Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. 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.

DUKE ENERGY

Duke Energy, an energy company headquartered in Charlotte, North Carolina, operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Duke Energy’s consolidated financial information includes the results of the Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants.

Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the three months ended March 31, 2026, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.

Executive Overview

Executing on Strategic Transactions. Our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth. In March, we closed on two previously announced strategic transactions to efficiently fund this growth and the related capital that will be required in the coming years. On March 3, 2026, we completed the first closing of a minority investment in Florida Progress, the holding company of Duke Energy Florida, by an affiliate of Brookfield Super-Core Infrastructure Partners. The initial investment resulted in the transfer of a 9.19% ownership interest for approximately $2.8 billion in cash proceeds, with additional staged investments anticipated through 2028. On March 31, 2026, following approval by the TPUC, we closed on the sale of Piedmont's Tennessee business with Spire, Inc., and received approximately $2.5 billion in cash proceeds. Closing on both transactions, along with our unwavering focus on operational excellence and value creation, demonstrates our continued ability to meet the unprecedented long-term growth anticipated across our service territories. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.

Constructive Regulatory and Legislative Outcomes. During the three months ended March 31, 2026, we continued to move our regulatory strategy forward and execute on investments for building a smarter energy future while maintaining our focus on safety and operational excellence, our customers, growth of our business as well as the engagement and empowerment of our employees. These priorities enable us to provide strong, sustainable value for our customers, communities, employees and shareholders.

• During the first quarter, revised base rates went into effect for several of our jurisdictions including both Duke Energy Carolinas' and Duke Energy Progress' South Carolina service territories, as well as Duke Energy Kentucky's natural gas business. In March, Duke Energy Progress filed its first request under South Carolina’s electric Rate Stabilization Adjustment framework to facilitate timely cost recovery of the important grid investments we continue to make and to improve reliability across the service territory. Additionally, Duke Energy Ohio's electric business and Piedmont's South Carolina natural gas business filed new base rate applications in March and April, respectively. Our regulatory efforts will continue to focus on securing the critical investments necessary to provide customer value, delivering reliable natural gas and electric service and ensuring timely cost recovery across all of our jurisdictions.

• Duke Energy Carolinas received CECPCN approval from the PSCSC for a new CC unit in Anderson County, South Carolina. This advanced natural gas plant, along with our planned CTs and other CCs, will provide critical generation as we continue to modernize our energy infrastructure in the coming years. The PSCSC also accepted our latest Carolinas systemwide resource plan in April.

• Our nuclear sites continue to serve customers by safely producing clean, reliable and low-cost electricity, as well as providing economic benefits for our local communities, such as thousands of well-paying jobs and significant tax benefits. In February, we announced that our nuclear fleet achieved a new all-time reliability record for systemwide capacity factor. In April, the NRC issued a subsequent license renewal for Robinson, which provides for a 20-year extension of nuclear operations at the plant through 2050. Also in April, we executed a multi-year agreement to sell up to $3.1 billion of net tax credits with expected proceeds through 2029, including nuclear PTCs, in continued support of providing low-cost electricity to our customers.

• The FERC issued an order authorizing the proposal to combine our two electric utilities that operate in the Carolinas as consistent with the public interest. The companies also reached comprehensive settlements with intervenors in North Carolina and South Carolina resolving all issues related to the proposed combination, and received approvals from both the NCUC and the PSCSC. The targeted effective date of the combination is January 1, 2027.

Economic Development. Load growth across our service territories continues to be driven by a combination of population growth, economic development and increasing electrification, including growing demand from data centers. Data center‑related demand continues to contribute to this accelerated load growth as we expand our portfolio of data center electric service agreements, increasing contracted capacity while maintaining a disciplined approach focused on aligning incremental infrastructure investments with the customers driving the growth. These arrangements are designed to support system reliability and continued investment while helping manage cost impacts for other customers. These trends continue to support Duke Energy’s long‑term regulated capital plan while balancing reliability, customer value and growth.

Operational Excellence. The reliable and safe operation of our power generating facilities, electric transmission and distribution systems and natural gas infrastructure continues to be foundational to serving our customers, our financial results and our credibility with our communities and stakeholders. 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.

MD&A			DUKE ENERGY

In late January, Winter Storm Fern moved across the eastern U.S., impacting all of our service territories. During the sustained subfreezing temperatures, customer energy use surged across the Carolinas and energy demand reached a new winter peak, the highest on record across our Carolinas' system. In addition to effectively managing the grid during this peak demand, we also proactively implemented storm preparation and response measures, including pre‑staging crews and equipment, coordination of mutual‑assistance resources and leveraging established restoration processes. We have previously experienced the benefit of these processes in supporting grid reliability and the achievement of timely and effective restoration for our customers during significant weather events that result in outages stemming from severe cold weather and ice.

See Notes 4 and 16 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," along with "Other Matters," for additional information.

Duke Energy Objectives and Beyond. Looking ahead to the remainder of 2026, we remain focused on providing exceptional value for our customers and on the effective execution of our strategic priorities, including the advancement of key regulatory initiatives and the planning and construction of the critical infrastructure investments our communities depend on. Through a continued emphasis on safety, reliability and disciplined capital allocation, we are well positioned to continue to support our customers and communities while creating long‑term value for our shareholders.

Matters Impacting Future Results

The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants.

Regulatory Matters

Coal Ash Costs

In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule. Additionally, in April 2026, the EPA proposed to rescind or modify certain aspects of the 2015 CCR Rule, as amended by the 2024 CCR Rule. Duke Energy is reviewing the proposed rule and analyzing the potential impacts it could have on the Company, which could be material.

Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."

EPA Regulations of GHG Emissions

In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Compliance with EPA Rule 111 as issued would have a material impact on the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. In June 2025, the EPA published a proposed rule to repeal EPA Rule 111 as well as an alternative proposal to repeal a narrower set of requirements. For more information, see "Other Matters."

Supply Chain

The Company continues to monitor the ongoing stability of markets for key materials and supplies, including potential impacts on prices or availability of goods resulting from global conflicts and war or restrictions on the trade of certain rare earth materials and technologies used in electric utility infrastructure. While recent judicial rulings invalidated the authority of the U.S. executive branch to impose certain tariffs, certain ongoing public policy outcomes, including impacts from new or revised tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan or execution on the Company's energy modernization strategy.

Goodwill

The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2025. As of that date, all of the Duke Energy Registrants' reporting units' estimated fair values materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. No goodwill impairment charges were recorded in the accompanying Condensed Consolidated Statements of Operations. However, deteriorating economic conditions that adversely affect GU&I's future cash flows or peer company equity valuations could reduce the estimated fair value of GU&I below its carrying amount, potentially resulting in goodwill impairment charges in future periods.

Results of Operations

Non-GAAP Measures

Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.

MD&A			DUKE ENERGY

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Basic Earnings (Loss) Per Share, respectively.

Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:

• Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.

• Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.

Discontinued Operations represents the resolution of an outstanding liability related to the Commercial Renewables Disposal Groups.

Three Months Ended March 31, 2026, as compared to March 31, 2025

GAAP reported EPS was $1.97 for the three months ended March 31, 2026, compared to $1.76 for the three months ended March 31, 2025. In addition to the drivers below, GAAP reported EPS increased primarily due to the gain on sale of Piedmont's Tennessee business, partially offset by charges related to legal and regulatory settlements.

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $1.93 for the three months ended March 31, 2026, compared to $1.76 for the three months ended March 31, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with improved weather, partially offset by higher operation and maintenance expense, including storm costs, as well as higher depreciation on a growing asset base.

The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

			Three Months Ended March 31,
			2026												2025
(in millions, except per share amounts)			Earnings						EPS						Earnings						EPS
GAAP Reported Earnings/GAAP Reported EPS			$	1,536					$	1.97					$	1,365					$	1.76
Adjustments:
Legal and Regulatory Settlements(a)			150						0.19						—						—
Asset Sales(b)			(171)						(0.22)						—						—
Discontinued Operations(c)			(13)						(0.02)						—						—
Adjusted Earnings/Adjusted EPS			$	1,502					$	1.93					$	1,365					$	1.76

Note: Total EPS may not foot due to rounding.

(a)Net of $47 million tax benefit. $172 million recorded within Operations, maintenance and other and $25 million recorded within Operating Revenues.

(b) Net of $196 million tax expense which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business. $374 million recorded within Gains on Sales of Other Assets and Other, net and $7 million recorded within Property and other taxes.

(c) Recorded in Income from Discontinued Operations, net of tax.

SEGMENT RESULTS

The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated on the Condensed Consolidated Financial Statements.

Duke Energy's segment structure includes the following segments: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.

MD&A			SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Electric Utilities and Infrastructure

									Three Months Ended March 31,
(in millions)																					2026						2025						Variance
Operating Revenues																					$	7,878					$	7,140					$	738
Operating Expenses
Fuel used in electric generation and purchased power																					2,440						2,119						321
Operation, maintenance and other																					1,709						1,424						285
Depreciation and amortization																					1,498						1,334						164
Property and other taxes																					393						378						15
Total operating expenses																					6,040						5,255						785
Gains on Sales of Other Assets and Other, net																					5						1						4
Operating Income																					1,843						1,886						(43)
Other Income and Expenses, net																					136						134						2
Interest Expense																					571						530						41
Income Before Income Taxes																					1,408						1,490						(82)
Income Tax Expense																					127						189						(62)
Less: Net Income Attributable to Noncontrolling Interests																					27						25						2
Segment Income																					$	1,254					$	1,276					$	(22)
Duke Energy Carolinas GWh sales																					23,580						23,558						22
Duke Energy Progress GWh sales																					18,287						18,185						102
Duke Energy Florida GWh sales																					9,316						9,068						248
Duke Energy Ohio GWh sales																					6,311						6,107						204
Duke Energy Indiana GWh sales																					7,960						8,324						(364)
Total Electric Utilities and Infrastructure GWh sales																					65,454						65,242						212
Net proportional MW capacity in operation																					55,757						55,139						618

Three Months Ended March 31, 2026, as compared to March 31, 2025

EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions, improved weather and higher weather-normal retail sales volumes, partially offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

• a $286 million increase in fuel revenues primarily due to net higher fuel rates in the current year;

• a $202 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Indiana, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida;

• a $37 million increase in retail sales due to improved weather compared to the prior year;

• a $35 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates;

• a $34 million increase in weather-normal retail sales volumes;

• an $18 million increase in other revenues primarily due to higher transmission revenues at Duke Energy Florida, Duke Energy Carolinas and Duke Energy Progress, partially offset by Duke Energy Ohio; and

• a $17 million increase in storm recovery revenues at Duke Energy Florida.

Operating Expenses*.* The variance was driven primarily by:

*•*a $321 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and higher purchased power costs, partially offset by lower fuel cost recovery;

• a $285 million increase in operation, maintenance and other primarily due to a legal settlement and higher storm costs in the current year at Duke Energy Carolinas and Duke Energy Progress;

*•*a $164 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and

• a $15 million increase in property and other taxes due to a higher base on which property taxes are levied at Duke Energy Florida.

MD&A			SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Interest Expense. The increase was primarily due to higher outstanding debt balances, as well as a higher prior year return on deferred storm costs and a higher return on the deferred nuclear PTC liability at Duke Energy Carolinas.

Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs and a decrease in pretax income, partially offset by a decrease in the amortization of EDIT. The ETRs for the three months ended March 31, 2026, and 2025, were 9.0% and 12.7%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT.

Gas Utilities and Infrastructure

									Three Months Ended March 31,
(in millions)																					2026						2025						Variance
Operating Revenues																					$	1,333					$	1,140					$	193
Operating Expenses
Cost of natural gas																					525						374						151
Operation, maintenance and other																					135						125						10
Depreciation and amortization																					115						107						8
Property and other taxes																					57						47						10
Total operating expenses																					832						653						179
Gains on Sales of Other Assets and Other, net																					374						—						374
Operating Income																					875						487						388
Other Income and Expenses, net																					18						18						—
Interest Expense																					67						65						2
Income Before Income Taxes																					826						440						386
Income Tax Expense																					294						91						203
Segment Income																					$	532					$	349					$	183
Piedmont LDC throughput (dekatherms)																					184,175,397						181,459,847						2,715,550
Duke Energy Midwest LDC throughput (Mcf)																					36,902,590						40,455,684						(3,553,094)

Three Months Ended March 31, 2026, as compared to March 31, 2025

GU&I’s results were primarily driven by the gain on sale of Piedmont's Tennessee business and customer growth in the Carolinas. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

• a $151 million increase in cost of natural gas revenues primarily due to higher commodity prices;

• a $17 million increase due to customer growth in North Carolina and South Carolina and the North Carolina Integrity Management Rider (IMR); and

• a $12 million increase primarily due to higher pricing from the 2025 Duke Energy Kentucky natural gas rate case.

Operating Expenses. The variance was driven primarily by:

• a $151 million increase in the cost of natural gas primarily due to higher commodity prices;

• a $10 million increase in operations, maintenance and other primarily due to higher environmental reserves; and

• a $10 million increase in property and other taxes due to higher franchise taxes.

Gains on Sales of Other Assets and Other, net. The increase was primarily due to the sale of Piedmont's Tennessee business, net of allocated goodwill.

Income Tax Expense**.** The increase in tax expense was primarily due to an increase in pretax income and non-deductible goodwill associated with the sale of Piedmont's Tennessee business. The ETRs for the three months ended March 31, 2026, and 2025, were 35.6% and 20.7%, respectively. The increase in the ETR was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business.

MD&A			SEGMENT RESULTS — OTHER

Other

									Three Months Ended March 31,
(in millions)																					2026						2025						Variance
Operating Revenues																					$	42					$	42					$	—
Operating Expenses																					44						82						(38)
Gains on Sales of Other Assets and Other, net																					5						5						—
Operating Gain (Loss)																					3						(35)						38
Other Income and Expenses, net																					9						20						(11)
Interest Expense																					349						318						31
Loss Before Income Taxes																					(337)						(333)						(4)
Income Tax Benefit																					(88)						(87)						(1)
Less: Preferred Dividends																					14						14						—
Net Loss																					$	(263)					$	(260)					$	(3)

Three Months Ended March 31, 2026, as compared to March 31, 2025

Other's results were primarily driven by higher interest expense and lower equity earnings from the NMC investment, partially offset by lower contributions to the Duke Energy Foundation and lower loss experience related to captive insurance claims.

Operating Expenses. The decrease was primarily due to lower contributions to the Duke Energy Foundation and lower loss experience related to captive insurance claims.

Other Income and Expenses, net. The decrease was primarily driven by lower equity earnings from the NMC investment.

Interest Expense. The increase was primarily due to higher outstanding debt balances.

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX

									Three Months Ended March 31,
(in millions)																					2026						2025						Variance
Income From Discontinued Operations, net of tax																					$	13					$	—					$	13

Three Months Ended March 31, 2026, as compared to March 31, 2025

The increase was primarily due to the resolution of an outstanding liability related to the Commercial Renewables Disposal Groups.

DUKE ENERGY CAROLINAS

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	2,766					$	2,524					$	242
Operating Expenses
Fuel used in electric generation and purchased power			931						803						128
Operation, maintenance and other			613						484						129
Depreciation and amortization			526						432						94
Property and other taxes			106						102						4
Total operating expenses			2,176						1,821						355
Gains on Sales of Other Assets and Other, net			2						—						2
Operating Income			592						703						(111)
Other Income and Expenses, net			63						61						2
Interest Expense			218						200						18
Income Before Income Taxes			437						564						(127)
Income Tax Expense			11						51						(40)
Net Income			$	426					$	513					$	(87)

MD&A			DUKE ENERGY CAROLINAS

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year			2026
Residential sales			(0.6)		%
Commercial sales			(0.8)		%
Industrial sales			(1.1)		%
Wholesale power sales			2.0		%
Joint dispatch sales			(3.3)		%
Total sales			0.1		%
Average number of customers			1.8		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $160 million increase in fuel revenues due to higher fuel rates and JDA sales;

• a $46 million increase due to higher pricing from the impacts of new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case;

• a $28 million increase in weather-normal retail sales volumes; and

• a $12 million increase in retail sales due to improved weather compared to the prior year.

Operating Expenses**.** The variance was driven primarily by:

*•*a $129 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement and higher storm costs in the current year associated with Winter Storm Fern;

• a $128 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power costs, including JDA, and natural gas prices, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits; and

• a $94 million increase in depreciation and amortization primarily due to the prior year retirement of renewable energy credits, higher depreciable base and the impact of new rates implemented for the North Carolina MYRP.

Interest Expense. The increase was primarily due to higher outstanding debt balances, a higher prior year return on deferred storm costs and a higher return on the deferred nuclear PTC liability.

Income Tax Expense**.** The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs and a decrease in pretax income, partially offset by a decrease in the amortization of EDIT.

PROGRESS ENERGY

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	3,925					$	3,467					$	458
Operating Expenses
Fuel used in electric generation and purchased power			1,311						1,106						205
Operation, maintenance and other			836						688						148
Depreciation and amortization			682						631						51
Property and other taxes			181						172						9
Total operating expenses			3,010						2,597						413
Gains on Sales of Other Assets and Other, net			8						6						2
Operating Income			923						876						47
Other Income and Expenses, net			64						55						9
Interest Expense			291						275						16
Income Before Income Taxes			696						656						40
Income Tax Expense			98						110						(12)
Net Income			598						546						52
Less: Net Income Attributable to Noncontrolling Interest			5						—						5
Net Income Attributable to Progress Energy			$	593					$	546					$	47

MD&A			PROGRESS ENERGY

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $233 million increase in fuel revenues primarily due to higher fuel rates and JDA sales at Duke Energy Progress and fuel volumes and billing rates at Duke Energy Florida;

• a $73 million increase due to higher pricing from the new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case at Duke Energy Progress and Year 2 of the 2024 Duke Energy Florida rate case;

• a $28 million increase in retail sales due to improved weather compared to the prior year;

• a $20 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida;

• a $17 million increase in storm recovery revenues at Duke Energy Florida;

• a $16 million increase in other revenues due to higher transmission revenues; and

• a $16 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress.

Operating Expenses. The variance was driven primarily by:

*•*a $205 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and purchased power costs at Duke Energy Progress and higher fuel costs driven by higher natural gas and coal prices and higher purchased power costs at Duke Energy Florida, partially offset by lower fuel cost recovery;

• a $148 million increase in operation, maintenance and other primarily due to a legal settlement and higher storm costs associated with Winter Storm Fern at Duke Energy Progress and higher storm amortization and environmental reserves at Duke Energy Florida; and

*•*a $51 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and the impacts of new rates implemented for the North Carolina MYRP at Duke Energy Progress.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates at Duke Energy Florida.

Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs, partially offset by an increase in pretax income.

DUKE ENERGY PROGRESS

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	2,301					$	2,018					$	283
Operating Expenses
Fuel used in electric generation and purchased power			863						725						138
Operation, maintenance and other			508						398						110
Depreciation and amortization			386						357						29
Property and other taxes			59						60						(1)
Total operating expenses			1,816						1,540						276
Gains on Sales of Other Assets and Other, net			1						—						1
Operating Income			486						478						8
Other Income and Expenses, net			43						37						6
Interest Expense			135						128						7
Income Before Income Taxes			394						387						7
Income Tax Expense			40						56						(16)
Net Income			$	354					$	331					$	23

MD&A			DUKE ENERGY PROGRESS

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period			2026
Residential sales			0.8		%
Commercial sales			1.6		%
Industrial sales			(10.8)		%
Wholesale power sales			3.2		%
Joint dispatch sales			(7.8)		%
Total sales			0.6		%
Average number of customers			1.5		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $167 million increase in fuel revenues due to higher fuel rates and JDA sales;

• a $44 million increase due to higher pricing from the impacts of new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case;

• a $16 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates;

• a $15 million increase in retail sales due to improved weather compared to the prior year; and

• an $11 million increase rider revenue primarily due to North Carolina storm securitization.

Operating Expenses. The variance was driven primarily by:

• a $138 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and purchased power costs, including JDA purchases, partially offset by lower fuel cost recovery;

• a $110 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement and higher storm costs in the current year associated with Winter Storm Fern; and

*•*a $29 million increase in depreciation and amortization primarily due to higher depreciable base and the impacts of new rates implemented for the North Carolina MYRP.

Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs.

DUKE ENERGY FLORIDA

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	1,621					$	1,444					$	177
Operating Expenses
Fuel used in electric generation and purchased power			448						381						67
Operation, maintenance and other			324						286						38
Depreciation and amortization			296						274						22
Property and other taxes			123						112						11
Total operating expenses			1,191						1,053						138
Gains on Sales of Other Assets and Other, net			2						1						1
Operating Income			432						392						40
Other Income and Expenses, net			16						18						(2)
Interest Expense			128						118						10
Income Before Income Taxes			320						292						28
Income Tax Expense			63						58						5
Net Income			$	257					$	234					$	23

MD&A			DUKE ENERGY FLORIDA

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period			2026
Residential sales			3.7		%
Commercial sales			0.9		%
Industrial sales			(1.1)		%
Wholesale power sales			(7.8)		%
Total sales			2.7		%
Average number of customers			1.4		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $66 million increase in fuel revenues primarily due to higher fuel volumes and billing rates;

• a $29 million increase due to higher pricing from Year 2 of the 2024 Florida rate case;

• a $27 million increase in other revenues due to higher transmission revenues primarily from higher demand and rates;

• a $20 million increase in rider revenues primarily due to higher rates for the SPP;

• a $17 million increase in storm recovery revenues; and

• a $13 million increase in retail sales due to improved weather compared to the prior year.

Operating Expenses. The variance was driven primarily by:

• a $67 million increase in fuel used in electric generation and purchased power primarily due to higher fuel costs driven by higher natural gas and coal prices and higher purchased power costs, partially offset by lower fuel cost recovery;

• a $38 million increase in operation, maintenance, and other primarily due to higher storm amortization and environmental reserves;

• a $22 million increase in depreciation and amortization primarily due to higher depreciable base; and

• an $11 million increase in property and other taxes primarily due to higher base upon which property taxes are levied.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

DUKE ENERGY OHIO

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues
Regulated electric			$	562					$	487					$	75
Regulated natural gas			317						279						38
Total operating revenues			879						766						113
Operating Expenses
Fuel used in electric generation and purchased power			173						149						24
Cost of natural gas			121						101						20
Operation, maintenance and other			139						124						15
Depreciation and amortization			121						112						9
Property and other taxes			117						116						1
Total operating expenses			671						602						69
Operating Income			208						164						44
Other Income and Expenses, net			5						5						—
Interest Expense			52						47						5
Income Before Income Taxes			161						122						39
Income Tax Expense			31						22						9
Net Income			$	130					$	100					$	30

MD&A			DUKE ENERGY OHIO

The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

			Electric			Natural Gas
Increase (Decrease) over prior year			2026			2026
Residential sales			1.5		%	(10.5)		%
Commercial sales			3.0		%	(6.5)		%
Industrial sales			1.4		%	(5.7)		%
Wholesale electric power sales			137.5		%	n/a
Other natural gas sales			n/a			(8.2)		%
Total sales			3.3		%	(8.8)		%
Average number of customers			0.5		%	0.4		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $47 million increase in fuel-related revenues primarily due to higher natural gas costs passed through to customers, partially offset by lower natural gas retail sales volumes;

• a $23 million increase primarily due to higher pricing from the 2025 Duke Energy Kentucky natural gas rate case and the 2024 Duke Energy Kentucky electric rate case;

• a $17 million increase in retail revenue riders primarily due to the Distribution Capital Investment Rider, Pipeline Modernization Mech Rider, Ohio CEP Rider and Distribution Decoupling Rider; and

• a $12 million increase in Bulk Power Marketing sales.

Operating Expenses. The variance was driven primarily by:

• a $44 million increase in fuel expense primarily due to higher retail prices for natural gas and purchased power; and

• a $15 million increase in operation, maintenance and other primarily due to higher environmental reserves and vegetation management costs.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income.

DUKE ENERGY INDIANA

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	966					$	858					$	108
Operating Expenses
Fuel used in electric generation and purchased power			370						260						110
Operation, maintenance and other			190						195						(5)
Depreciation and amortization			205						192						13
Property and other taxes			19						18						1
Total operating expenses			784						665						119
Operating Income			182						193						(11)
Other Income and Expenses, net			11						10						1
Interest Expense			64						59						5
Income Before Income Taxes			129						144						(15)
Income Tax Expense			18						18						—
Net Income			$	111					$	126					$	(15)

MD&A			DUKE ENERGY INDIANA

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year			2026
Residential sales			(0.8)		%
Commercial sales			3.1		%
Industrial sales			3.9		%
Wholesale power sales			(18.5)		%
Total sales			(4.4)		%
Average number of customers			1.1		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $73 million increase primarily due to higher pricing from the 2024 Indiana rate case, net of certain rider revenues moving to base; and

• a $54 million increase in fuel revenues primarily due to higher retail fuel rates.

Partially offset by:

• a $23 million decrease in rider revenues.

Operating Expenses. The variance was driven primarily by:

• a $110 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power expense and natural gas costs, as well as higher amortization of deferred fuel and Midcontinent Independent System Operator, Inc. (MISO) costs; and

• a $13 million increase in depreciation and amortization primarily due to higher depreciation rates from the 2024 Indiana rate case.

PIEDMONT

Results of Operations

			Three Months Ended March 31,
(in millions)			2026						2025						Variance
Operating Revenues			$	1,011					$	857					$	154
Operating Expenses
Cost of natural gas			404						272						132
Operation, maintenance and other			95						96						(1)
Depreciation and amortization			74						70						4
Property and other taxes			26						18						8
Total operating expenses			599						456						143
Gains on Sales of Other Assets and Other, net			652						—						652
Operating Income			1,064						401						663
Other Income and Expenses, net			12						13						(1)
Interest Expense			48						47						1
Income Before Income Taxes			1,028						367						661
Income Tax Expense			258						76						182
Net Income			$	770					$	291					$	479

MD&A			PIEDMONT

The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.

Increase (Decrease) over prior year			2026
Residential deliveries			(7.9)		%
Commercial deliveries			(4.4)		%
Industrial deliveries			(2.2)		%
Power generation deliveries			7.5		%
For resale			(9.6)		%
Total throughput deliveries			1.5		%
Secondary market volumes			1.2		%
Average number of customers			(5.2)		%

Three Months Ended March 31, 2026, as compared to March 31, 2025

Operating Revenues. The variance was driven primarily by:

• a $132 million increase in cost of natural gas revenues primarily due to higher commodity prices; and

• a $17 million increase due to customer growth in North Carolina and South Carolina and the North Carolina IMR.

Operating Expenses. The variance was driven primarily by:

• a $132 million increase in cost of natural gas due to higher commodity prices.

Gains on Sales of Other Assets and Other, net. The increase was due to the gain on sale of Piedmont's Tennessee business.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and higher state tax expense associated with the sale of Piedmont's Tennessee business.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Uses of Cash

Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are also monetizing tax credits in the transferability markets established by the IRA and are working with utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. In April 2026, we executed a multi-year agreement to sell up to $3.1 billion of net tax credits with expected proceeds to be received through 2029. See Note 16 to the Condensed Consolidated Financial Statements, “Income Taxes,” for further information. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025, included a summary and detailed discussion of projected primary sources and uses of cash for 2026 to 2028.

Duke Energy has executed several equity forward sales agreements as part of the ATM program. Settlement of the forward sales agreements is expected to occur by December 31, 2027. See Note 14 to the Condensed Consolidated Financial Statements, “Stockholders’ Equity” for further details.

In March 2026, Duke Energy extended the termination date of its existing $10 billion Master Credit Facility to March 2031. As of March 31, 2026, Duke Energy had $2.1 billion of cash on hand and $8.0 billion available under its Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs.

In July 2025, Piedmont entered into a purchase agreement with Spire Inc., to sell Piedmont’s Tennessee business. On March 31, 2026, Piedmont closed on the sale and received proceeds of approximately $2.5 billion. In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement for Florida Progress to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida following a series of closings through June 30, 2028. On March 3, 2026, Duke Energy, Progress Energy and Florida Progress consummated the first closing that resulted in Florida Progress issuing 9.19% of its membership interests in exchange for approximately $2.8 billion in cash proceeds. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further details.

MD&A			LIQUIDITY AND CAPITAL RESOURCES

Cash Flow Information

The following table summarizes Duke Energy’s cash flows.

						Three Months Ended
						March 31,
(in millions)						2026						2025
Cash flows provided by (used in):
Operating activities						$	1,512					$	2,177
Investing activities						(1,846)						(3,300)
Financing activities						2,223						1,238
Net increase in cash, cash equivalents and restricted cash						1,889						115
Cash, cash equivalents and restricted cash at beginning of period						363						421
Cash, cash equivalents and restricted cash at end of period						$	2,252					$	536

OPERATING CASH FLOWS

The following table summarizes key components of Duke Energy’s operating cash flows.

						Three Months Ended
						March 31,
(in millions)						2026						2025						Variance
Net income						$	1,577					$	1,404					$	173
Non-cash adjustments to net income						1,817						1,796						21
Payments for asset retirement obligations						(119)						(102)						(17)
Working capital						(892)						(945)						53
Other assets and Other liabilities						(871)						24						(895)
Net cash provided by operating activities						$	1,512					$	2,177					$	(665)

The variance is primarily driven by:

• a $895 million decrease in cash inflow due to changes in other assets and liabilities, primarily due to higher deferred fuel and purchased power costs as well as storm restoration costs due to severe winter weather.

Partially offset by:

• a $194 million increase in net income, after adjustment for non-cash items, primarily due to the the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with improved weather, partially offset by higher operation and maintenance expense, including storm costs.

INVESTING CASH FLOWS

The following table summarizes key components of Duke Energy’s investing cash flows.

						Three Months Ended
						March 31,
(in millions)						2026						2025						Variance
Capital, investment and acquisition expenditures						$	(4,088)					$	(3,148)					$	(940)
Proceeds from the sale of Piedmont's Tennessee business						2,501						—						2,501
Other investing items						(259)						(152)						(107)
Net cash used in investing activities						$	(1,846)					$	(3,300)					$	1,454

The variance is driven by proceeds received from the sale of Piedmont's Tennessee business, partially offset by higher capital expenditures within the EU&I segment in the current year.

MD&A			LIQUIDITY AND CAPITAL RESOURCES

FINANCING CASH FLOWS

The following table summarizes key components of Duke Energy’s financing cash flows.

						Three Months Ended
						March 31,
(in millions)						2026						2025						Variance
Issuances of long-term debt, net						$	691					$	3,100					$	(2,409)
Issuances of common stock						—						7						(7)
Notes payable, commercial paper and other short-term borrowings						(291)						(1,055)						764
Dividends paid						(846)						(803)						(43)
Contributions from noncontrolling interests						2,778						—						2,778
Other financing items						(109)						(11)						(98)
Net cash provided by financing activities						$	2,223					$	1,238					$	985

The variance is primarily due to:

• a $2.8 billion increase in contributions from noncontrolling interests due to cash proceeds received related to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners; and

• a $764 million increase driven by lower net repayments of notes payable and commercial paper.

Partially offset by:

• a $2.4 billion decrease driven by timing of issuances of long-term debt, net of redemptions.

OTHER MATTERS

Environmental Regulations

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.

GHG Standards and Guidelines

In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants, referred to as electric generating units. Compliance with EPA Rule 111 as issued would have a material impact on the timing, nature and magnitude of future generation investments in our service territories. Duke Energy is participating in legal challenges to EPA Rule 111 as a member of Electric Generators for a Sensible Transition, a coalition of similarly affected utilities, and as a member of a utility trade group. The litigation is currently pending in the U.S. Court of Appeals for the District of Columbia Circuit (the Court).

On February 5, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 60-day abeyance to allow time for new EPA leadership to review the issues and EPA Rule 111 to determine how they wish to proceed. On February 19, 2025, the Court granted EPA’s request. On April 21, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it conducts a new notice-and-comment rulemaking to reconsider the challenged EPA Rule 111. As part of this request, the EPA indicated it intended to issue a final rule by December 2025. On April 25, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.

On June 17, 2025, the EPA published a proposed rule to repeal EPA Rule 111 based on a finding that fossil fuel-fired power plants “do not contribute significantly to dangerous air pollution” under the meaning of section 111 of the Clean Air Act. The EPA also published an alternative proposal to repeal a narrower set of requirements leaving in place only GHG emission standards for new and reconstructed stationary combustion turbine electric generating units. Comments on the proposed rule were due by August 7, 2025. The Duke Energy Registrants will continue to monitor the rule as issued and actions of the court and will evaluate the impacts of any final rule or EPA actions once available.

MD&A			OTHER MATTERS

Coal Combustion Residuals

In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments). The 2024 CCR Rule also imposes a subset of the 2015 CCR Rule's requirements, including groundwater monitoring, corrective action (where necessary), and in certain cases, closure, and post-closure care requirements, on previously unregulated coal ash surfaces at regulated facilities (CCR Management Units). Duke Energy, as part of a group of similarly affected electric utilities, filed a petition to challenge the 2024 CCR Rule in the U.S. Court of Appeals for the District of Columbia Circuit (the Court) on August 6, 2024. On February 13, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 120-day abeyance to allow time for new EPA leadership to review the issues and the 2024 CCR Rule to determine how they wish to proceed. On that same day, the Court granted EPA’s motion to hold the case in abeyance pending further order of the Court. On June 13, 2025, the EPA requested, and the Court granted, a 60-day extension of the abeyance to give the agency time to “decide the full scope of reconsideration.” On August 11, 2025, the EPA filed a motion to govern further proceedings in the legacy CCR surface impoundments rule litigation, and on August 13, 2025, the Court granted an abeyance in the case until December 15, 2025. On December 15, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it reconsiders certain aspects of the 2024 CCR Rule for both Legacy CCR Surface Impoundments and CCR Management Units. On December 16, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.

On April 13, 2026, the EPA published in the Federal Register a proposed rule titled “Hazardous and Solid Waste Management System: Disposal of Coal Combustion Residuals from Electric Utilities; Legacy/CCRMU Amendments” under which the EPA proposes numerous amendments to the 2015 CCR Rule, as amended by the 2024 CCR Rule. Among other changes, the EPA is proposing to rescind all CCR Management Unit requirements finalized in the 2024 CCR Rule. In the event the EPA determines not to rescind all such requirements, the EPA is also seeking comments on several potential alternatives that would revise the existing CCR Management Unit regulations, including (i) deferring all CCR Management Unit requirements (other than the requirement to complete facility evaluations) to determinations made by a regulatory authority under a state or federal CCR permit program and (ii) expanding the CCR permit program deferral criteria for certain CCR Management Unit closures to a state or federal permit authority. With respect to Legacy CCR Surface Impoundments, the EPA is proposing (i) to establish an additional pathway for owners and operators of such units to certify closure by removal of the unit under the oversight of a regulatory authority prior to November 8, 2024, and (ii) to expand the CCR permit program deferral criteria for Legacy CCR Surface Impoundments that completed closure under state or federal regulatory authority prior to November 8, 2024, until the CCR permit authority can consider, on a site-specific basis, the need for additional closure measures, if any, to be taken. Duke Energy is reviewing the proposed rule and analyzing the potential impacts it could have on the Company, which could be material. A final rule is anticipated in the fourth quarter of 2026.

In addition to the requirements of the federal CCR rules, CCR landfills and surface impoundments will continue to be regulated by the states. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions and via wholesale contracts, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations.

State Legislation

Indiana House Enrolled Act 1002

Indiana House Enrolled Act 1002 was signed into law on February 26, 2026. It reflects legislative priorities focused on electric utility affordability, low-income customer protections and assistance, and longer-term ratemaking concepts, including three-year rate plans and performance-based affordability and reliability metrics. Under the law, Duke Energy Indiana is required to file its first MYRP between November 15 and December 15, 2026.

Ohio Natural Gas Senate Bill 103

Ohio Senate Bill 103 (SB103) was signed into law and became effective on March 20, 2026. SB103 allows natural gas utilities to file MYRPs with forward-looking test periods.

Carolinas Resource Plan

On October 1, 2025, Duke Energy Carolinas and Duke Energy Progress filed their systemwide 2025 Carolinas Resource Plan (the 2025 Plan) with the NCUC that builds upon the approved dual-state 2023 Carolinas Resource Plan. The 2025 Plan seeks to maximize the value of existing resources, enhance grid flexibility and add new supply-side resources to reliably meet growing energy demands in the most reasonable and cost-effective manner in a period of unprecedented load growth. The evidentiary hearing has been scheduled for June 2026 and an order from the NCUC is expected to be issued by December 31, 2026. Information related to the updated systemwide plan was filed with the PSCSC on November 25, 2025, and the PSCSC accepted the resource plan in April 2026.