Duke Energy (DUK) 10-K risk factor changes: FY2023 vs FY2022

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

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

State regulators have [added: also] approved other margin stabilizing mechanisms that, for example, allow for recovery of margin losses associated with negotiated transactions designed to retain large volume customers that could use alternative fuels or that may otherwise directly access natural gas supply through their own connection to an interstate pipeline.

If regulators decided to discontinue the Duke Energy Registrants' use of tariff [removed: mechanisms,] [added: mechanisms or other mechanisms intended to stabilize utility margins,] it would negatively impact results of operations, financial position and cash flows.

Negative decisions made by these regulators, or by any court on appeal of a rate case proceeding, have, and in the future could 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 [added: adequately] recover costs [removed: and] [added: on a timely basis, including] an appropriate return on the significant infrastructure investments being made.

Failure to comply with environmental regulations may result in the imposition of fines, penalties and injunctive measures affecting operating [removed: assets.][added: assets, as well as reputational damage.]

The EPA has [removed: enacted] [added: issued] or proposed federal regulations governing the management of cooling water intake structures, [removed: wastewater] [added: wastewater, CCR management units,] and CO2 emissions.

The EPA and state regulators have, and may adopt and implement, additional regulations to restrict emissions of GHGs to address global climate [removed: change.][added: change, as well as reporting requirements regarding such emissions and related climate-goal claims.]

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

- transmission or transportation constraints or [removed: inefficiencies that impact nonregulated energy operations;][added: inefficiencies;]

Such events could impact the Duke Energy Registrants through [added: civil or criminal legal proceedings or] changes to policies, laws and regulations whose compliance costs have a significant impact on the Duke Energy Registrants’ results of operations, financial position and cash flows.

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

Because of the critical nature of the infrastructure, increased connectivity to the internet and technology systems’ inherent vulnerability to disability or failures due to hacking, viruses, acts of war or terrorism or other types of data security breaches, the Duke Energy Registrants face a heightened risk of [removed: cyberattack] [added: cyberattacks] from foreign or domestic sources and have been subject, and will likely continue to be subject, to [removed: attempts] [added: cyberattacks designed] to gain unauthorized access to information and/or information systems or to disrupt utility operations through computer viruses and phishing attempts either directly or indirectly through its material vendors or related third parties.

While Duke Energy maintains insurance relating to cybersecurity events, such insurance [added: does not protect Duke Energy from such cyberattacks occurring, and while it does provide some potential mitigation of the financial impacts resulting from such cyberattacks, it] is subject to a number of exclusions and may be insufficient to offset any losses, costs or damage experienced.

If the COVID-19 pandemic or other health epidemics and 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, [added: volatility in global equity securities markets,] and the health and availability of our critical personnel and their ability to perform business functions.

[removed: To] [added: Both Duke Energy Ohio and Duke Energy Indiana have trackers to recover approved RTO costs, but to] the degree Duke Energy Ohio and Duke Energy Indiana incur significant additional fees and increased costs to participate in an [removed: RTO,] [added: RTO that are not approved for recovery,] their results of operations may be impacted.

Duke Energy Ohio and Duke Energy Indiana may be allocated a portion of the cost of transmission facilities built by others due to changes in RTO transmission rate [removed: design.][added: design, while being able to allocate costs of projects built by Duke Energy Ohio and Duke Energy Indiana to others.]

As members of an RTO, Duke Energy Ohio and Duke Energy Indiana are subject to certain additional risks, including those associated with the allocation among RTO members, of losses caused by unreimbursed defaults of other participants in the RTO markets [added: not covered by collateral requirements] and those associated with complaint cases filed against an RTO that may seek refunds of revenues previously earned by RTO members.

These risks include, among other things: the potential harmful effects on the environment and human health resulting from the current or past operation of nuclear facilities and the storage, handling and disposal of radioactive materials; limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with nuclear operations; [removed: and] uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their licensed [removed: lives.][added: lives; and the threat of a terrorist attack or cyber incident and other potential liabilities arising out of the ownership or operation of nuclear facilities.]

If Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are unable to successfully manage their NDTF [removed: assets,] [added: assets or if the cost of decommissioning nuclear generation facilities exceeds the amount available in decommissioning funds and such costs cannot be recovered through insurance or regulatory mechanisms,] their results of operations, financial position and cash flows could be negatively affected.

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

Additionally, certain jurisdictions have established performance incentive mechanisms and revenue decoupling mechanisms for EU&I.

Performance incentive mechanisms condition some portion of the respective utility's earnings on its performance on established measurable consumer, utility system, or public policy outcomes.

Revenue decoupling mechanisms provide periodic rate adjustments to ensure actual revenues match allowed revenues for certain customer classes.

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020.][added: 2021.]

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: 2021,] [added: 2022,] filed with the SEC on February [removed: 24, 2022,] [added: 27, 2023,] for a discussion of variance drivers for the year ended December 31, [removed: 2021,] [added: 2022,] as compared to December 31, [removed: 2020.][added: 2021.]

Duke [removed: Energy] [added: Energy, an energy company headquartered in Charlotte, North Carolina,] operates in the U.S. primarily through its [removed: direct and indirect] subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont.

In [removed: 2022,] [added: 2023,] we continued to make progress, [added: generating positive strategic and regulatory outcomes,] navigating rising interest rates, [removed: volatile commodity prices] [added: lower volumes due to mild temperatures] and other macroeconomic [removed: headwinds] [added: headwinds,] while meeting our near-term financial [removed: commitments, executing on our strategic priorities, responding to severe weather and external events,] [added: commitments] and continuing to provide the safe and reliable service that our communities depend on.

We also continue to make the investments necessary to support our ongoing clean energy transition and a business portfolio that delivers a reliable and growing dividend, with [removed: 2022] [added: 2023] representing the [removed: 96th] [added: 97th] consecutive year Duke Energy paid a cash dividend on its common stock.

[removed: ][added: ]

Duke Energy's [removed: 2022] [added: 2023] Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) was impacted [removed: primarily] by [removed: the estimated impairment on the sale of the Commercial Renewables business] [added: higher regulatory charges] in the [removed: current] [added: prior] year.

[removed: 2022] [added: 2023] Areas of Focus and Accomplishments

Our industry continues to experience an unprecedented level of change and [removed: 2022] [added: 2023] was a dynamic year for our company as we navigated [added: ongoing] macroeconomic headwinds and continued to execute on our strategic priorities and deliver on our vision.

[removed: We’re] [added: We are] targeting energy generated from coal to represent less than 5% [added: of total generation] by 2030 and a full exit by 2035, subject to regulatory [removed: approvals.][added: approvals, as part of the largest planned coal fleet retirement in the industry.]

[removed: We’ve] [added: We have] made strong progress to date in reducing carbon emissions from electricity generation (a [removed: 44%] [added: 48%] reduction from 2005) and have [removed: committed] [added: established goals] to do more (at least 50% reduction by [removed: 2030] [added: 2030, 80% by 2040,] and [removed: net-zero] [added: net zero] by 2050).

We [added: are] also [removed: adopted a goal of reducing] [added: working to reduce] 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 [removed: net-zero] [added: net zero] by 2050.

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

Over the next decade, we expect to deploy [removed: over $145] [added: between approximately $170 and $180] 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 [removed: customer’s] [added: customers'] exposure to fuel volatility.

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

In November 2022, [removed: the Board approved pursuing] [added: Duke Energy committed to a plan to sell] the [removed: sale of our] Commercial Renewables business, excluding the offshore wind contract for Carolina Long Bay.

[removed: North Carolina House Bill] [added: HB] 951 [removed: (HB 951)] was passed in 2021 [removed: and reflects new state] [added: reflecting North Carolina] policy [removed: that accelerates] [added: accelerating] a clean energy transition for generation [removed: serving customers in the Carolinas, including providing a framework for a goal of 70% carbon reduction in electric generation in the state from 2005 levels by 2030 and carbon neutrality by 2050] while continuing to prioritize affordability and reliability for our customers.

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

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 [removed: customers.][added: customers and 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.]

Modernization of the electric grid, including smart meters, storm hardening, self-healing and targeted undergrounding, helps to [removed: 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 [added: our] customers.

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

[removed: In addition to achieving financial results in the upper half] [added: Despite rising interest rates and near-record mild weather across all] of our [removed: revised guidance,] [added: service territories,] we [added: achieved financial results within our adjusted EPS guidance and] continued our cost-management journey with a focus on driving productivity, increasing flexibility and prioritizing spend based on risk and strategic value to our customers and investors.

[removed: In 2022, to address rising interest rates, increased commodity prices, labor and material inflation, and supply chain constraints, we launched the] [added: We executed on our] Workload Reduction [removed: Initiative,] [added: Initiative launched in late 2022 while] building on our culture of continuous improvement to [added: continue to] identify [removed: more] ways to reduce operating costs.

[removed: Commodity] [added: Volatile commodity] prices [removed: have impacted] [added: led to rapid fuel cost increases in 2022, impacting] the price of electricity in all of our jurisdictions.

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

[removed: We] [added: While inflation has moderated to a degree, we continue to] successfully [removed: navigated] [added: navigate] supply chain challenges including [removed: inflation,] longer lead [removed: times,] [added: times] and shortages of solar panels and other equipment.

One of our long-term strategic goals is to achieve modernized regulatory constructs [removed: in] [added: across all of] our jurisdictions.

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

[added: In October 2022,] Duke Energy Progress filed its first [added: North Carolina] rate case utilizing [removed: these benefits, including both] PBR and [removed: MYRP, in North Carolina] [added: reached partial settlements on key matters] in [removed: October 2022.][added: April and May 2023.]

In January 2023, we also filed a Duke Energy Carolinas rate case in North Carolina, which [removed: incorporates] [added: incorporated] elements of [removed: PBR and MYRP.][added: PBR.]

In addition to the Duke Energy Progress and Duke Energy Carolinas rate cases in North Carolina, we continued to move a variety of other regulatory initiatives forward during [removed: 2022.][added: 2023.]

[removed: We also reached] [added: In February 2023, the PSCSC approved] a constructive comprehensive settlement with all parties in the Duke Energy Progress South Carolina rate case [removed: in January 2023, which the PSCSC approved in February] [added: and we implemented new customer rates effective April 1,] 2023.

[removed: Also in] [added: In] 2022, storm securitization legislation was passed in South Carolina, providing the opportunity to securitize deferred storm costs and lower the bill impacts for our customers.

We also [removed: continue] [added: continued] to evaluate the impacts of the Inflation Reduction Act, which is expected to have significant benefits to customers and lower the cost of the clean energy transition.

While customer satisfaction across our industry continues to be impacted by the macroeconomic environment and the impacts of [added: inflationary pressures including] higher fuel prices on customer bills, our work continues to be recognized by our customers, with [removed: incremental improvements in] [added: strong] customer satisfaction scores [removed: at certain] [added: in our] jurisdictions including Piedmont, which was ranked number one in customer satisfaction by J.D. Power for residential natural gas service in the [removed: south.][added: south for the second year in a row.]

[removed: This year] [added: Late 2022] presented unique challenges to the grid in our service territories, including attacks on two substations in Moore County, North [removed: Carolina] [added: Carolina,] and extreme winter weather that forced us to take unprecedented measures to ensure the integrity of our systems in North Carolina.

In [removed: December,] [added: December 2022,] high winds and extreme cold from Winter Storm Elliott, customer demand that was higher than forecasted, and [added: the] inability to import additional power from out of state, resulted in the need to temporarily interrupt service to about 500,000 customers to maintain overall grid reliability and prevent further potential disruptions in the Carolinas.

Our ability to effectively handle all facets of the [removed: 2022] [added: 2023] storm response [removed: efforts, including navigating] [added: efforts while making] ongoing [added: investments to enhance the reliability and physical security of the grid, mitigate ongoing] macroeconomic [removed: challenges] [added: challenges,] and [added: navigate] 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 [removed: over] 20 Emergency Response Awards since EEI began recognizing storm response in 1998 (including [removed: nine] [added: 11] for assisting other utilities).

In 2023, we furthered our transition to a fully regulated utility by closing on the sale of our commercial utility-scale solar and wind group and our distributed generation operations.

We advanced a variety of regulatory priorities resulting in positive outcomes and modern recovery mechanisms, and continued to engage with our customers and the communities in our jurisdictions.

Additional drivers primarily include growth from riders and other retail margin, favorable rate case impacts, lower operations and maintenance expense and lower tax expense.

These items were partially offset by higher interest and depreciation expense, unfavorable weather and lower volumes.

We closed on the sales of the commercial utility-scale solar and wind group and the distributed generation group in October 2023, facilitating our transition to a fully regulated utility.

*Carolinas Integrated Resource Plan*

In August 2023, Duke Energy Carolinas and Duke Energy Progress filed an updated combined systemwide Carolinas IRP with the NCUC and the PSCSC, setting the course for the next 15 years of our clean energy transition.

The plan outlined the diverse resources required to serve customers reliably and to achieve our clean energy transition in both states.

In January 2024, we filed supplemental modeling and analysis with the NCUC and PSCSC due to substantially increased load forecasts resulting from continued economic development successes in the Carolinas occurring since the system-wide plan was prepared.

We are leveraging new technology, digital tools and data analytics across the business in response to a transforming landscape and our grid improvement programs continue to be a key component of our growth strategy.

We continue to enhance our customers' experience with the Self-Optimizing Grid (SOG), our flagship grid improvement program spanning all of Duke Energy’s regulated utilities.

In 2023, our SOG investments helped to avoid approximately 330,000 customer interruptions across our six-state electric service area, preventing customers from having more than 1.4 million hours of lost outage time during major events.

In our LDC business, we remain focused on reducing methane emissions, leveraging our partnerships, emissions platform, sensors and other technologies to find and fix leaks in near real time.

We also use cross compression to avoid releasing natural gas into the atmosphere during certain operational activities.

In October, we announced plans to build and operate our first system capable of producing, storing and combusting 100% green hydrogen.

The one-of-its-kind, end-to-end system will use solar energy at Duke Energy Florida's 74.5-MW DeBary solar plant to produce green hydrogen for an upgraded on-site CT designed to operate on a blend of natural gas and hydrogen or up to 100% hydrogen.

We anticipate the system will be installed and fully functioning in 2024, providing access to on-demand, dispatchable, increasingly clean energy for our Duke Energy Florida customers.

While 2023 presented unique macroeconomic challenges, Duke Energy has a demonstrated track record of executing on our business plans while driving efficiencies and productivity in the business.

We remain focused on organization simplification, automation, reducing service levels provided to internal customers as appropriate, outsourcing, and continued operational excellence.

In 2023, we made substantial progress, recovering $1.5 billion in deferred fuel costs this year.

With these actions, lower fuel prices, and increased stability in these markets during 2023, we anticipate to be in line with our historical average balance of deferred fuel costs by the end of 2024.

We execute longer supply agreements and proactively secure equipment in advance of hurricane season.

Recent macroeconomic headwinds aside, the level of economic development success and growth experienced in our service territories is significantly above what we have experienced over the last two decades.

In 2023, Site Selection magazine recognized Duke Energy as a “Top Utility in Economic Development," recognizing our critical role and successful efforts working with our state partners to win 67 projects this year alone, representing approximately $22 billion in new capital investment and 15,000 new jobs within our service territories.

These projects include transformational electric vehicle and battery manufacturing facilities as well as data centers.

Supporting the increasing generation load demands expected from projects like these in the coming years is an immense opportunity for our Company and the communities we proudly serve.

In August 2023, the NCUC issued a constructive order approving these partial settlements and Duke Energy Progress' PBR Application with certain modifications, marking the first implementation of an MYRP under the performance-based regulations authorized by HB 951.

Duke Energy Progress implemented revised Year 1 rates on October 1, 2023.

In August 2023, we reached partial settlements on key matters with the Public Staff and received a constructive order from the NCUC in December 2023, with new rates effective January 2024.

After more than a decade of work, these rate cases mark a significant milestone in securing regulatory approval of modern ratemaking structures in North Carolina.

In the Midwest, we received a constructive order on our Duke Energy Kentucky electric rate case in October 2023.

As it relates to our natural gas businesses, in Duke Energy Ohio, we filed a stipulation on key matters in our base rate case with all parties except the OCC in April 2023.

We received an order approving the stipulation in November 2023.

In September 2023, the TPUC approved a settlement related to our Annual Review Mechanism in Tennessee, with adjusted rates effective October 1, 2023.

In 2023, we made progress on our South Carolina storm securitization filings.

The PSCSC approved a comprehensive settlement in September 2023 and issued its financing order in October 2023.

Also in South Carolina, we filed a Duke Energy Carolinas rate case with the PSCSC in January 2024.

In 2023, we worked to advocate successfully for the best interests of our customers, communities, and Company in important areas, including the preservation and application of nuclear PTCs in the regulated utility business model.

Following the Moore County Substation attack, we reassessed the criticality of every substation, evaluated new security tools and technology, and conducted benchmarking with peer utilities.

We created a plan to enhance physical security and resiliency at sites that are critical to the Bulk Electric System and those with the greatest impact to customers.

Duke Energy is an energy company headquartered in Charlotte, North Carolina.

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.

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

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.

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.

*Carbon Plan*

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.

Our grid improvement programs continue to be a key component of our growth strategy.

We continue to expand our self-optimizing grid capabilities, and in 2022, smart, self-healing technologies helped to avoid more than 1.4 million customer interruptions across our six-state electric service area, saving customers more than 443 million minutes of lost outage time.

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

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.

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.

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.

We've executed longer supply agreements and proactively secured equipment in early 2022 for hurricane season while placing orders for key needs for our customer delivery organization for 2023.

Base rate cases were filed for both Duke Energy Progress and Piedmont in South Carolina, for Duke Energy Ohio's natural gas business, and for Duke Energy Kentucky's electric business.

Constructive partial settlements were approved by the NCUC in January 2022 related to Piedmont's 2021 North Carolina rate case and by the PUCO in December 2022 related to Duke Energy Ohio's 2021 electric rate case.

Duke Energy Indiana's TDSIC 2.0 was approved in June 2022 and Duke Energy Florida's 10 year storm protection plan was approved in October 2022, both of which provide for significant investments to improve the reliability and integrity of the grid in their respective jurisdictions.

In November 2022, the Southeast Energy Exchange Market (SEEM) announced it had initiated operations.

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

In 2022, we successfully implemented the 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.

The safety of our workforce is a core value.

While our TICR was slightly above target, our employees continued to deliver strong safety results in 2022 and we remain an industry leader in personal safety.

Storm activity was severe in our service territories in 2022.

Hurricane Ian, the fifth-strongest hurricane on record, impacted our service territories in Florida and the Carolinas with heavy rainfall, strong winds, and life-threatening storm surge and flooding.

Across our service territories, we assembled more than 20,000 power line technicians, damage assessors, and vegetation workers to prepare and begin to restore power as soon as it was safe to do so.

See Note 2 [added: to the Consolidated Financial Statements, “Dispositions,"] for further details.

EU&I provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately [removed: 8.2] [added: 8.4] million customers within the Southeast and Midwest regions of the U.S. The service territory is approximately [removed: 92,000] [added: 90,000] square miles across six states with a total estimated population of [removed: 26] [added: 27] million.

The following map shows the service territory for EU&I as of December 31, [removed: 2022.][added: 2023.]

[removed: ][added: ]

The following table represents the distribution of GWh billed sales by customer class for the year ended December 31, [removed: 2022.][added: 2023.]

| Residential | | | [removed: 33] [added: 32] | | % | | | | 26 | | % | | | | [removed: 47] [added: 50] | | % | | | | [removed: 38] [added: 37] | | % | | | | [removed: 30] [added: 28] | | % |

| General service | | | [removed: 33] [added: 34] | | % | | | | 22 | | % | | | | [removed: 34] [added: 36] | | % | | | | 38 | | % | | | | [removed: 27] [added: 26] | | % |

| Industrial | | | 23 | | % | | | | [removed: 16] [added: 15] | | % | | | | 8 | | % | | | | [removed: 22] [added: 23] | | % | | | | [removed: 28] [added: 31] | | % |

| Total retail sales | | | 89 | | % | | | | [removed: 64] [added: 63] | | % | | | | [removed: 89] [added: 94] | | % | | | | 98 | | % | | | | 85 | | % |

| Wholesale and other sales | | | 11 | | % | | | | [removed: 36] [added: 37] | | % | | | | [removed: 11] [added: 6] | | % | | | | 2 | | % | | | | 15 | | % |

[removed: Residential] [added: Although decoupling mechanisms may mitigate some weather impacts, residential] and general service customers are [added: typically] more impacted by weather than industrial customers.

EU&I owns approximately [removed: 49,870] [added: 54,772] MW of generation capacity.

The following table lists sources of electricity and fuel costs for the three years ended December 31, [removed: 2022.][added: 2023.]

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Natural gas and fuel oil(a) | | | [removed: 34.2] [added: 33.3] | | % | | | | [removed: 31.8] [added: 34.2] | | % | | | | [removed: 31.3] [added: 31.8] | | % | | | | [removed: 6.35] [added: 3.81] | | | | | | [removed: 3.89] [added: 6.35] | | | | | | [removed: 2.55] [added: 3.89] | | |

| Nuclear(a) | | | [removed: 26.6] [added: 28.4] | | % | | | | [removed: 29.8] [added: 26.6] | | % | | | | [removed: 29.6] [added: 29.8] | | % | | | | 0.58 | | | | | | 0.58 | | | | | | 0.58 | | |

| Coal(a) | | | [removed: 13.5] [added: 12.8] | | % | | | | [removed: 18.2] [added: 13.5] | | % | | | | [removed: 18.1] [added: 18.2] | | % | | | | [removed: 3.43] [added: 4.07] | | | | | | [removed: 2.84] [added: 3.43] | | | | | | [removed: 2.99] [added: 2.84] | | |

| All fuels (cost based on weighted average)(a) | | | [removed: 74.3] [added: 74.5] | | % | | | | [removed: 79.8] [added: 74.3] | | % | | | | [removed: 79.0] [added: 79.8] | | % | | | | [removed: 3.75] [added: 2.63] | | | | | | [removed: 2.42] [added: 3.75] | | | | | | [removed: 1.91] [added: 2.42] | | |

| Hydroelectric and solar(b) | | | [removed: 1.5] [added: 1.8] | | % | | | | 1.5 | | % | | | | [removed: 1.9] [added: 1.5] | | % | | | | | | | | | | | | | | | | | | |

| Total generation | | | [removed: 75.8] [added: 76.3] | | % | | | | [removed: 81.3] [added: 75.8] | | % | | | | [removed: 80.9] [added: 81.3] | | % | | | | | | | | | | | | | | | | | | |

| Purchased power and net interchange | | | [removed: 24.2] [added: 23.7] | | % | | | | [removed: 18.7] [added: 24.2] | | % | | | | [removed: 19.1] [added: 18.7] | | % | | | | | | | | | | | | | | | | | | |

[removed: Electric Utilities and Infrastructure] [added: EU&I] believes it has access to an adequate supply of natural gas and fuel oil for the reasonably foreseeable future.

EU&I has entered into fuel contracts that cover 100% of its uranium concentrates through at least [removed: 2024,] [added: 2027,] 100% of its conversion services through at least [removed: 2026,] [added: 2029,] 100% of its enrichment services through at least [removed: 2026,] [added: 2027,] and 100% of its fabrication services requirements for these plants through at least 2027.

Expiration dates for its long-term contracts, which may have various price adjustment provisions and market reopeners, range from [removed: 2023] [added: 2024] to 2027 for Duke Energy [removed: Carolinas] [added: Carolinas, Duke Energy Progress] and Duke Energy Indiana, [removed: 2023 to] 2024 [added: to 2026] for Duke Energy [removed: Progress] [added: Florida] and [removed: 2023] [added: 2024] to 2025 for Duke Energy [removed: Florida and Duke Energy] Ohio.

[removed: As] [added: Coal inventory levels may fluctuate as] a result of volatility in natural gas prices and the associated impacts on coal-fired dispatch within the generation [removed: fleet, coal inventories will continue to fluctuate.][added: fleet.]

Coal purchased for Kentucky is [added: primarily] produced from mines along the Ohio River in Illinois, [added: Kentucky,] Ohio, West Virginia and Pennsylvania.

The current average sulfur content of coal purchased by [removed: Electric Utilities and Infrastructure] [added: EU&I] is between 0.5% and 3.5% for Duke Energy Carolinas and Duke Energy Progress, [removed: and] between [removed: 0.5%] [added: 1%] and [removed: 4%] [added: 3.5%] for Duke Energy Florida, [added: and between 0.5% and 4.0% for] Duke Energy Ohio and Duke Energy Indiana.

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Purchase obligations and leases (in millions of MWh)(a) | | | [removed: 41.2] [added: 37.6] | | | | | | [removed: 36.0] [added: 41.2] | | | | | | [removed: 32.7] [added: 36.0] | | |

| Purchase capacity under contract (in MW)(b) | | | [removed: 4,028] [added: 3,997] | | | | | | [removed: 4,259] [added: 4,028] | | | | | | [removed: 4,716] [added: 4,259] | | |

(a) Represents approximately [removed: 16%] [added: 15%] of total system requirements for [removed: 2022, 14%] [added: 2023, 16%] for [removed: 2021] [added: 2022] and [removed: 13%] [added: 14%] for [removed: 2020.][added: 2021.]

(b) For [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020,] [added: 2021,] these agreements include approximately 412 MW of firm capacity under contract by Duke Energy Florida with QFs.

As of December 31, [removed: 2022,] [added: 2023,] the inventory balance for EU&I was approximately [removed: $3.4] [added: $4.1] billion.

[removed: During 2015,] [added: The] EPA [added: has] issued regulations related to the management of CCR from power [removed: plants.][added: plants including the CCR Rule.]

The Price-Anderson Act requires plant owners to provide for public nuclear liability claims resulting from nuclear incidents to the maximum total financial protection liability, which is approximately [removed: $13.7] [added: $16.2] billion.

The [removed: NCUC, PSCSC] [added: NCUC] and [removed: FPSC] [added: the PSCSC] require Duke Energy [removed: to] [added: Carolinas and Duke Energy Progress] update [removed: their] cost estimates for decommissioning their nuclear plants every five years.

Decommissioning costs are stated in [removed: 2018] [added: 2023] or 2019 dollars, depending on the year of the cost study, and include costs to decommission plant components not subject to radioactive contamination.

| (in millions) | | | December 31, [removed: 2022] [added: 2023] | | | | | | December 31, [removed: 2021] [added: 2022] | | | | | | Costs(a) | | | | | | Year of Cost Study | | |

| Duke Energy | | | $ | [removed: 8,637] [added: 10,143] | | | | | $ | [removed: 10,401] [added: 8,637] | | | | | $ | [removed: 9,105] [added: 8,814] | | | | | [removed: 2018] [added: 2023] or 2019 | | |

| Duke Energy Carolinas(b)(c) | | | [removed: 4,783] [added: 5,686] | | | | | | [removed: 5,759] [added: 4,783] | | | | | | [removed: 4,365] [added: 4,439] | | | | | | [removed: 2018] [added: 2023] | | |

Duke Energy entered into purchase and sale agreements with affiliates of Brookfield for the sale of the utility-scale solar and wind group in June 2023 and with affiliates of ArcLight for the distributed generation group in July 2023.

Both transactions closed in October 2023.

Growth in weather-normal sales volumes, however, was lower in 2023 compared to 2022 due primarily to the continuation of energy efficiency adoption, rooftop solar and broad weakness across industrial sectors.

While migration to EU&I's service territory remained strong, residential sales decreased due primarily to the return to more normal post-pandemic activities and economic conditions throughout the year.

Lower industrial sales continued due to overall industrial weakness, including some manufacturing plant closings across certain jurisdictions, continuation of supply chain constraints and higher inventory levels, as well as higher interest rates.

This was partially offset by higher data center usage, which contributed to growth in commercial sales volumes.

Estimates of weather impacts may be more difficult to determine during periods of extreme or more volatile weather.

The nuclear decommissioning liabilities are assessed and updated based on changes in cash flows provided in new studies as well as annual assessments to evaluate whether any indicators suggest a change in the estimate of the ARO is necessary.

A funding study was last completed and filed in 2019.

Duke Energy Florida provides the FPSC periodic reports on the status and progress of decommissioning activities.

| Duke Energy Carolinas 2024 South Carolina Rate Case | | | PSCSC | | | 239 | | | 10.5 | | % | 53 | | % | August 2024 | | | | | |

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

(b) An ROE of 9.65% for electric riders was approved.

In January 2024, Duke Energy Florida notified the FPSC that it expects to file a formal request for new base rates in April 2024.

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| Piedmont 2023 Tennessee Annual Review Mechanism | | | TPUC | | | 40 | | | | | | 9.8 | | % | | | | 48.67 | | % | | | | October 2023 | | | | | | | | |

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Our goals include attracting and retaining the talent needed and rewarding performance to enable us to reach our strategic objectives.

In 2023, we established new aspirational goals of 28% for women and 23% for people of color.

- The CCR Rule, a 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the management and disposal of CCR from coal-fired power plants.

Operations in Kentucky are conducted through Duke Energy Ohio's wholly owned subsidiary, Duke Energy Kentucky.

References herein to Duke Energy Ohio include Duke Energy Ohio and its subsidiaries, unless otherwise noted.

An approximately 70-mile portion of KO Transmission's pipeline facilities was co-owned by Columbia Gas Transmission, LLC.

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

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Sales growth is expected within the service territory but continues to be impacted by adoption of energy efficiencies and self-generation.

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.

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

During 2020, the NRC and the FPSC approved an agreement to transfer ownership of spent fuel for Crystal River Unit 3 to a third party.

| Duke Energy Indiana 2019 Indiana Rate Case(a) | | | IURC | | | 146 | | | 9.7 | | % | 54 | | % | 7/30/2020 | | | | | |

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

(a) Step 1 rates are approximately 75% of the total and became effective July 30, 2020.

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

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

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.

| Piedmont 2021 South Carolina Rate Stabilization Adjustment Filing | | | 7 | | | | | | 9.8 | | % | | | | 52.2 | | % | | | | November 2021 | | | | | | | | |

| Piedmont 2022 South Carolina Natural Gas Base Rate Case(b) | | | 2 | | | | | | 9.3 | | % | | | | 52.2 | | % | | | | November 2022 | | | | | | | | |

| 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.

| Dhiaa M. Jamil | | | | | | 66 | | | | | | Executive Vice President and Chief Operating Officer. Mr. Jamil assumed the role of Chief Operating Officer in May 2016. Prior to his current position, he held the title Executive Vice President and President, Regulated Generation and Transmission since June 2015. Prior to that, he served as Executive Vice President and President, Regulated Generation since August 2014. He served as Executive Vice President and President of Duke Energy Nuclear from March 2013 to August 2014, and was Chief Nuclear Officer from February 2008 to February 2013. | | |

For the fiscal year ended December 31, [removed: 2022] [added: 2023] or

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

Charlotte, North Carolina [removed: 28202-1803][added: 28202]

Raleigh, North Carolina [removed: 27601-1748][added: 27601]

Charlotte, North Carolina [removed: 28210][added: 28202]

| Estimated aggregate market value of the common equity held by nonaffiliates of Duke Energy at June 30, [removed: 2022.] [added: 2023.] | | | [added: | | |] $ | [removed: 82,471,565] [added: 69,080,869,078] | |

| Number of [removed: shares] [added: Shares] of Common [removed: Stock, $0.001 par value, outstanding] [added: Stock Outstanding] at January 31, [removed: 2023.] [added: 2024] | | | [removed: 770,080,285] | | | [added: | | |]

Portions of the Duke Energy definitive proxy statement for the [removed: 2023] [added: 2024] 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: 2022][added: 2023]

| | | | [DUKE [removed: ENERGY](#idc7c9b39c65745478576f07460186dcd_22)] [added: ENERGY](#i9c7a20c96f214d19aa98516eab3970ec_22)] | | | [removed: [9](#idc7c9b39c65745478576f07460186dcd_22)] [added: [9](#i9c7a20c96f214d19aa98516eab3970ec_22)] | | |

| | | | [BUSINESS [removed: SEGMENTS](#idc7c9b39c65745478576f07460186dcd_28)] [added: SEGMENTS](#i9c7a20c96f214d19aa98516eab3970ec_28)] | | | [removed: [9](#idc7c9b39c65745478576f07460186dcd_28)] [added: [9](#i9c7a20c96f214d19aa98516eab3970ec_28)] | | |

| | | | [HUMAN CAPITAL [removed: MANAGEMENT](#idc7c9b39c65745478576f07460186dcd_43)] [added: MANAGEMENT](#i9c7a20c96f214d19aa98516eab3970ec_43)] | | | [removed: [19](#idc7c9b39c65745478576f07460186dcd_43)] [added: [19](#i9c7a20c96f214d19aa98516eab3970ec_43)] | | |

| | | | [EXECUTIVE [removed: OFFICERS](#idc7c9b39c65745478576f07460186dcd_46)] [added: OFFICERS](#i9c7a20c96f214d19aa98516eab3970ec_46)] | | | [removed: [21](#idc7c9b39c65745478576f07460186dcd_46)] [added: [21](#i9c7a20c96f214d19aa98516eab3970ec_46)] | | |

| | | | [ENVIRONMENTAL [removed: MATTERS](#idc7c9b39c65745478576f07460186dcd_49)] [added: MATTERS](#i9c7a20c96f214d19aa98516eab3970ec_49)] | | | [removed: [22](#idc7c9b39c65745478576f07460186dcd_49)] [added: [22](#i9c7a20c96f214d19aa98516eab3970ec_49)] | | |

| | | | [DUKE ENERGY [removed: CAROLINAS](#idc7c9b39c65745478576f07460186dcd_52)] [added: CAROLINAS](#i9c7a20c96f214d19aa98516eab3970ec_52)] | | | [removed: [22](#idc7c9b39c65745478576f07460186dcd_52)] [added: [22](#i9c7a20c96f214d19aa98516eab3970ec_52)] | | |

| | | | [PROGRESS [removed: ENERGY](#idc7c9b39c65745478576f07460186dcd_55)] [added: ENERGY](#i9c7a20c96f214d19aa98516eab3970ec_55)] | | | [removed: [22](#idc7c9b39c65745478576f07460186dcd_55)] [added: [22](#i9c7a20c96f214d19aa98516eab3970ec_55)] | | |

| | | | [DUKE ENERGY [removed: PROGRESS](#idc7c9b39c65745478576f07460186dcd_58)] [added: PROGRESS](#i9c7a20c96f214d19aa98516eab3970ec_58)] | | | [removed: [22](#idc7c9b39c65745478576f07460186dcd_58)] [added: [22](#i9c7a20c96f214d19aa98516eab3970ec_58)] | | |

| | | | [DUKE ENERGY [removed: FLORIDA](#idc7c9b39c65745478576f07460186dcd_61)] [added: FLORIDA](#i9c7a20c96f214d19aa98516eab3970ec_61)] | | | [removed: [23](#idc7c9b39c65745478576f07460186dcd_61)] [added: [23](#i9c7a20c96f214d19aa98516eab3970ec_61)] | | |

| | | | [DUKE ENERGY [removed: OHIO](#idc7c9b39c65745478576f07460186dcd_64)] [added: OHIO](#i9c7a20c96f214d19aa98516eab3970ec_64)] | | | [removed: [23](#idc7c9b39c65745478576f07460186dcd_64)] [added: [23](#i9c7a20c96f214d19aa98516eab3970ec_64)] | | |

| | | | [DUKE ENERGY [removed: INDIANA](#idc7c9b39c65745478576f07460186dcd_67)] [added: INDIANA](#i9c7a20c96f214d19aa98516eab3970ec_67)] | | | [removed: [23](#idc7c9b39c65745478576f07460186dcd_67)] [added: [23](#i9c7a20c96f214d19aa98516eab3970ec_67)] | | |

| 1A. | | | [RISK [removed: FACTORS](#idc7c9b39c65745478576f07460186dcd_73)] [added: FACTORS](#i9c7a20c96f214d19aa98516eab3970ec_73)] | | | [removed: [23](#idc7c9b39c65745478576f07460186dcd_73)] [added: [23](#i9c7a20c96f214d19aa98516eab3970ec_73)] | | |

| 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#idc7c9b39c65745478576f07460186dcd_76)] [added: COMMENTS](#i9c7a20c96f214d19aa98516eab3970ec_76)] | | | [removed: [32](#idc7c9b39c65745478576f07460186dcd_76)] [added: [32](#i9c7a20c96f214d19aa98516eab3970ec_76)] | | |

| 3. | | | [LEGAL [removed: PROCEEDINGS](#idc7c9b39c65745478576f07460186dcd_91)] [added: PROCEEDINGS](#i9c7a20c96f214d19aa98516eab3970ec_91)] | | | [removed: [36](#idc7c9b39c65745478576f07460186dcd_91)] [added: [38](#i9c7a20c96f214d19aa98516eab3970ec_91)] | | |

| 4. | | | [MINE SAFETY [removed: DISCLOSURES](#idc7c9b39c65745478576f07460186dcd_94)] [added: DISCLOSURES](#i9c7a20c96f214d19aa98516eab3970ec_94)] | | | [removed: [36](#idc7c9b39c65745478576f07460186dcd_94)] [added: [38](#i9c7a20c96f214d19aa98516eab3970ec_94)] | | |

| 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#idc7c9b39c65745478576f07460186dcd_100)] [added: SECURITIES](#i9c7a20c96f214d19aa98516eab3970ec_100)] | | | [removed: [37](#idc7c9b39c65745478576f07460186dcd_100)] [added: [39](#i9c7a20c96f214d19aa98516eab3970ec_100)] | | |

| 6. | | | [SELECTED FINANCIAL [removed: DATA](#idc7c9b39c65745478576f07460186dcd_103)] [added: DATA](#i9c7a20c96f214d19aa98516eab3970ec_103)] | | | [removed: [37](#idc7c9b39c65745478576f07460186dcd_103)] [added: [39](#i9c7a20c96f214d19aa98516eab3970ec_103)] | | |

| 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#idc7c9b39c65745478576f07460186dcd_109)] [added: OPERATIONS](#i9c7a20c96f214d19aa98516eab3970ec_109)] | | | [removed: [38](#idc7c9b39c65745478576f07460186dcd_106)] [added: [40](#i9c7a20c96f214d19aa98516eab3970ec_106)] | | |

| 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#idc7c9b39c65745478576f07460186dcd_199)] [added: RISK](#i9c7a20c96f214d19aa98516eab3970ec_202)] | | | [removed: [67](#idc7c9b39c65745478576f07460186dcd_199)] [added: [71](#i9c7a20c96f214d19aa98516eab3970ec_202)] | | |

| 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#idc7c9b39c65745478576f07460186dcd_202)] [added: DATA](#i9c7a20c96f214d19aa98516eab3970ec_205)] | | | [removed: [68](#idc7c9b39c65745478576f07460186dcd_202)] [added: [72](#i9c7a20c96f214d19aa98516eab3970ec_205)] | | |

| 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#idc7c9b39c65745478576f07460186dcd_442)] [added: DISCLOSURE](#i9c7a20c96f214d19aa98516eab3970ec_448)] | | | [removed: [224](#idc7c9b39c65745478576f07460186dcd_442)] [added: [228](#i9c7a20c96f214d19aa98516eab3970ec_448)] | | |

| 9A. | | | [CONTROLS AND [removed: PROCEDURES](#idc7c9b39c65745478576f07460186dcd_445)] [added: PROCEDURES](#i9c7a20c96f214d19aa98516eab3970ec_451)] | | | [removed: [224](#idc7c9b39c65745478576f07460186dcd_445)] [added: [228](#i9c7a20c96f214d19aa98516eab3970ec_451)] | | |

| 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#idc7c9b39c65745478576f07460186dcd_454)] [added: GOVERNANCE](#i9c7a20c96f214d19aa98516eab3970ec_463)] | | | [removed: [226](#idc7c9b39c65745478576f07460186dcd_454)] [added: [230](#i9c7a20c96f214d19aa98516eab3970ec_463)] | | |

| 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#idc7c9b39c65745478576f07460186dcd_460)] [added: MATTERS](#i9c7a20c96f214d19aa98516eab3970ec_469)] | | | [removed: [226](#idc7c9b39c65745478576f07460186dcd_460)] [added: [230](#i9c7a20c96f214d19aa98516eab3970ec_469)] | | |

| 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR [removed: INDEPENDENCE](#idc7c9b39c65745478576f07460186dcd_463)] [added: INDEPENDENCE](#i9c7a20c96f214d19aa98516eab3970ec_472)] | | | [removed: [226](#idc7c9b39c65745478576f07460186dcd_463)] [added: [231](#i9c7a20c96f214d19aa98516eab3970ec_472)] | | |

| 14. | | | [PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#idc7c9b39c65745478576f07460186dcd_466)] [added: SERVICES](#i9c7a20c96f214d19aa98516eab3970ec_475)] | | | [removed: [227](#idc7c9b39c65745478576f07460186dcd_466)] [added: [231](#i9c7a20c96f214d19aa98516eab3970ec_475)] | | |

| 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#idc7c9b39c65745478576f07460186dcd_472)] [added: SCHEDULES](#i9c7a20c96f214d19aa98516eab3970ec_481)] | | | [removed: [228](#idc7c9b39c65745478576f07460186dcd_472)] [added: [232](#i9c7a20c96f214d19aa98516eab3970ec_481)] | | |

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

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; [added: and]

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

| CEP [removed: Rider] | | | [removed: Duke Energy Ohio's] Capital Expenditure Program [removed: Rider] | | |

525 South Tryon Street

800-488-3853

525 South Tryon Street

800-488-3853

411 Fayetteville Street

800-488-3853

411 Fayetteville Street

Raleigh, North Carolina 27601

800-488-3853

800-488-3853

800-488-3853

800-488-3853

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

| Registrant | | | Description | | | Shares | | |

| Duke Energy | | | Common stock, $0.001 par value | | | 770,811,446 | | |

| Duke Energy Carolinas | | | All of the registrant's limited liability company member interests are directly owned by Duke Energy. | | | N/A | | |

| Progress Energy | | | All of the registrant's common stock is directly owned by Duke Energy. | | | 100 | | |

| Duke Energy Progress | | | All of the registrant's limited liability company member interests are indirectly owned by Duke Energy. | | | N/A | | |

| Duke Energy Florida | | | All of the registrant's limited liability company member interests are indirectly owned by Duke Energy. | | | N/A | | |

| Duke Energy Ohio | | | All of the registrant's common stock is indirectly owned by Duke Energy. | | | 89,663,086 | | |

| Duke Energy Indiana | | | All of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy. | | | N/A | | |

| Piedmont | | | All of the registrant's common stock is directly owned by Duke Energy. | | | 100 | | |

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

| 1. | | | [BUSINESS](#i9c7a20c96f214d19aa98516eab3970ec_67) | | | [9](#i9c7a20c96f214d19aa98516eab3970ec_19) | | |

| | | | [GENERAL](#i9c7a20c96f214d19aa98516eab3970ec_25) | | | [9](#i9c7a20c96f214d19aa98516eab3970ec_25) | | |

| | | | PIEDMONT | | | [23](#i9c7a20c96f214d19aa98516eab3970ec_70) | | |

| 1C. | | | [CYBERSECUR](#i9c7a20c96f214d19aa98516eab3970ec_4344)[ITY](#i9c7a20c96f214d19aa98516eab3970ec_4344) | | | [32](#i9c7a20c96f214d19aa98516eab3970ec_4344) | | |

| 2. | | | [PROPERTIES](#i9c7a20c96f214d19aa98516eab3970ec_79) | | | [35](#i9c7a20c96f214d19aa98516eab3970ec_79) | | |

| 9B. | | | [O](#i9c7a20c96f214d19aa98516eab3970ec_4357)[THER INFORMATION](#i9c7a20c96f214d19aa98516eab3970ec_4357) | | | [230](#i9c7a20c96f214d19aa98516eab3970ec_4357) | | |

| 11. | | | [EXECUTIVE COMPENSATION](#i9c7a20c96f214d19aa98516eab3970ec_466) | | | [230](#i9c7a20c96f214d19aa98516eab3970ec_466) | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | EXHIBIT INDEX | | | [E-1](#i9c7a20c96f214d19aa98516eab3970ec_484) | | |

| | | | [SIGNATURES](#i9c7a20c96f214d19aa98516eab3970ec_487) | | | E-[2](#i9c7a20c96f214d19aa98516eab3970ec_487) | | |

| ArcLight | | | ArcLight Capital Partners, LLC | | |

| ARM | | | Annual Review Mechanism | | |

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

| Brookfield | | | Brookfield Renewable Partners L.P. | | |

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

526 South Church Street

704-382-3853

410 South Wilmington Street

4720 Piedmont Row Drive

704-364-3120

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

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

| | | | 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) | | |

| 2017 Settlement | | | Second Revised and Restated Settlement Agreement in 2017 among Duke Energy Florida, the Florida Office of Public Counsel and other customer advocates, which replaces and supplants the 2013 Settlement | | |

| ACP pipeline | | | The approximately 600-mile canceled interstate natural gas pipeline | | |

| AMI | | | Advanced Metering Infrastructure | | |

| AMT | | | Alternative Minimum Tax | | |

| Belews Creek | | | Belews Creek Steam Station | | |

| FASB | | | Financial Accounting Standards Board | | |

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

| New Source Review | | | Clean Air Act program that requires industrial facilities to install modern pollution control equipment when they are built or when making a change that increases emissions significantly | | |

| REC | | | Renewable Energy Certificate | | |

| VIE | | | Variable Interest Entity | | |

| | | | | | |

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

| PROPERTIES | | | | | |

Risk Management

Ensuring the security of Duke Energy’s assets, information and teammates is vital for delivering the essential service on which Duke Energy’s customers and communities depend.

In light of the ever-evolving threat landscape and increasing sophistication of threat actor tactics, techniques and procedures, steadfast and sophisticated cybersecurity and security operations are integral parts of Duke Energy’s enterprise risk management framework.

Duke Energy's enterprise risk management framework is used across the enterprise by subject matter experts to identify, assess, monitor and communicate enterprise level risks to the Chief Risk Officer.

Duke Energy’s technology and cybersecurity risk management program is integrated into the Company’s overall Enterprise Risk Management program and is composed of three primary lines of defense: (1) the Cybersecurity Incident Response Team (CIRT); (2) the Duke Energy Enterprise Security Team (EST); and (3) internal and external cybersecurity audits.

Duke Energy’s first line of defense is the CIRT under the Office of the Chief Information Officer.

The CIRT reports up to leaders in the Chief Security and Information Security Office, including the Chief Security and Information Security Officer (CSISO), Managing Director of Cybersecurity and Network Defense, and Director of Cybersecurity Operations, whose cybersecurity backgrounds include many years serving in operational cyber roles, leading incident response, participating in industry engagement, collaborating with federal and local cyber programs, and time analyzing security breaches across the industry.

The CIRT oversees an enterprisewide process that identifies, assesses, responds to and resolves cyber incidents, both internal and those associated with the Company’s use of third-party service providers, by defining roles, responsibilities and the process for problem source identification, mitigation, and eradication triggered by a suspected cyber incident.

Duke Energy manages cybersecurity threats through its 24/7 Duke Energy Cybersecurity Operations Center (CSOC), which serves as the Company’s central command center for monitoring and coordinating responses to cyberthreats.

The CSOC engages in daily information sharing within the utilities industry and with government partners and monitors incoming intelligence and cyber incident impacts.

The CSOC assesses the relevant information by assigning a CIRT Heat Map score, which results in CIRT activation if a certain threat level is met.

It also results in the assignment of additional roles and responsibilities to enable the cybersecurity leadership and technical teams to collectively and regularly review incident information, score the impact, communicate to leadership, and respond appropriately.

Another key component of Duke Energy’s first line of defense against cybersecurity threats is its Third-Party Risk Management (TPRM) process, whereby third parties providing services that meet certain criteria such as storing or transmitting Duke Energy data, hosting an application, or connecting to the Duke Energy network are required to undergo a cybersecurity assessment primarily to ascertain the risk of a third party’s proposed services to Duke Energy.

| | | | | | |

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

| CYBERSECURITY | | | | | |

Duke Energy’s second line of defense against cybersecurity threats is the EST, which is led by the CSISO, and actively evaluates, anticipates and tests Duke Energy’s cybersecurity risk level and preventive and risk mitigation controls relative to the enterprisewide risk level and controls.

The EST is responsible for infrastructure defense and security controls, performing vulnerability assessments and third-party information security assessments, employee awareness and training programs and security incident management, including oversight of the remediation of cybersecurity incidents.

The EST monitors cyber activity and also reports on the status of the Company’s cybersecurity performance and any ongoing remediation efforts to the Company’s Chief Information Officer (CIO) and CSISO.

The CIO and CSISO report these cybersecurity metrics, which use a vulnerability management scoring system and closely align with the National Institute of Standards and Technology Cybersecurity Framework, to the Audit Committee at each regularly scheduled Audit Committee meeting.

The EST also employs tools and oversees and challenges Duke Energy’s cybersecurity and technology metrics under its Enterprise Security Risk Register to track, identify and manage risk.

To this end, the EST engages outside expert firms to perform a comprehensive external penetration test each year, performs system and application penetration testing several times throughout the year, and conducts annual exercises simulating the tactics, techniques, and procedures of advanced threat actor groups to test the Company’s ability to prevent penetration, detect suspicious activity and respond to these threats in a timely manner.

Lessons learned inform the ongoing improvement of security preventive and mitigating controls and procedures and the results of such testing and threat actor simulations are shared with senior management and the Board of Directors.

Duke Energy also has a senior management committee, the Executive Cybersecurity Oversight Governance Committee (ECOG), which governs enterprise-level cybersecurity risk tolerance.

Internal and external cybersecurity audits provide a third line of defense and independently provide assurance on how effectively the Company, as a whole, manages cybersecurity risk.

Each year, Duke Energy Corporate Audit Services (CAS) performs various audits of key Duke Energy security systems and functions, such as third-party risk management programs, to assess whether appropriate security controls are in place and operating effectively.

In addition to these internal audits, the Company is subject to a variety of external audits, performed periodically as required by the auditing entity, including external audits performed by the North American Electric Reliability Corporation under the Critical Infrastructure Protection framework (NERC CIP), Transportation & Security Administration Pipeline Security Directive and Federal Energy Regulatory Commission Dam Security.

Duke Energy is not currently aware of any potential cybersecurity threats, including as a result of any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition, however, Duke Energy cannot provide assurance that it will not be materially affected in the future by cybersecurity risks or any future material incidents.

Governance

The Audit Committee has primary oversight of management’s efforts to mitigate cybersecurity and technology risk and respond to cyber incidents.

The Audit Committee receives updates throughout the year from the CIO and CSISO on cybersecurity and grid security issues, including compliance with regulations, employee training, and drills, at every regularly scheduled Audit Committee meeting, and engages in discussions throughout the year with management on the effectiveness of Duke Energy’s overall cybersecurity program and progress for addressing any identified risks.

In 2023, the Audit Committee received four updates on cybersecurity.

The Audit Committee also receives periodic updates on Duke Energy’s digital transformation and the operation of, and enhancements to, the Company’s financial systems and business and operational technical systems.

The reviews presented to the Audit Committee are followed with an update to the full Board of Directors by the Chair of the Audit Committee.

In addition, the Operations and Nuclear Oversight Committee (ONOC) of the Board of Directors provides oversight of the nuclear safety and cybersecurity of Duke Energy’s nuclear power program, which is integrated with the companywide cyber protocols, and the Chair of the ONOC reports out to the Board of Directors on such oversight activities.

Duke Energy’s nuclear cybersecurity program and associated cybersecurity plan (CSP) were fully implemented in 2017 in accordance with NRC regulation 10 CFR 73.54, “Protection of digital computer and communication systems and networks” and leverage monitoring, testing, drills, audits, assessments, and NRC inspections to continue to validate the effectiveness of the program to protect plant assets from cybersecurity threats.

Moreover, Duke Energy’s processes ensure that the Board of Directors receive contemporaneous reporting on potentially significant cyber events including response, legal obligations, and outreach and notification to regulators and customers when needed, as well as an opportunity to provide guidance to management as appropriate.

In addition, the Company’s Executive Cybersecurity Oversight Governance Committee (ECOG), comprised of the Company's Chair, President, and Chief Executive Officer (CEO), Executive Vice President (EVP) and Chief Financial Officer, EVP and Chief Commercial Officer, EVP Customer Experience, Solutions and Services, and EVP, Chief Generation Officer and Enterprise Operational Excellence, receives monthly updates from the CIO and CSISO and provides senior management throughout the Company informational technology and operational technology perspectives, oversight and governance on investments and priorities for the broader cybersecurity organization, in addition to providing final decision oversight on recommendations and response to the ever challenging cybersecurity threat landscape.

The ECOG also is leveraged to supply information and bring transparency to senior management throughout the company on the increasing threat landscape and the actions, response and road map to combat the threats.

The relevant cybersecurity risk expertise of Duke Energy’s management who serve on the ECOG and/or senior management who lead the CIRT and EST is described below.

The following table provides information related to the EU&I's generation stations as of December 31, [removed: 2022.][added: 2023.]

| Oconee | | | Nuclear | | | Uranium | | | SC | | | | | | [removed: 2,554] [added: 2,618] | | | | | |

| McGuire | | | Nuclear | | | Uranium | | | NC | | | | | | [removed: 2,316] [added: 2,386] | | | | | |

| Catawba(a) | | | Nuclear | | | Uranium | | | SC | | | | | | [removed: 445] [added: 588] | | | | | |

| Marshall | | | Fossil | | | Coal/Gas | | | NC | | | | | | [removed: 2,058] [added: 2,078] | | | | | |

| J.E. Rogers | | | Fossil | | | Coal/Gas | | | NC | | | | | | [removed: 1,388] [added: 1,395] | | | | | |

| Lincoln Combustion Turbine (CT) | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 1,161] [added: 1,507] | | | | | |

| Allen | | | Fossil | | | Coal | | | NC | | | | | | [removed: 421] [added: 426] | | | | | |

| Rockingham CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 825] [added: 895] | | | | | |

| W.S. Lee Combined Cycle (CC)(b) | | | Fossil | | | Gas | | | SC | | | | | | [removed: 686] [added: 706] | | | | | |

| Buck CC | | | Fossil | | | Gas | | | NC | | | | | | [removed: 668] [added: 718] | | | | | |

| Dan River CC | | | Fossil | | | Gas | | | NC | | | | | | [removed: 662] [added: 718] | | | | | |

| Mill Creek CT | | | Fossil | | | Gas/Oil | | | SC | | | | | | [removed: 563] [added: 751] | | | | | |

| W.S. Lee CT | | | Fossil | | | Gas/Oil | | | SC | | | | | | [removed: 84] [added: 96] | | | | | |

| Clemson CHP | | | Fossil | | | Gas | | | SC | | | | | | [removed: 13] [added: 16] | | | | | |

| Bad Creek | | | Hydro | | | Water | | | SC | | | | | | [removed: 1,520] [added: 1,600] | | | | | |

| Other small facilities [removed: (19] [added: (18] plants) | | | Hydro | | | Water | | | NC/SC | | | | | | [removed: 581] [added: 584] | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | [removed: NC] [added: KY] | | | | | | [removed: 71] [added: 9] | | | | | |

| Total Duke Energy Carolinas | | | | | | | | | | | | | | | [removed: 19,492] [added: 20,736] | | | | | |

| Brunswick | | | Nuclear | | | Uranium | | | NC | | | | | | [removed: 1,870] [added: 1,928] | | | | | |

| Harris | | | Nuclear | | | Uranium | | | NC | | | | | | [removed: 964] [added: 1,009] | | | | | |

| Robinson | | | Nuclear | | | Uranium | | | SC | | | | | | [removed: 759] [added: 793] | | | | | |

| Roxboro | | | Fossil | | | Coal | | | NC | | | | | | [removed: 2,439] [added: 2,462] | | | | | |

| Smith CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 1,083] [added: 1,250] | | | | | |

| H.F. Lee CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 888] [added: 1,054] | | | | | |

| Wayne County CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 822] [added: 975] | | | | | |

| Smith CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 772] [added: 960] | | | | | |

| Mayo | | | Fossil | | | Coal | | | NC | | | | | | [removed: 704] [added: 713] | | | | | |

| L.V. Sutton [removed: CC] [added: CT] | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 607] [added: 97] | | | | | |

| Asheville CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 476] [added: 560] | | | | | |

| Asheville CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 320] [added: 370] | | | | | |

| Darlington CT | | | Fossil | | | Gas/Oil | | | SC | | | | | | [removed: 234] [added: 264] | | | | | |

| Weatherspoon CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 124] [added: 164] | | | | | |

| L.V. Sutton [removed: CT] [added: CC] | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 84] [added: 719] | | | | | |

| Blewett CT | | | Fossil | | | Oil | | | NC | | | | | | [removed: 52] [added: 68] | | | | | |

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

| Distributed generation | | | Renewable | | | Solar | | | [removed: NC] [added: IN] | | | | | | [removed: 35] [added: 29] | | | | | |

| Asheville – Rock Hill Battery | | | Renewable | | | Storage | | | NC | | | | | | [removed: 2] [added: 9] | | | | | |

| Hot Springs Microgrid | | | Renewable | | | Storage | | | NC | | | | | | [removed: 1] [added: 6] | | | | | |

| Total Duke Energy Progress | | | | | | | | | | | | | | | [removed: 12,464] [added: 13,770] | | | | | |

The MW displayed in the table below are based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

Prior to December 31, 2023, summer capacity was displayed for all EU&I generation stations in the table below.

Certain registrants' IRPs, including those filed in North Carolina and South Carolina in 2023, currently use winter capacity for Fossil, Nuclear and Hydro stations as winter capacity is generally a more accurate representation of that stations' ability to support peak capacity requirements due to a higher risk of reliability challenges during the winter months in those jurisdictions.

Additionally, analysis of resource adequacy across all jurisdictions demonstrates that as solar adoption increases, there is a higher risk of reliability challenges in the winter.

As such, most of Duke Energy's IRPs are expected to shift toward winter planning.

See Item 7, "Other Matters" for additional information on IRPs.

Nameplate capacity is generally viewed as a transparent representation of the Renewable stations since their output varies by day, month, and real-time weather conditions, particularly with solar facilities, which may or may not be paired with battery storage depending on the location.

The Owned MW Capacity based on summer capacity as of December 31, 2023, is 50,302 MW for all of EU&I.

| Distributed generation | | | Renewable | | | Solar | | | FL | | | | | | 1,186 | | | | | |

| Nuclear | | | | | | | | | | | | | | | 9,322 | | | | | |

| Fossil | | | | | | | | | | | | | | | 40,107 | | | | | |

| Hydro | | | | | | | | | | | | | | | 3,722 | | | | | |

| Renewable | | | | | | | | | | | | | | | 1,621 | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | 54,772 | | | | | |

(f)Includes 50 MW, which are contracted to WVPA.

| Miles of 13 to 69 kV | | | 8,100 | | | 2,800 | | | — | | | 2,200 | | | 600 | | | 2,500 | | |

| PROPERTIES | | | | | |

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

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

| Nuclear | | | | | | | | | | | | | | | 8,908 | | | | | |

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

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

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

| Miles of 13 to 69 kV | | | 8,300 | | | 2,900 | | | — | | | 2,200 | | | 700 | | | 2,500 | | |

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

As of January 31, [removed: 2023,] [added: 2024,] there were [removed: 127,329] [added: 121,476] Duke Energy common stockholders of record.

Issuer Purchases of Equity Securities for Fourth Quarter [removed: 2022][added: 2023]

There were no repurchases of equity securities during the fourth quarter of [removed: 2022.][added: 2023.]

The graph assumes an initial investment of $100 on December 31, [removed: 2017,] [added: 2018,] in Duke Energy common stock, in the S&P 500 and in the Philadelphia Utility Index and that all dividends were reinvested.

[removed: ][added: ]

| Report of Independent Registered Public Accounting Firm | | | [removed: [70](#idc7c9b39c65745478576f07460186dcd_205)] [added: [74](#i9c7a20c96f214d19aa98516eab3970ec_208)] | | |

| Consolidated Statements of Operations | | | [removed: [73](#idc7c9b39c65745478576f07460186dcd_208)] [added: [77](#i9c7a20c96f214d19aa98516eab3970ec_211)] | | |

| Consolidated Statements of Comprehensive Income | | | [removed: [74](#idc7c9b39c65745478576f07460186dcd_211)] [added: [78](#i9c7a20c96f214d19aa98516eab3970ec_214)] | | |

| Consolidated Balance Sheets | | | [removed: [75](#idc7c9b39c65745478576f07460186dcd_214)] [added: [79](#i9c7a20c96f214d19aa98516eab3970ec_217)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [76](#idc7c9b39c65745478576f07460186dcd_217)] [added: [80](#i9c7a20c96f214d19aa98516eab3970ec_220)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [77](#idc7c9b39c65745478576f07460186dcd_220)] [added: [81](#i9c7a20c96f214d19aa98516eab3970ec_223)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [78](#idc7c9b39c65745478576f07460186dcd_223)] [added: [82](#i9c7a20c96f214d19aa98516eab3970ec_226)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [80](#idc7c9b39c65745478576f07460186dcd_226)] [added: [84](#i9c7a20c96f214d19aa98516eab3970ec_229)] | | |

| Consolidated Balance Sheets | | | [removed: [81](#idc7c9b39c65745478576f07460186dcd_229)] [added: [85](#i9c7a20c96f214d19aa98516eab3970ec_232)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [82](#idc7c9b39c65745478576f07460186dcd_232)] [added: [86](#i9c7a20c96f214d19aa98516eab3970ec_235)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [83](#idc7c9b39c65745478576f07460186dcd_235)] [added: [87](#i9c7a20c96f214d19aa98516eab3970ec_238)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [84](#idc7c9b39c65745478576f07460186dcd_238)] [added: [88](#i9c7a20c96f214d19aa98516eab3970ec_241)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [86](#idc7c9b39c65745478576f07460186dcd_241)] [added: [90](#i9c7a20c96f214d19aa98516eab3970ec_244)] | | |

| Consolidated Balance Sheets | | | [removed: [87](#idc7c9b39c65745478576f07460186dcd_244)] [added: [91](#i9c7a20c96f214d19aa98516eab3970ec_247)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [88](#idc7c9b39c65745478576f07460186dcd_247)] [added: [92](#i9c7a20c96f214d19aa98516eab3970ec_250)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [89](#idc7c9b39c65745478576f07460186dcd_250)] [added: [93](#i9c7a20c96f214d19aa98516eab3970ec_253)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [90](#idc7c9b39c65745478576f07460186dcd_253)] [added: [94](#i9c7a20c96f214d19aa98516eab3970ec_256)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [92](#idc7c9b39c65745478576f07460186dcd_256)] [added: [96](#i9c7a20c96f214d19aa98516eab3970ec_259)] | | |

| Consolidated Balance Sheets | | | [removed: [93](#idc7c9b39c65745478576f07460186dcd_259)] [added: [97](#i9c7a20c96f214d19aa98516eab3970ec_262)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [94](#idc7c9b39c65745478576f07460186dcd_262)] [added: [98](#i9c7a20c96f214d19aa98516eab3970ec_265)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [95](#idc7c9b39c65745478576f07460186dcd_265)] [added: [99](#i9c7a20c96f214d19aa98516eab3970ec_268)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [96](#idc7c9b39c65745478576f07460186dcd_268)] [added: [100](#i9c7a20c96f214d19aa98516eab3970ec_271)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [98](#idc7c9b39c65745478576f07460186dcd_271)] [added: [102](#i9c7a20c96f214d19aa98516eab3970ec_274)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [100](#idc7c9b39c65745478576f07460186dcd_277)] [added: [104](#i9c7a20c96f214d19aa98516eab3970ec_280)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [101](#idc7c9b39c65745478576f07460186dcd_280)] [added: [105](#i9c7a20c96f214d19aa98516eab3970ec_283)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [102](#idc7c9b39c65745478576f07460186dcd_283)] [added: [106](#i9c7a20c96f214d19aa98516eab3970ec_286)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [104](#idc7c9b39c65745478576f07460186dcd_286)] [added: [108](#i9c7a20c96f214d19aa98516eab3970ec_289)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [106](#idc7c9b39c65745478576f07460186dcd_292)] [added: [110](#i9c7a20c96f214d19aa98516eab3970ec_295)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [107](#idc7c9b39c65745478576f07460186dcd_295)] [added: [111](#i9c7a20c96f214d19aa98516eab3970ec_298)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [108](#idc7c9b39c65745478576f07460186dcd_298)] [added: [112](#i9c7a20c96f214d19aa98516eab3970ec_301)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [110](#idc7c9b39c65745478576f07460186dcd_301)] [added: [114](#i9c7a20c96f214d19aa98516eab3970ec_304)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [112](#idc7c9b39c65745478576f07460186dcd_307)] [added: [116](#i9c7a20c96f214d19aa98516eab3970ec_310)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [113](#idc7c9b39c65745478576f07460186dcd_310)] [added: [117](#i9c7a20c96f214d19aa98516eab3970ec_313)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [114](#idc7c9b39c65745478576f07460186dcd_313)] [added: [118](#i9c7a20c96f214d19aa98516eab3970ec_316)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [116](#idc7c9b39c65745478576f07460186dcd_316)] [added: [120](#i9c7a20c96f214d19aa98516eab3970ec_319)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [118](#idc7c9b39c65745478576f07460186dcd_322)] [added: [122](#i9c7a20c96f214d19aa98516eab3970ec_325)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [119](#idc7c9b39c65745478576f07460186dcd_325)] [added: [123](#i9c7a20c96f214d19aa98516eab3970ec_328)] | | |

| Note 1 – Summary of Significant Accounting Policies | | | [removed: [120](#idc7c9b39c65745478576f07460186dcd_331)] [added: [124](#i9c7a20c96f214d19aa98516eab3970ec_334)] | | |

| Note 5 – Commitments and Contingencies | | | [removed: [151](#idc7c9b39c65745478576f07460186dcd_364)] [added: [153](#i9c7a20c96f214d19aa98516eab3970ec_367)] | | |

| Note 7 – Debt and Credit Facilities | | | [removed: [160](#idc7c9b39c65745478576f07460186dcd_373)] [added: [162](#i9c7a20c96f214d19aa98516eab3970ec_376)] | | |

| Consolidated Balance Sheets | | | [103](#i9c7a20c96f214d19aa98516eab3970ec_277) | | |

| Consolidated Balance Sheets | | | [109](#i9c7a20c96f214d19aa98516eab3970ec_292) | | |

| Consolidated Balance Sheets | | | [115](#i9c7a20c96f214d19aa98516eab3970ec_307) | | |

| Consolidated Balance Sheets | | | [121](#i9c7a20c96f214d19aa98516eab3970ec_322) | | |

| Note 2 – Dispositions | | | [131](#i9c7a20c96f214d19aa98516eab3970ec_337) | | |

| Note 3 – Business Segments | | | [134](#i9c7a20c96f214d19aa98516eab3970ec_340) | | |

| Note 4 – Regulatory Matters | | | [137](#i9c7a20c96f214d19aa98516eab3970ec_343) | | |

| Note 6 – Leases | | | [157](#i9c7a20c96f214d19aa98516eab3970ec_373) | | |

| Note 19 – Revenue | | | [196](#i9c7a20c96f214d19aa98516eab3970ec_415) | | |

| Note 20 – Stockholders' Equity | | | [201](#i9c7a20c96f214d19aa98516eab3970ec_421) | | |

| Note 21 – Severance | | | [203](#i9c7a20c96f214d19aa98516eab3970ec_424) | | |

| Note 24 – Income Taxes | | | [219](#i9c7a20c96f214d19aa98516eab3970ec_433) | | |

| Note 26 – Subsequent Events | | | [226](#i9c7a20c96f214d19aa98516eab3970ec_439) | | |

- We performed audit procedures on the incurred asset retirement obligations requested for recovery to confirm their completeness and accuracy.

- We performed substantive analytical procedures on the recoverability of deferred fuel costs and detail testing procedures on the recoverability of deferred storm costs.

Asset Retirement Obligations – Nuclear Decommissioning Cash Flow Revisions – Refer to Notes 4 and 10 to the financial statements.

The Company owns and operates nuclear facilities and records asset retirement obligations for their eventual decommissioning.

On an annual basis, management performs an assessment for any indicators that would suggest a change in decommissioning cost estimates may be necessary.

Judgment is required to calculate decommissioning estimates, which are determined through site-specific, third-party cost studies and are based on discounted cash flows, regulatory, legal, and legislative decisions, selection of discount rates and cost escalation rates, among other factors.

We identified the revisions in estimates of cash flows associated with nuclear asset retirement obligations as a critical audit matter because of the estimates and assumptions made by management and management’s specialist in determining the recorded asset retirement obligations.

This required a high degree of auditor judgment, and for certain assumptions, the need to involve our environmental and fair value specialists, when performing audit procedures related to the revisions in estimates of cash flows associated with nuclear asset retirement obligations.

Our audit procedures related to the revisions in estimates of cash flows associated with nuclear asset retirement obligations included the following, among others:

- We tested the effectiveness of management’s controls over the evaluation of nuclear asset retirement obligations, including those over management’s assessment of the results of the site-specific cost study, as well as the evaluation of economic inputs.

- We tested the mathematical accuracy of management’s nuclear asset retirement obligation calculations.

- We made inquiries and inspected opinions of internal counsel regarding the status of relevant assumptions.

- With the assistance of professionals in our firm with the appropriate expertise, we inspected and evaluated the reasonableness of the results of the decommissioning study, as well as the impacts of any economic inputs on the calculation of revisions to cash flow estimates.

- We evaluated the Company’s disclosures related to the impacts of the nuclear asset retirement obligation.

- We obtained representation from management asserting that the asset retirement obligations recorded in the financial statements represent management’s best estimates.

In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment.

During October 2023, Duke Energy completed the divestiture of the utility-scale solar and wind group and the distributed generation group.

Pretax impairment charges of approximately $1.7 billion were recorded as of December 31, 2023 on the Commercial Renewables Disposal Groups.

- We assessed the terms of the purchase and sale agreements of the utility-scale solar and wind group and the distributed generation group to evaluate management's calculations of the impairment charges including the completeness and accuracy of amounts included in such calculations and the mathematical accuracy of the calculations.

- With the assistance of our tax specialists, we evaluated the reasonableness of the methods, assumptions, and judgments used by management to determine the income tax benefit associated with the divestitures.

- We evaluated the reasonableness of the determination of the fair value of the remaining assets which are not yet divested.

| Less: Preferred Dividends | | | 106 | | | | | | 106 | | | | | | 106 | | |

| (in millions) | | | 2023 | | | | | | 2022 | | |

| Inventory (includes $462 at 2023 related to VIEs) | | | 4,292 | | | | | | 3,584 | | |

| Accounts payable (includes $188 at 2023 related to VIEs) | | | $ | 4,228 | | | | | $ | 4,754 | |

| Other (includes $35 at 2023 related to VIEs) | | | 1,393 | | | | | | 1,502 | | |

| Losses on sales of Commercial Renewables Disposal Groups | | | 1,725 | | | | | | 1,748 | | | | | | — | | |

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

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.

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

–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.

As of December 31, 2022, the Company has approximately $18.1 billion of recorded regulatory assets.

- For regulatory matters in process, we inspected the Company’s and intervenors’ filings with the Commissions, that may impact the Company’s future rates, for any evidence that might contradict management’s assertions.

February 27, 2023

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

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

| Diluted | | | 770 | | | | | | 769 | | | | | | 738 | | |

| Inventory | | | 3,584 | | | | | | 3,111 | | |

| Other | | | 1,502 | | | | | | 1,348 | | |

| Refund of AMT credit carryforwards | | | — | | | | | | — | | | | | | 572 | | |

| Other | | | (644) | | | | | | (333) | | | | | | (398) | | |

| Non-cash dividends | | | — | | | | | | — | | | | | | 110 | | |

(a) Includes approximately $2.6 billion for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022.

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

| Balance at December 31, 2019 | | | $ | 1,962 | | 733 | | | $ | 1 | | | | | $ | 40,881 | | | | | $ | 4,108 | | | | | | | | | | | $ | (51) | | | | | $ | 3 | | | | | $ | (82) | | | | | $ | 46,822 | | | | | $ | 1,129 | | | | | $ | 47,951 | |

| Net income (loss) | | | — | | | — | | | — | | | | | | — | | | | | | 1,270 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,270 | | | | | | (295) | | | | | | 975 | | |

(b) Amounts in Retained earnings primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses.

As of December 31, 2022, the Company has approximately $5.4 billion recorded as regulatory assets.

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: 2022,] [added: 2023,] 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 quarter ended December 31, [removed: 2022,] [added: 2023,] and have concluded no change has materially affected, or is reasonably likely to materially affect, 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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

We have audited the internal control over financial reporting of Duke Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control — Integrated Framework [removed: (2013)*] [added: (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: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control — Integrated Framework [removed: (2013)*] [added: (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: 2022,] [added: 2023,] of the Company and our report dated February [removed: 27, 2023,] [added: 23, 2024,] expressed an unqualified opinion on those financial statements.

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: *Management's] [added: Management's] Annual Report on Internal Control Over Financial [removed: Reporting*.][added: Reporting.]

February 23, 2024

February 27, 2023

During the three months ended December 31, 2023, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

The following table shows information as of December 31, [removed: 2022,] [added: 2023,] 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: 3,385,638] [added: 104,831] | | | [removed: (2)] [added: (4)] | | | n/a | | | [removed: 2,410,473] [added: n/a] | | | [removed: (3)] [added: (5)] | | |

| Equity compensation plans [removed: not] approved by security holders | | | [removed: 109,690] [added: 3,586,377] | | | [removed: (4)] [added: (2)] | | | n/a | | | [removed: n/a] [added: 14,990,958] | | | [removed: (5)] [added: (3)] | | |

(1) As of December 31, [removed: 2022,] [added: 2023,] no options were outstanding under equity compensation plans.

(2) Includes RSUs and performance shares (assuming the maximum payout level) granted under the Duke Energy Corporation 2015 Long-Term Incentive [added: Plan or the Duke Energy Corporation 2023 Long-Term Incentive] Plan, as well as shares that could be payable with respect to certain compensation deferred under the Duke Energy Corporation Executive Savings Plan (Executive Savings Plan) or the Directors’ Savings Plan.

(3) Includes shares remaining available for issuance pursuant to stock awards under the Duke Energy Corporation [removed: 2015] [added: 2023] Long-Term Incentive Plan.

| Total | | | 3,691,208 | | | | | | n/a | | | 14,990,958 | | | | | |

The Duke Energy Corporation 2015 Long-Term Incentive Plan is no longer available for the grant of additional stock awards.

| | | | | | |

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

| OTHER INFORMATION | | | | | |

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

| | | | | | |

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

| OTHER INFORMATION | | | | | |

The following tables present the Deloitte fees for services rendered to the Duke Energy Registrants during [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022.]

| Audit Fees(a) | | | [removed: $] [added: $] | [removed: 13.7] [added: 13.7] | | | | | [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: 2.0] [added: 2.0] | | | | | [removed: $] [added: $] | [removed: 1.8] [added: 1.8] | | | | | [removed: $] [added: $] | [removed: 1.3] [added: 1.3] | |

| Audit-Related Fees(b) | | | [removed: 1.7] [added: 1.7] | | | | | | [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: 15.4] [added: 15.4] | | | | | [removed: $] [added: $] | [removed: 3.3] [added: 3.3] | | | | | [removed: $] [added: $] | [removed: 5.1] [added: 5.1] | | | | | [removed: $] [added: $] | [removed: 2.6] [added: 2.6] | | | | | [removed: $] [added: $] | [removed: 2.5] [added: 2.5] | | | | | [removed: $] [added: $] | [removed: 2.2] [added: 2.2] | | | | | [removed: $] [added: $] | [removed: 1.8] [added: 1.8] | | | | | [removed: $] [added: $] | [removed: 1.3] [added: 1.3] | |

| | | | Year Ended December 31, [removed: 2021] [added: 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Audit-Related Fees(b) | | | [removed: 1.5] [added: 0.5] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | |

All services performed in [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] by the independent accountant were approved by the Audit Committee pursuant to the preapproval policy.

| Audit Fees(a) | | | $ | 14.0 | | | | | $ | 3.3 | | | | | $ | 5.0 | | | | | $ | 2.5 | | | | | $ | 2.5 | | | | | $ | 2.1 | | | | | $ | 1.8 | | | | | $ | 1.4 | |

| Total Fees | | | $ | 14.5 | | | | | $ | 3.4 | | | | | $ | 5.2 | | | | | $ | 2.6 | | | | | $ | 2.6 | | | | | $ | 2.3 | | | | | $ | 1.8 | | | | | $ | 1.4 | |

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

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

Consolidated Statements of Operations for the Years Ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020][added: 2021]

Consolidated Statements of Comprehensive Income for the Years Ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020][added: 2021]

Consolidated Balance Sheets as of December 31, [removed: 2022,] [added: 2023,] and [removed: 2021][added: 2022]

Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020][added: 2021]

Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020][added: 2021]

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020][added: 2021]

| 3.2 | | | [removed: [Amended] [added: [A](https://www.sec.gov/Archives/edgar/data/1326160/000110465923127338/tm2333093d2_ex3-1.htm)[mended] and Restated By-Laws of Duke Energy [removed: Corporation (incorporated by reference] [added: Corporation, effective as of](https://www.sec.gov/Archives/edgar/data/1326160/000110465923127338/tm2333093d2_ex3-1.htm) [December 14, 2023](https://www.sec.gov/Archives/edgar/data/1326160/000110465923127338/tm2333093d2_ex3-1.htm) [(incorporated by](https://www.sec.gov/Archives/edgar/data/1326160/000110465923127338/tm2333093d2_ex3-1.htm) [reference] to Exhibit 3.1 to Duke Energy Corporation's Current Report on Form 8-K filed on [removed: January 4, 2016,] [added: December 19, 2023,] File No. [removed: 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000132616016000211/a20160104finalamendedandre.htm)] [added: 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465923127338/tm2333093d2_ex3-1.htm)] | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 3.2.1] [added: 10.42] | | | [Amended and Restated [removed: By-Laws of] Duke Energy [removed: Corporation,] [added: Corporation Executive Short-Term Incentive Plan,] effective [removed: as of September 22, 2022,] [added: February 23, 2022] (incorporated by reference to Exhibit [removed: 3.1] [added: 10.1] to [removed: Duke Energy Corporation's] [added: registrant's] Current Report on Form 8-K filed on [removed: September 28,] [added: February 24,] 2022, File No. [removed: 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922103713/tm2226468d1_ex3-1.htm)] [added: 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922026619/tm227424d1_ex10-1.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 [removed: 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,] [added: June 15, 2022,] File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922071324/tm2217397d5_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 [removed: 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] [added: Form 8-K filed] on December 8, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465922125405/tm2231713d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.2] [added: 4.3] | | | [Senior Indenture between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), dated as of September 1, 1998 (incorporated by reference to Exhibit 4-D-1 to registrant's Post-Effective Amendment No. 2 to Registration Statement on Form S-3 filed on April 7, 1999, File No. 333-14209).](http://www.sec.gov/Archives/edgar/data/30371/0001021408-99-000609.txt) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.2.1] [added: 4.3.1] | | | [Fifteenth Supplemental Indenture, dated as of April 3, 2006 (incorporated by reference to Exhibit 4.4.1 to registrant's Registration Statement on Form S-3 filed on October 3, 2007, File No. 333-146483-03).](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.2.2] [added: 4.3.2] | | | [Sixteenth Supplemental Indenture, dated as of June 5, 2007 (incorporated by reference to Exhibit 4.1 registrant's Current Report on Form 8-K filed on June 6, 2007, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465907045841/a07-15582_5ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3] [added: 4.4] | | | First and Refunding Mortgage from Duke Energy Carolinas, LLC to The Bank of New York Mellon Trust Company, N.A., successor trustee to Guaranty Trust Company of New York, dated as of December 1, 1927 (incorporated by reference to Exhibit 7(a) to registrant's Form S-1, effective October 15, 1947, File No. 2-7224). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.1] [added: 4.4.1] | | | [Instrument of Resignation, Appointment and Acceptance among Duke Energy Carolinas, LLC, JPMorgan Chase Bank, N.A., as Trustee, and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee, dated as of September 24, 2007, (incorporated by reference to Exhibit 4.6.1 to registrant's Registration Statement on Form S-3 filed on October 3, 2007, File No. 333-146483).](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w6w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.2] [added: 4.4.2] | | | Ninth Supplemental Indenture, dated as of February 1, 1949 (incorporated by reference to Exhibit 7(j) to registrant's Form S-1 filed on February 3, 1949, File No. 2-7808). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.3] [added: 4.4.3] | | | Twentieth Supplemental Indenture, dated as of June 15, 1964 (incorporated by reference to Exhibit 4-B-20 to registrant's Form S-1 filed on August 23, 1966, File No. 2-25367). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.4] [added: 4.4.4] | | | Twenty-third Supplemental Indenture, dated as of February 1, 1968 (incorporated by reference to Exhibit 2-B-26 to registrant's Form S-9 filed on January 21, 1969, File No. 2-31304). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.5] [added: 4.4.5] | | | Sixtieth Supplemental Indenture, dated as of March 1, 1990 (incorporated by reference to Exhibit 4-B-61 to registrant's Annual Report on Form 10-K for the year ended December 31, 1990, File No.1-4928). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.6] [added: 4.4.6] | | | Sixty-third Supplemental Indenture, dated as of July 1, 1991 (incorporated by reference to Exhibit 4-B-64 to registrant's Registration Statement on Form S-3 filed on February 13, 1992, File No. 33-45501). | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.7] [added: 4.4.7] | | | [Eighty-fourth Supplemental Indenture, dated as of March 20, 2006 (incorporated by reference to Exhibit 4.6.9 to registrant's Registration Statement on Form S-3 filed on October 3, 2007, File No. 333-146483-03).](http://www.sec.gov/Archives/edgar/data/20290/000095014407009074/g09787exv4w6w9.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.8] [added: 4.4.8] | | | [Eighty-fifth Supplemental Indenture, dated as of January 10, 2008 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on January 11, 2008, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000119312508005077/dex41.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.9] [added: 4.4.9] | | | [Eighty-seventh Supplemental Indenture, dated as of April 14, 2008 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on April 15, 2008, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000095014408002845/g12779kexv4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.10] [added: 4.4.10] | | | [Eighty-eighth Supplemental Indenture, dated as of November 17, 2008 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on November 20, 2008, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000095014408008841/g16046k2exv4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.11] [added: 4.4.11] | | | [Ninetieth Supplemental Indenture, dated as of November 19, 2009 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on November 19, 2009, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000095012309064179/g21321exv4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.12] [added: 4.4.12] | | | [Ninety-first Supplemental Indenture, dated as of June 7, 2010 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on June 7, 2010, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000095012310056184/g23681exv4w1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.13] [added: 4.4.13] | | | [Ninety-third Supplemental Indenture, dated as of May 19, 2011 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on May 19, 2011, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465911030168/a11-12104_3ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.14] [added: 4.4.14] | | | [Ninety-fourth Supplemental Indenture, dated as of December 8, 2011 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on December 8, 2011, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465911068311/a11-31285_1ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.15] [added: 4.4.15] | | | [Ninety-fifth Supplemental Indenture, dated as of September 21, 2012 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC’s Current Report on Form 8-K filed on September 21, 2012, File No.1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465912064752/a12-21314_3ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.16] [added: 4.4.16] | | | [Ninety-sixth Supplemental Indenture, dated as of March 12, 2015, between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC's Current Report on Form 8-K filed on March 12, 2015, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465915019058/a15-5591_4ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.17] [added: 4.4.17] | | | [Ninety-seventh Supplemental Indenture, dated as of March 11, 2016 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC's Current Report on Form 8-K filed on March 11, 2016, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465916104420/a16-5847_4ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.18] [added: 4.4.18] | | | [Ninety-eighth Supplemental Indenture, dated as of November 17, 2016 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC's Current Report on Form 8-K filed on November 17, 2016, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465916157736/a16-21303_3ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.19] [added: 4.4.19] | | | [Ninety-ninth Supplemental Indenture, dated as of November 14, 2017 (incorporated by reference to Exhibit 4.1 to Duke Energy Carolinas, LLC Current Report on Form 8-K filed on November 14, 2017, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465917068349/a17-25136_4ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.20] [added: 4.4.20] | | | [One Hundredth Supplemental Indenture, dated as of March 1, 2018 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 1, 2018, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465918013813/a18-6468_4ex4d1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.21] [added: 4.4.21] | | | [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. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.22] [added: 4.4.22] | | | [One-Hundred and Third Supplemental Indenture, dated as of January 8, 2020 (incorporated by reference to Exhibit 4.2 to registrant's Current Report on Form 8-K filed on January 8, 2020, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.23] [added: 4.4.23] | | | [One-Hundred and Fourth Supplemental Indenture, dated as of January 8, 2020 (incorporated by reference to Exhibit 4.3 to registrant's Current Report on Form 8-K filed on January 8, 2020, File No. 1-4928).](http://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.24] [added: 4.4.24] | | | [One-Hundred and Fifth Supplemental Indenture, dated as of April 1, 2021 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on April 1, 2021, File No. 1-4928).](https://www.sec.gov/Archives/edgar/data/0000030371/000110465921045353/tm2110089d4_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.3.25] [added: 4.4.25] | | | [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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.4] [added: 4.5] | | | Mortgage and Deed of Trust between Duke Energy Progress, Inc. (formerly Carolina Power & Light Company) and The Bank of New York Mellon (formerly Irving Trust Company) and Frederick G. Herbst (Tina D. Gonzalez, successor), as Trustees, dated as of May 1, 1940. | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Balance Sheets as of December 31, 2023, and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021

| 4.1.30 | | | [Thirtieth Supplemental Indenture, dated as of September 8, 2023, 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 September 8, 2023, File No](https://www.sec.gov/Archives/edgar/data/1326160/000110465923099198/tm2325094d5_ex4-1.htm)[.](https://www.sec.gov/Archives/edgar/data/1326160/000110465923099198/tm2325094d5_ex4-1.htm) [1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465923099198/tm2325094d5_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.2 | | | [Indenture, dated as of April 6, 2023, by and between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, and form of global note included therein (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1326160/000110465923042547/tm2311815d1_ex4-1.htm) [Exhibit 4.1 to](https://www.sec.gov/Archives/edgar/data/1326160/000110465923042547/tm2311815d1_ex4-1.htm) [registrant's Current Report on Form 8-K filed on April 6, 2023, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465923042547/tm2311815d1_ex4-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.26 | | | [One-Hundred and Seventh Supplemental Indenture, dated as of January 6, 2023, between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm)[4.1 to registrant’s Current Report on Form 8-K filed on January 6, 2023, File No. 1-04928).](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.27 | | | [One-Hundred and Eighth](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[Supplemental Indenture, dated as of](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[June 15, 2023, between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[4.2](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[to registrant’s Current Report on Form 8-K filed on June 15, 2023, File No. 1-04928).](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.28 | | | [One-Hundred and Ninth Supplemental Indenture, dated as of June 15, 2023, between Duke Energy Carolinas, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm) [](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm)[4.3 to registrant’s Current Report on Form 8-K filed on June 15, 2023, File No. 1-04928).](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.5.86 | | | [Ninety-fourth Supplemental Indenture, dated as of March 1, 2023](https://www.sec.gov/Archives/edgar/data/17797/000110465923030523/tm238144d5_ex4-1.htm) [(incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 9, 2023, File No. 1-3382).](https://www.sec.gov/Archives/edgar/data/17797/000110465923030523/tm238144d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.8.21 | | | [Fift](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[y-ninth](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm) [Supplemental](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm) [I](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[ndenture](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[, dated as o](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[f](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm) [November 1, 2022](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm) [(incorporated by reference to Exhibit 4.1 to regi](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[strant's Current Report on Form 8-K filed on Nov](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm)[ember 10, 2022, File No. 1-3274).](https://www.sec.gov/Archives/edgar/data/37637/000110465922116911/tm2229353d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| 4.8.22 | | | [Sixtieth Supplemental Indenture, dated as of September 1, 2023](https://www.sec.gov/Archives/edgar/data/37637/000110465923105180/tm2326616d5_ex4-1.htm)[,](https://www.sec.gov/Archives/edgar/data/37637/000110465923105180/tm2326616d5_ex4-1.htm) [between Duke Energy Florida, LLC and The Bank of New York Mellon, as successor Trustee and Calculation Agent (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on September 29, 2023,](https://www.sec.gov/Archives/edgar/data/37637/000110465923105180/tm2326616d5_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/37637/000110465923105180/tm2326616d5_ex4-1.htm)[File No. 1-3274).](https://www.sec.gov/Archives/edgar/data/37637/000110465923105180/tm2326616d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| 4.8.23 | | | [Sixty-first Supplementa](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm)[l Indenture](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm)[, dated as of November](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm) [1, 2023, between Duke Energy Florida, LLC and The Bank of New York Mellon](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm)[,](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm) [as successor Trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm) [4.1 to registrant's Curren](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm)[t Report on Form 8-K filed on November 9, 2023, File No. 1-3274).](https://www.sec.gov/Archives/edgar/data/37637/000110465923116143/tm2329657d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | |

| 4.12.7 | | | [Forty-eighth Supplemental Indenture, dated as of March 22, 2023](https://www.sec.gov/Archives/edgar/data/20290/000110465923035443/tm238850d5_ex4-1.htm) [(incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 22, 2023, File No. 1-1232).](https://www.sec.gov/Archives/edgar/data/20290/000110465923035443/tm238850d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | |

| 4.14.25 | | | [Seventy-first Supplemental Indenture, dated as of March 23, 2023 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 23, 2023, File No. 1-3543).](https://www.sec.gov/Archives/edgar/data/81020/000110465923035999/tm237509d5_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | |

| 4.27.11 | | | [Thirteenth Supplemental Indenture](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm)[,](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm)[dated as of June 8, 2023](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm) [between Piedmont Natural Gas Company, Inc. and The Bank of New York Mellon Trust Company, N.A., as successor to Citibank, N.A. (incorporated by reference to exhibit](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm)[4.1](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm)[to registrant’s Current Report on Form 8-K filed on June 8, 2023, File No. 1-6196).](https://www.sec.gov/Archives/edgar/data/78460/000110465923069235/tm2318008d1_ex4-1.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.17 | | | [Duke Energy Corporation 2023](https://www.sec.gov/Archives/edgar/data/0001326160/000110465923035850/tm2233174d7_def14a.htm) [](https://www.sec.gov/Archives/edgar/data/0001326160/000110465923035850/tm2233174d7_def14a.htm)[Long-Term Incentive Plan (incorporated by reference to Appendix C to registrant's DEF14A filed on March 23, 2023, File No.](https://www.sec.gov/Archives/edgar/data/0001326160/000110465923035850/tm2233174d7_def14a.htm)[1-32853).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465923035850/tm2233174d7_def14a.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| 10.65 | | | [Amended and Restated Limited Liability Company Operating Agreement of Duke Energy Indiana Holdco, LLC (incorporated by reference to Exhibit 10.1 to registrants' Current Report on Form 8-K filed on September 8, 2021, File Nos. 1-32853, 1-03543).](https://www.sec.gov/Archives/edgar/data/0001326160/000110465921113669/tm2126982d1_ex10-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | |

| 10.68 | | | [Form of Forward Sale Agreement (incorporated by reference to Exhibit 10.1 to registrant's Current Report on Form 8-K filed on November 8, 2019, File No. 1-32853).](http://www.sec.gov/Archives/edgar/data/1326160/000110465919061716/tm1921436d2_ex10-1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | /s/ DHIAA M. JAMIL | | | | | |

| | | | Dhiaa M. Jamil | | | | | |