhile, sales for general service and industrial customers recovered in 2021 from temporary closings and ramp backs experienced in 2020 due to the COVID-19 pandemic.

Sources of Electricity

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

Regulation

| Duke Energy Progress 2018 South Carolina Rate Case | | | PSCSC | | | 29 | | | 9.5 | | % | 53 | | % | 6/1/2019 | | | | | |

Pipeline and Storage Investments

Gas Utilities and Infrastructure has a 24% equity ownership interest in Constitution, an interstate pipeline development company formed to develop, construct, own and operate a 124-mile natural gas pipeline and related facilities, regulated by FERC.

Constitution was slated to transport natural gas supplies from the Marcellus supply region in northern Pennsylvania to major northeastern markets.

As of February 5, 2020, the Constitution partners formally resolved to initiate the dissolution of Constitution, and to terminate the Constitution Pipeline project.

| Duke Energy Kentucky 2018 Natural Gas Base Rate Case | | | $ | 7 | | | | | 9.7 | | % | | | | 50.8 | | % | | | | April 2019 | | | | | | | | |

| Piedmont 2019 South Carolina Rate Stabilization Adjustment Filing | | | 6 | | | | | | 9.9 | | % | | | | 55.4 | | % | | | | November 2019 | | | | | | | | |

| Piedmont 2020 South Carolina Rate Stabilization Adjustment Filing | | | 7 | | | | | | 9.8 | | % | | | | 52.3 | | % | | | | November 2020 | | | | | | | | |

In Piedmont's Tennessee rate case settled in February 2021, the company included projected IMR investment through December 31, 2021, in its rate base.

The recovery of integrity investment was requested in the rate case and not through the Tennessee IMR mechanism.

COMMERCIAL RENEWABLES

Commercial Renewables primarily acquires, develops, builds, operates and owns wind and solar renewable generation throughout the continental U.S. Commercial Renewables also enters into strategic transactions including minority ownership and tax equity structures in wind and solar generation.

The portfolio includes nonregulated renewable energy and energy storage businesses.

Commercial Renewables' renewable energy includes utility-scale wind and solar generation assets, distributed solar generation assets, distributed fuel cell assets and battery storage projects, which total 3,554 MW across 22 states from 23 wind facilities, 178 solar projects, 71 fuel cell locations and two battery storage facilities.

Revenues are primarily generated by selling the power produced from renewable generation through long-term contracts to utilities, electric cooperatives, municipalities and corporate customers.

In most instances, these customers have obligations under state-mandated renewable energy portfolio standards or similar state or local renewable energy goals.

Energy and renewable energy credits generated by wind and solar projects are generally sold at contractual prices.

The following map shows the locations of renewable generation facilities of which Commercial Renewables has an ownership interest as of December 31, 2021.


As eligible projects are placed in service, Commercial Renewables generally recognizes either PTCs as power is generated by wind projects over 10 years or ITCs over the useful life of solar or fuel cell projects.

Benefits of the tax basis adjustment due to the ITC are recognized as a reduction to income tax expense in the year in which the project is placed in service.

Under the current law, the ITC for solar and fuel cells is being phased down from a rate of 30% for projects that began construction before 2020 to a permanent 10% rate for solar, and no ITC is available for fuel cells if construction begins after 2023.

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.

Commercial Renewables has entered into agreements for certain of its generating assets that are held by LLCs whose members include a noncontrolling tax equity investor.

The allocation of tax attributes and cash flows to the tax equity investor are governed by the provisions of the LLC agreements.

The GAAP earnings allocations to the tax equity investors can result in variability in earnings to Duke Energy as a result of the application of the HLBV method in allocating income or loss to the owners.

As part of its growth strategy, Commercial Renewables expects to enter into these arrangements for future generating assets.

For additional information on Commercial Renewables' generation facilities, see Item 2, “Properties.”

Market Environment and Competition

Commercial Renewables primarily competes for wholesale contracts for the generation and sale of electricity from generation assets it either develops or acquires and owns.

For information regarding legal proceedings, including regulatory and environmental matters, see Note [removed: 3,] [added: 4,] “Regulatory Matters,” and Note [removed: 4,] [added: 5,] “Commitments and Contingencies,” to the Consolidated Financial Statements.

On December 15, 2017, the state of Maryland filed suit in Baltimore City Circuit Court against Duke Energy Merchants and other defendants alleging contamination of state waters by MTBE leaking from gasoline storage [removed: tanks.][added: tanks and is seeking an unspecified amount of monetary damages.]

In addition, the Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business.

For the fiscal year ended December 31, [removed: 2021] [added: 2022] or

| [removed: Commission file number] [added: Commission File Number] | | | Registrant, State of Incorporation or Organization, Address of Principal Executive [removed: Offices] [added: Offices, Zip Code] and Telephone Number | | | IRS Employer Identification No. | | |

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. [removed: 7252(b))] [added: 7262(b))] by the registered public accounting firm that prepared or issued its audit report.

| Estimated aggregate market value of the common equity held by nonaffiliates of Duke Energy at June 30, [removed: 2021.] [added: 2022.] | | | $ | [removed: 75,871,309,901] [added: 82,471,565] | |

| Number of shares of Common Stock, $0.001 par value, outstanding at January 31, [removed: 2022.] [added: 2023.] | | | [removed: 769,358,344] [added: 770,080,285] | | |

Portions of the Duke Energy definitive proxy statement for the [removed: 2021] [added: 2023] Annual Meeting of the Shareholders or an amendment to this Annual Report are incorporated by reference into PART III, Items 10, 11 and 13 hereof.

FORM 10-K FOR THE YEAR ENDED December 31, [removed: 2021][added: 2022]

| | | | [DUKE [removed: ENERGY](#i5af3a964ecc442a88b8b04e0c268c3fc_22)] [added: ENERGY](#idc7c9b39c65745478576f07460186dcd_22)] | | | [removed: [9](#i5af3a964ecc442a88b8b04e0c268c3fc_22)] [added: [9](#idc7c9b39c65745478576f07460186dcd_22)] | | |

| | | | [BUSINESS [removed: SEGMENTS](#i5af3a964ecc442a88b8b04e0c268c3fc_28)] [added: SEGMENTS](#idc7c9b39c65745478576f07460186dcd_28)] | | | [removed: [9](#i5af3a964ecc442a88b8b04e0c268c3fc_28)] [added: [9](#idc7c9b39c65745478576f07460186dcd_28)] | | |

| | | | [EXECUTIVE [removed: OFFICERS](#i5af3a964ecc442a88b8b04e0c268c3fc_46)] [added: OFFICERS](#idc7c9b39c65745478576f07460186dcd_46)] | | | [removed: [22](#i5af3a964ecc442a88b8b04e0c268c3fc_46)] [added: [21](#idc7c9b39c65745478576f07460186dcd_46)] | | |

| | | | [ENVIRONMENTAL [removed: MATTERS](#i5af3a964ecc442a88b8b04e0c268c3fc_49)] [added: MATTERS](#idc7c9b39c65745478576f07460186dcd_49)] | | | [removed: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_49)] [added: [22](#idc7c9b39c65745478576f07460186dcd_49)] | | |

| | | | [DUKE ENERGY [removed: CAROLINAS](#i5af3a964ecc442a88b8b04e0c268c3fc_52)] [added: CAROLINAS](#idc7c9b39c65745478576f07460186dcd_52)] | | | [removed: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_52)] [added: [22](#idc7c9b39c65745478576f07460186dcd_52)] | | |

| | | | [PROGRESS [removed: ENERGY](#i5af3a964ecc442a88b8b04e0c268c3fc_55)] [added: ENERGY](#idc7c9b39c65745478576f07460186dcd_55)] | | | [removed: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_55)] [added: [22](#idc7c9b39c65745478576f07460186dcd_55)] | | |

| | | | [DUKE ENERGY [removed: PROGRESS](#i5af3a964ecc442a88b8b04e0c268c3fc_58)] [added: PROGRESS](#idc7c9b39c65745478576f07460186dcd_58)] | | | [removed: [23](#i5af3a964ecc442a88b8b04e0c268c3fc_58)] [added: [22](#idc7c9b39c65745478576f07460186dcd_58)] | | |

| | | | [DUKE ENERGY [removed: FLORIDA](#i5af3a964ecc442a88b8b04e0c268c3fc_61)] [added: FLORIDA](#idc7c9b39c65745478576f07460186dcd_61)] | | | [removed: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_61)] [added: [23](#idc7c9b39c65745478576f07460186dcd_61)] | | |

| | | | [DUKE ENERGY [removed: OHIO](#i5af3a964ecc442a88b8b04e0c268c3fc_64)] [added: OHIO](#idc7c9b39c65745478576f07460186dcd_64)] | | | [removed: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_64)] [added: [23](#idc7c9b39c65745478576f07460186dcd_64)] | | |

| | | | [DUKE ENERGY [removed: INDIANA](#i5af3a964ecc442a88b8b04e0c268c3fc_67)] [added: INDIANA](#idc7c9b39c65745478576f07460186dcd_67)] | | | [removed: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_67)] [added: [23](#idc7c9b39c65745478576f07460186dcd_67)] | | |

| 1A. | | | [RISK [removed: FACTORS](#i5af3a964ecc442a88b8b04e0c268c3fc_73)] [added: FACTORS](#idc7c9b39c65745478576f07460186dcd_73)] | | | [removed: [24](#i5af3a964ecc442a88b8b04e0c268c3fc_73)] [added: [23](#idc7c9b39c65745478576f07460186dcd_73)] | | |

| 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#i5af3a964ecc442a88b8b04e0c268c3fc_76)] [added: COMMENTS](#idc7c9b39c65745478576f07460186dcd_76)] | | | [removed: [33](#i5af3a964ecc442a88b8b04e0c268c3fc_76)] [added: [32](#idc7c9b39c65745478576f07460186dcd_76)] | | |

| 3. | | | [LEGAL [removed: PROCEEDINGS](#i5af3a964ecc442a88b8b04e0c268c3fc_91)] [added: PROCEEDINGS](#idc7c9b39c65745478576f07460186dcd_91)] | | | [removed: [38](#i5af3a964ecc442a88b8b04e0c268c3fc_91)] [added: [36](#idc7c9b39c65745478576f07460186dcd_91)] | | |

| 4. | | | [MINE SAFETY [removed: DISCLOSURES](#i5af3a964ecc442a88b8b04e0c268c3fc_94)] [added: DISCLOSURES](#idc7c9b39c65745478576f07460186dcd_94)] | | | [removed: [38](#i5af3a964ecc442a88b8b04e0c268c3fc_94)] [added: [36](#idc7c9b39c65745478576f07460186dcd_94)] | | |

| 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i5af3a964ecc442a88b8b04e0c268c3fc_100)] [added: SECURITIES](#idc7c9b39c65745478576f07460186dcd_100)] | | | [removed: [39](#i5af3a964ecc442a88b8b04e0c268c3fc_100)] [added: [37](#idc7c9b39c65745478576f07460186dcd_100)] | | |

| 6. | | | [SELECTED FINANCIAL [removed: DATA](#i5af3a964ecc442a88b8b04e0c268c3fc_103)] [added: DATA](#idc7c9b39c65745478576f07460186dcd_103)] | | | [removed: [39](#i5af3a964ecc442a88b8b04e0c268c3fc_103)] [added: [37](#idc7c9b39c65745478576f07460186dcd_103)] | | |

| 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i5af3a964ecc442a88b8b04e0c268c3fc_109)] [added: OPERATIONS](#idc7c9b39c65745478576f07460186dcd_109)] | | | [removed: [40](#i5af3a964ecc442a88b8b04e0c268c3fc_106)] [added: [38](#idc7c9b39c65745478576f07460186dcd_106)] | | |

| 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i5af3a964ecc442a88b8b04e0c268c3fc_193)] [added: RISK](#idc7c9b39c65745478576f07460186dcd_199)] | | | [removed: [70](#i5af3a964ecc442a88b8b04e0c268c3fc_193)] [added: [67](#idc7c9b39c65745478576f07460186dcd_199)] | | |

| 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i5af3a964ecc442a88b8b04e0c268c3fc_196)] [added: DATA](#idc7c9b39c65745478576f07460186dcd_202)] | | | [removed: [71](#i5af3a964ecc442a88b8b04e0c268c3fc_196)] [added: [68](#idc7c9b39c65745478576f07460186dcd_202)] | | |

| 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i5af3a964ecc442a88b8b04e0c268c3fc_436)] [added: DISCLOSURE](#idc7c9b39c65745478576f07460186dcd_442)] | | | [removed: [230](#i5af3a964ecc442a88b8b04e0c268c3fc_436)] [added: [224](#idc7c9b39c65745478576f07460186dcd_442)] | | |

| 9A. | | | [CONTROLS AND [removed: PROCEDURES](#i5af3a964ecc442a88b8b04e0c268c3fc_439)] [added: PROCEDURES](#idc7c9b39c65745478576f07460186dcd_445)] | | | [removed: [230](#i5af3a964ecc442a88b8b04e0c268c3fc_439)] [added: [224](#idc7c9b39c65745478576f07460186dcd_445)] | | |

| 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i5af3a964ecc442a88b8b04e0c268c3fc_448)] [added: GOVERNANCE](#idc7c9b39c65745478576f07460186dcd_454)] | | | [removed: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_448)] [added: [226](#idc7c9b39c65745478576f07460186dcd_454)] | | |

| 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i5af3a964ecc442a88b8b04e0c268c3fc_454)] [added: MATTERS](#idc7c9b39c65745478576f07460186dcd_460)] | | | [removed: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_454)] [added: [226](#idc7c9b39c65745478576f07460186dcd_460)] | | |

| 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR [removed: INDEPENDENCE](#i5af3a964ecc442a88b8b04e0c268c3fc_457)] [added: INDEPENDENCE](#idc7c9b39c65745478576f07460186dcd_463)] | | | [removed: [232](#i5af3a964ecc442a88b8b04e0c268c3fc_457)] [added: [226](#idc7c9b39c65745478576f07460186dcd_463)] | | |

| 14. | | | [PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#i5af3a964ecc442a88b8b04e0c268c3fc_460)] [added: SERVICES](#idc7c9b39c65745478576f07460186dcd_466)] | | | [removed: [233](#i5af3a964ecc442a88b8b04e0c268c3fc_460)] [added: [227](#idc7c9b39c65745478576f07460186dcd_466)] | | |

| 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i5af3a964ecc442a88b8b04e0c268c3fc_466)] [added: SCHEDULES](#idc7c9b39c65745478576f07460186dcd_472)] | | | [removed: [234](#i5af3a964ecc442a88b8b04e0c268c3fc_466)] [added: [228](#idc7c9b39c65745478576f07460186dcd_472)] | | |

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

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

◦The impact on facilities and business from a terrorist [added: or other] attack, [added: war, vandalism,] cybersecurity threats, data security breaches, operational [removed: accidents,] [added: events,] information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, [added: timing and receipt of necessary regulatory approvals,] obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new [removed: opportunities;][added: opportunities, as well as the successful sale of the Commercial Renewables Disposal Groups;]

◦The effect of accounting [added: and reporting] pronouncements issued periodically by accounting standard-setting [removed: bodies;][added: bodies and the SEC;]

Duke Energy 3.10% Senior Notes due 2028 DUK 28A New York Stock Exchange LLC

Duke Energy 3.85% Senior Notes due 2034 DUK 34 New York Stock Exchange LLC

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| 1. | | | [BUSINESS](#idc7c9b39c65745478576f07460186dcd_67) | | | [9](#idc7c9b39c65745478576f07460186dcd_19) | | |

| | | | [GENERAL](#idc7c9b39c65745478576f07460186dcd_25) | | | [9](#idc7c9b39c65745478576f07460186dcd_25) | | |

| | | | [HUMAN CAPITAL MANAGEMENT](#idc7c9b39c65745478576f07460186dcd_43) | | | [19](#idc7c9b39c65745478576f07460186dcd_43) | | |

| | | | PIEDMONT | | | [23](#idc7c9b39c65745478576f07460186dcd_70) | | |

| 2. | | | [PROPERTIES](#idc7c9b39c65745478576f07460186dcd_79) | | | [33](#idc7c9b39c65745478576f07460186dcd_79) | | |

| 11. | | | [EXECUTIVE COMPENSATION](#idc7c9b39c65745478576f07460186dcd_457) | | | [226](#idc7c9b39c65745478576f07460186dcd_457) | | |

| | | | EXHIBIT INDEX | | | [E-1](#idc7c9b39c65745478576f07460186dcd_475) | | |

| | | | [SIGNATURES](#idc7c9b39c65745478576f07460186dcd_478) | | | E-[2](#idc7c9b39c65745478576f07460186dcd_478) | | |

◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

| CEP Rider | | | Duke Energy Ohio's Capital Expenditure Program Rider | | |

| Commercial Renewables Disposal Groups | | | Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, marketed as two separate disposal groups, the utility-scale solar and wind group and the distributed generation group | | |

| EU&I | | | Electric Utilities and Infrastructure | | |

| GU&I | | | Gas Utilities and Infrastructure | | |

| HB 951 | | | The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021 | | |

| MGP Settlement | | | Stipulation and Recommendation filed jointly by Duke Energy Ohio the staff of the PUCO, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021 | | |

| MYRP | | | Multiyear rate plans | | |

| PBR | | | Performance-based regulation | | |

| ROE | | | Return of equity | | |

| | | | | | |

| | | | | | |

| 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) | | |

◦The impact of the COVID-19 pandemic;

| Constitution | | | Constitution Pipeline Company, LLC | | |

| EPC | | | Engineering, Procurement and Construction agreement | | |

| FV-NI | | | Fair value through net income | | |

| HLBV | | | Hypothetical Liquidation at Book Value | | |

| LIBOR | | | London Interbank Offered Rate | | |

| OTTI | | | Other-than-temporary impairment | | |

| WACC | | | Weighted Average Cost of Capital | | |

The following table provides information related to the [removed: Electric Utilities and Infrastructure's] [added: EU&I's] generation stations as of December 31, [removed: 2021.][added: 2022.]

| Allen | | | Fossil | | | Coal | | | NC | | | | | | [removed: 840] [added: 421] | | | | | |

| Total Duke Energy Carolinas | | | | | | | | | | | | | | | [removed: 20,081] [added: 19,492] | | | | | |

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

| Asheville – Rock Hill Battery | | | Renewable | | | Storage | | | NC | | | | | | [removed: 7] [added: 2] | | | | | |

| Total Duke Energy Progress | | | | | | | | | | | | | | | [removed: 12,468] [added: 12,464] | | | | | |

| Intercession City CT | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 931] [added: 940] | | | | | |

| Osprey CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 583] [added: 576] | | | | | |

| Tiger Bay CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 193] [added: 199] | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | FL | | | | | | [removed: 323] [added: 485] | | | | | |

| Total Duke Energy Florida | | | | | | | | | | | | | | | [removed: 10,288] [added: 10,488] | | | | | |

| Total Duke Energy Ohio | | | | | | | | | | | | | | | [removed: 1,076] [added: 1,080] | | | | | |

| Henry County CT | | | Fossil | | | Gas/Oil | | | IN | | | | | | [removed: 129] [added: 126] | | | | | |

| Camp Atterbury Battery | | | Renewable | | | Storage | | | IN | | | | | | [removed: 4] [added: 1] | | | | | |

| Nabb Battery | | | Renewable | | | Storage | | | IN | | | | | | [removed: 4] [added: 1] | | | | | |

| Crane Battery | | | Renewable | | | Storage | | | IN | | | | | | [removed: 4] [added: 1] | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | [removed: 50,259] [added: 49,870] | | | | | |

The following table provides information related to [removed: Electric Utilities and Infrastructure's] [added: EU&I's] electric transmission and distribution properties as of December 31, [removed: 2021.][added: 2022.]

| Miles of 100 to 161 kV | | | [removed: 12,400] [added: 12,500] | | | 6,800 | | | 2,600 | | | [removed: 900] [added: 1,000] | | | 700 | | | 1,400 | | |

| Miles of 13 to 69 kV | | | [removed: 8,200] [added: 8,300] | | | 2,900 | | | — | | | 2,200 | | | [removed: 600] [added: 700] | | | 2,500 | | |

| Total conductor miles of electric transmission lines | | | [removed: 31,300] [added: 31,500] | | | 13,000 | | | 6,300 | | | [removed: 5,000] [added: 5,100] | | | [removed: 1,700] [added: 1,800] | | | 5,300 | | |

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

| Total conductor miles of electric distribution lines | | | [removed: 283,200] [added: 289,700] | | | [removed: 106,600] [added: 108,500] | | | [removed: 79,000] [added: 81,500] | | | [removed: 46,700] [added: 48,000] | | | [removed: 19,600] [added: 19,800] | | | [removed: 31,300] [added: 31,900] | | |

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

Substantially all of [removed: Electric Utilities and Infrastructure's] [added: EU&I's] electric plant in service is mortgaged under indentures relating to Duke Energy Carolinas’, Duke Energy Progress', Duke Energy Florida's, Duke Energy Ohio’s and Duke Energy Indiana’s various series of First Mortgage Bonds.

[removed: Gas Utilities and Infrastructure] [added: GU&I] owns transmission pipelines and distribution mains that are generally underground, located near public streets and highways, or on property owned by others for which Duke Energy Ohio and Piedmont have obtained the necessary legal rights to place and operate facilities on such property located within the [removed: Gas Utilities and Infrastructure] [added: GU&I] service territories.

The following table provides information related to [removed: Gas Utilities and Infrastructure's] [added: GU&I's] natural gas distribution.

| Miles of natural gas distribution and transmission pipelines | | | [removed: 34,800] [added: 35,200] | | | [removed: 7,500] [added: 7,600] | | | [removed: 27,300] [added: 27,600] | | |

| Miles of natural gas service lines | | | [removed: 27,700] [added: 28,300] | | | [removed: 6,500] [added: 6,600] | | | [removed: 21,200] [added: 21,700] | | |

| [removed: Notrees] [added: Trenton] Battery [removed: Storage] | | | Renewable | | | Storage | | | [removed: TX] [added: FL] | | | | | | [removed: 18] [added: 11] | | | [removed: 51] | | [removed: %] |

| Beckjord Battery Storage | | | Renewable | | | Storage | | | OH | | | | | | [removed: 2] [added: 4] | | | [removed: 100] | | [removed: %] |

| [added: Micanopy] Energy Storage | | | [added: Renewable] | | | [added: Storage] | | | [added: FL] | | | | | | [removed: 20] [added: 8] | | | | | |

Duke Energy owns approximately [removed: 8] [added: 7.1] million square feet [removed: and, after exiting the Duke Energy Center in 2021,] [added: and] leases approximately [removed: 1.5] [added: 2.7] million square feet of corporate, regional and district office space spread throughout its service territories.

See Note [removed: 10,] [added: 11,] "Property, Plant and Equipment," for further information.

| Hot Springs Microgrid | | | Renewable | | | Storage | | | NC | | | | | | 1 | | | | | |

| Jennings Battery | | | Renewable | | | Storage | | | FL | | | | | | 5.5 | | | | | |

| Cape San Blas Battery | | | Renewable | | | Storage | | | FL | | | | | | 5.5 | | | | | |

| Purdue CHP | | | Fossil | | | Gas | | | IN | | | | | | 12 | | | | | |

| Fossil | | | | | | | | | | | | | | | 36,681 | | | | | |

| Renewable | | | | | | | | | | | | | | | 642 | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | 49,870 | | | | | |

| Miles of underground line | | | 116,100 | | | 41,900 | | | 35,200 | | | 22,700 | | | 6,500 | | | 9,800 | | |

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

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

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

| | | | | | | | | | | | | | | | Owned MW | | | | | |

| W.S. Lee | | | Fossil | | | Gas | | | SC | | | | | | 170 | | | | | |

| | | | | | |

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

| PROPERTIES | | | | | |

| Totals by Type | | | | | | | | | | | | | | | Capacity | | | | | |

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

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

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

COMMERCIAL RENEWABLES

The following table provides information related to Commercial Renewables' electric generation facilities as of December 31, 2021.

The MW displayed in the table below are based on nameplate capacity.

| | | | | | | | | | | | | | | | Owned MW | | | Ownership | | |

| Facility | | | Plant Type | | | Primary Fuel | | | Location | | | | | | Capacity | | | Interest (%) | | |

| Commercial Renewables – Wind | | | | | | | | | | | | | | | | | | | | |

| Los Vientos (five sites) | | | Renewable | | | Wind | | | TX | | | | | | 465 | | | 51 | | % |

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

| Mesteno(a) | | | Renewable | | | Wind | | | TX | | | | | | 202 | | | 100 | | % |

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

| Sweetwater IV | | | Renewable | | | Wind | | | TX | | | | | | 113 | | | 47 | | % |

| Frontier Windpower | | | Renewable | | | Wind | | | OK | | | | | | 103 | | | 51 | | % |

| Top of the World | | | Renewable | | | Wind | | | WY | | | | | | 102 | | | 51 | | % |

| Notrees | | | Renewable | | | Wind | | | TX | | | | | | 78 | | | 51 | | % |

| Mesquite Creek | | | Renewable | | | Wind | | | TX | | | | | | 54 | | | 26 | | % |

| Campbell Hill | | | Renewable | | | Wind | | | WY | | | | | | 50 | | | 51 | | % |

| Ironwood | | | Renewable | | | Wind | | | KS | | | | | | 43 | | | 26 | | % |

| Sweetwater V | | | Renewable | | | Wind | | | TX | | | | | | 38 | | | 47 | | % |

| North Allegheny | | | Renewable | | | Wind | | | PA | | | | | | 36 | | | 51 | | % |

| Laurel Hill | | | Renewable | | | Wind | | | PA | | | | | | 35 | | | 51 | | % |

| Cimarron II | | | Renewable | | | Wind | | | KS | | | | | | 34 | | | 26 | | % |

| Kit Carson | | | Renewable | | | Wind | | | CO | | | | | | 26 | | | 51 | | % |

| Silver Sage | | | Renewable | | | Wind | | | WY | | | | | | 21 | | | 51 | | % |

| Happy Jack | | | Renewable | | | Wind | | | WY | | | | | | 15 | | | 51 | | % |

| Shirley | | | Renewable | | | Wind | | | WI | | | | | | 10 | | | 51 | | % |

| Total Renewables – Wind | | | | | | | | | | | | | | | 1,959 | | | | | |

| Commercial Renewables – Solar | | | | | | | | | | | | | | | | | | | | |

| Holstein(a) | | | Renewable | | | Solar | | | TX | | | | | | 200 | | | 100 | | % |

| Rambler(a) | | | Renewable | | | Solar | | | TX | | | | | | 200 | | | 100 | | % |

As of January 31, [removed: 2022,] [added: 2023,] there were [removed: 131,590] [added: 127,329] Duke Energy common stockholders of record.

See Note [removed: 1, "Summary of Significant Accounting Policies,"] [added: 2, "Dispositions,"] to the Consolidated Financial Statements for information on the [removed: 2021] investment of a minority interest in Duke Energy Indiana.

Issuer Purchases of Equity Securities for Fourth Quarter [removed: 2021][added: 2022]

There were no repurchases of equity securities during the fourth quarter of [removed: 2021.][added: 2022.]

The graph assumes an initial investment of $100 on December 31, [removed: 2016,] [added: 2017,] 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 [removed: Report on Form 10-K for the year ended December 31, 2021.][added: Report.]

Unregistered Sales of Equity Securities and Use of Proceeds

None.

| Report of Independent Registered Public Accounting Firm | | | [removed: [73](#i5af3a964ecc442a88b8b04e0c268c3fc_199)] [added: [70](#idc7c9b39c65745478576f07460186dcd_205)] | | |

| Consolidated Statements of Operations | | | [removed: [75](#i5af3a964ecc442a88b8b04e0c268c3fc_202)] [added: [73](#idc7c9b39c65745478576f07460186dcd_208)] | | |

| Consolidated Statements of Comprehensive Income | | | [removed: [76](#i5af3a964ecc442a88b8b04e0c268c3fc_205)] [added: [74](#idc7c9b39c65745478576f07460186dcd_211)] | | |

| Consolidated Balance Sheets | | | [removed: [77](#i5af3a964ecc442a88b8b04e0c268c3fc_208)] [added: [75](#idc7c9b39c65745478576f07460186dcd_214)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [78](#i5af3a964ecc442a88b8b04e0c268c3fc_211)] [added: [76](#idc7c9b39c65745478576f07460186dcd_217)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [79](#i5af3a964ecc442a88b8b04e0c268c3fc_214)] [added: [77](#idc7c9b39c65745478576f07460186dcd_220)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [80](#i5af3a964ecc442a88b8b04e0c268c3fc_217)] [added: [78](#idc7c9b39c65745478576f07460186dcd_223)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [82](#i5af3a964ecc442a88b8b04e0c268c3fc_220)] [added: [80](#idc7c9b39c65745478576f07460186dcd_226)] | | |

| Consolidated Balance Sheets | | | [removed: [83](#i5af3a964ecc442a88b8b04e0c268c3fc_223)] [added: [81](#idc7c9b39c65745478576f07460186dcd_229)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [84](#i5af3a964ecc442a88b8b04e0c268c3fc_226)] [added: [82](#idc7c9b39c65745478576f07460186dcd_232)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [85](#i5af3a964ecc442a88b8b04e0c268c3fc_229)] [added: [83](#idc7c9b39c65745478576f07460186dcd_235)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [86](#i5af3a964ecc442a88b8b04e0c268c3fc_232)] [added: [84](#idc7c9b39c65745478576f07460186dcd_238)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [88](#i5af3a964ecc442a88b8b04e0c268c3fc_235)] [added: [86](#idc7c9b39c65745478576f07460186dcd_241)] | | |

| Consolidated Balance Sheets | | | [removed: [89](#i5af3a964ecc442a88b8b04e0c268c3fc_238)] [added: [87](#idc7c9b39c65745478576f07460186dcd_244)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [90](#i5af3a964ecc442a88b8b04e0c268c3fc_241)] [added: [88](#idc7c9b39c65745478576f07460186dcd_247)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [91](#i5af3a964ecc442a88b8b04e0c268c3fc_244)] [added: [89](#idc7c9b39c65745478576f07460186dcd_250)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [92](#i5af3a964ecc442a88b8b04e0c268c3fc_247)] [added: [90](#idc7c9b39c65745478576f07460186dcd_253)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [94](#i5af3a964ecc442a88b8b04e0c268c3fc_250)] [added: [92](#idc7c9b39c65745478576f07460186dcd_256)] | | |

| Consolidated Balance Sheets | | | [removed: [95](#i5af3a964ecc442a88b8b04e0c268c3fc_253)] [added: [93](#idc7c9b39c65745478576f07460186dcd_259)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [96](#i5af3a964ecc442a88b8b04e0c268c3fc_256)] [added: [94](#idc7c9b39c65745478576f07460186dcd_262)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [97](#i5af3a964ecc442a88b8b04e0c268c3fc_259)] [added: [95](#idc7c9b39c65745478576f07460186dcd_265)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [98](#i5af3a964ecc442a88b8b04e0c268c3fc_262)] [added: [96](#idc7c9b39c65745478576f07460186dcd_268)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [100](#i5af3a964ecc442a88b8b04e0c268c3fc_265)] [added: [98](#idc7c9b39c65745478576f07460186dcd_271)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [102](#i5af3a964ecc442a88b8b04e0c268c3fc_271)] [added: [100](#idc7c9b39c65745478576f07460186dcd_277)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [103](#i5af3a964ecc442a88b8b04e0c268c3fc_274)] [added: [101](#idc7c9b39c65745478576f07460186dcd_280)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [104](#i5af3a964ecc442a88b8b04e0c268c3fc_277)] [added: [102](#idc7c9b39c65745478576f07460186dcd_283)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [106](#i5af3a964ecc442a88b8b04e0c268c3fc_280)] [added: [104](#idc7c9b39c65745478576f07460186dcd_286)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [108](#i5af3a964ecc442a88b8b04e0c268c3fc_286)] [added: [106](#idc7c9b39c65745478576f07460186dcd_292)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [109](#i5af3a964ecc442a88b8b04e0c268c3fc_289)] [added: [107](#idc7c9b39c65745478576f07460186dcd_295)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [110](#i5af3a964ecc442a88b8b04e0c268c3fc_292)] [added: [108](#idc7c9b39c65745478576f07460186dcd_298)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [112](#i5af3a964ecc442a88b8b04e0c268c3fc_295)] [added: [110](#idc7c9b39c65745478576f07460186dcd_301)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [114](#i5af3a964ecc442a88b8b04e0c268c3fc_301)] [added: [112](#idc7c9b39c65745478576f07460186dcd_307)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [115](#i5af3a964ecc442a88b8b04e0c268c3fc_304)] [added: [113](#idc7c9b39c65745478576f07460186dcd_310)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [116](#i5af3a964ecc442a88b8b04e0c268c3fc_307)] [added: [114](#idc7c9b39c65745478576f07460186dcd_313)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [118](#i5af3a964ecc442a88b8b04e0c268c3fc_310)] [added: [116](#idc7c9b39c65745478576f07460186dcd_316)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [120](#i5af3a964ecc442a88b8b04e0c268c3fc_316)] [added: [118](#idc7c9b39c65745478576f07460186dcd_322)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [121](#i5af3a964ecc442a88b8b04e0c268c3fc_319)] [added: [119](#idc7c9b39c65745478576f07460186dcd_325)] | | |

| Note 1 – Summary of Significant Accounting Policies | | | [removed: [122](#i5af3a964ecc442a88b8b04e0c268c3fc_325)] [added: [120](#idc7c9b39c65745478576f07460186dcd_331)] | | |

| Note [removed: 4] [added: 5] – Commitments and Contingencies | | | [removed: [154](#i5af3a964ecc442a88b8b04e0c268c3fc_358)] [added: [151](#idc7c9b39c65745478576f07460186dcd_364)] | | |

| Note [removed: 6] [added: 7] – Debt and Credit Facilities | | | [removed: [164](#i5af3a964ecc442a88b8b04e0c268c3fc_370)] [added: [160](#idc7c9b39c65745478576f07460186dcd_373)] | | |

| Consolidated Balance Sheets | | | [99](#idc7c9b39c65745478576f07460186dcd_274) | | |

| Consolidated Balance Sheets | | | [105](#idc7c9b39c65745478576f07460186dcd_289) | | |

| Consolidated Balance Sheets | | | [111](#idc7c9b39c65745478576f07460186dcd_304) | | |

| Consolidated Balance Sheets | | | [117](#idc7c9b39c65745478576f07460186dcd_319) | | |

| Note 2 – Dispositions | | | [128](#idc7c9b39c65745478576f07460186dcd_334) | | |

| Note 3 – Business Segments | | | [130](#idc7c9b39c65745478576f07460186dcd_337) | | |

| Note 4 – Regulatory Matters | | | [134](#idc7c9b39c65745478576f07460186dcd_340) | | |

| Note 6 – Leases | | | [156](#idc7c9b39c65745478576f07460186dcd_370) | | |

| Note 10 – Asset Retirement Obligations | | | [167](#idc7c9b39c65745478576f07460186dcd_382) | | |

| Note 11 – Property, Plant and Equipment | | | [170](#idc7c9b39c65745478576f07460186dcd_385) | | |

| Note 19 – Revenue | | | [193](#idc7c9b39c65745478576f07460186dcd_412) | | |

| Note 20 – Stockholders' Equity | | | [198](#idc7c9b39c65745478576f07460186dcd_418) | | |

| Note 21 – Severance | | | [200](#idc7c9b39c65745478576f07460186dcd_421) | | |

| Note 24 – Income Taxes | | | [216](#idc7c9b39c65745478576f07460186dcd_430) | | |

| Note 25 – Other Income and Expenses, Net | | | [222](#idc7c9b39c65745478576f07460186dcd_433) | | |

| Note 26 – Subsequent Events | | | [223](#idc7c9b39c65745478576f07460186dcd_436) | | |

| Note 27 – Quarterly Financial Data (Unaudited) | | | [223](#idc7c9b39c65745478576f07460186dcd_436) | | |

Dispositions – Assessment of Held for Sale and Discontinued Operations Classification and Impairment Charge – Refer to Note 2 to the financial statements.

In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay (“Commercial Renewables business segment”).

As a result, the Commercial Renewables business segment was classified as held for sale and reported as discontinued operations and pretax impairment charges of approximately $1.7 billion were recorded to reduce the carrying amount of the assets to their estimated fair value, based on the expected selling price less cost to sell.

We identified the assessment of held for sale and discontinued operations classification and associated impairment charges as a critical audit matter because of the extensive effort required to audit the subjective and complex judgments associated with those matters, including:

- The assessment of whether the sale is probable and the transfer of assets will be completed within one year from period-end;

- The assessment of whether the sale of the segment represents a discontinued operation;

- The determination of the impairment charges; and

- The assessment of the fair value of the Commercial Renewables business segment.

Our audit procedures related to the classification of the Commercial Renewables business segment as held for sale and the associated impairment charges included the following, among others:

- We tested the effectiveness of management’s controls over (1) the evaluation and disclosure of the held for sale and discontinued operations classification and (2) the determination of the impairment charges, including controls over the reasonableness of the inputs and assumptions used in management’s estimates.

- We evaluated management’s assessment of held for sale and discontinued operations classification as follows:

–Inquired of executive officers, key members of management and members of the Board of Directors to obtain an understanding of plans to sell the Commercial Renewables business segment.

–Assessed management’s judgments in determining whether the Commercial Renewables business segment meets the held for sale and discontinued operations classification criteria through procedures performed, including, but not limited to, reviewing minutes from meetings of the Board of Directors, reviewing communications regarding the progression of the selling process, and assessing the Commercial Renewables business segment relative to the Company’s operations and financial results.

–Compared management’s conclusions against relevant guidance and tested the completeness and accuracy of information used in the Company’s evaluation.

- We evaluated the reasonableness of the determination of the fair value of the long-lived assets by using an internal fair value specialist to assess the reasonableness of the overall methodology and discount rates.

Additionally, we evaluated the mathematical accuracy of the underlying calculations.

Further, we tested forecasted information used to determine fair value.

- We evaluated the accuracy and completeness of the Company's reclassification of balances and activity and related disclosures.

- We obtained representation from management asserting to the appropriate presentation, measurement and timing of the Commercial Renewables business segment.

| Total operating revenues | | | 28,768 | | | | | | 24,621 | | | | | | 23,366 | | |

| Depreciation and amortization | | | 5,086 | | | | | | 4,762 | | | | | | 4,504 | | |

| Property and other taxes | | | 1,466 | | | | | | 1,355 | | | | | | 1,311 | | |

| Impairment of assets and other charges | | | 434 | | | | | | 353 | | | | | | 978 | | |

| | | | | | |

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

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

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

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

| Consolidated Balance Sheets | | | [119](#i5af3a964ecc442a88b8b04e0c268c3fc_313) | | |

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

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

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

| 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) | | |

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 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.

February 24, 2022

| Total operating revenues | | | 25,097 | | | | | | 23,868 | | | | | | 25,079 | | |

| Depreciation and amortization | | | 4,990 | | | | | | 4,705 | | | | | | 4,548 | | |

| Total operating expenses | | | 19,737 | | | | | | 19,325 | | | | | | 19,366 | | |

| Operating Income | | | 5,373 | | | | | | 4,553 | | | | | | 5,709 | | |

| Basic and Diluted | | | $ | 4.93 | | | | | $ | 1.71 | | | | | $ | 5.07 | |

Tax impacts are immaterial for other periods presented.

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

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

| Inventory | | | 3,199 | | | | | | 3,167 | | |

| Cost | | | 161,819 | | | | | | 155,580 | | |

| Other (includes $92 at 2021 and $81 at 2020 related to VIEs) | | | 3,812 | | | | | | 3,601 | | |

| Other | | | 2,471 | | | | | | 2,936 | | |

| Other (includes $319 at 2021 and $316 at 2020 related to VIEs) | | | 1,650 | | | | | | 1,719 | | |

| Issuance of preferred stock | | | — | | | | | | — | | | | | | 1,962 | | |

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: 2021,] [added: 2022,] 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: year] [added: quarter] ended December 31, [removed: 2021,] [added: 2022,] and [removed: other than with respect to the Customer Connect SAP implementation, there were no other changes in our internal control over financial reporting during the year ended December 31, 2021, that] have [added: concluded no change has] materially affected, or [removed: are] [added: is] reasonably likely to materially affect, [removed: our] internal 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: 2021,] [added: 2022,] 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: 2021.][added: 2022.]

We have audited the internal control over financial reporting of Duke Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] of the Company and our report dated February [removed: 24, 2022,] [added: 27, 2023,] expressed an unqualified opinion on those financial statements.

*/s/ Deloitte [removed: &] [added: and] Touche LLP*

February 27, 2023

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

Information regarding Duke Energy's Executive Officers is set forth in Part I, Item 1, "Business – Information about Our Executive Officers," in this Annual [removed: Report on Form 10-K.][added: Report.]

The following table shows information as of December 31, [removed: 2021,] [added: 2022,] 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: 3,277,358] [added: 109,690] | | | [removed: (2)] [added: (4)] | | | n/a | | | [removed: 3,470,774] [added: n/a] | | | [removed: (3)] [added: (5)] | | |

| Equity compensation plans [removed: not] approved by security holders | | | [removed: 113,176] [added: 3,385,638] | | | [removed: (4)] [added: (2)] | | | n/a | | | [removed: n/a] [added: 2,410,473] | | | [removed: (5)] [added: (3)] | | |

(1) As of December 31, [removed: 2021,] [added: 2022,] no options were outstanding under equity compensation plans.

Eligible participants may also earn pay credits based on age and length of service on eligible earnings that exceed [removed: limited] [added: limits] prescribed by the Internal Revenue Code.

| Total | | | 3,495,328 | | | | | | n/a | | | 2,410,473 | | | | | |

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

The following tables present the Deloitte fees for services rendered to the Duke Energy Registrants during [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

| Audit Fees(a) | | | [removed: $] [added: $] | [removed: 13.2] [added: 13.2] | | | | | [removed: $] [added: $] | [removed: 3.1] [added: 3.1] | | | | | [removed: $] [added: $] | [removed: 4.7] [added: 4.7] | | | | | [removed: $] [added: $] | [removed: 2.4] [added: 2.4] | | | | | [removed: $] [added: $] | [removed: 2.3] [added: 2.3] | | | | | [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: 1.5] [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: —] | | |

| Total Fees | | | [removed: $] [added: $] | [removed: 14.7] [added: 14.7] | | | | | [removed: $] [added: $] | [removed: 3.2] [added: 3.2] | | | | | [removed: $] [added: $] | [removed: 4.9] [added: 4.9] | | | | | [removed: $] [added: $] | [removed: 2.5] [added: 2.5] | | | | | [removed: $] [added: $] | [removed: 2.4] [added: 2.4] | | | | | [removed: $] [added: $] | [removed: 2.1] [added: 2.1] | | | | | [removed: $] [added: $] | [removed: 1.7] [added: 1.7] | | | | | [removed: $] [added: $] | [removed: 1.3] [added: 1.3] | |

| | | | Year Ended December 31, [removed: 2020] [added: 2022] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

(a) Audit Fees are fees billed, or expected to be billed, by Deloitte for professional services for the financial statement audits, audit of the Duke Energy Registrants’ financial statements included in [removed: the] [added: Duke Energy's] Annual Report on Form 10-K, reviews of financial statements included in Quarterly Reports on Form 10‑Q, and services associated with securities filings such as comfort letters and consents.

All services performed in [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] by the independent accountant were approved by the Audit Committee pursuant to the preapproval policy.

| Audit Fees(a) | | | $ | 13.7 | | | | | $ | 3.2 | | | | | $ | 4.9 | | | | | $ | 2.5 | | | | | $ | 2.4 | | | | | $ | 2.0 | | | | | $ | 1.8 | | | | | $ | 1.3 | |

| Total Fees | | | $ | 15.4 | | | | | $ | 3.3 | | | | | $ | 5.1 | | | | | $ | 2.6 | | | | | $ | 2.5 | | | | | $ | 2.2 | | | | | $ | 1.8 | | | | | $ | 1.3 | |

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

| Audit Fees(a) | | | $ | 12.9 | | | | | $ | 3.0 | | | | | $ | 4.5 | | | | | $ | 2.3 | | | | | $ | 2.2 | | | | | $ | 1.9 | | | | | $ | 1.7 | | | | | $ | 1.3 | |

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

| Total Fees | | | $ | 14.7 | | | | | $ | 3.2 | | | | | $ | 4.8 | | | | | $ | 2.4 | | | | | $ | 2.4 | | | | | $ | 2.2 | | | | | $ | 1.8 | | | | | $ | 1.3 | |

(c) Tax Fees are fees billed by Deloitte for tax return assistance and preparation, tax examination assistance and professional services related to tax planning and tax strategy.

Consolidated Statements of Operations for the Years Ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019][added: 2020]

Consolidated Statements of Comprehensive Income for the Years Ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019][added: 2020]

Consolidated Balance Sheets as of December 31, [removed: 2021,] [added: 2022,] and [removed: 2020][added: 2021]

Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019][added: 2020]

Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019][added: 2020]

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019][added: 2020]

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

| 4.3.21 | | | [One-Hundred and Second Supplemental Indenture, dated as of August 14, 2019 (incorporated by reference to Exhibit 4.1 to registrant’s Current Report on Form 8-K filed on August 14, 2019, File No. [removed: 1-](http://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)[4928).](http://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)] [added: 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)] | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.4.85] [added: 4.4.86] | | | [First Supplemental Indenture, dated as of August 1, 2020 (incorporated by reference to Exhibit 4.2 to registrant's Current Report on Form 8-K filed on August 20, 2020, File No. 1-3382).](http://www.sec.gov/Archives/edgar/data/17797/000110465920097159/tm2027331d6_ex4-2.htm) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: *10.12] [added: 10.12] | | | [Amendment to Duke Energy Corporation Directors' Savings Plan, effective as of December 16, [removed: 2021.](https://www.sec.gov/Archives/edgar/data/1326160/000132616022000072/duk-20211231x10kxexx1012.htm)] [added: 2021 (incorporated by reference to Exhibit 10.12 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 24, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616022000072/duk-20211231x10kxexx1012.htm)] | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.19] [added: 10.22] | | | [Performance Share Award Agreement (incorporated by reference to Exhibit 10.2 to Duke Energy Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed on May 9, 2019, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616019000151/duk-20190331x10qxexx102.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.20] [added: 10.23] | | | [removed: [Performance Award] [added: [Performance](http://www.sec.gov/Archives/edgar/data/17797/000132616020000152/duk-20200331x10qex104.htm) [Share](http://www.sec.gov/Archives/edgar/data/17797/000132616020000152/duk-20200331x10qex104.htm) [Award] Agreement (incorporated by reference to Exhibit 10.4 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed on May 12, 2020, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616020000152/duk-20200331x10qex104.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.21] [added: 10.19] | | | [Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.3 to Duke Energy Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed on May 9, 2019, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616019000151/duk-20190331x10qxexx103.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.22] [added: 10.25] | | | [Settlement Agreement between Duke Energy Corporation, the North Carolina Utilities Commission Staff and the North Carolina Public Staff, dated as of November 28, 2012 (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K filed on November 29, 2012, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465912080906/a12-28312_1ex10d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.23] [added: 10.26] | | | [Settlement Agreement between Duke Energy Corporation and the North Carolina Attorney General, dated as of December 3, 2012 (incorporated by reference Item 7.01 to registrant's Current Report on Form 8-K filed on December 3, 2012, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465912081504/a12-28500_1ex10d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.24] [added: 10.27] | | | [Settlement Agreement between Duke Energy Carolinas, LLC, Duke Energy Progress, LLC, and The North Carolina Department of Environmental Quality, dated as of December 31, 2019 (incorporated by reference to Exhibit 10.1 to registrants' Current Report on Form 8-K filed on January 2, 2020, File Nos. 1-4928, 1-3382).](http://www.sec.gov/Archives/edgar/data/17797/000110465920000105/tm1928407d1_ex10-1.htm) | | | | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.25] [added: 10.28] | | | [Duke Energy Carolinas Summary of Partial Settlement in North Carolina Rate Case (incorporated by reference to Exhibit 99.1 to registrant's Current Report on Form 8-K filed on March 26, 2020, File Nos. 1-32853, 1-4928, 1-3382).](http://www.sec.gov/Archives/edgar/data/17797/000132616020000105/exhibit991form8-k3x24x.htm) | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.26] [added: 10.29] | | | [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 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.27] [added: 10.30] | | | [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 | | | | | | | | |

| [removed: 10.28] [added: 10.31] | | | [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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.29] [added: 10.32] | | | [Form of Change-in-Control Agreement (incorporated by reference to Exhibit 10.58 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2012, filed on March 1, 2013, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616013000009/exhibit10.58.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.30] [added: 10.33] | | | [Amended and Restated Duke Energy Corporation Executive Cash Balance Plan, dated as of January 1, 2014 (incorporated by reference to Exhibit 10.52 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 28, 2014, File No. 1-32852).](http://www.sec.gov/Archives/edgar/data/17797/000132616014000003/exhibit10.52.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.30.1] [added: 10.33.1] | | | [Amended and Restated Duke Energy Corporation Executive Cash Balance Plan, dated as of September 30, 2020 (incorporated by reference to Exhibit 10.1 to registrant'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_10-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.31] [added: 10.34] | | | Purchase, Construction and Ownership Agreement, dated as of July 30, 1981, between Duke Energy Progress, Inc. (formerly Carolina Power & Light Company) and North Carolina Municipal Power Agency Number 3 and Exhibits, together with resolution, dated as of December 16, 1981, changing name to North Carolina Eastern Municipal Power Agency, amending letter, dated as of February 18, 1982, and amendment, dated as of February 24, 1982 (incorporated by reference to Exhibit 10(a) to registrant's File No. 33-25560). | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.32] [added: 10.35] | | | Operating and Fuel Agreement, dated as of July 30, 1981, between Duke Energy Progress, Inc. (formerly Carolina Power & Light Company) and North Carolina Municipal Power Agency Number 3 and Exhibits, together with resolution, dated as of December 16, 1981, changing name to North Carolina Eastern Municipal Power Agency, amending letters, dated as of August 21, 1981, and December 15, 1981, and amendment, dated as of February 24, 1982 (incorporated by reference to Exhibit 10(b) to registrant's File No. 33-25560). | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.33] [added: 10.36] | | | Power Coordination Agreement, dated as of July 30, 1981, between Duke Energy Progress, Inc. (formerly Carolina Power & Light Company) and North Carolina Municipal Power Agency Number 3 and Exhibits, together with resolution, dated as of December 16, 1981, changing name to North Carolina Eastern Municipal Power Agency and amending letter, dated as of January 29, 1982 (incorporated by reference to Exhibit 10(c) to registrant's File No. 33-25560). | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.34] [added: 10.37] | | | Amendment, dated as of December 16, 1982, to Purchase, Construction and Ownership Agreement, dated as of July 30, 1981, between Duke Energy Progress, Inc. (formerly Carolina Power & Light Company) and North Carolina Eastern Municipal Power Agency (incorporated by reference to Exhibit 10(d) to registrant's File No. 33-25560). | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.35] [added: 10.38] | | | [Precedent and Related Agreements between Duke Energy Florida, Inc. (formerly Florida Power Corporation d/b/a Progress Energy Florida, Inc. (“PEF”)), Southern Natural Gas Company, Florida Gas Transmission Company (“FGT”), and BG LNG Services, LLC (“BG”), including: a) Precedent Agreement between Southern Natural Gas Company and PEF, dated as of December 2, 2004; b) Gas Sale and Purchase Contract between BG and PEF, dated as of December 1, 2004; c) Interim Firm Transportation Service Agreement by and between FGT and PEF, dated as of December 2, 2004; d) Letter Agreement between FGT and PEF, dated as of December 2, 2004, and Firm Transportation Service Agreement between FGT and PEF to be entered into upon satisfaction of certain conditions precedent; e) Discount Agreement between FGT and PEF, dated as of December 2, 2004; f) Amendment to Gas Sale and Purchase Contract between BG and PEF, dated as of January 28, 2005; and g) Letter Agreement between FGT and PEF, dated as of January 31, 2005 (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K/A filed on March 15, 2005, File Nos. 1-15929 and 1-3274). (Portions of the exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.)](http://www.sec.gov/Archives/edgar/data/37637/000095014405002552/g93633exv10w1.txt) | | | | | | | | | | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.36] [added: 10.39] | | | [Engineering, Procurement and Construction Agreement between Duke Energy Florida, Inc. (formerly Florida Power Corporation d/b/a/ Progress Energy Florida, Inc.), as owner, and a consortium consisting of Westinghouse Electric Company LLC and Stone & Webster, Inc., as contractor, for a two-unit AP1000 Nuclear Power Plant, dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K filed on March 2, 2009, File Nos. 1-15929 and 1-3274). (Portions of the exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.)](http://www.sec.gov/Archives/edgar/data/37637/000095014409001765/g17748exv10w1.htm) | | | | | | | | | | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.37] [added: 10.40] | | | [Employment Agreement between Duke Energy Corporation and Lynn J. Good, dated as of June 17, 2013 (incorporated by reference to Exhibit 10.1 to Duke Energy Corporation's Current Report on Form 8-K filed on June 18, 2013, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465913049764/a13-15164_1ex10d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.37.1] [added: 10.40.1] | | | [Amendment to Employment Agreement between Duke Energy Corporation and Lynn J. Good, dated as of June 25, 2015 (incorporated by reference to Exhibit 10.1 to Duke Energy Corporation's Current Report on Form 8-K filed on June 29, 2015, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465915048468/a15-14829_1ex10d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.38] [added: 10.41] | | | [removed: [Duke] [added: [Amended and Restated Duke] Energy Corporation Executive Short-Term Incentive Plan, [removed: dated as of] [added: effective] February [removed: 25, 2013] [added: 23, 2022] (incorporated by reference to Exhibit 10.1 to [removed: Duke Energy Corporation's] [added: registrant's] Current Report on Form 8-K filed on [removed: May 7, 2013,] [added: February 24, 2022,] File No. [removed: 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465913038285/a13-11792_1ex10d1.htm)] [added: 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922026619/tm227424d1_ex10-1.htm)] | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.39] [added: 10.42] | | | [Duke Energy Corporation 2017 Director Compensation Program Summary (incorporated by reference to Exhibit 10.3 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, [removed: 2017 filed] [added: 2017](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx103.htm)[,](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx103.htm) [filed] on August 3, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000151/duk-20170630x10qxexx103.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.40] [added: 10.44] | | | [Amended and Restated Duke Energy Corporation Executive Savings Plan, dated as of January 1, 2014 (incorporated by reference to Exhibit 10.82 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 28, 2014, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616014000003/exhibit10.82.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.40.1] [added: 10.44.1] | | | [Amendment to Duke Energy Corporation Executive Savings Plan, dated as of January 1, 2014 (incorporated by reference to Exhibit 10.1 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed on November 3, 2017, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616017000175/duk-20170930x10qxexx101.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.40.2] [added: 10.44.2] | | | [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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.41] [added: 10.45] | | | [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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: *10.42] [added: *10.24] | | | [removed: [Retention] [added: [Performance Share] Award [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1326160/000132616022000072/duk-20211231x10kxexx1042.htm)] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1326160/000132616023000073/duk-20221231x10kxexx1024.htm)] | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.43] [added: 10.47] | | | [Agreement between Duke Energy SAM, LLC, Duke Energy Ohio, Inc., Duke Energy Commercial Enterprise, Inc. and Dynegy Resource I, LLC, dated as of August 21, 2014 (incorporated by reference to Exhibit 10.61 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 2, 2015, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616015000008/duk-20141231x10kxexx1061.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | |

| [removed: 10.44] [added: 10.48] | | | [Asset Purchase Agreement between Duke Energy Progress, Inc. and North Carolina Eastern Municipal Power Agency, dated as of September 5, 2014 (incorporated by reference to Exhibit 10.62 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 2, 2015, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/17797/000132616015000008/duk-20141231x10kxexx1062.htm) | | | X | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020

| 3.2.1 | | | [Amended and Restated By-Laws of Duke Energy Corporation, effective as of September 22, 2022, (incorporated by reference to Exhibit 3.1 to Duke Energy Corporation's Current Report on Form 8-K filed on September 28, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922103713/tm2226468d1_ex3-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.27 | | | [Twenty-seventh Supplemental Indenture, dated as of June 15, 2022, to the indenture, dated as of June 3, 2008, between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on June](https://www.sec.gov/Archives/edgar/data/1326160/000110465922071324/tm2217397d5_ex4-1.htm) [15,](https://www.sec.gov/Archives/edgar/data/1326160/000110465922071324/tm2217397d5_ex4-1.htm) [2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922071324/tm2217397d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.28 | | | [Twenty-eighth Supplemental Indenture, dated as of August 11, 2022, to the indenture, dated as of June 3, 2008, between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global notes included therein (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on August 11, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922089094/tm2222317d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.1.29 | | | [Twenty-ninth Supplemental Indenture, dated as of December 8, 2022, to the Indenture, dated as of June 3, 2008, between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global notes included therein (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form](https://www.sec.gov/Archives/edgar/data/1326160/000110465922125405/tm2231713d5_ex4-1.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1326160/000110465922125405/tm2231713d5_ex4-1.htm) [filed on December 8, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922125405/tm2231713d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.3.25 | | | [One-Hundred and Sixth Supplemental Indenture, dated as of March 4, 2022 between the registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global bonds representing the First and Refunding Mortgage Bonds, 2.85% Series due 2032 and First and Refunding Mortgage Bonds, 3.55% Series due 2052 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 4, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.85 | | | [Ninety-second Supplemental Indenture, dated as of March 1, 2022, among the registrant, The Bank of New York Mellon (formerly Irving Trust Company) and Christie Leppert (successor to Frederick G. Herbst) and forms of global bonds (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 17, 2022, File No. 1-3382).](https://www.sec.gov/Archives/edgar/data/17797/000110465922034845/tm228867d4_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.26.10 | | | [Twelfth Supplemental Indenture dated as of May 13, 2022 between Piedmont Natural Gas Company, Inc. and The Bank of New York Mellon Trust Company, N.A., as successor to Citibank, N.A. and form of global notes (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on May 13, 2022, File No. 1-6196).](https://www.sec.gov/Archives/edgar/data/78460/000110465922059972/tm2214405d4_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.20 | | | [Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed on May 9, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616022000179/duk-20220321x10qxexx104.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *10.21 | | | [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1326160/000132616023000073/duk-20221231x10kxexx1021.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.43 | | | [Duke Energy Corporation 2022 Director Compensation Program Summary (incorporated by reference to Exhibit 10.5 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed on May 9, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616022000179/duk-20220321x10qxexx105.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.46 | | | [Retention Award Agreement (incorporated by reference to Exhibit 10.42 to Duke Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 24, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616022000072/duk-20211231x10kxexx1042.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.56 | | | [Amended and Restated Credit Agreement, dated as of March 18, 2022, among Duke Energy Corporation, Duke Energy Carolinas, LLC, Duke Energy Ohio, Inc., Duke Energy Indiana, LLC, Duke Energy Kentucky, Inc., Duke Energy Progress, LLC, Duke Energy Florida, LLC, and Piedmont Natural Gas Company, Inc., the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender and Wells Fargo Securities, LLC, as Joint Lead Arranger, Joint Bookrunner and Sustainability Structuring Agent. that increases the amount of the credit facility from $8B to $9B (incorporated by reference to Exhibit 10.1 to registrants' Current Report on Form 8-K filed on March 21, 2022, File Nos. 1-32853, 1-4928, 1-3382, 1-3274, 1-1232, 1-3543, 1-6196).](https://www.sec.gov/Archives/edgar/data/17797/000110465922035700/tm229757d1_ex10-1.htm) | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | |

| 10.57 | | | [$800 million Credit Agreement, dated as of October 21, 2022, among Duke Energy Florida, LLC, as Borrower, the lenders listed therein, Truist Bank, as Administrative Agent, Truist Securities, Inc., Mizuho Bank Ltd., and TD Bank, N.A., as Joint Lead Arrangers, and Truist Securities, Inc., as Sole Bookrunner (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K filed on October 21, 2022, File No. 1-3274](https://www.sec.gov/Archives/edgar/data/37637/000110465922110666/tm2228715d1_ex10-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| (ii) | | | /s/ STEVEN K. YOUNG | | | | | |

| | | | Steven K. Young | | | | | |

| | | | Michael G. Browning* | | | Lynn J. Good* | | |

Steven K.

| | | | By: | | | | | | /s/ STEVEN K. YOUNG | | |