Duke Energy (DUK) 10-K risk factor changes: FY2025 vs FY2024

Duke Energy’s future results could be adversely affected if it is unable to implement its business strategy to [removed: reliably and affordably serve its customers] [added: provide reliable energy] while [removed: also balancing its grid] [added: maintaining low costs] and [removed: fleet] [added: balancing energy] modernization objectives and carbon emissions [removed: reduction goals.][added: reductions.]

Duke Energy is working to meet growing and evolving customer energy needs while balancing [removed: customer reliability and affordability,] [added: reliability, costs] and other priorities including the need to modernize its fleet and the regulatory [removed: construct.][added: constructs.]

Duke Energy is subject to business, policy, regulatory, technology, economic and competitive uncertainties and contingencies, many of which are beyond its control and may make those [removed: goals] [added: objectives] difficult to achieve.

For example, Duke Energy anticipates that its nuclear stations in North Carolina and South Carolina will continue to qualify for significant tax incentives in the form of nuclear production tax credits [added: as allowed] under the [removed: IRA.][added: IRA and OBBBA.]

Nuclear energy is a reliable and clean energy source and nuclear tax incentives [removed: allowed under the IRA,] [added: allowed,] including nuclear production tax credits, are expected to reduce the cost of the energy transition for our customers.

Additionally, new EPA rules issued in April 2024 impose stringent GHG emission reduction standards, revised air toxic limits, and wastewater discharge limitations that may impact [removed: our carbon-reduction targets,] [added: the achievement of carbon-reductions,] and operational timeline and costs associated with certain new and existing generation.

Supportive policies may be needed to facilitate the siting and cost recovery of transmission and distribution upgrades needed to accommodate the build out of [added: new generation facilities, including] large volumes of renewables and energy 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 [removed: a] net-zero [removed: target] [added: carbon emissions from electricity generation] by 2050 at a cost-effective price could be at risk.

The [removed: rapid] transition to and expansion of certain low-carbon resources, such as renewables without cost-effective storage, may challenge our ability to meet customer expectations of reliability and [removed: affordability] [added: value] in a carbon constrained environment, particularly as demand increases.

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

Failure to receive approval from the NRC for the relicensing of any of these reactors could affect our ability to achieve [removed: a] net-zero [removed: target] [added: carbon emissions from electricity generation] by 2050.

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

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 [removed: and] [added: or] an increase in customer net energy metering, which allows customers with private solar to receive bill credits for surplus power up to the full retail credit amount.

Over time, customer adoption of these technologies [added: or adoption of net metering regulatory structures] could result in Duke Energy not being able to fully recover the costs [removed: and investment in generation.][added: of its investments.]

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

In addition, regulatory authorities also review whether [removed: natural gas] [added: fuel and purchased power] costs are prudently incurred and can disallow the recovery of a portion of [removed: natural gas] [added: these] costs that the Duke Energy Registrants seek to recover from customers, which would adversely impact [removed: earnings.][added: earnings and cash flows.]

[removed: Deregulation or restructuring in the electric industry may result in increased] [added: Increased] competition and unrecovered costs [removed: that] could adversely affect the Duke Energy Registrants’ results of operations, financial position or cash flows and their utility businesses.

There can be no assurance that laws, regulations and policies, including tax incentives and credits, will not be changed in ways that result in material modifications of business models and objectives or affect returns on investment by restricting activities and products, subjecting them to escalating costs, causing delays, or prohibiting them outright, which could have a material effect on the Duke Energy Registrants' results of operations, financial position [removed: and] [added: or] cash flows.

Such potential changes that may have adverse consequences could include no longer allowing tax incentives and credits currently provided for under the [removed: IRA,] [added: IRA and OBBBA,] including the ability to record or sell related tax credits to third parties.

The Duke Energy Registrants are subject to numerous environmental laws and regulations affecting many aspects of their present and future operations, including [removed: CCRs,] [added: CCR,] air emissions, water quality, wastewater discharges, solid waste and hazardous waste.

[added: Potential legal challenges to such rules or actions to repeal or modify requirements may not be] successful, and adherence to these rules may increase the cost of compliance, impact generation resource [removed: mix] [added: mix, force carbon reductions or negatively impact customer reliability] and [removed: carbon-reduction targets,][added: perceived value.]

[added: For example, EPA Rule 111 as issued imposes stringent GHG emissions limitations and reliance on] carbon capture technologies that are not yet adequately demonstrated at utility scale.

[added: Delays in obtaining any required] environmental [added: regulatory approvals, failure to obtain and comply with them or changes in environmental] laws or regulations to more stringent compliance levels could, and are likely to, result in additional costs of operation for existing facilities or development of new facilities being prevented, delayed or subject to additional costs.

The costs to comply with environmental laws and regulations could have a material effect on the Duke Energy Registrants’ results of operations, financial position [removed: and] [added: or] cash flows.

[removed: New] [added: Additionally, new] state legislation in response to such regulations could impose carbon reduction [removed: goals] [added: objectives] that are more aggressive than the Company's plans.

These regulations may require the Duke Energy Registrants to make additional capital expenditures [removed: and] [added: or] increase operating and maintenance costs.

There is continued concern, and increasing and conflicting activism, both nationally and internationally, about [added: global] climate change.

Regulatory changes and/or uncertainty of applicability of such legislative and regulatory initiatives could also result in generation facilities to be retired earlier than planned to [removed: meet our] [added: achieve] net-zero [removed: 2050 goal.][added: carbon emissions from electricity generation by 2050.]

Though we would plan to seek cost recovery for investments related to GHG [removed: emissions] [added: emission] reductions through regulatory rate structures, changes in the regulatory climate could result in the delay [removed: in] or failure to fully recover [removed: such] costs and [removed: investment] [added: investments, including] in generation.

Factors that could impact sales volumes, generation of electricity and market prices at which the Duke Energy Registrants are able to sell electricity and natural gas [removed: are as follows:][added: include the following:]

[removed: Such events can and in the past, have, negatively impacted sales volume such as in the case of storm-related customer outages resulting in lower usage, and costs] [added: Costs] to restore service and rebuild assets after such events may [removed: be, and in the case of hurricanes Helene and Milton experienced in 2024, have been,] [added: be] material and [removed: did] [added: could] impact the results of operations, financial position or cash flows of the Duke Energy Registrants, and such events may do so in the future, until complete and timely cost recovery is approved and occurs under existing relevant regulatory mechanisms across our jurisdictions.

[removed: Further, the] [added: The] generation of electricity and the transportation and storage of natural gas involve inherent operating risks that may result in accidents involving serious injury or loss of life, environmental damage or property damage.

Such events could impact the Duke Energy Registrants through 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 [removed: and] [added: or] cash flows.

Any losses not covered by insurance, or any increases in the cost of applicable insurance as a result of such accident, could have a material adverse effect on the results of operations, financial position, cash flows [removed: and] [added: or] reputation of the Duke Energy Registrants.

The reputation and financial condition of the Duke Energy Registrants could be negatively impacted due to their obligations to comply with federal and state regulations, laws, and other legal requirements that govern the operations, assessments, storage, closure, remediation, disposal and monitoring relating to CCR, the high costs and new rate impacts associated with implementing [removed: these] new CCR-related requirements and the strategies and methods necessary to implement these requirements in compliance with these legal obligations.

A CCR-related operational incident could have a material adverse impact on the reputation and results of operations, financial position [removed: and] [added: or] cash flows of the Duke Energy Registrants.

[removed: These federal] [added: Federal] and state laws, regulations and other legal [removed: requirements] [added: requirements, including those related to the 2015 CCR Rule and 2024 CCR Rule,] may require or result in additional expenditures, including increased operating and maintenance costs, which could affect the results of operations, financial position [removed: and] [added: or] cash flows of the Duke Energy Registrants.

Growth [removed: in] [added: and retention of] customer accounts and growth of customer usage each directly influence demand for electricity and natural gas and the need for additional power generation and delivery facilities.

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

Some or all of these factors could result in a lack of growth or decline in customer demand for electricity or number of customers and may cause the failure of the Duke Energy Registrants to fully realize anticipated benefits from significant capital investments and expenditures, which could have a material adverse effect on their results of operations, financial position [removed: and] [added: or] cash flows.

The Duke Energy Registrants may also face heightened competitive pressures arising from other utilities and energy suppliers that construct or install generation facilities directly for customers, as well as from customers who develop their own generation capabilities.

Additionally, the establishment of municipal utilities within Duke Energy's service territories could further intensify competition.

These developments have the potential to materially and adversely affect the Duke Energy Registrants' results of operations, financial position or cash flows.

For example, new EPA rules issued in April 2024, among other things, impose stringent GHG emissions limitations on existing coal plants and new natural gas plants and more stringent air toxic limits on existing coal plants, increase limitations on wastewater discharge, and impose groundwater monitoring and corrective action requirements on previously unregulated coal ash sources at regulated facilities (CCR Management Units) and inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments).

The Duke Energy Registrants are exposed to financial and operational risks associated with growth including volatility in sales, supply and demand forecasts, and customer usage changes which could negatively impact the Duke Energy Registrants' results of operations.

- weather variability such as extreme seasonal conditions, storm-related outages, or drought impacting generation economics;

- transmission or transportation constraints, purchased power availability and competitive alternative energy sources;

- customer-owned generation, energy efficiency adoption and technological advances reducing demand; and

- fuel procurement challenges for coal, natural gas, crude oil and uranium and capacity limitations for transmission services.

At times, demand can exceed available generation capacity and emerging large loads – such as hyperscale data centers and industrial facilities – present unique risks due to their high demand, rapid fluctuations, and unpredictable operational profiles, which can further strain bulk power system reliability and grid stability.

Meeting these requirements may necessitate substantial investments in generation, transmission and advanced grid infrastructure, while early termination of service agreements or stranded assets could result if investments are not fully recovered.

Additionally, failure to comply with evolving regulatory requirements and reliability standards, including those established or those that may be established in the future by the NERC and regional entities, could result in penalties, operational restrictions or reputational harm.

Compliance obligations related to interconnection processes, system planning and reliability performance for large loads may require significant resources and could impact project timelines and costs.

Such events can, and in the past have, negatively impacted sales volumes such as in the case of storm-related customer outages resulting in lower usage.

Federal legislation enacted in 2025 eliminated the long‑term extension of certain residential solar tax credits, causing these incentives to expire after 2025, however, some states continue to offer or consider solar or energy efficiency incentives.

Risks Related to Supply Chain Disruptions, Inflation, Tariffs and Foreign Export Restrictions

Duke Energy’s operations and capital projects are exposed to supply chain disruptions, inflation, tariffs and export restrictions.

These factors may increase costs, extend lead times for critical equipment and/or delay construction and maintenance activities.

Rising demand for electric infrastructure and international trade developments, including potential export controls on certain rare earth materials and technologies used in electric utility infrastructure, may further constrain supply availability.

These risks may result in higher costs than estimated or than allowed under approved regulatory mechanisms and could impact our financial results, capital plan execution or our ability to deliver on system modernization goals.

Furthermore, AI, including generative AI, may be used to facilitate or perpetrate these cybersecurity threats.

Duke Energy’s use of generative AI (and use by their vendors and agents) may subject them to data privacy, legal, regulatory and security risks.

In addition, advances in emerging technologies such as quantum computing could, over time, be used to break standard encryption methods, compromise secure connections or otherwise conduct cyberattacks of increasing sophistication.

The Duke Energy Registrants have incurred, and may incur additional costs or delays in the construction of new plants or facilities and may not be able to recover their investments in whole or in part.

Duke Energy’s long-term strategy requires extensive capital investment in generation and transmission facilities.

Uncertainty in long-term customer usage patterns or lower than anticipated load growth could impact the nature, timing or magnitude of the Company’s investments, and consequently, the achievement of the Company’s growth objectives.

Additionally, to support expected demand growth, Duke Energy Registrants will have compounding risks due to the simultaneous development and construction of multiple facilities.

Completion of these types of large projects is subject to substantial delay or cost overrun risks that have, or may occur again, in the future, including those related to labor costs, availability of materials, productivity of workforce/equipment; as well as supply chain issues including, quality, availability, disruptions and potential tariff impacts; weather related delays; start up issues; public and regulatory support; transmission grid interconnection issues; and potential for increased financing costs as a result of interest rates and impact of delays including loss of otherwise available tax credits and incentives.

Project cancellations may result in significant cancellation penalties under the equipment purchase orders and construction contracts or impairment charges.

If a construction project is completed, the total costs may be higher than estimated or deemed imprudent and may be disallowed or otherwise not recoverable through regulated rates.

Failure to complete strategic transactions could adversely affect the Duke Energy Registrants’ financial condition, credit profile and ability to execute their business strategy.

There can be no assurance that strategic transactions, including merger and acquisition activities and the disposition of assets or businesses, will be completed as expected or at all.

These transactions are subject to various closing conditions, including regulatory approvals, and delays or failures may occur due to factors beyond our control.

If the proposed transactions are not consummated, we could face a range of negative outcomes, including:

- Inability to achieve anticipated proceeds could require Duke Energy to seek alternative funding sources to execute its capital plan and impede our ability to displace previously planned issuances of long-term debt and common equity;

- Adverse impacts to our credit metrics and potential pressure on our credit ratings;

- Negative reactions from financial markets and stakeholders, including reputational effects;

- Opportunity costs, lost strategic optionality, and foregone operational or financial benefits; and

- Costs incurred in connection with these transactions, including advisory fees and management diversion, for which we may receive little or no benefit.

Additionally, even if completed, strategic transactions may not deliver the anticipated strategic, operational or financial results.

For example, new EPA

rules issued in April 2024, among other things, impose stringent GHG emissions limitations on existing coal plants and new natural gas plants

and more stringent air toxic limits on existing coal plants, increase limitations on wastewater discharge, and impose groundwater monitoring and

corrective action requirements on previously unregulated coal ash sources at regulated facilities (CCR Management Units) and inactive surface

impoundments at retired generating facilities (Legacy CCR Surface Impoundments).

Potential legal challenges to such rules may not be

and negatively impact customer reliability and affordability due to such rules' imposition of stringent GHG emissions limitations and reliance on

Delays in obtaining any required environmental regulatory approvals, failure to obtain and comply with them or changes in

The EPA has issued or proposed federal regulations, including the new rules issued in April 2024, governing the management of wastewater, CCR management units and CO2 emissions.

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

- weather conditions, including extreme winter or summer weather that could cause significantly lower or higher demand for energy or natural gas usage for heating or cooling purposes, as applicable, storm-related customer outages resulting in lower usage, or periods of low rainfall that decrease the ability to operate facilities in an economical manner;

- supply of and demand for energy commodities, including potential usage of electricity by data centers;

- transmission or transportation constraints or inefficiencies;

- availability of purchased power;

- availability of competitively priced alternative energy sources, which are preferred by some customers over electricity produced from coal, nuclear or natural gas plants, and customer usage of energy-efficient equipment that reduces energy demand;

- natural gas, crude oil and refined products production levels and prices;

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

- capacity and transmission service into, or out of, the Duke Energy Registrants’ markets.

The 2015 CCR Rule classifies CCR as nonhazardous waste and allows for beneficial use of CCR with some restrictions.

The regulation applies to all new and existing landfills, new and existing surface impoundments receiving CCR and existing surface impoundments located at stations generating electricity (regardless of fuel source), which were no longer receiving CCR but contained liquids as of the effective date of the rule.

The rule establishes requirements regarding design and operating criteria, groundwater monitoring and corrective action, closure requirements and post-closure care, and recordkeeping, notifications, and internet posting requirements to ensure the safe disposal and management of CCR.

In addition to the federal regulations, CCR landfills and surface impoundments will continue to be regulated by existing state laws, regulations and permits, as well as additional legal requirements, including judicial orders.

The 2024 CCR Rule significantly expands the scope of the 2015 CCR Rule to apply to legacy CCR surface impoundments (inactive impoundments at retired facilities) and CCR management units (previously unregulated coal ash sources at regulated facilities).

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

Also, the market for cybersecurity insurance is relatively new and coverage available for cybersecurity events is evolving as the industry matures.

The Duke Energy Registrants may not recover costs incurred to begin construction on projects that are canceled.

To limit the risks of these construction projects, the Duke Energy Registrants enter into equipment purchase orders and construction contracts and incur engineering and design service costs in advance of receiving necessary regulatory approvals and/or siting or environmental permits.

If any of these projects are canceled for any reason, including failure to receive necessary regulatory approvals and/or siting or environmental permits, significant cancellation penalties under the equipment purchase orders and construction contracts could occur.

In addition, if any construction work or investments have been recorded as an asset, an impairment may need to be recorded in the event the project is canceled.

[added: The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by] Duke Energy [added: Corporation and its subsidiaries Duke Energy] Carolinas, LLC, Progress Energy, Inc., Duke Energy Progress, LLC, Duke Energy Florida, LLC, Duke Energy Ohio, Inc., Duke Energy Indiana, LLC and Piedmont Natural Gas Company, Inc. However, none of the registrants make any representation as to information related solely to Duke Energy or the subsidiary registrants of Duke Energy other than itself.

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

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: 2023,] [added: 2024,] filed with the SEC on February [removed: 23, 2024,] [added: 27, 2025,] for a discussion of variance drivers for the year ended December 31, [removed: 2023,] [added: 2024,] as compared to December 31, [removed: 2022.][added: 2023.]

The fundamentals of our business remain [removed: strong, allowing] [added: strong and allow] us to deliver [removed: growth in] earnings [added: growth] and [added: pay common stock] dividends in a low-risk, predictable and transparent way.

[removed: ][added: ]

See “Results of Operations” below for a detailed discussion of the consolidated results of operations and [removed: a detailed discussion of] [added: the] financial results for each of Duke Energy’s reportable business segments, as well as Other.

[removed: 2024] [added: 2025] Areas of Focus and Accomplishments

[removed: Hurricane Response and Operational] [added: Operational] Excellence. The reliable and safe operation of our power generating facilities, electric [added: transmission and] distribution [removed: system] [added: systems] and natural gas infrastructure in our communities continues to be foundational to serving our customers, our financial [removed: results,] [added: results] and our credibility with stakeholders.

Our workforce and contract partners work hard to prepare for storm [removed: season,] [added: season] through drills, material planning, call center readiness, contingency planning and customer communications.

[removed: Additionally, operational] [added: Operational] excellence is especially critical to successfully navigate effective storm response and to efficiently provide the continuity of service our customers demand, regardless of weather or circumstance.

In such extreme circumstances, our immediate priority is, and always will be, executing the extensive storm preparation and response work to ensure the safe, [removed: timely,] [added: timely] and efficient restoration of service to impacted customers as quickly as possible.

We've [removed: also] seen the benefits of ongoing grid hardening investments, leveraging self-healing technologies and remote restoration capabilities to automate the rerouting of power, more effectively deploy [removed: resources,] [added: resources] and reduce the frequency or duration of outages for many of our customers during severe weather events.

[removed: Preparation,] [added: Our preparation,] sound [removed: execution,] [added: execution] and a comprehensive communication strategy helped us [added: to] respond quickly and build stakeholder [removed: loyalty and] support as we [removed: continue] [added: completed] the important work of rebuilding [removed: our communities, including] power infrastructure in the hardest-hit areas of our service territories.

[removed: While these historic storms created incremental] [added: To minimize the] financing [removed: needs,] [added: costs related to these storms,] we [removed: are working] [added: worked] with [removed: our] [added: the] state commissions to [removed: appropriately] [added: timely] track and recover storm costs under [added: our] approved regulatory [removed: frameworks on a timely basis.][added: frameworks, including storm recovery charges in Florida and the securitization of storm costs in the Carolinas so that storm costs are fully recovered across all jurisdictions by early 2026.]

For more information, see [removed: "Matters Impacting Future Results,"] "Liquidity and Capital Resources," and Notes 4 and 7 to the Consolidated Financial Statements, "Regulatory Matters" and "Debt and Credit Facilities."

In January 2025, [removed: due to 65 hours of freezing or below freezing temperatures,] Duke Energy Carolinas and Duke Energy Progress achieved a new record [added: for] combined peak [removed: usage.][added: usage due to 65 hours of freezing or below freezing temperatures and that combined peak was again surpassed in January 2026 as a result of Winter Storm Fern.]

We [added: effectively] prepared for the arrival of extreme weather [removed: and delivered on our customer commitments, identifying] [added: through the identification of] potential risks, [removed: effectively] maintaining adequate short-term planning reserves, leveraging outage scheduling [removed: optimization,] [added: optimization] and controlling planned and emergent equipment issues.

Effective operations and flexibility by our generation and transmission teams managed [removed: these] tight margins in an efficient manner and ensured the integrity of the grid our customers rely upon.

We will continue to practice our forecasting, grid assessment, [removed: oversight,] [added: oversight] and governance processes as extreme weather challenges operations from time to time, evaluate lessons learned and enhance our strategy and communications to effectively serve our customers now and in the future.

Our ability to effectively handle all facets of [removed: the 2024] storm response efforts while making ongoing investments to enhance the reliability and physical security of the grid is a testament to our team’s extensive preparation and coordination, applying lessons learned from previous storms, and on-the-ground management throughout the restoration efforts.

Duke Energy [removed: has] [added: is proud to have] received [removed: 20] [added: 22] Emergency Response Awards since EEI began recognizing storm response in 1998 (including 11 for assisting other [removed: utilities).][added: utilities), including for the severe storm season of 2024.]

We [removed: closely tracked 2023's record-setting safety results with our 2024 TICR coming in below target and] [added: also] anticipate ranking first among North American combined gas and electric companies in an annual industry safety survey for the [removed: 10th] [added: 11th] consecutive year.

In addition, we [removed: achieved significant] [added: continued to see excellent] year-over-year [removed: improvement in] environmental performance as measured by internal metrics and had no significant environmental events.

Modernized regulatory constructs provide [added: a variety of] benefits, [removed: which include] [added: including more stable pricing and lower financing costs for customers, and] improved earnings and cash flows [added: for our utilities] through [removed: more] timely recovery of [removed: investments, as well as stable pricing for customers.][added: investments.]

One of our long-term strategic goals [removed: was] [added: has been] to achieve [added: effective] modernized regulatory constructs across all of our jurisdictions.

[removed: With] [added: In 2025, we continued to utilize these regulatory structures across most of our service territories including] PBR and MYRP in North Carolina, MYRP in Florida, and grid investment riders in the [removed: Midwest, 2024 marked a significant milestone for utilizing these structures across most of our service territories.][added: Midwest.]

Overall, [removed: 2024] [added: 2025] was a very active year [removed: as it relates to] [added: for] regulatory filings, which reflects the important investments and ongoing energy [removed: transition] [added: modernization activity] across all of our service territories.

We [removed: continued] [added: reached comprehensive settlements in many of our proceedings this year and continue] to move [added: forward] a variety of regulatory [removed: initiatives forward this year,] [added: initiatives,] including the following:

[removed: ◦Duke] [added: Also in January, Piedmont and Duke] Energy Indiana [removed: filed a] [added: received constructive] general rate case [removed: with] [added: orders from] the [removed: IURC] [added: NCUC] and [removed: received a constructive order in January 2025.][added: IURC, respectively.]

[removed: - In December 2024,] Duke Energy Kentucky [removed: filed an] [added: received a constructive order on its] electric base rate case [removed: and] [added: with] new rates [removed: are anticipated to go into effect] [added: effective] in July [removed: 2025.][added: and also filed a natural gas base rate case, receiving a constructive order in December, with new rates effective in January 2026.]

[removed: Faced with anticipated long-term growth not seen for decades, our industry continues to experience an unprecedented level of change and 2024] [added: It] was a dynamic year for our company as we [removed: navigated storm response and] continued to execute on our strategic [removed: priorities.][added: priorities while the industry experiences significant change in anticipation of long-term sales growth not seen for decades.]

[removed: While we] [added: We] continue to [removed: target a transition out of coal by 2035, subject to regulatory approvals,] [added: expect increases in demand for electricity in] our [added: service territories and our] focus remains on meeting the growing and evolving energy needs of our customers through a long-range, enterprise strategy that involves modernizing our assets with reliability and [removed: affordability top of mind.][added: focus on customer value.]

Although our path will not be linear as we [removed: retire coal and bring] [added: integrate] new [added: resources, evaluate coal] generation [removed: resources online,] [added: and meet the rising energy needs driven by economic and hyperscale load growth,] we have [added: already] made strong progress [removed: to date] in reducing carbon emissions from electricity generation [removed: (a 44%] [added: with a 43%] reduction from [removed: 2005) and have established goals to do more (50% reduction by 2030, 80% by 2040, and net zero by 2050).][added: 2005 levels.]

Over the next decade, we expect to deploy between approximately [removed: $190] [added: $200] billion and [removed: $200] [added: $220] billion of capital into our regulated [removed: businesses, driven by energy transition investments designed to ensure reliable, affordable, and cleaner energy while meeting expected growth in energy demand in the coming decades.][added: businesses.]

[removed: These] [added: We're making decisions rooted in value for our customers and these] investments will maintain [removed: reliability and affordability,] [added: reliability,] drive economic benefits for the communities we serve, deliver cleaner energy and [removed: reduce our customers' exposure to] [added: increase] fuel [removed: volatility.][added: diversity.]

We have filed and refined comprehensive IRPs consistent with this strategy in multiple jurisdictions, [added: including updates to the systemwide Carolinas resource plan in late 2025,] allowing us to make [removed: needed] [added: the necessary] investments to [added: meet an expected] increase [added: in demand, strengthen] grid [removed: resiliency and enable] [added: resiliency, evaluate] coal plant retirements, [added: and enable advanced natural gas generation facilities,] renewables and energy storage.

We will [removed: actively work to] advocate [removed: for] [added: and be actively involved in the] research and development [removed: and] [added: of new technologies to advance the] deployment of [removed: carbon-free,] [added: new carbon-free] dispatchable resources.

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

Our [added: plan for] energy [removed: transition strategy continues] [added: modernization will continue] to focus on delivering [removed: a path to] cleaner energy in a manner that protects grid reliability and [removed: affordability, all] [added: maintains low costs for our customers] while [added: also] meeting the [added: growing] energy demands of the [removed: growing and] economically vibrant communities [removed: that] we serve.

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

This is a transformative period for the utility industry propelled by energy modernization in support of load growth acceleration and the ongoing shift to more efficient and resilient energy infrastructure.

Through our strategic investments and initiatives, we have maintained a key role in this transition, as we strengthen the energy system for our customers.

In 2025, we advanced key policy and regulatory activities, executed strategic transactions to support growth and delivered safe and reliable utility services to our customers and communities.

We also made progress advancing through the preliminary stages of the approval and construction for significant new generation investments.

We continue to operate and maintain our infrastructure in a manner that extends the useful lives for critical assets, while executing a disciplined approach in the prioritization and deployment of capital for new investments.

We are proud of the constructive regulatory outcomes that we advocated for our customers as we prepare for growth in energy demand driven by ongoing migration into our attractive service territories, continued electrification and onshoring from domestic industries, data center growth and other investments, including those related to support the broader utilization of AI.

We achieved our 2025 financial commitments by delivering earnings growth above the midpoint of our adjusted earnings guidance range.

Duke Energy also paid a cash dividend on its common stock for the 99th consecutive year.

We are committed to manage a business portfolio that delivers a reliable and growing dividend and our company remains focused on maintaining reliability, providing value and keeping costs as low as possible to deliver on the commitments made to our customers, communities, employees, investors and other stakeholders.

Duke Energy's 2025 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) increased primarily due to recovery of growing infrastructure investments to serve customers and growth in our service territories, partially offset by higher operation and maintenance expense, interest expense, property taxes and depreciation on a growing asset base.

Acting on Investment Opportunities. We operate in some of the most attractive jurisdictions in the country and our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth.

The reliable, low-cost power we provide plays a key role in continuing to bring business and job growth to our region.

To efficiently fund this growth and the related capital required in the coming years, we entered into two strategic transactions in the third quarter of 2025.

In July 2025, we announced the sale of Piedmont’s Tennessee business to Spire Inc. for $2.48 billion.

Subject to regulatory approvals, we expect to complete the Piedmont transaction on March 31, 2026.

In August 2025, we entered into an investment agreement to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida.

The transaction is expected to be completed through a series of closings starting in March 2026 through mid-2028.

Proceeds from both transactions will support Duke Energy’s expanded capital plan and replaces certain originally planned long-term debt and common equity issuances.

Both of these transactions, along with our unwavering focus on operational excellence and value creation, demonstrate our continued ability to meet the unprecedented long-term growth anticipated across our service territories.

See Note 2 to the Consolidated Financial Statements, "Dispositions," for further information.

The effective execution of our storm response was on full display beginning in late 2024 as a result of a historic storm season that included hurricanes Debby, Helene and Milton.

This year included fewer large storms but we remained focused on minimizing customer bill impacts from the historic 2024 storm season by seeking insurance recovery and securitization of storm related costs in jurisdictions where permitted.

Our generation fleet and electric transmission and distribution systems delivered strong performance throughout the year.

Additionally, a summer heat wave brought triple-digit temperatures to parts of North Carolina and South Carolina in June 2025, and our customers set a new summertime record for electricity usage, surpassing the previous record set in July 2024.

We closely tracked 2024's safety results with our 2025 TICR again coming in better than target and finishing 2025 with 100 OSHA recordable injuries.

Additionally, new legislation was finalized this year in Ohio, South Carolina and North Carolina that is expected to provide additional customer benefits and further modernize recovery mechanisms, including an opportunity for a three-year rate plan with forward-looking test periods (HB15 in Ohio), the establishment of an electric rate stabilization mechanism that provides for annual adjustments to electric base rates (Act 41 in South Carolina) and more timely recovery of fuel costs and baseload generation financing costs (SB266 in North Carolina), among other provisions and regulatory recovery enhancements.

All of these legislative initiatives are a testament to the strong jurisdictions in which we operate and will help continue to position us to reliably serve our customers in a cost-effective manner while making the needed investments to support our growing communities.

- New rates were effective in January 2025 for Duke Energy Florida's new three-year rate plan.

Also in December, both Duke Energy Progress and Duke Energy Carolinas received constructive orders from the PSCSC on their South Carolina base rate cases.

New rates were effective in February 2026 for Duke Energy Progress and will be effective in March 2026 for Duke Energy Carolinas.

In November, Duke Energy Carolinas and Duke Energy Progress filed PBR applications in North Carolina, which includes proposed cost recovery over a two-year MYRP period.

Evidentiary hearings are scheduled to commence in the third quarter of 2026.

- In October 2025, Duke Energy Progress received an order from the NCUC granting the CPCN for the second CC unit in Person County and Duke Energy Indiana received an order from the IURC granting the CPCN for the Cayuga CC project.

Also in October 2025, Duke Energy Carolinas filed for a CECPCN with the PSCSC for a new CC unit in Anderson County, South Carolina.

In November 2025, Duke Energy Carolinas filed for a CPCN for two new CTs at the existing Buck CC station.

These advanced natural gas plants, along with our other planned CTs, will provide critical generation as we continue to modernize our energy infrastructure in the coming years.

- As highlighted above, we reached key milestones to recover costs related to critical storm restoration activities from the 2024 historic storm season while also seeking to minimize customer bill impacts resulting from hurricanes Debby, Helene and Milton.

In February 2025, the FPSC voted to approve Duke Energy Florida's storm cost recovery over 12 months beginning in March 2025.

In the Carolinas, Duke Energy Carolinas and Duke Energy Progress reached constructive settlements and financing orders were issued by both the NCUC and PSCSC.

We issued North Carolina storm recovery bonds in September 2025 and South Carolina storm recovery bonds in November 2025, fully recovering these unprecedented storm costs in an efficient and cost-effective manner for our customers under existing regulatory mechanisms.

The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy Corporation and its subsidiaries.

This is a dynamic and exciting time for our industry and our company in particular as we move further into the energy transition.

While 2024 presented unprecedented challenges as it relates to a historic storm season, we are now in the early stages of the approval and planned construction of significant new generation investments and anticipate growing energy demands in the coming decades from continued migration into our attractive service territories, onshoring of domestic industries, electrification, and data centers and other investments from the expected artificial intelligence revolution.

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

In 2024, we responded to the most significant hurricane season in our company's history.

While several historic, back-to-back hurricanes challenged our operations and required incremental financing costs, we met our near-term financial commitments and continued to make progress, generating positive regulatory and strategic outcomes, advancing key actions related to our energy transition and continuing to provide the safe and reliable service that our communities depend on.

We continue to rebuild the most heavily damaged infrastructure impacted by storms in our service territories, engage with our customers and make critical investments to support our ongoing energy transition and a business portfolio that delivers a reliable and growing dividend, with 2024 representing the 98th consecutive year Duke Energy paid a cash dividend on its common stock.

Duke Energy's 2024 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) increased primarily due to higher impairments on the sale of the Commercial Renewables business in the prior year.

Additional drivers primarily include growth from rate increases and riders, improved weather and higher sales volumes, partially offset by higher interest expense, depreciation on a growing asset base and storm costs, along with a higher effective tax rate.

In 2024, with three consecutive major hurricanes Debby, Helene and Milton, this preparation was critical as we responded to several unprecedented and catastrophic weather events across our service territories.

The historic nature of these storms required a new level of coordination and teamwork across every organization at our company.

In August 2024, Hurricane Debby made landfall in Florida as a Category 1 storm, impacting the Duke Energy Florida territory as well as the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina and causing approximately 700,000 customer outages.

In late September 2024, Hurricane Helene made landfall in Florida as a Category 4 storm and subsequently impacted all of Duke Energy's service territories as the storm moved inland, with the most severe damage occurring in Florida and the Carolinas.

Approximately 3.5 million customers were impacted by Hurricane Helene across Duke Energy's system, the largest number of companywide outages from a single event on our system ever reported.

Then, in October 2024, Hurricane Milton made landfall in Florida as a Category 3 storm, causing severe damage across our Florida service territory as a result of high winds, rain and flooding and resulting in more than 1 million customer outages.

Around-the-clock power restoration efforts continued following the historic damage inflicted by these storms with lineworkers, tree trimmers and removal experts, state department of transportation workers and countless others, working to repair and, in certain areas, completely rebuild, the critical electricity infrastructure that powers and supports the communities we serve.

Our operations teams worked diligently, restoring power to approximately 5.5 million customers.

We also remain focused on balancing the bill impacts on our customers, including seeking insurance recovery and the securitization of related costs in certain jurisdictions, as appropriate.

Despite the extreme weather and operational challenges with storm response, our generation fleet and nuclear sites delivered strong performance throughout the year and our electric distribution system performed well.

In addition to unprecedented storm response, most of our service territories experienced above-average temperatures this summer, including the warmest July on record in Florida, new energy peaks in the Carolinas and weather alerts from PJM and MISO in the Midwest.

We expect our gas operations organization to finish in the top 10% according to a gas industry survey for the fourth year in a row.

Following on our historic success from 2023, we finished 2024 with less than 100 OSHA recordable injuries.

- In January 2024, Duke Energy Carolinas filed a South Carolina rate case.

In May 2024, we reached a constructive comprehensive settlement with certain parties and in July 2024, the PSCSC issued an order approving the settlement and revising recovery of certain environmental compliance costs.

New rates were effective August 1, 2024.

- In April 2024, we filed formal requests for new base rates across several jurisdictions including Duke Energy Florida, Duke Energy Indiana and Piedmont.

◦Duke Energy Florida filed a three-year rate plan to begin in January 2025.

In August 2024, the FPSC approved our constructive comprehensive settlement with certain parties and new rates were effective January 1, 2025.

New rates are expected to be effective by March 2025.

◦Piedmont filed a general rate case with the NCUC and reached a constructive comprehensive settlement with certain parties in September 2025.

Revised interim rates were effective November 1, 2024, subject to refund and pending NCUC approval of the settlement and a final order, which was received in January 2025.

- Also, in April 2024, Duke Energy Progress issued $177 million of storm recovery bonds, our first issuance under South Carolina's 2022 securitization legislation, which provided the necessary framework for us to lower the bill impacts on our customers related to critical storm restoration activities.

In December 2024, we initiated securitization filings in North Carolina related to the unprecedented back-to-back hurricanes of 2024 and are also pursuing timely recovery of storm costs under existing regulatory mechanisms in Florida.

In 2024, we also began to sell nuclear PTCs as allowed under the Inflation Reduction Act.

These proceeds are expected to have significant benefits to customers and lower the cost of the energy transition as the sales proceeds, net of associated costs, are flowed back to customers through lower rates under regulatory mechanisms in applicable jurisdictions.

Energy Transition.

*Generating Reliable, Affordable and Cleaner Energy*

We continue to balance reliability and affordability in light of expected increases in long-term demand for electricity in our service territories in the coming decades.

We are also 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 net zero by 2050.

As we look beyond 2030, we will need additional tools to continue our progress.

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

Duke Energy's chief operating decision-maker routinely reviews financial information about [removed: each of] these business segments in deciding how to allocate resources and evaluate the performance of the business.

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

EU&I provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately [removed: 8.6] [added: 8.7] million customers within the Southeast and Midwest regions of the U.S. The service territory is approximately 90,000 square miles across six states with a total estimated population of 27 million.

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

In [removed: January] [added: March] 2025, Duke Energy [removed: entered into an agreement to sell] [added: sold] its indirect 50% ownership interest in DATC Path 15 Transmission LLC.

The following map shows the service territory for EU&I as of December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

The following table represents the distribution of GWh billed sales by customer class for the year ended December 31, [removed: 2024.][added: 2025.]

| Residential | | | 33 | | % | | | | 27 | | % | | | | [removed: 50] [added: 51] | | % | | | | [removed: 37] [added: 38] | | % | | | | [removed: 29] [added: 30] | | % |

| Commercial | | | 33 | | % | | | | 22 | | % | | | | [removed: 36] [added: 37] | | % | | | | [removed: 39] [added: 40] | | % | | | | [removed: 26] [added: 27] | | % |

| Industrial | | | [removed: 22] [added: 21] | | % | | | | [removed: 14] [added: 13] | | % | | | | [removed: 7] [added: 8] | | % | | | | [removed: 22] [added: 19] | | % | | | | [removed: 30] [added: 28] | | % |

| Total retail sales | | | [removed: 88] [added: 87] | | % | | | | [removed: 63] [added: 62] | | % | | | | [removed: 93] [added: 96] | | % | | | | [removed: 98] [added: 97] | | % | | | | 85 | | % |

| Wholesale and other sales | | | [removed: 12] [added: 13] | | % | | | | [removed: 37] [added: 38] | | % | | | | [removed: 7] [added: 4] | | % | | | | [removed: 2] [added: 3] | | % | | | | 15 | | % |

Weather-normal sales volumes have shown growth in [removed: 2024] [added: 2025] compared to [removed: 2023] [added: 2024] due primarily to [removed: strong] [added: continued] residential customer growth and strength in the commercial sector including data center usage.

Industrial sales remained soft due to overall weakness across the class, including some manufacturing plant closings in certain [removed: jurisdictions,] [added: jurisdictions and] impacts of continued high interest [removed: rates, and difficulty hiring qualified labor.][added: rates.]

Estimates of weather impacts may be more difficult to determine during periods of extreme or more volatile [removed: weather.][added: weather, including periods with significant storm activity.]

Competition in the regulated electric distribution business is primarily from the development and deployment of alternative energy sources including on-site generation from [added: commercial or] industrial customers and distributed generation, such as private solar, at residential, commercial and/or industrial customer sites.

EU&I owns approximately [removed: 55,139] [added: 55,713] MW of generation capacity.

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

The following table lists sources of electricity and fuel costs for the three years ended December 31, [removed: 2024.][added: 2025.]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Natural gas and fuel oil(a) | | | [removed: 34.7] [added: 33.5] | | % | | | | [removed: 33.3] [added: 34.7] | | % | | | | [removed: 34.2] [added: 33.3] | | % | | | | [removed: 3.39] [added: 3.95] | | | | | | [removed: 3.81] [added: 3.39] | | | | | | [removed: 6.35] [added: 3.81] | | |

| Nuclear(a) | | | 27.5 | | % | | | | [removed: 28.4] [added: 27.5] | | % | | | | [removed: 26.6] [added: 28.4] | | % | | | | 0.58 | | | | | | 0.58 | | | | | | 0.58 | | |

| Coal(a) | | | [removed: 14.1] [added: 14.5] | | % | | | | [removed: 12.8] [added: 14.1] | | % | | | | [removed: 13.5] [added: 12.8] | | % | | | | [removed: 4.09] [added: 4.19] | | | | | | [removed: 4.07] [added: 4.09] | | | | | | [removed: 3.43] [added: 4.07] | | |

| All fuels (cost based on weighted average)(a) | | | [removed: 76.3] [added: 75.5] | | % | | | | [removed: 74.5] [added: 76.3] | | % | | | | [removed: 74.3] [added: 74.5] | | % | | | | [removed: 2.51] [added: 2.83] | | | | | | [removed: 2.63] [added: 2.51] | | | | | | [removed: 3.75] [added: 2.63] | | |

| Hydroelectric and solar(b) | | | [removed: 1.9] [added: 2.0] | | % | | | | [removed: 1.8] [added: 1.9] | | % | | | | [removed: 1.5] [added: 1.8] | | % | | | | | | | | | | | | | | | | | | |

| Total generation | | | [removed: 78.2] [added: 77.5] | | % | | | | [removed: 76.3] [added: 78.2] | | % | | | | [removed: 75.8] [added: 76.3] | | % | | | | | | | | | | | | | | | | | | |

| Purchased power and net interchange | | | [removed: 21.8] [added: 22.5] | | % | | | | [removed: 23.7] [added: 21.8] | | % | | | | [removed: 24.2] [added: 23.7] | | % | | | | | | | | | | | | | | | | | | |

[added: As part of the 2024] Duke Energy Florida [removed: has] [added: Rate Case settlement and order received in November 2024, Duke Energy Florida] agreed to not enter [added: into] any new financial natural gas hedging contracts through December 2027.

EU&I has entered into fuel contracts that cover 100% of its uranium concentrates through at least 2029, 100% of its conversion services through at least 2034, 100% of its enrichment services through at least 2033, and 100% of its fabrication services requirements for these plants through at least [removed: 2027.][added: 2029.]

Expiration dates for its long-term contracts, which may have various price adjustment provisions and market reopeners, range from [removed: 2025] [added: 2026] to [removed: 2029] [added: 2030] for Duke Energy [removed: Carolinas and] [added: Carolinas,] Duke Energy [removed: Progress, 2025 to 2028 for] [added: Progress and] Duke Energy [removed: Florida, 2025] [added: Indiana, and 2026] to [removed: 2027] [added: 2028] for Duke Energy [removed: Ohio] [added: Florida] and [removed: 2025 to 2030 for] Duke Energy [removed: Indiana.][added: Ohio.]

The current average sulfur content of coal purchased by EU&I is between 0.5% and [removed: 3.5%] [added: 3.8%] for Duke Energy [removed: Carolinas] [added: Carolinas, between 0.5%] and [added: 3.5% for] Duke Energy Progress, between [removed: 1.0%] [added: 1.3%] and 3.5% for Duke Energy Florida, between [removed: 1.5%] [added: 1.8%] and [removed: 4.0%] [added: 3.8%] for Duke Energy Ohio and between [removed: 1.0%] [added: 0.5%] and 4.0% for Duke Energy Indiana.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Purchase obligations and leases (in millions of MWh)(a) | | | [removed: 32.1] [added: 34] | | | | | | [removed: 37.6] [added: 32] | | | | | | [removed: 41.2] [added: 38] | | |

| Purchase capacity under contract (in MW)(b) | | | [removed: 3,202] [added: 3,132] | | | | | | [removed: 3,997] [added: 3,202] | | | | | | [removed: 4,028] [added: 3,997] | | |

(a) Represents approximately [removed: 12%] [added: 13%] of total system requirements for [removed: 2024, 15%] [added: 2025, 12%] for [removed: 2023] [added: 2024] and [removed: 16%] [added: 15%] for [removed: 2022.][added: 2023.]

(b) These agreements include approximately 182 MW of firm capacity for [added: 2025 and] 2024, and 412 MW of firm capacity for 2023 [removed: and 2022] under contract by Duke Energy Florida with QFs.

As of December 31, [removed: 2024,] [added: 2025,] the inventory balance for EU&I was approximately $4.4 billion.

The EPA has issued regulations related to the management of CCR from power [removed: plants, including the 2015 and 2024 CCR Rules.][added: plants.]

In August 2025, Duke Energy entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida.

See Note 4 to the Consolidated Financial Statements, “Regulatory Matters,” for details on the license extension application for Bad Creek Pumped Storage Hydroelectric Station.

See Note 4 to the Consolidated Financial Statements, “Regulatory Matters,” for further information on rate case outcomes.

For additional information on decommissioning costs, see Note 10 to the Consolidated Financial Statements, “Asset Retirement Obligations.”

In March 2025, the NRC issued a subsequent license renewal for Oconee that allows an additional 20 years of operation through 2054.

Delays between expenditures and cost recovery for restoration and rebuild activities after significant storms can also adversely impact the timing of cash flows of EU&I.

| Duke Energy Carolinas 2025 South Carolina Rate Case(a) | | | PSCSC | | | $ | 19 | | 9.99 | | % | 53 | | % | March 2026 | | | | | |

| Duke Energy Progress 2025 South Carolina Rate Case(a) | | | PSCSC | | | 40 | | | 9.99 | | % | 53 | | % | February 2026 | | | | | |

| Duke Energy Carolinas 2025 North Carolina Rate Case(f) | | | NCUC | | | 1,002 | | | 10.95 | | % | 53 | | % | January 2027 | | | | | |

| Duke Energy Progress 2025 North Carolina Rate Case(a)(f) | | | NCUC | | | 729 | | | 10.95 | | % | 53 | | % | January 2027 | | | | | |

(a) Revenue increases are net of PTC flow backs to customers.

(f) Proposed rate increases in years 1 and 2 of the MYRP are approximately 73% and 27% of the total increase, respectively.

The revenue increase, ROE, capital structure and effective date pending are key provisions requested by Duke Energy Carolinas and Duke Energy Progress, respectively.

In July 2025, Piedmont entered into a purchase agreement with Spire Inc. for the sale of Piedmont's Tennessee business, which is included within the GU&I segment of Duke Energy and Piedmont.

In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale.

Piedmont expects to complete the sale on March 31, 2026, subject to customary closing conditions, including approval from the TPUC.

Certain customers may choose equipment fueled by energy sources other than natural gas.

These investments are reported in the GU&I segment.

This excludes amounts presented as held for sale related to Piedmont's Tennessee Business.

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

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

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

| Kelvin Henderson | | | | | | 61 | | | | | | Senior Vice President, Chief Generation Officer and Enterprise Operational Excellence. Mr. Henderson has been appointed to serve as Senior Vice President and Chief Generation Officer, effective March 1, 2026. Prior to that, he served as Senior Vice President and Chief Nuclear Officer from December 2020 to March 2026; Senior Vice President of Nuclear Operations (North Carolina) from 2017 to December 2020; Senior Vice President of Nuclear Corporate from 2016 to 2017; Site Vice President of Catawba Nuclear Station from 2012 to 2016; and various other roles of increasing responsibility since joining the company in 1998. | | |

| Cameron McDonald | | | | | | 48 | | | | | | Senior Vice President and Chief Human Resources Officer. Ms. McDonald has served as Senior Vice President and Chief Human Resources Officer since January 2024. Prior to that, she served as Vice President Talent Acquisition and Talent Management from December 2022 to January 2024; Chief Diversity and Inclusion Officer from November 2021 to December 2022; and in numerous roles in human resources, including compensation, employee relations, change management, learning and development, and Human Resource business consulting since joining the Company in 2001. | | |

| Abigail L. Motsinger | | | | | | 42 | | | | | | Senior Vice President, Chief Accounting Officer and Controller. Ms. Motsinger has been appointed to serve as Senior Vice President, Chief Accounting Officer and Controller, effective March 1, 2026. Prior to that she was Vice President, Investor Relations from November 16, 2022 until March 2026; Director, Jurisdictional Forecasting from May 2021 until November 2022; Investor Relations Manager from November 2017 until May 2021; and, prior to that, in various roles of increasing responsibility since joining Duke Energy in 2010. | | |

| Regis Repko | | | | | | 62 | | | | | | Senior Vice President, System Planning and Construction. Mr. Repko has served as Senior Vice President, System Planning and Construction since April 2025. Prior to that, he served as Senior Vice President, Generation Transition & System Optimization from August 2024 to April 2025; Senior Vice President, System Planning and Optimization from March 2024 to August 2024; Senior Vice President, Generation and Transmission Strategy from May 2021 to March 2024; Senior Vice President and Chief Regulated & Renewable Energy Officer from February 2021 to May 2021; Senior Vice President and Chief Fossil/Hydro Officer from April 2016 to February 2021; and various other roles of increasing responsibility since joining the Company in 1985. | | |

| | | | | | |

In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners related to an indirect minority interest investment in Duke Energy Florida.

In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners related to an indirect minority interest investment in Duke Energy Florida.

For additional information, see Note 2 to the Consolidated Financial Statements, "Dispositions."

| | | | | | |

Duke Energy owns 80.1% of Duke Energy Indiana Holdco, LLC, the holding company of Duke Energy Indiana.

The remaining 19.9% minority interest investment is owned by GIC.

In July 2025, Piedmont entered into a purchase agreement to sell Piedmont’s Tennessee business.

For additional information, see Note 2 to the Consolidated Financial Statements, "Dispositions."

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

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

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

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 and the sale of the remaining assets was concluded in January 2025.

Duke Energy owns a 50% interest in DATC.

DATC owns 100% interest in DATC Path 15 Transmission LLC, which owns transmission rights in North America.

An unusually active hurricane season that impacted the Florida and Carolinas territories was also considered when quantifying the impacts of weather for 2024.

Declines in usage caused by outage durations related to hurricanes Helene and Milton were estimated and included as an impact due to weather.

(a) Decommissioning costs for Duke Energy Carolinas reflects its ownership interest in jointly owned reactors.

Other joint owners are responsible for decommissioning costs related to their interest in the reactors.

Duke Energy Carolinas' site-specific nuclear decommissioning cost study and a funding study were filed with the NCUC and PSCSC in 2024.

(b) Duke Energy Progress' site-specific nuclear decommissioning cost study was filed with the NCUC and PSCSC in February 2025.

An updated funding study will be completed and filed with the NCUC and PSCSC in 2025.

(c) During 2019, Duke Energy Florida reached an agreement to transfer decommissioning work for Crystal River Unit 3 to a third party and decommissioning costs are based on the agreement with this third party rather than a cost study.

Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively.

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

| Duke Energy Florida 2021 Settlement agreement(e) | | | FPSC | | | 195 | | | 9.85 | | % | 53 | | % | January 2022 | | | | | |

(e) Based on initial settlement.

Year 1, 2 and 3 rates are approximately 34%, 25% and 41%, respectively, with 9.85% as the original ROE midpoint.

Duke Energy, also through its GU&I segment, has a 47% equity ownership interest in ACP and investments in various renewable natural gas joint ventures.

Duke Energy determined that it would no longer invest in ACP, and the construction of the ACP pipeline, in 2020.

GU&I sold all of KO Transmission's pipeline facilities and related real property to Columbia Gas Transmission, LLC in February 2023 for approximately book value.

| Lynn J. Good | | | | | | 65 | | | | | | Chair and Chief Executive Officer. Ms. Good has served as Chair and Chief Executive Officer of Duke Energy since April 2024; Chair, President and Chief Executive Officer of Duke Energy from January 2016 to April 2024; and Vice Chairman, President and Chief Executive Officer of Duke Energy from July 2013 through December 2015. Prior to that, she served as Executive Vice President and Chief Financial Officer since 2009. Ms. Good will retire from her roles as Chief Executive Officer and Chair of the Board of Directors, effective April 1, 2025. | | |

| Julia S. Janson | | | | | | 60 | | | | | | Executive Vice President and Chief Executive Officer, Duke Energy Carolinas. Ms. Janson has served as Executive Vice President and Chief Executive Officer, Duke Energy Carolinas since May 2021. Prior to that, she served as Executive Vice President, External Affairs and President, Carolinas Region since October 2019 and the position of Executive Vice President, External Affairs and Chief Legal Officer since November 2018. She originally assumed the position of Executive Vice President, Chief Legal Officer and Corporate Secretary in December 2012 and then assumed the responsibilities for External Affairs in February 2016. | | |

Duke Energy Ohio sold all of KO Transmission's pipeline facilities and related real property to Columbia Gas Transmission, LLC in February 2023 for approximately book value.

In 2021, Duke Energy executed an agreement providing for an investment in Duke Energy Indiana by GIC.

In December 2020, the plaintiff and defendants selected 50 focus sites, none of which [removed: have] [added: had] any ties to Duke Energy Merchants.

On December 4, 2024, the town of Carrboro, North Carolina, filed a lawsuit against Duke Energy in the North Carolina Superior Court, Orange County, alleging that Duke Energy and its predecessor companies knew since the late 1960s that [removed: fossil-fuel] [added: fossil fuel] emissions could cause global climate changes and engaged in a campaign to conceal the dangers of fossil fuel emissions from the public, regulators, legislators, and others, resulting in a delayed transition away from fossil fuel emissions and worsening climate change.

[added: Further,] SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Duke Energy Registrants reasonably believe will exceed a specified threshold.

See Note 4, “Regulatory Matters,” and Note 5, “Commitments and Contingencies,” to the Consolidated Financial Statements, [removed: which information is incorporated herein by reference,] for discussion of certain [added: other] legal, environmental and other regulatory proceedings to which the Duke Energy Registrants are a party.

The litigation matter of NTE Carolinas II, LLC Litigation included in Part 2, Item 8 of this Annual Report on Form 10-K, within Note 5, "Commitments and Contingencies" of the Consolidated Financial Statements, is incorporated herein by reference.

For open litigation, unless otherwise noted, Duke Energy cannot predict the outcome or ultimate resolution of these matters.

In November 2025, Duke Energy Merchants entered into a settlement agreement with the state of Maryland, which included the payment of an immaterial amount to resolve the litigation.

Once this matter is dismissed, it will be fully resolved.

Duke Energy filed a motion to dismiss the litigation based on lack of subject-matter jurisdiction on March 17, 2025, and filed a motion to dismiss based on failure to state a claim on which relief can be granted on May 9, 2025.

Oral argument regarding Duke Energy's motions to dismiss was held on September 25, 2025.

As requested by the court, supplemental briefing addressing various aspects of causation, including traceability and proximate cause, was filed on October 25, 2025.

On February 12, 2026, the court granted Duke Energy's motion to dismiss the litigation based on lack of subject-matter jurisdiction.

In light of the dismissal, the court denied the motion to dismiss for failure to state a claim as moot.

Other Proceedings

Initial motions to dismiss filed by the defendants were denied by the court in September 2019, and the matter is now in discovery.

Discovery will be specific to those sites.

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

Duke Energy cannot predict the outcome of this matter.

For the fiscal year ended December 31, [removed: 2024] [added: 2025] or

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

| Estimated aggregate market value of the common equity held by nonaffiliates of Duke Energy at June 30, [removed: 2024.] [added: 2025.] | | | | | | $ | [removed: 77,292,284,116] [added: 91,703,190,830] | |

| Number of Shares of Common Stock Outstanding at January 31, [removed: 2025] [added: 2026] | | | | | | | | |

| Duke Energy | | | Common stock, $0.001 par value | | | [removed: 776,461,008] [added: 777,670,866] | | |

Portions of the Duke Energy definitive proxy statement for the [removed: 2025] [added: 2026] 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: 2024][added: 2025]

| | | | [DUKE [removed: ENERGY](#ic62e9486a6d54f1189ca777991aa0418_22)] [added: ENERGY](#if6ef0c42193f48dc8c9ea2fb5186fc13_22)] | | | [removed: [9](#ic62e9486a6d54f1189ca777991aa0418_22)] [added: [9](#if6ef0c42193f48dc8c9ea2fb5186fc13_22)] | | |

| | | | [BUSINESS [removed: SEGMENTS](#ic62e9486a6d54f1189ca777991aa0418_28)] [added: SEGMENTS](#if6ef0c42193f48dc8c9ea2fb5186fc13_28)] | | | [removed: [9](#ic62e9486a6d54f1189ca777991aa0418_28)] [added: [9](#if6ef0c42193f48dc8c9ea2fb5186fc13_28)] | | |

| | | | [HUMAN CAPITAL [removed: MANAGEMENT](#ic62e9486a6d54f1189ca777991aa0418_43)] [added: MANAGEMENT](#if6ef0c42193f48dc8c9ea2fb5186fc13_43)] | | | [removed: [18](#ic62e9486a6d54f1189ca777991aa0418_43)] [added: [18](#if6ef0c42193f48dc8c9ea2fb5186fc13_43)] | | |

| | | | [EXECUTIVE [removed: OFFICERS](#ic62e9486a6d54f1189ca777991aa0418_46)] [added: OFFICERS](#if6ef0c42193f48dc8c9ea2fb5186fc13_46)] | | | [removed: [19](#ic62e9486a6d54f1189ca777991aa0418_46)] [added: [19](#if6ef0c42193f48dc8c9ea2fb5186fc13_46)] | | |

| | | | [ENVIRONMENTAL [removed: MATTERS](#ic62e9486a6d54f1189ca777991aa0418_49)] [added: MATTERS](#if6ef0c42193f48dc8c9ea2fb5186fc13_49)] | | | [removed: [21](#ic62e9486a6d54f1189ca777991aa0418_49)] [added: [20](#if6ef0c42193f48dc8c9ea2fb5186fc13_49)] | | |

| | | | [DUKE ENERGY [removed: CAROLINAS](#ic62e9486a6d54f1189ca777991aa0418_52)] [added: CAROLINAS](#if6ef0c42193f48dc8c9ea2fb5186fc13_52)] | | | [removed: [21](#ic62e9486a6d54f1189ca777991aa0418_52)] [added: [21](#if6ef0c42193f48dc8c9ea2fb5186fc13_52)] | | |

| | | | [PROGRESS [removed: ENERGY](#ic62e9486a6d54f1189ca777991aa0418_55)] [added: ENERGY](#if6ef0c42193f48dc8c9ea2fb5186fc13_55)] | | | [removed: [21](#ic62e9486a6d54f1189ca777991aa0418_55)] [added: [21](#if6ef0c42193f48dc8c9ea2fb5186fc13_55)] | | |

| | | | [DUKE ENERGY [removed: PROGRESS](#ic62e9486a6d54f1189ca777991aa0418_58)] [added: PROGRESS](#if6ef0c42193f48dc8c9ea2fb5186fc13_58)] | | | [removed: [21](#ic62e9486a6d54f1189ca777991aa0418_58)] [added: [21](#if6ef0c42193f48dc8c9ea2fb5186fc13_58)] | | |

| | | | [DUKE ENERGY [removed: FLORIDA](#ic62e9486a6d54f1189ca777991aa0418_61)] [added: FLORIDA](#if6ef0c42193f48dc8c9ea2fb5186fc13_61)] | | | [removed: [22](#ic62e9486a6d54f1189ca777991aa0418_61)] [added: [21](#if6ef0c42193f48dc8c9ea2fb5186fc13_61)] | | |

| | | | [DUKE ENERGY [removed: OHIO](#ic62e9486a6d54f1189ca777991aa0418_64)] [added: OHIO](#if6ef0c42193f48dc8c9ea2fb5186fc13_64)] | | | [removed: [22](#ic62e9486a6d54f1189ca777991aa0418_64)] [added: [22](#if6ef0c42193f48dc8c9ea2fb5186fc13_64)] | | |

| | | | [DUKE ENERGY [removed: INDIANA](#ic62e9486a6d54f1189ca777991aa0418_67)] [added: INDIANA](#if6ef0c42193f48dc8c9ea2fb5186fc13_67)] | | | [removed: [22](#ic62e9486a6d54f1189ca777991aa0418_67)] [added: [22](#if6ef0c42193f48dc8c9ea2fb5186fc13_67)] | | |

| 1A. | | | [RISK [removed: FACTORS](#ic62e9486a6d54f1189ca777991aa0418_73)] [added: FACTORS](#if6ef0c42193f48dc8c9ea2fb5186fc13_73)] | | | [removed: [22](#ic62e9486a6d54f1189ca777991aa0418_73)] [added: [22](#if6ef0c42193f48dc8c9ea2fb5186fc13_73)] | | |

| 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#ic62e9486a6d54f1189ca777991aa0418_76)] [added: COMMENTS](#if6ef0c42193f48dc8c9ea2fb5186fc13_76)] | | | [removed: [31](#ic62e9486a6d54f1189ca777991aa0418_76)] [added: [32](#if6ef0c42193f48dc8c9ea2fb5186fc13_76)] | | |

| 1C. | | | [removed: [CYBERSECURITY](#ic62e9486a6d54f1189ca777991aa0418_79)] [added: [CYBERSECURITY](#if6ef0c42193f48dc8c9ea2fb5186fc13_79)] | | | [removed: [32](#ic62e9486a6d54f1189ca777991aa0418_79)] [added: [32](#if6ef0c42193f48dc8c9ea2fb5186fc13_79)] | | |

| 3. | | | [LEGAL [removed: PROCEEDINGS](#ic62e9486a6d54f1189ca777991aa0418_94)] [added: PROCEEDINGS](#if6ef0c42193f48dc8c9ea2fb5186fc13_94)] | | | [removed: [37](#ic62e9486a6d54f1189ca777991aa0418_94)] [added: [37](#if6ef0c42193f48dc8c9ea2fb5186fc13_94)] | | |

| 4. | | | [MINE SAFETY [removed: DISCLOSURES](#ic62e9486a6d54f1189ca777991aa0418_97)] [added: DISCLOSURES](#if6ef0c42193f48dc8c9ea2fb5186fc13_97)] | | | [removed: [37](#ic62e9486a6d54f1189ca777991aa0418_97)] [added: [37](#if6ef0c42193f48dc8c9ea2fb5186fc13_97)] | | |

| 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ic62e9486a6d54f1189ca777991aa0418_103)] [added: SECURITIES](#if6ef0c42193f48dc8c9ea2fb5186fc13_103)] | | | [removed: [38](#ic62e9486a6d54f1189ca777991aa0418_103)] [added: [38](#if6ef0c42193f48dc8c9ea2fb5186fc13_103)] | | |

| 6. | | | [SELECTED FINANCIAL [removed: DATA](#ic62e9486a6d54f1189ca777991aa0418_106)] [added: DATA](#if6ef0c42193f48dc8c9ea2fb5186fc13_106)] | | | [removed: [38](#ic62e9486a6d54f1189ca777991aa0418_106)] [added: [38](#if6ef0c42193f48dc8c9ea2fb5186fc13_106)] | | |

| 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ic62e9486a6d54f1189ca777991aa0418_112)] [added: OPERATIONS](#if6ef0c42193f48dc8c9ea2fb5186fc13_109)] | | | [removed: [39](#ic62e9486a6d54f1189ca777991aa0418_109)] [added: [39](#if6ef0c42193f48dc8c9ea2fb5186fc13_109)] | | |

| 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ic62e9486a6d54f1189ca777991aa0418_205)] [added: RISK](#if6ef0c42193f48dc8c9ea2fb5186fc13_205)] | | | [removed: [69](#ic62e9486a6d54f1189ca777991aa0418_205)] [added: [69](#if6ef0c42193f48dc8c9ea2fb5186fc13_205)] | | |

| 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ic62e9486a6d54f1189ca777991aa0418_208)] [added: DATA](#if6ef0c42193f48dc8c9ea2fb5186fc13_208)] | | | [removed: [70](#ic62e9486a6d54f1189ca777991aa0418_208)] [added: [70](#if6ef0c42193f48dc8c9ea2fb5186fc13_208)] | | |

| 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#ic62e9486a6d54f1189ca777991aa0418_454)] [added: DISCLOSURE](#if6ef0c42193f48dc8c9ea2fb5186fc13_454)] | | | [removed: [235](#ic62e9486a6d54f1189ca777991aa0418_454)] [added: [234](#if6ef0c42193f48dc8c9ea2fb5186fc13_454)] | | |

| 9A. | | | [CONTROLS AND [removed: PROCEDURES](#ic62e9486a6d54f1189ca777991aa0418_457)] [added: PROCEDURES](#if6ef0c42193f48dc8c9ea2fb5186fc13_457)] | | | [removed: [235](#ic62e9486a6d54f1189ca777991aa0418_457)] [added: [234](#if6ef0c42193f48dc8c9ea2fb5186fc13_457)] | | |

| 9B. | | | [OTHER [removed: INFORMATION](#ic62e9486a6d54f1189ca777991aa0418_463)] [added: INFORMATION](#if6ef0c42193f48dc8c9ea2fb5186fc13_463)] | | | [removed: [237](#ic62e9486a6d54f1189ca777991aa0418_463)] [added: [236](#if6ef0c42193f48dc8c9ea2fb5186fc13_463)] | | |

| 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ic62e9486a6d54f1189ca777991aa0418_469)] [added: GOVERNANCE](#if6ef0c42193f48dc8c9ea2fb5186fc13_469)] | | | [removed: [237](#ic62e9486a6d54f1189ca777991aa0418_469)] [added: [236](#if6ef0c42193f48dc8c9ea2fb5186fc13_469)] | | |

| 11. | | | [EXECUTIVE [removed: COMPENSATION](#ic62e9486a6d54f1189ca777991aa0418_472)] [added: COMPENSATION](#if6ef0c42193f48dc8c9ea2fb5186fc13_472)] | | | [removed: [237](#ic62e9486a6d54f1189ca777991aa0418_472)] [added: [236](#if6ef0c42193f48dc8c9ea2fb5186fc13_472)] | | |

| 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#ic62e9486a6d54f1189ca777991aa0418_475)] [added: MATTERS](#if6ef0c42193f48dc8c9ea2fb5186fc13_475)] | | | [removed: [238](#ic62e9486a6d54f1189ca777991aa0418_475)] [added: [237](#if6ef0c42193f48dc8c9ea2fb5186fc13_475)] | | |

| 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR [removed: INDEPENDENCE](#ic62e9486a6d54f1189ca777991aa0418_478)] [added: INDEPENDENCE](#if6ef0c42193f48dc8c9ea2fb5186fc13_478)] | | | [removed: [238](#ic62e9486a6d54f1189ca777991aa0418_478)] [added: [237](#if6ef0c42193f48dc8c9ea2fb5186fc13_478)] | | |

| 14. | | | [PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#ic62e9486a6d54f1189ca777991aa0418_481)] [added: SERVICES](#if6ef0c42193f48dc8c9ea2fb5186fc13_481)] | | | [removed: [239](#ic62e9486a6d54f1189ca777991aa0418_481)] [added: [238](#if6ef0c42193f48dc8c9ea2fb5186fc13_481)] | | |

| 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#ic62e9486a6d54f1189ca777991aa0418_487)] [added: SCHEDULES](#if6ef0c42193f48dc8c9ea2fb5186fc13_487)] | | | [removed: [240](#ic62e9486a6d54f1189ca777991aa0418_487)] [added: [239](#if6ef0c42193f48dc8c9ea2fb5186fc13_487)] | | |

| | | | [removed: EXHIBIT INDEX] [added: [EXHIBIT INDEX](#if6ef0c42193f48dc8c9ea2fb5186fc13_490)] | | | [removed: [E-1](#ic62e9486a6d54f1189ca777991aa0418_490)] [added: [E-1](#if6ef0c42193f48dc8c9ea2fb5186fc13_490)] | | |

| | | | [removed: [SIGNATURES](#ic62e9486a6d54f1189ca777991aa0418_493)] [added: [SIGNATURES](#if6ef0c42193f48dc8c9ea2fb5186fc13_493)] | | | [removed: E-[2](#ic62e9486a6d54f1189ca777991aa0418_493)] [added: E-[2](#if6ef0c42193f48dc8c9ea2fb5186fc13_493)] | | |

◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and [removed: our] [added: reducing] carbon [removed: emission reduction goals,] [added: emissions,] while balancing customer reliability and [removed: affordability;][added: keeping costs as low as possible for our customers;]

Duke Energy 3.75% Senior Notes due 2031 DUK 31A New York Stock Exchange LLC

| 1. | | | [BUSINESS](#if6ef0c42193f48dc8c9ea2fb5186fc13_19) | | | [9](#if6ef0c42193f48dc8c9ea2fb5186fc13_19) | | |

| | | | [GENERAL](#if6ef0c42193f48dc8c9ea2fb5186fc13_25) | | | [9](#if6ef0c42193f48dc8c9ea2fb5186fc13_25) | | |

| | | | [PIEDMONT](#if6ef0c42193f48dc8c9ea2fb5186fc13_70) | | | [22](#if6ef0c42193f48dc8c9ea2fb5186fc13_70) | | |

| 2. | | | [PROPERTIES](#if6ef0c42193f48dc8c9ea2fb5186fc13_82) | | | [34](#if6ef0c42193f48dc8c9ea2fb5186fc13_82) | | |

| AI | | | Artificial intelligence | | |

| CECPCN | | | Certificate of Environmental Compatibility and Public Convenience and Necessity | | |

| CFIUS | | | The Committee on Foreign Investments in the United States | | |

| CWIP | | | Construction Work in Progress | | |

| Florida Progress | | | Florida Progress, LLC | | |

| NERC | | | North American Electric Reliability Corporation | | |

| OBBBA | | | One Big Beautiful Bill Act | | |

| OVEC | | | Ohio Valley Electric Corporation | | |

| Piedmont Tennessee Disposal Group | | | Piedmont's Tennessee business, a natural gas local distribution company included in a purchase agreement with Spire Inc. | | |

| TSA | | | U.S. Department of Homeland Security's Transportation Security Administration | | |

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

| | | | | | |

| 1. | | | [BUSINESS](#ic62e9486a6d54f1189ca777991aa0418_67) | | | [9](#ic62e9486a6d54f1189ca777991aa0418_19) | | |

| | | | [GENERAL](#ic62e9486a6d54f1189ca777991aa0418_25) | | | [9](#ic62e9486a6d54f1189ca777991aa0418_25) | | |

| | | | PIEDMONT | | | [22](#ic62e9486a6d54f1189ca777991aa0418_70) | | |

| 2. | | | [PROPERTIES](#ic62e9486a6d54f1189ca777991aa0418_82) | | | [34](#ic62e9486a6d54f1189ca777991aa0418_82) | | |

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

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

| ARM | | | Annual Review Mechanism | | |

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

| IMR | | | Integrity Management Rider | | |

| KO Transmission | | | KO Transmission Company | | |

| MGP | | | Manufactured gas plant | | |

| the Tax Act | | | Tax Cuts and Jobs Act | | |

| | | | | | |

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

| CYBERSECURITY | | | | | |

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 [removed: cyber-threats.][added: cyberthreats.]

The [removed: Company’s Executive Cybersecurity Oversight Governance Committee (ECOG),] [added: ECOG,] comprised of the Company's [removed: Chair and] Chief Executive Officer (CEO), [removed: President, Executive Vice President (EVP) and] Chief Financial [removed: Officer,] [added: Officer (CFO), Chief Administrative Officer (CAO), Chief Legal Officer (CLO)] and [removed: EVP,] Chief Generation Officer [removed: and Enterprise Operational Excellence,] [added: (CGO)] receives monthly updates from the [removed: CAO 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.

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 [removed: North American Electric Reliability Corporation] [added: NERC] under the Critical Infrastructure Protection framework [removed: (NERC CIP), Transportation & Security Administration] [added: (CIP), TSA] Pipeline Security Directive and [removed: Federal Energy Regulatory Commission] [added: FERC] Dam Security.

In [removed: 2024,] [added: 2025,] the Audit Committee received three updates and the full Board of Directors received one update on cybersecurity.

In this role, the CFO gained an in-depth understanding of the Company's cybersecurity procedures and key [removed: threats,] [added: threats] and was responsible for the enterprise business services and technology team, including the information and technology organization.

- The [removed: President] [added: CEO] of Duke Energy has gained cybersecurity experience through focusing on transmission and the development of long-term grid strategies and solutions and through a prior role as Chief Distribution Officer, overseeing the safe, reliable, and efficient operation of Duke Energy’s electric distribution systems, and through serving on the board of the Association of Edison Illuminating Companies.

- The CAO of Duke Energy has over [removed: 25] [added: 29] years of experience in delivering secure information technology solutions across multiple industries, leading technology delivery for all core business functions.

This framework also incorporates the identification and management of risks associated with the Company’s development and use of AI technologies, including AI‑related cybersecurity considerations.

Duke Energy monitors the threat landscape to understand both how threat actors are operating currently and how they are developing capabilities using emerging technologies such as AI and quantum computing.

Our risk management program is flexible and allows us to pivot as threat actors evolve.

As part of this process, the Company also evaluates the cybersecurity and data‑protection risks associated with third‑party AI tools and services.

The EST also partners with relevant technology and compliance teams to assess controls relating to the Company’s internal use of AI technologies and to monitor emerging AI‑enabled cybersecurity threat vectors in alignment with Duke Energy’s internal AI governance policies.

In addition, the ECOG provides oversight of enterprise AI governance activities and reviews management’s integration of AI‑related risk considerations into the Company’s cybersecurity and technology‑risk oversight processes.

These updates include, as appropriate, information regarding the Company’s AI governance practices and management’s evaluation of emerging AI‑related technology and cybersecurity risks.

These management teams also oversee the integration of Duke Energy’s AI governance policies into the Company’s broader cybersecurity and technology‑risk management processes.

- The CEO of Duke Energy has over 20 years of experience in the utilities industry, and has gained cybersecurity experience as CEO of one of America’s largest utility companies, and through service on the board of the Edison Electric Institute, the Institute of Nuclear Power Operations, the World Association of Nuclear Operators, and past service on the Department of Homeland Security Advisory Council.

The following table provides information related to the EU&I's generation stations as of December 31, [removed: 2024.][added: 2025.]

| Oconee | | | Nuclear | | | Uranium | | | SC | | | | | | [removed: 2,618] [added: 2,688] | | | | | |

| Catawba(a) | | | Nuclear | | | Uranium | | | SC | | | | | | [removed: 588] [added: 600] | | | | | |

| Lincoln CT | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 1,909] [added: 1,907] | | | | | |

| W.S. Lee CC(b) | | | Fossil | | | Gas | | | SC | | | | | | [removed: 706] [added: 709] | | | | | |

| Clemson CHP | | | Fossil | | | Gas | | | SC | | | | | | [removed: 16] [added: 15] | | | | | |

| Distributed generation [added: (four sites)] | | | Renewable | | | Solar | | | [removed: NC] [added: KY] | | | | | | [removed: 174] [added: 9] | | | | | |

| Battery Storage [added: (two sites)] | | | Renewable | | | Storage | | | NC | | | | | | [removed: 25] [added: 75] | | | | | |

| Total Duke Energy Carolinas | | | | | | | | | | | | | | | [removed: 20,773] [added: 20,901] | | | | | |

| L.V. Sutton CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 719] [added: 709] | | | | | |

| Asheville CC | | | Fossil | | | Gas/Oil | | | NC | | | | | | [removed: 560] [added: 595] | | | | | |

| Darlington CT | | | Fossil | | | Gas/Oil | | | SC | | | | | | [removed: 264] [added: 262] | | | | | |

| Distributed generation [added: (six sites)] | | | Renewable | | | Solar | | | [removed: NC] [added: IN] | | | | | | [removed: 146] [added: 21] | | | | | |

| Battery Storage [added: (seven sites)] | | | Renewable | | | Storage | | | [removed: NC] [added: FL] | | | | | | [removed: 45] [added: 55] | | | | | |

| Total Duke Energy Progress | | | | | | | | | | | | | | | [removed: 13,845] [added: 14,068] | | | | | |

| Hines CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 2,149] [added: 2,168] | | | | | |

| Intercession City CT | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 1,146] [added: 1,126] | | | | | |

| Osprey CC | | | Fossil | | | Gas/Oil | | | FL | | | | | | [removed: 611] [added: 638] | | | | | |

| Bayboro CT | | | Fossil | | | Oil | | | FL | | | | | | [removed: 193] [added: 139] | | | | | |

| Battery Storage [added: (three sites)] | | | Renewable | | | Storage | | | [removed: FL] [added: IN] | | | | | | [removed: 48] [added: 15] | | | | | |

| Total Duke Energy Florida | | | | | | | | | | | | | | | [removed: 12,542] [added: 12,765] | | | | | |

| Henry County [removed: CT(f)] [added: CT] | | | Fossil | | | Gas/Oil | | | IN | | | | | | 141 | | | | | |

| Battery Storage [added: (four sites)] | | | Renewable | | | Storage | | | [removed: IN] [added: NC] | | | | | | [removed: 15] [added: 165] | | | | | |

| Total Electric Utilities | | | | | | | | | | | | | | | [removed: 55,139] [added: 55,713] | | | | | |

The following table provides information related to EU&I's electric transmission and distribution properties as of December 31, [removed: 2024.][added: 2025.]

| Miles of 230 kV | | | [removed: 8,600] [added: 8,700] | | | 2,700 | | | 3,400 | | | [removed: 1,800] [added: 1,900] | | | — | | | 700 | | |

| Miles of 13 to 69 kV | | | [removed: 8,200] [added: 8,300] | | | [removed: 2,800] [added: 2,900] | | | — | | | 2,300 | | | 600 | | | 2,500 | | |

| Total conductor miles of electric transmission lines | | | [removed: 31,700] [added: 31,900] | | | [removed: 13,000] [added: 13,100] | | | 6,300 | | | [removed: 5,400] [added: 5,500] | | | 1,700 | | | 5,300 | | |

| Total conductor miles of electric distribution lines | | | [removed: 286,600] [added: 288,100] | | | [removed: 111,200] [added: 111,000] | | | [removed: 74,600] [added: 75,400] | | | [removed: 48,700] [added: 49,700] | | | [removed: 19,900] [added: 20,000] | | | [removed: 32,200] [added: 32,000] | | |

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

The following table provides information related to GU&I's natural gas distribution as of December 31, [removed: 2024.][added: 2025.]

| Miles of natural gas distribution and transmission pipelines | | | [removed: 36,300] [added: 36,400] | | | [removed: 7,600] [added: 7,700] | | | 28,700 | | |

| Miles of natural gas service lines | | | [removed: 29,700] [added: 29,800] | | | [removed: 6,800] [added: 6,900] | | | 22,900 | | |

Duke Energy owns approximately [removed: 7.2] [added: 7.5] million square feet and leases approximately [removed: 2] [added: 1.8] million square feet of corporate, regional and district office space spread throughout its service territories.

| Utility-Scale Solar (seven sites) | | | Renewable | | | Solar | | | NC | | | | | | 170 | | | | | |

| Utility-Scale Solar (six sites) | | | Renewable | | | Solar | | | NC | | | | | | 226 | | | | | |

| Utility-Scale Solar (30 sites) | | | Renewable | | | Solar | | | FL | | | | | | 1,712 | | | | | |

| Nuclear | | | | | | | | | | | | | | | 9,404 | | | | | |

| Fossil | | | | | | | | | | | | | | | 40,099 | | | | | |

| Renewable | | | | | | | | | | | | | | | 2,448 | | | | | |

| Miles of overhead lines | | | 169,600 | | | 65,300 | | | 44,000 | | | 25,200 | | | 13,300 | | | 21,800 | | |

| Miles of underground line | | | 118,500 | | | 45,700 | | | 31,400 | | | 24,500 | | | 6,700 | | | 10,200 | | |

| Distributed generation (19 sites) | | | Renewable | | | Solar | | | FL | | | | | | 1,468 | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | KY | | | | | | 9 | | | | | |

| Distributed generation | | | Renewable | | | Solar | | | IN | | | | | | 21 | | | | | |

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

| Fossil | | | | | | | | | | | | | | | 40,104 | | | | | |

| Renewable | | | | | | | | | | | | | | | 1,951 | | | | | |

(f)Includes 50 MW contracted to WVPA.

| Miles of overhead lines | | | 171,700 | | | 66,700 | | | 44,500 | | | 25,100 | | | 13,300 | | | 22,100 | | |

| Miles of underground line | | | 114,900 | | | 44,500 | | | 30,100 | | | 23,600 | | | 6,600 | | | 10,100 | | |

As of January 31, [removed: 2025,] [added: 2026,] there were [removed: 114,684] [added: 106,127] Duke Energy common stockholders of record.

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

Issuer Purchases of Equity Securities for Fourth Quarter [removed: 2024][added: 2025]

There were no repurchases of equity securities during the fourth quarter of [removed: 2024.][added: 2025.]

The graph assumes an initial investment of $100 on December 31, [removed: 2019,] [added: 2020,] in Duke Energy common stock, in the S&P 500 and in the Philadelphia Utility Index and that all dividends were reinvested.

[removed: ][added: ]

Duke Energy owns 80.1% of Duke Energy Indiana Holdco, LLC, the holding company of Duke Energy Indiana.

The remaining 19.9% minority interest investment is owned by GIC.

| Report of Independent Registered Public Accounting Firm | | | [removed: [72](#ic62e9486a6d54f1189ca777991aa0418_211)] [added: [72](#if6ef0c42193f48dc8c9ea2fb5186fc13_211)] | | |

| Consolidated Statements of Operations | | | [removed: [74](#ic62e9486a6d54f1189ca777991aa0418_214)] [added: [74](#if6ef0c42193f48dc8c9ea2fb5186fc13_214)] | | |

| Consolidated Statements of Comprehensive Income | | | [removed: [75](#ic62e9486a6d54f1189ca777991aa0418_217)] [added: [75](#if6ef0c42193f48dc8c9ea2fb5186fc13_217)] | | |

| Consolidated Balance Sheets | | | [removed: [76](#ic62e9486a6d54f1189ca777991aa0418_220)] [added: [76](#if6ef0c42193f48dc8c9ea2fb5186fc13_220)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [77](#ic62e9486a6d54f1189ca777991aa0418_223)] [added: [77](#if6ef0c42193f48dc8c9ea2fb5186fc13_223)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [78](#ic62e9486a6d54f1189ca777991aa0418_226)] [added: [78](#if6ef0c42193f48dc8c9ea2fb5186fc13_226)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [79](#ic62e9486a6d54f1189ca777991aa0418_229)] [added: [79](#if6ef0c42193f48dc8c9ea2fb5186fc13_229)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [81](#ic62e9486a6d54f1189ca777991aa0418_232)] [added: [81](#if6ef0c42193f48dc8c9ea2fb5186fc13_232)] | | |

| Consolidated Balance Sheets | | | [removed: [82](#ic62e9486a6d54f1189ca777991aa0418_235)] [added: [82](#if6ef0c42193f48dc8c9ea2fb5186fc13_235)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [83](#ic62e9486a6d54f1189ca777991aa0418_238)] [added: [83](#if6ef0c42193f48dc8c9ea2fb5186fc13_238)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [84](#ic62e9486a6d54f1189ca777991aa0418_241)] [added: [84](#if6ef0c42193f48dc8c9ea2fb5186fc13_241)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [85](#ic62e9486a6d54f1189ca777991aa0418_244)] [added: [85](#if6ef0c42193f48dc8c9ea2fb5186fc13_244)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [87](#ic62e9486a6d54f1189ca777991aa0418_247)] [added: [87](#if6ef0c42193f48dc8c9ea2fb5186fc13_247)] | | |

| Consolidated Balance Sheets | | | [removed: [88](#ic62e9486a6d54f1189ca777991aa0418_250)] [added: [88](#if6ef0c42193f48dc8c9ea2fb5186fc13_250)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [89](#ic62e9486a6d54f1189ca777991aa0418_253)] [added: [89](#if6ef0c42193f48dc8c9ea2fb5186fc13_253)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [90](#ic62e9486a6d54f1189ca777991aa0418_256)] [added: [90](#if6ef0c42193f48dc8c9ea2fb5186fc13_256)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [91](#ic62e9486a6d54f1189ca777991aa0418_259)] [added: [91](#if6ef0c42193f48dc8c9ea2fb5186fc13_259)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [93](#ic62e9486a6d54f1189ca777991aa0418_262)] [added: [93](#if6ef0c42193f48dc8c9ea2fb5186fc13_262)] | | |

| Consolidated Balance Sheets | | | [removed: [94](#ic62e9486a6d54f1189ca777991aa0418_265)] [added: [94](#if6ef0c42193f48dc8c9ea2fb5186fc13_265)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [95](#ic62e9486a6d54f1189ca777991aa0418_268)] [added: [95](#if6ef0c42193f48dc8c9ea2fb5186fc13_268)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [96](#ic62e9486a6d54f1189ca777991aa0418_271)] [added: [96](#if6ef0c42193f48dc8c9ea2fb5186fc13_271)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [97](#ic62e9486a6d54f1189ca777991aa0418_274)] [added: [97](#if6ef0c42193f48dc8c9ea2fb5186fc13_274)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [99](#ic62e9486a6d54f1189ca777991aa0418_277)] [added: [99](#if6ef0c42193f48dc8c9ea2fb5186fc13_277)] | | |

| Consolidated Balance Sheets | | | [removed: [100](#ic62e9486a6d54f1189ca777991aa0418_280)] [added: [100](#if6ef0c42193f48dc8c9ea2fb5186fc13_280)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [101](#ic62e9486a6d54f1189ca777991aa0418_283)] [added: [101](#if6ef0c42193f48dc8c9ea2fb5186fc13_283)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [102](#ic62e9486a6d54f1189ca777991aa0418_286)] [added: [102](#if6ef0c42193f48dc8c9ea2fb5186fc13_286)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [103](#ic62e9486a6d54f1189ca777991aa0418_289)] [added: [103](#if6ef0c42193f48dc8c9ea2fb5186fc13_289)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [105](#ic62e9486a6d54f1189ca777991aa0418_292)] [added: [105](#if6ef0c42193f48dc8c9ea2fb5186fc13_292)] | | |

| Consolidated Balance Sheets | | | [removed: [106](#ic62e9486a6d54f1189ca777991aa0418_295)] [added: [106](#if6ef0c42193f48dc8c9ea2fb5186fc13_295)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [107](#ic62e9486a6d54f1189ca777991aa0418_298)] [added: [107](#if6ef0c42193f48dc8c9ea2fb5186fc13_298)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [108](#ic62e9486a6d54f1189ca777991aa0418_301)] [added: [108](#if6ef0c42193f48dc8c9ea2fb5186fc13_301)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [109](#ic62e9486a6d54f1189ca777991aa0418_304)] [added: [109](#if6ef0c42193f48dc8c9ea2fb5186fc13_304)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [111](#ic62e9486a6d54f1189ca777991aa0418_307)] [added: [111](#if6ef0c42193f48dc8c9ea2fb5186fc13_307)] | | |

| Consolidated Balance Sheets | | | [removed: [112](#ic62e9486a6d54f1189ca777991aa0418_310)] [added: [112](#if6ef0c42193f48dc8c9ea2fb5186fc13_310)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [113](#ic62e9486a6d54f1189ca777991aa0418_313)] [added: [113](#if6ef0c42193f48dc8c9ea2fb5186fc13_313)] | | |

| Consolidated Statements of Changes in Equity | | | [removed: [114](#ic62e9486a6d54f1189ca777991aa0418_316)] [added: [114](#if6ef0c42193f48dc8c9ea2fb5186fc13_316)] | | |

| Report of Independent Registered Public Accounting Firm | | | [removed: [115](#ic62e9486a6d54f1189ca777991aa0418_319)] [added: [115](#if6ef0c42193f48dc8c9ea2fb5186fc13_319)] | | |

| Consolidated Statements of Operations and Comprehensive Income | | | [removed: [117](#ic62e9486a6d54f1189ca777991aa0418_322)] [added: [117](#if6ef0c42193f48dc8c9ea2fb5186fc13_322)] | | |

| Consolidated Balance Sheets | | | [removed: [118](#ic62e9486a6d54f1189ca777991aa0418_325)] [added: [118](#if6ef0c42193f48dc8c9ea2fb5186fc13_325)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [119](#ic62e9486a6d54f1189ca777991aa0418_328)] [added: [119](#if6ef0c42193f48dc8c9ea2fb5186fc13_328)] | | |

| Less: Preferred Redemption Costs | | | — | | | | | | 16 | | | | | | — | | |

| (in millions) | | | 2025 | | | | | | 2024 | | |

| Cost | | | 190,409 | | | | | | 178,737 | | |

| Net property, plant and equipment | | | 129,959 | | | | | | 121,626 | | |

| Assets held for sale | | | 2,148 | | | | | | 2,095 | | |

| Other | | | 4,167 | | | | | | 3,507 | | |

| Other | | | 2,265 | | | | | | 2,080 | | |

| Asset retirement obligations | | | 9,046 | | | | | | 9,338 | | |

| Liabilities associated with assets held for sale | | | 170 | | | | | | 271 | | |

| Other (includes $27 at 2024 related to VIEs) | | | 1,889 | | | | | | 1,551 | | |

| Net income(c) | | | — | | | — | | | — | | | | | | — | | | | | | 4,912 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,912 | | | | | | 103 | | | | | | 5,015 | | |

| Sale of Commercial Renewables Disposal Groups | | | — | | | — | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18) | | | | | | (18) | | |

| Balance at December 31, 2025 | | | $ | 973 | | 778 | | | $ | 1 | | | | | $ | 45,614 | | | | | $ | 5,056 | | | | | | | | | | | $ | 278 | | | | | $ | (12) | | | | | $ | (68) | | | | | $ | 51,842 | | | | | $ | 1,177 | | | | | $ | 53,019 | |

- We read relevant regulatory orders issued by the Commissions and other publicly available information to assess the likelihood of recovery in future rates.

–We evaluated the reasonableness of such changes based on our knowledge of commission-approved amortization, incurred costs, and recently approved regulatory orders, as applicable.

February 26, 2026

| Comprehensive Income | | | $ | 2,109 | | | | | $ | 1,883 | | | | | $ | 1,470 | |

| (in millions) | | | | | | 2025 | | | | | | 2024 | | |

| Other | | | | | | 1,304 | | | | | | 1,127 | | |

| Other | | | (9) | | | | | | — | | | | | | (9) | | |

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

- We read relevant regulatory orders issued by the Commissions and other publicly available information to assess the likelihood of recovery in future rates.

–We evaluated the reasonableness of such changes based on our knowledge of commission-approved amortization, incurred costs, and recently approved regulatory orders, as applicable.

February 26, 2026

| (in millions) | | | 2025 | | | | | | 2024 | | |

| Notes receivable from affiliated companies | | | (251) | | | | | | — | | | | | | — | | |

| Contributions from parent | | | 400 | | | | | | — | | | | | | — | | |

| Other | | | (10) | | | | | | (1) | | | | | | (1) | | |

| Other | | | | | | | | | (2) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | (3) | | |

| Net income | | | | | | | | | — | | | | | | 2,415 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 2,415 | | |

| Equitization of certain intercompany balances with affiliates | | | | | | | | | 57 | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 55 | | |

| Contributions from parent | | | | | | | | | 400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 400 | | |

| Balance at December 31, 2025 | | | | | | | | | $ | 12,278 | | | | | $ | 15,499 | | | | | $ | (1) | | | | | $ | (5) | | | | | $ | (4) | | | | | | | | | | | | | | | | | $ | 27,767 | |

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Regulatory Matters – Impact of Rate Regulation on the Financial Statements – Refer to Notes 1 and 4 to the financial statements.

- We read relevant regulatory orders issued by the Commissions and other publicly available information to assess the likelihood of recovery in future rates.

–We evaluated the reasonableness of such changes based on our knowledge of commission-approved amortization, incurred costs, and recently approved regulatory orders, as applicable.

February 26, 2026

| (in millions) | | | 2025 | | | | | | 2024 | | |

| Notes receivable from affiliated companies | | | 186 | | | | | | — | | |

| | | | | | |

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

As discussed in Note 4, regulatory proceedings in recent years have focused on the recoverability of storm costs, fuel costs, and asset retirement obligations specific to coal ash.

As a result, assessing the potential outcomes of future regulatory orders requires management judgment.

–We compared the recorded regulatory asset balances to an independently developed expectation of the corresponding balance.

- We performed audit procedures to assess the ongoing regulatory recoverability of asset retirement obligations specific to coal ash.

- We obtained an analysis from management regarding the estimated storm costs that they determined were probable of recovery, but not yet addressed in a regulatory order.

This analysis also included letters from the internal legal counsel asserting that the recovery of these costs is probable.

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

Asset Retirement Obligations – Coal Ash – Refer to Notes 4 and 10 to the financial statements.

The Company records asset retirement obligations associated with coal ash remediation at operating and retired coal burning generation facilities.

These legal obligations are the result of state and federal regulations across the Company’s jurisdictions.

On a quarterly basis, management performs an assessment for any indicators that would suggest a change in its coal ash asset retirement obligations may be necessary.

Judgment is required to calculate coal ash remediation obligations, which are determined through site-specific assumptions, as well as assumptions used in determining the present value of the obligation.

We identified the revisions in coal ash remediation estimate cash flows associated with coal ash retirement obligations, resulting from the 2024 Coal Combustion Residuals ("CCR") Rule, as a critical audit matter because of the significant estimates and assumptions made by management in determining the recorded asset retirement obligation.

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

Our audit procedures related to the revisions in coal ash remediation estimate cash flows associated with coal ash asset retirement obligations included the following, among others:

- We tested the effectiveness of management’s controls over the evaluation of coal ash asset retirement obligations, including those over management’s assessment of triggering events, management’s review of asset retirement obligation remeasurements, and the evaluation of significant assumptions used in determining the present value of the obligation.

- We tested the mathematical accuracy of management’s coal ash asset retirement obligation cash flow calculations.

- With the assistance of professionals within our firm with the appropriate expertise, we assessed the reasonableness of:

–Management’s interpretation of the applicability of the 2024 CCR rule,

–The significant site-specific assumptions, and

–The significant assumptions used in determining the present value of the obligation.

- We evaluated the Company’s disclosures related to the coal ash asset retirement obligation.

- We obtained representation from management asserting that the asset retirement obligations recorded in the financial statements represent management’s best estimate of the obligation as required under ASC 410, Asset Retirement and Environmental Obligations, and based upon the requirements of the applicable laws and regulations.

February 27, 2025

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

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

| Cost | | | 180,806 | | | | | | 171,353 | | |

| Other | | | 3,509 | | | | | | 3,964 | | |

| Other | | | 2,084 | | | | | | 2,319 | | |

| Provision for rate refunds | | | (27) | | | | | | (63) | | | | | | (130) | | |

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

| Net income (loss)(d) | | | — | | | — | | | — | | | | | | — | | | | | | 2,444 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,444 | | | | | | (95) | | | | | | 2,349 | | |

| Sale of NCI(b) | | | — | | | — | | | — | | | | | | 465 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 465 | | | | | | 569 | | | | | | 1,034 | | |

| Purchase of NCI | | | — | | | — | | | — | | | | | | (51) | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (51) | | | | | | 31 | | | | | | (20) | | |

| Contribution from NCI | | | — | | | — | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47 | | | | | | 47 | | |

(b) Relates primarily to the sale of a NCI in Duke Energy Indiana.

| Provision for rate refunds | | | (8) | | | | | | (39) | | | | | | (74) | | |

| Other | | | (1) | | | | | | (1) | | | | | | (1) | | |

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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Duke Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 27, 2025,] [added: 26, 2026,] expressed an unqualified opinion on those financial statements.

February 26, 2026

February 27, 2025

Except as described below, during the three months ended December 31, [removed: 2024,] [added: 2025,] 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.

[removed: During the three months ended September 30, 2024, Alex Glenn, Senior] [added: On November 14, 2025, Brian Savoy, Executive] Vice President and Chief [removed: Executive] [added: Financial] Officer, [removed: Duke Energy Florida and Midwest,] adopted a 10b5-1 trading arrangement for the sale of up to [removed: 15,002] [added: 12,000] shares of the Company's common stock between [removed: November 15, 2024,] [added: February 23, 2026,] and November [removed: 17, 2025,] [added: 6, 2026,] or such earlier date such plan is terminated sooner pursuant to the terms specified therein, including but not limited to the execution of all trades specified therein.

[removed: Mr. Glenn's] [added: All of the above] 10b5-1 trading [removed: arrangement was] [added: arrangements were] entered into during an open insider trading window and [removed: is] [added: are] intended to satisfy the alternative defense of Rule 10b5-1 under the Exchange Act and the Company's policies regarding insider transactions.

On November 28, 2025, Kodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer, Duke Energy Carolinas & Natural Gas Business, adopted a 10b5-1 trading arrangement for the sale of up to 27,118 shares of the Company's common stock between March 2, 2026, and November 20, 2026, or such earlier date such plan is terminated sooner pursuant to the terms specified therein, including but not limited to the execution of all trades specified therein.

On November 19, 2025, Regis Repko, Senior Vice President, System Planning and Construction, adopted a10b5-1 trading arrangement for the sale of up to 6,884 shares of the Company's common stock between February 20, 2026, and December 31, 2026, or such earlier date such plan is terminated sooner pursuant to the terms specified therein, including but not limited to the execution of all trades specified therein.

Such plan terminated upon the sale of all shares available under the plan, which transaction was timely reported on a Form 4 filed with the Commission on November 18, 2024.

A copy of our Securities Trading Policy is filed as Exhibit 19 to this Annual [removed: Report on Form 10-K.][added: Report.]

The Compensation and People Development Committee of the Board of Directors (the Compensation Committee) maintains an equity grant [removed: policy] [added: policy,] which establishes the specific procedures for the timing of equity awards.

The following table shows information as of December 31, [removed: 2024,] [added: 2025,] 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: 3,680,932] [added: 101,682] | | | [removed: (2)] [added: (4)] | | | n/a | | | [removed: 13,585,751] [added: —] | | | [removed: (3)] [added: (5)] | | |

| Equity compensation plans [removed: not] approved by security holders | | | [removed: 99,986] [added: 3,421,864] | | | [removed: (4)] [added: (2)] | | | n/a | | | [removed: n/a] [added: 12,464,425] | | | [removed: (5)] [added: (3)] | | |

(1) As of December 31, [removed: 2024,] [added: 2025,] no options were outstanding under equity compensation plans.

| Total | | | 3,523,546 | | | | | | n/a | | | 12,464,425 | | | | | |

| Total | | | 3,780,918 | | | | | | n/a | | | 13,585,751 | | | | | |

The following tables present the Deloitte fees for services rendered to the Duke Energy Registrants during [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

| Audit Fees(a) | | | [removed: $] [added: $] | [removed: 14.7] [added: 14.7] | | | | | [removed: $] [added: $] | [removed: 3.4] [added: 3.4] | | | | | [removed: $] [added: $] | [removed: 5.2] [added: 5.2] | | | | | [removed: $] [added: $] | [removed: 2.7] [added: 2.7] | | | | | [removed: $] [added: $] | [removed: 2.5] [added: 2.5] | | | | | [removed: $] [added: $] | [removed: 2.2] [added: 2.2] | | | | | [removed: $] [added: $] | [removed: 1.9] [added: 1.9] | | | | | [removed: $] [added: $] | [removed: 1.4] [added: 1.4] | |

| Audit-Related Fees(b) | | | [removed: 0.7] [added: 0.7] | | | | | | [removed: 0.1] [added: 0.1] | | | | | | [removed: 0.4] [added: 0.4] | | | | | | [removed: 0.3] [added: 0.3] | | | | | | [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: 3.5] [added: 3.5] | | | | | [removed: $] [added: $] | [removed: 5.6] [added: 5.6] | | | | | [removed: $] [added: $] | [removed: 3.0] [added: 3.0] | | | | | [removed: $] [added: $] | [removed: 2.6] [added: 2.6] | | | | | [removed: $] [added: $] | [removed: 2.4] [added: 2.4] | | | | | [removed: $] [added: $] | [removed: 1.9] [added: 1.9] | | | | | [removed: $] [added: $] | [removed: 1.4] [added: 1.4] | |

| | | | Year Ended December 31, [removed: 2023] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Audit-Related Fees(b) | | | [removed: 0.5] [added: 1.3] | | | | | | [removed: 0.1] [added: 0.2] | | | | | | [removed: 0.2] [added: 0.8] | | | | | | [removed: 0.1] [added: 0.2] | | | | | | [removed: 0.1] [added: 0.6] | | | | | | [removed: 0.2] [added: 0.2] | | | | | | [removed: —] [added: —] | | | | | | [removed: —] [added: —] | | |

All services performed in [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] by the independent accountant were approved by the Audit Committee pursuant to the preapproval policy.

| Audit Fees(a) | | | $ | 18.5 | | | | | $ | 3.7 | | | | | $ | 5.7 | | | | | $ | 3.0 | | | | | $ | 2.7 | | | | | $ | 2.2 | | | | | $ | 2.0 | | | | | $ | 4.5 | |

| Total Fees | | | $ | 19.8 | | | | | $ | 3.9 | | | | | $ | 6.5 | | | | | $ | 3.2 | | | | | $ | 3.3 | | | | | $ | 2.4 | | | | | $ | 2.0 | | | | | $ | 4.5 | |

| 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 | |

Consolidated Statements of Operations for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Comprehensive Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Balance Sheets as of December 31, [removed: 2024,] [added: 2025,] and [removed: 2023][added: 2024]

Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| 2.1 | | | [Agreement and Plan of Merger between Duke Energy Corporation, Diamond Acquisition Corporation and Progress Energy, Inc., dated as of January 8, 2011 (incorporated by reference to Exhibit 2.1 [removed: to](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm) [D](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[u](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[k](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[e](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm) [](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[E](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[n](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[e](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[r](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[g](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[y](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm) [](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[C](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[o](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[r](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[p](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[o](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[r](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[a](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[t](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[i](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[o](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[n](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)['](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm)[s](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm) [Current] [added: to Duke Energy Corporation's Current] Report on Form 8-K filed on January 11, 2011, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000119312511006050/dex21.htm) | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.1 | | | [Amended and Restated Certificate of [removed: Incorporation](https://www.sec.gov/Archives/edgar/data/1326160/000110465914040400/a14-12843_3ex3d1.htm) [of] [added: Incorporation of] Duke Energy [removed: Corporation](https://www.sec.gov/Archives/edgar/data/1326160/000110465914040400/a14-12843_3ex3d1.htm) [(incorporated] [added: Corporation (incorporated] by reference to Exhibit 3.1 [removed: to](https://www.sec.gov/Archives/edgar/data/1326160/000110465914040400/a14-12843_3ex3d1.htm) [registrant's](https://www.sec.gov/Archives/edgar/data/1326160/000110465914040400/a14-12843_3ex3d1.htm) [Current] [added: to registrant's Current] Report on Form 8-K filed on May 20, 2014, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000110465914040400/a14-12843_3ex3d1.htm) | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.2 | | | [Amended and Restated [removed: By-Laws](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm)[of] [added: By-Laws of] Duke Energy [removed: Corporation](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm)[,] [added: Corporation,] effective as of May 8, [removed: 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm) [(incorporated] [added: 2024 (incorporated] by reference to Exhibit 3.1 [removed: to](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm) [registra](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm)[nt's](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm) [Current] [added: to registrant's Current] Report on Form 8-K filed on May 13, 2024, File No. [removed: 1-32853).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326160/000114036124025705/ef20028749_8k.htm)] [added: 1-32853).](https://www.sec.gov/Archives/edgar/data/1326160/000114036124025705/ef20028749_ex3-1.htm)] | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.3 | | | [Articles of Organization including Articles of [removed: Conversion](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) [of](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) [Duke] [added: Conversion of Duke] Energy Carolina's, [removed: LLC](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) [(incorporated] [added: LLC (incorporated] by reference to Exhibit 3.1 [removed: to](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) [registrant's](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) [Current] [added: to registrant's Current] Report on Form 8-K filed on April 7, 2006, File No. 1-4928).](https://www.sec.gov/Archives/edgar/data/30371/000119312506075954/dex31.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

| [removed: *3.9] [added: 3.9] | | | [Articles of Merger of Diamond Acquisition Corporation into Progress Energy, Inc. and Articles of Incorporation of Progress Energy, Inc., effective July 2, [removed: 2012.](https://www.sec.gov/Archives/edgar/data/1326160/000132616025000072/duk-20241231x10kxexx39.htm)] [added: 2012](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx39.htm) [](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx39.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx39.htm) [3.9](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx39.htm) [to registrant's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx39.htm)] | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: *3.10] [added: 3.10] | | | [By-Laws of Progress Energy, Inc. (formerly Diamond Acquisition Corporation), effective July 2, [removed: 2012.](https://www.sec.gov/Archives/edgar/data/1326160/000132616025000072/duk-20241231x10kxexx310.htm)] [added: 2012](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx310.htm) [](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx310.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx310.htm) [3.10](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx310.htm) [to registrant's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/17797/000132616025000072/duk-20241231x10kxexx310.htm)] | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 3.12.1 | | | [removed: [By](https://www.sec.gov/Archives/edgar/data/78460/000110465916148229/a16-19209_1ex3d2.htm)[\-L](https://www.sec.gov/Archives/edgar/data/78460/000110465916148229/a16-19209_1ex3d2.htm)[aws] [added: [By-Laws] of Piedmont Natural Gas Company, Inc., as amended and restated effective October 3, 2016 (incorporated by reference to Exhibit 3.2 to registrant's Current Report on Form 8-K filed on October 3, 2016, File No. 1-06196).](https://www.sec.gov/Archives/edgar/data/78460/000110465916148229/a16-19209_1ex3d2.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

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

| 4.4.21 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm) [s](https://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm)[econd] [added: [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).](https://www.sec.gov/Archives/edgar/data/30371/000141057819000773/tv526692_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.22 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm) [t](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm)[hird] [added: [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).](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-2.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.23 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm) [f](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm)[ourth] [added: [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).](https://www.sec.gov/Archives/edgar/data/30371/000110465920002151/tm1926315d3_ex4-3.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

| 4.4.25 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm) [s](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm)[ixth] [added: [One-hundred and sixth] Supplemental Indenture, dated as of March 4, 2022 between the registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global bonds representing the First and Refunding Mortgage Bonds, 2.85% Series due 2032 and First and Refunding Mortgage Bonds, 3.55% Series due 2052 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 4, 2022, File No. 1-32853).](https://www.sec.gov/Archives/edgar/data/30371/000110465922030420/tm227437d4_ex4-1.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.26 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm) [s](https://www.sec.gov/Archives/edgar/data/30371/000110465923001832/tm2233272d5_ex4-1.htm)[eventh] [added: [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 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 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm) [e](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-2.htm)[ighth] [added: [One-hundred and eighth] 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 4.2 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 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm) [n](https://www.sec.gov/Archives/edgar/data/30371/000110465923071538/tm2318182d5_ex4-3.htm)[inth] [added: [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 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.29 | | | [One-hundred and tenth Supplemental Indenture, dated as of January 5, 2024, [removed: between](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-2.htm) [Duke] [added: between Duke] Energy Carolinas, [removed: LLC](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-2.htm) [and] [added: LLC and] The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to registrant's Current Report on Form 8-K, filed on January 5, 2024, File No. 1-04928).](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-2.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.4.30 | | | [removed: [One-](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm)[h](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm)[undred and](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm) [e](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm)[leventh] [added: [One-hundred and eleventh] Supplemental Indenture, dated as of January 5, 2024, [removed: between](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm) [Duke] [added: between Duke] Energy Carolinas, [removed: LLC](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm) [and] [added: LLC and] The Bank of New York Mellon Trust Company, N.A., as Trustee, and a form of global bonds representing the First and Refunding Mortgage Bonds, 4.85% Series due 2034 (incorporated by reference to Exhibit 4.3 to registrant's Current Report on Form 8-K, filed on January 5, 2024, File No. 1-04928).](https://www.sec.gov/Archives/edgar/data/30371/000110465924001703/tm2333825d5_ex4-3.htm) | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.5.59 | | | [Sixty-third Supplemental Indenture dated May 1, 1994 (incorporated by reference to Exhibit [removed: 4(f)](https://www.sec.gov/Archives/edgar/data/17797/0000950120-95-000009.txt) [to](https://www.sec.gov/Archives/edgar/data/17797/0000950120-95-000009.txt) [Duke] [added: 4(f) to Duke] Energy [removed: Progress’](https://www.sec.gov/Archives/edgar/data/17797/0000950120-95-000009.txt) [Registration] [added: Progress’ Registration] Statement [removed: on](https://www.sec.gov/Archives/edgar/data/17797/0000950120-95-000009.txt) [Form] [added: on Form] S-3, File No. 033-57835).](https://www.sec.gov/Archives/edgar/data/17797/0000950120-95-000009.txt) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.5.61 | | | [Sixty-fifth Supplemental Indenture dated April 1, 1998 (incorporated by reference to Exhibit [removed: 4(b)](https://www.sec.gov/Archives/edgar/data/17797/0000950168-98-003903.txt) [to](https://www.sec.gov/Archives/edgar/data/17797/0000950168-98-003903.txt) [Duke] [added: 4(b) to Duke] Energy Progress’ Registration Statement on Form S-3 filed December 18, 1998, File No. 333-69237).](https://www.sec.gov/Archives/edgar/data/17797/0000950168-98-003903.txt) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.5.63 | | | [Form of Carolina Power & Light Company First Mortgage Bond, 6.80% Series Due August 15, 2007 (incorporated by reference to Exhibit 4 to Duke Energy [removed: Progress’](https://www.sec.gov/Archives/edgar/data/17797/0000017797-98-000018.txt) [Quarterly] [added: Progress’ Quarterly] Report [removed: on](https://www.sec.gov/Archives/edgar/data/17797/0000017797-98-000018.txt) [Form] [added: on Form] 10-Q for the period ended September 30, 1998, File No. 1-3382).](https://www.sec.gov/Archives/edgar/data/17797/0000017797-98-000018.txt) | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |