Duke Energy CORP (DUK)

Duke Energy is an energy company incorporated on May 3, 2005 and headquartered in Charlotte, North Carolina. It operates in the U.S. primarily through direct and indirect subsidiaries, several of which are also registrants with the SEC: Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Operations in Kentucky are conducted through Duke Energy Kentucky, a wholly owned subsidiary of Duke Energy Ohio. The company is subject to regulation by the FERC and other federal and state agencies.

Duke Energy has two reportable segments: Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I). The remainder of its operations is presented as Other. EU&I operates mainly through the regulated utilities Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio. It generates, transmits, distributes and sells electricity and owns about 55,713 MW of generation capacity. Its generation relies principally on natural gas, nuclear fuel and coal, with smaller contributions from hydroelectric and solar, and the rest of its energy needs met by purchased power. Duke Energy owns, wholly or partially, 11 operating nuclear reactors at six operating stations. In August 2025 it agreed to an investment with an affiliate of Brookfield Super-Core Infrastructure Partners to receive $6 billion for an eventual anticipated 19.7% indirect investment in Duke Energy Florida.

EU&I provides retail electric service to approximately 8.7 million customers across about 90,000 square miles in six states in the Southeast and Midwest, with an estimated population of 27 million. It also sells electricity wholesale to municipalities, electric cooperatives and other load-serving entities. Sales are made to residential, commercial and industrial classes, and the mix varies by utility. Residential customer growth and commercial strength, including data center usage, drove weather-normal sales growth in 2025, while industrial sales remained soft. Revenues are seasonal, with peaks in summer and winter. Rates are set by state commissions to recover costs plus a reasonable return on invested capital.

EU&I is generally the sole electricity supplier in its territories, except in Ohio, where generation supply is competitively auctioned and EU&I earns its margin on transmission and distribution. Competition comes from distributed generation such as private solar and on-site generation, and from other utilities and merchant generators in wholesale markets. Fuel is purchased from various suppliers, including Piedmont for natural gas. Nuclear fuel is sourced through diversified long-term contracts for uranium, conversion, enrichment and fabrication. Coal comes from long-term and spot purchases from mines in Appalachia, the Illinois Basin and along the Ohio River. Operations are overseen by the FERC, the NRC and state commissions in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. EU&I also manages coal ash basin closure and nuclear decommissioning obligations, with an inventory balance of about $4.4 billion at December 31, 2025.