#1DUKE ENERGY. Q4 / 2023 Earnings Review and Business Update Lynn Good Chair, President and CEO Brian Savoy / Executive Vice President and CFO February 8, 2024#2Safe Harbor statement This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulation G disclosure In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the Appendix herein and on our Investor Relations website at www.duke-energy.com/investors. DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE || 2#3Safe harbor statement This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend,” “estimate,” “expect,” “continue,” “should,” “could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: The ability to implement our business strategy, including our carbon emission reduction goals; State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; Costs and effects of legal and administrative proceedings, settlements, investigations and claims; Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; Advancements in technology; Additional competition in electric and natural gas markets and continued industry consolidation; The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto; The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources; Operational interruptions to our natural gas distribution and transmission activities; The availability of adequate interstate pipeline transportation capacity and natural gas supply; The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences; The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility's generation mix, and general market and economic conditions; Credit ratings of the Duke Energy Registrants may be different from what is expected; Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; Construction and development risks associated with the completion of the Duke Energy Registrants' capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; The ability to control operation and maintenance costs; The level of creditworthiness of counterparties to transactions; The ability to obtain adequate insurance at acceptable costs; Employee workforce factors, including the potential inability to attract and retain key personnel; The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; The impacts from potential impairments of goodwill or equity method investment carrying values; Asset or business acquisitions and dispositions may not yield the anticipated benefits; and the actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE || 3#4Financial highlights $3.54/$5.56 2023 REPORTED (1) / ADJUSTED EPS $73 BILLION 5-YR CAPEX PLAN $8 BILLION INCREASE FROM PRIOR CAPEX PLAN AS ENERGY TRANSITION ADVANCES DUKE ENERGY. ADJUSTED EARNINGS PER SHARE $5.56 2023 Adjusted Earnings per Share $5.85 - $6.10 $5.85 - $6.10 INTRODUCING 2024 ADJUSTED EPS GUIDANCE RANGE 2024 Guidance Range 5% - 7% EARNINGS GROWTH THROUGH 2028 OFF MIDPOINT OF 2024 GUIDANCE RANGE ($5.98)(2) (1) FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE (2) Reported results include Commercial Renewables operating results and impairment of ($1.81) in 2023 Based on adjusted EPS // 4#52023 accomplishments provide clarity and momentum $45 BILLION OF HISTORIC AND FUTURE RATE BASE INVESTMENTS APPROVED (1) ✓ Implemented multi-year plans for first time ever in North Carolina ✓ DE Progress-NC approved in August DE Carolinas-NC approved in December ✓ DE Progress-SC approved in March ✓ DE Ohio-gas approved in November Service Territory Counties Served Duke Energy Indiana Duke Energy Ohio/Kentucky Duke Energy Carolinas/Progress Piedmont Natural Gas Overlapping Territory Duke Energy Florida DUKE ENERGY. ✓ DE Kentucky-electric approved in October OPERATIONAL EXCELLENCE ✓ Finished 2023 with best safety record in company history ✓ During Hurricane Idalia, self-healing grid technologies saved more than 7 million customer outage minutes in Florida ✓ J.D. Power ranked Piedmont Natural Gas No. 1 for residential customer satisfaction in south region for the second year in a row AND MORE ✓ Completed sale of Commercial Renewables business ✓ Helped our communities attract economic development projects resulting in 15,000 jobs and $22 billion in capital investments ✓ Received approval to recover ~$4 billion of deferred 2022 fuel balances, with no disallowances FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE (1) $45 billion of approved investments represents the combination of approved rate base across NC, SC, OH, and KY rate cases, plus $8 billion of approved capital projects included in the 3-year MYRP in NC. || 5#6Areas of focus for 2024 * BUILDING ON SIGNIFICANT MOMENTUM IN 2023 Planning for generation resources to support our growing communities ☐ ☐ Filed supplemental update in Carolinas Resource Plan in January. Expect orders in North Carolina and South Carolina by year end Filing IRPs in Indiana and Kentucky in 2024 Actively pursuing or building new generation across our jurisdictions ◉ " 300 MW solar additions in 2024 in Florida; on track for 1,500 MWs in service by year-end Expect to file CPCNs in 2024 in North Carolina for over 2 GWs of natural gas Solar procurements in the Carolinas target over 1 GW annually Expect to file CPCNs in Indiana for new generation resources around mid-year IIII Advancing regulatory strategy to recover prudent investments Filed DE Carolinas-SC base rate case on January 4 Filed notice for DE Florida multi-year rate plan (2025-2027) on January 31 Evaluating timing of DE Indiana and Piedmont-NC rate cases DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 6#7Pure play regulated utility operating in constructive and growing jurisdictions COMPLETED PORTFOLIO TRANSITION TO FULLY REGULATED COMPANY... -35% 2011 Duke Energy & Progress Energy merger 2015 Acquired Piedmont Natural Gas 2016 NC enacts bi-partisan comprehensive clean energy legislation 2023 -65% Regulated (1) Non-regulated Current -100% 2012 Exit of merchant Midwest Generation business 2016 Completed sale of Latin American Generation business 2021 Completed sale of Commercial Renewables business ...WITH A CLEAR STRATEGY AND LONG-TERM ORGANIC GROWTH OPPORTUNITIES Serving vibrant jurisdictions Expect 2023-2028 load growth of 1.5 - 2% Added 195,000 new customers in 2023 Significant economic development across multiple industries drives long-term C&I growth Investing in regulated utilities Growing capital plan - $73 billion, 2024-2028 Transforming the largest T&D system in the U.S. Building generation and transmission to support growth and fleet transition Modernizing gas LDCs Efficient recovery mechanisms ~90% of electric capital investments (2) are eligible for efficient recovery mechanisms Riders and annual rate mechanisms mitigate lag in gas utilities DUKE ENERGY. (1) Regulated business excludes International Energy and Commercial Power FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE (2) Based on 2024-2028 capital plan, subject to regulatory approval; per HB 951 certain North Carolina capital investments are not eligible for multi-year rate plan including large generation investments over $500 million // 7#82023 Financial results REPORTED AND ADJUSTED EARNINGS PER SHARE $3.54 $3.17 $5.56 $5.27 Reported (¹) Adjusted (2) 2023 2022 MITIGATED RECORD MILD WEATHER AND MACRO HEADWINDS BY DELIVERING ON COST AND AGILITY EFFORTS YEAR-OVER-YEAR DRIVERS Electric Utilities and Infrastructure (+$0.10 adjusted EPS) Rate increases (NC, FL, SC, KY), riders and cost mitigation, partially offset by weather, volumes and higher interest expense Gas Utilities and Infrastructure (+$0.07 adjusted EPS) Riders and cost mitigation, partially offset by higher interest expense Other (+$0.12 adjusted EPS) Higher returns on investments and lower effective tax rate, partially offset by higher interest expense (1) Reported results include Commercial Renewables operating results and impairment of ($1.57) in 2022 and ($1.81) in 2023 (2) 2022 and 2023 adjusted EPS exclude Commercial Renewables, which is classified as discontinued operations DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 8#92024 Financial outlook - adjusted EPS waterfall $5.56 2023 Adjusted EPS DUKE Electric Utilities & Infrastructure $0.78 Gas Utilities & Infrastructure $0.07 Other ($0.43) Normal weather ▲ Customer growth and economic development ▲ North Carolina & Florida MYRPS ▲ South Carolina & Kentucky rate cases ▲ Midwest & FL riders Interest expense D&A and property taxes Rate cases and riders Customer growth Interest expense D&A and property taxes ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE Interest expense Higher effective tax rate $5.98 Midpoint 2024 Adjusted EPS Guidance Range of $5.85 - $6.10 // 9#10Retail electric volumes EXPECT 2023 2028 LOAD - GROWTH OF 1.5-2% Continued residential customer growth from population migration 2.1% customer growth in the Carolinas and 2% in Florida from 2022 to 2023 Residential decoupling effective for both North Carolina utilities in 2024 Economic development continues to be robust FORECASTED 2024 RETAIL ELECTRIC VOLUMES(1) 2-3% 1.5-2% -2% PROJECTED GROWTH FROM ECONOMIC DEVELOPMENT (GWh)(3) ~5,000 - 8,000 -3,500 - ~1,000 - 2,000 4,500 ~10,000 - 16,000 ~8,000 - 13,000 2024 2025 2026 2027 2028 2028 ECONOMIC DEVELOPMENT FORECAST BY INDUSTRY 10% 25% 65% Commercial Residential Total Retail & Industrial(2) ■ Manufacturing ■ Data Centers ■ Other (1) Compared to 2023 actuals (2) Forecast contemplates commercial growth of ~0-1% and industrial growth of ~3-6% (3) GWh additions represent cumulative annual impact DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 10#11Culture of continuous improvement delivers sustainable savings SIGNIFICANT O&M SAVINGS DESPITE RISING INFLATION TOP-PERFORMER ACROSS MULTIPLE O&M COST EFFICIENCY MEASURES(2) ✓ Delivered on all 2023 cost initiatives $4.8 O&M Cost Management ($ in billions) $4.4 Declining O&M (-4%) CAGR $4.4 2022 2023 2024E Base O&M(1) #2/19 ELECTRIC NON-GENERATION O&M/CUSTOMER #3/19 ELECTRIC NON-GENERATION O&M / MWH #2/11 NUCLEAR PRODUCTION EXPENSE / NUCLEAR GENERATION MWH (1) Base O&M is a non-GAAP financial measure, as it represents reported O&M expenses adjusted for special items and expenses recovered through riders and excludes O&M expenses for Duke Energy's non-regulated electric products and services supporting regulated operations. (2) Source: Company annual filings, 2022 FERC Form 1; Data as of YE 2022 unless otherwise noted; Reflects total electric O&M net of power production O&M; Figures reflect utility operations unless otherwise noted; Electric customer counts sourced from 2022 company 10-K. UTY constituents included in comparison: AEE, AEP, AES (US), CNP, D, DTE, ED, EIX, ES, ETR, EXC, FE, NEE, PEG, PNW, SO, WEC, XEL DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 11#12$8B increase in capital plan drives significant earnings base growth GROWING 5-YEAR CAPEX PROFILE... $95B - $105B $73B $65B $63B LONG-TERM GROWTH SUPPORTED BY ROBUST CAPITAL PLAN ✓ Capital plan reflects early estimate of the supplemental Carolinas Resource Plan filing and approved North Carolina multi-year rate plans 2022-2026 2023 -2027 2024 -2028 2029-2033 (current) ✓ Resilient capital plan underpinned by regulated investments reflected in integrated resource plans and multi-year grid programs ...SUPPORTS STRONG EARNINGS BASE GROWTH(1) $140B $132B $123B $114B $106B $99B 2023 to 2028 CAGR -7.2% 2023A 2024E 2025E 2026E 2027E 2028E ✓ 50% of capital plan focused on grid investment; increases the reliability and resiliency of our growing system ~90% of electric capital investments are eligible for efficient recovery mechanisms; riders and annual rate mechanisms mitigate lag in gas utilities (1) In billions. Illustrative earnings base for presentation purposes only and includes retail and wholesale; Amounts as of the end of each year shown; Projected earnings base = prior period earnings base + capex - D&A - deferred taxes (including production tax credits) - securitized assets. Amounts presented gross of GIC minority investment DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 12#13Committed to current credit ratings KEY MESSAGES 2024 FFO / DEBT DRIVERS ☐ Continue to benefit from a number of credit supportive drivers: 2023 FFO / Debt(1) Normal weather 12.5% +25 bps 12.8% ☐ ☐ ■ Constructive rate case outcomes improve cash from operations Received approval to recover ~$4 billion of deferred 2022 fuel balances, with no disallowances IRA tax credits to provide meaningful cash flow over time. Expect to monetize credits through transferability market Expect equity issuances of $500 million per year 2024-2028 via DRIP/ATM programs to fund incremental growth capital Targeting 14% FFO / Debt by end of 2024, and minimum of 14% over the long-term Targeting Hold Co / total debt ratio in low 30's Pension ~114% funded across all plans Not expected to be a significant federal cash taxpayer until around 2030 due to tax credit position + 65-75 bps + 30 bps + 40-60 bps + 10 bps Weather-normal 2023 FFO / Debt Rate cases and riders Deferred fuel collections Nuclear PTC monetization DRIP/ATM issuances Higher debt/ other drivers 2024 FFO / Debt Target (30-50 bps) DEFERRED FUEL BALANCE $3.9 2017-2020 average Q4 2022A ($ in billions) $2.3 ~14% DE Midwest ■DE Progress ■DE Carolinas ■ DE Florida $0.4 Q4 2023A Q4 2024E DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE (1) Reflects FFO adjustment for long-term portion of deferred fuel // 13#14Our investor value proposition DUK LISTED NYSE A STRONG LONG-TERM RETURN PROPOSITION DUK LISTED NYSE 4.3% DIVIDEND YIELD(1) WITH LONG-TERM DIVIDEND GROWTH COMMITMENT(2) -10% ATTRACTIVE RISK-ADJUSTED TOTAL SHAREHOLDER RETURN(3) 5-7% LONG-TERM EPS GROWTH(4) THROUGH 2028 CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED INVESTMENTS AND BALANCE SHEET STRENGTH (1) As of February 6, 2024 (2) Subject to approval by the Board of Directors (3) Total shareholder return proposition at a constant P/E ratio Based on adjusted EPS DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 14#15APPENDIX#16Constructive North Carolina rate case outcomes IMPLEMENTS PERFORMANCE-BASED REGULATIONS AUTHORIZED BY HB 951, INCLUDING MULTI-YEAR RATE PLANS DE PROGRESS RATE CASE ORDER DE CAROLINAS RATE CASE ORDER ■ On August 18, 2023, the NCUC issued an order approving the Company's PBR application 9.8% ROE and 53% equity capital structure Increase from 9.6% ROE and 52% equity capital structure Approved partial settlements, including: Rate base of $12.2 billion (1) for the historic base case $3.5 billion (1) of capital projected to go into service over 3-year MYRP (Oct. 2023 - Sep. 2026) Approved performance incentive measures DEP implemented revised full Year 1 rates and residential decoupling in October 2023 ☐ On December 15, 2023, the NCUC issued an order approving the Company's PBR application 10.1% ROE and 53% equity capital structure ☐ Increase from 9.6% ROE and 52% equity capital structure Approved partial settlements, including: Rate base of $19.5 billion (1) for the historic base case $4.6 billion (1) of capital projected to go into service over 3-year MYRP (Jan. 2024 - Dec. 2026) Approved a standalone rider to provide the benefit of nuclear production tax credits under the IRA to customers Approved performance incentive measures DEC implemented revised full Year 1 rates and residential decoupling in January 2024 (1) North Carolina retail portion DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 16#17Advancing Carolinas energy transition SUPPLEMENTAL CAROLINAS RESOURCE PLAN FILED IN NORTH CAROLINA AND SOUTH CAROLINA ON JANUARY 31 Reflects significant growth in economic development opportunities since August IRP filings and changes to technology costs ☐ ■ Peak load has increased by ~2 GW in 2030 Continues to retire coal by 2035 Preserves optionality for long lead-time resources, including offshore wind Single, unified integrated resource plan filed with both North Carolina and South Carolina Maintains "all of the above" strategy calling for a diverse deployment of new technologies Expect to file CPCNs in 2024 in North Carolina for over 2 GWs of natural gas Next Steps Hearing Scheduled to Begin Order Expected North Carolina July 22, 2024 Q4 2024 South Carolina September 16, 2024 Q4 2024 NEAR-TERM ACTION PLAN HIGHLIGHTS ☐ 6,500 MW of new solar in- service by 2031 2,700 MW of battery storage in-service by 2031 8,900 MW of natural gas in- service by 2033 O 1,200 MW of onshore wind in- service by 2033 ■ Early development costs for Bad Creek II pumped storage hydro ■ Evaluate reactor technologies and develop Early Site Permit for advanced nuclear DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 17#18Coal as a % of Earnings Base ~12% -10% 4% 4% ~7% 3% 8% 6% 4% Coal / Oil Dual-Fuel(2) -2-3% ~1-2% ~1-2% 2021 2023 2025E (1) 2030E (1) (1) 2025 and 2030 estimate will be impacted by customer demand for electricity, weather, fuel and purchased power prices, and other factors. (2) As of December 31, 2023, the dual-fuel capable units and percentage of gas capacity are Cliffside 6 (100%), Belews Creek 1 & 2 (50%), Cliffside 5 (40%) Marshall 1&2 (40%), Marshall 3&4 (50%), Edwardsport (100%). DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 18#19Emerging technology advancements ENERGY STORAGE Testing EnerVenue nickel hydrogen battery, EOS Gen 3 zinc battery, and GKN hydrogen storage unit at Duke Energy's Emerging Technology and Innovation Center in North Carolina Deploying 100 residential Generac batteries in Florida to perform peak shaving and provide customers back up power Researching and developing multiple megawatt-scale, non-lithium long duration (8+ hours) energy storage projects in the Carolinas and Florida, including a storage system pilot in North Florida that has transitioned to construction ADVANCED NUCLEAR HYDROGEN ☐ Selected the Belews Creek site in North Carolina for development of our first early site permit (ESP) application and started work on the two-year process to develop the ESP application Continued working with multiple advanced nuclear vendors to support a technology selection in 2025 Continued providing consulting and advisory in-kind services to the TerraPower Natrium project ☐ ☐ First-ever, commercial operation of a gas turbine on 100% green hydrogen at the DeBary, Florida peaking power plant as part of Vision Florida investment When operational in 2024, the new hydrogen system will provide peak power to Duke's customers at times of increased electricity demand DUKE ENERGY. DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 19#20Significantly reducing Scope 1 emissions from electricity generation Removed 67 million metric tons of annual CO2 emissions from electric generation since 2005, equivalent to taking nearly 15 million fossil-fueled vehicles off the road Emissions from electric generation CO2 Emissions (metric tons) and Emission Intensity (metric tons/net MWh) Million Metric Tons 150 125 100 75 50 50 25 2005 2018 2019 2020 2021 2022 2023 Emissions (Left Axis) 0.75 0.50 0.25 Emission Intensity (Right Axis) Metric Tons / net MWh CO₂ emissions CO2 emissions declined from 139 million metric tons in 2005 to 72 million metric tons in 2023 CO2 emissions declined 48% since 2005 ■ On track to achieve reductions of at least 50% by 2030 and 80% by 2040 Emission intensity 0.35 metric tons per net MWh in 2022 ■ 40% reduction in CO2 intensity since 2005 DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 20#21Long-standing history of strong governance driven from diverse Board of Directors FOCUSED ON BOARD COMPOSITION TO OVERSEE THE COMPANY'S LONG-TERM STRATEGY 13 out of 14 directors are independent (all directors except Chair, President and CEO) 7 out of 14 directors are female or identify as a part of a minority group Board of Directors Lynn J. Good Chair, President & CEO, Duke Energy Director since 2013 Derrick Burks Retired Managing Partner, Indianapolis Office, Ernst & Young Director since 2022 Theodore F. Craver Jr. Independent Lead Director Retired Chairman, President, & CEO, Edison International Director since 2017 Annette K. Clayton Chairwoman, Schneider Electric SA Director since 2019 Key Stats 50% Racial, Gender and Ethnic Diversity 6 Years Average Tenure Key Skills & Experience Customer Service 11 Robert M. Davis Chairman and CEO, Merck & Co. Director since 2018 Caroline Dorsa Retired EVP & CFO, PSEG Director since 2021 W. Roy Dunbar Retired Chairman and CEO, Network Solutions Director since 2021 Nicholas C. Fanandakis Retired EVP, DuPont de Nemours Director since 2019 John T. Herron Retired President, CEO & Chief Nuclear Officer, Entergy Nuclear Director since 2013 Idalene F. Kesner Dean Emerita, Indiana University Kelley School of Business Director since 2021 E. Marie McKee Retired SVP, Corning Director since 2012 Cybersecurity/ 12 Technology Environment & 11 Sustainability Executive 14 Michael J. Pacilio Retired EVP & COO, Exelon Generation Director since 2021 Finance or Accounting 12 Governance 14 Human Capital 14 Management Industry 10 Regulatory/Government 13 Risk Management 13 Thomas E. Skains Retired Chairman, President & CEO, Piedmont Natural Gas Director since 2016 William E. Webster Retired EVP, Institute of Nuclear Director since 2016 Power Operations DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 21#22Key 2024 adjusted earnings guidance assumptions ($ in millions) Original 2023 Assumptions(1) 2023 Actual (1) 2024 Assumptions 2024 Interest Expense Assumption (Consolidated Total $3,350) Adjusted segment income/(expense)(2): $1,050 Electric Utilities & Infrastructure $4,610 $4,287 $4,890 $2,050 Gas Utilities & Infrastructure $500 $519 $570 $250 Other ($755) ($521) ($845) Duke Energy Consolidated $4,355 $4,285 $4,615 2023 Interest Expense (Consolidated Total $3,014) Additional consolidated information: $900 Effective tax rate including noncontrolling interests and preferred dividends and excluding special items 11-13% 9.8% 12-14% $1,896 $218 AFUDC equity $260 $198 Capital expenditures (3) $12,200 $12,565 $265 $12,350 Electric Utilities Weighted-average shares ■Gas Utilities ~771 million ~771 million ~772 million outstanding - basic ■ Other (1) Original 2023 assumption and 2023 actual adjusted net income and capital expenditures exclude Commercial Renewables, which is classified as discontinued operations (2) Adjusted net income for 2024 assumptions is based upon the midpoint of the adjusted EPS guidance range of $5.85 to $6.10 (3) Includes debt AFUDC and capitalized interest. 2023 actual includes coal ash closure spend of $545 million that was included in operating cash flows. 2024 Assumptions include ~$549 million of projected coal ash closure spend DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 22#23Electric utilities quarterly weather impacts Weather segment 2023 income to normal: Pretax Weighted EPS impact Pretax 2022 Weighted impact avg. shares favorable / impact avg. shares EPS impact favorable / (unfavorable) (unfavorable) First Quarter ($225) 770 ($0.22) ($33) 770 ($0.03) Second Quarter ($58) 771 ($0.06) $104 770 $0.10 Third Quarter $94 771 $0.09 $32 770 $0.03 Fourth Quarter ($56) 771 ($0.06) ($9) 770 ($0.01) Year-to-Date(1) ($245) 771 ($0.25) $94 770 $0.09 Duke Energy 4Q 2023 Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Duke Energy Indiana Ohio/KY Heating degree days / Variance from normal Cooling degree days / Variance from normal 1,117 (9.3%) 962 (12.8%) 138 (27.7%) 1,650 (15.4%) 1,569 (13.2%) 45 3.3% 55 (13.3%) 476 (2.3%) 39 84.4% 31 34.3% 4Q 2022 Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/KY Heating degree days / Variance from normal Cooling degree days / Variance from normal 1,301 5.1% 1,061 (4.6%) 169 (10.4%) 1,945 (30.0%) 1,799 (1.2%) 21 (50.9%) 48 (22.8%) 544 11.1% 1 (94.2%) 1 (92.5%) (1) Year-to-date amounts may not foot due to differences in weighted-average shares outstanding and/or rounding DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 23#24Key 2024 earnings sensitivities Driver 1% change in earned return on equity $1 billion change in rate base Full-year EPS Impact +/- $0.63 +/- $0.07 Electric Utilities & Infrastructure 1% change in Electric Utilities volumes Industrial +/- $0.02(2) Commercial +/- $0.05(2) Residential +/- $0.05(2) +/- $0.12(1)(2) 1% change in NC residential customers +/- $0.04 1% change in earned return on equity +/- $0.09 Gas Utilities & Infrastructure $200 million change in rate base +/- $0.01 1% change in number of new customers +/- $0.02 Consolidated 1% change in interest rates (3) +/- $0.08 Note: EPS amounts based on forecasted 2024 basic share count of -772 million shares (1) Assumes 1% change across all customer classes excluding NC Residential; EPS impact for the industrial class is lower due to lower margins (2) Margin sensitivities are mitigated by the fixed component portion of bills, resulting in lower impacts to earnings than depicted (3) Based on average variable-rate debt outstanding throughout the year and new issuances DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 24#25Clean energy transition underpins five- and ten-year capital plans PERCENTAGE OF TOTAL CAPEX 2024-2028(1) PERCENTAGE OF TOTAL CAPEX 2024-2033 Environmental Remediation -3% Coal Maintenance Corp, IT & Cyber ~2% ~4% Gas Gen Maintenance -2% Gas LDC ~7% Hydrogen Capable Gas Gen -7% $73B Grid -50% Regulated Zero- Carbon Generation ~26% (1) Totals may not foot due to rounding DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE Environmental Remediation Corp, IT & Cyber ~2% ~3% Coal Maintenance ~1% Gas Gen Maintenance -2% Gas LDC -6% Hydrogen Capable Gas Gen ~6% $170 - $180B Grid ~40% Regulated Zero- Carbon Generation ~40% // 25#26Regulated utilities end of year earnings base(1) Electric Utilities Earnings Base ($ in billions) 2023A 2024E 2025E 2026E 2027E 2028E Duke Energy Carolinas $32.6 $34.7 $37.2 $39.9 $43.1 $46.4 Duke Energy Progress 21.4 23.2 25.3 28.3 31.5 34.7 Duke Energy Florida 19.1 21.1 22.5 23.5 24.6 25.4 Duke Indiana 10.2 10.5 11.6 12.3 13.0 13.6 Duke Ohio - Electric 3.9 4.2 4.4 4.6 4.9 5.2 Duke Kentucky - Electric 1.3 1.4 1.5 1.5 1.6 1.7 Electric Utilities Total(2)(3) $88.5 $95.0 $102.5 $110.2 $118.6 $127.0 Gas Utilities Earnings Base ($ in billions) 2023A 2024E 2025E 2026E 2027E 2028E Piedmont $8.0 $8.5 $9.0 $9.4 $9.8 $10.2 Duke Energy Ohio - Gas 2.0 2.1 2.2 2.2 2.3 2.4 Duke Energy Kentucky - Gas 0.6 0.7 0.7 0.8 0.8 0.8 Gas Utilities Total (2) $10.6 $11.4 $11.9 $12.5 $12.9 $13.4 ($ in billions) 2023A 2024E 2025E 2026E 2027E 2028E Total Company(2)(3) $99.1 $106.4 $114.4 $122.7 $131.6 $140.5 (1) In billions. Illustrative earnings base for presentation purposes only and includes retail and wholesale; Amounts as of the end of each year shown; Projected earnings base = prior period earnings base + capex - D&A - deferred taxes (including production tax credits) - securitized assets. Amounts presented gross of GIC minority investment (2) Totals may not foot due to rounding (3) Amounts presented gross of GIC minority investment DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 26#27Capital expenditures profile(1) ($ in millions) Capital Expenditures Electric Generation (2) Electric Transmission 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 2,747 3,200 1,881 Electric Distribution Environmental & Other (3) 5,110 958 725 4,100 5,225 2,325 2,550 2,625 2,700 4,625 5,150 4,825 4,500 875 700 6,850 7,200 26,575 2,850 13,050 4,325 23,425 450 450 3,200 Total Electric Utilities & Infrastructure Capital (4) $10,696 $10,875 $12,675 $13,375 $14,500 $14,825 $66,250 Renewable Natural Gas 31 25 100 100 100 100 425 - LDC Non-Rider 964 675 725 675 625 575 3,275 LDC - Rider 491 450 325 350 350 375 1,850 Total Gas Utilities & Infrastructure Capital Other (5) $1,485 $1,150 $1,150 $1,125 $1,075 $1,050 $5,550 325 375 Total Duke Energy 384 $12,565 $12,350 $14,200 $14,775 $15,850 $16,225 275 275 350 1,600 $73,400 (1) Amounts include AFUDC debt or capitalized interest. Totals may not foot due to rounding (2) Includes nuclear fuel of ~$3.6B from 2024-2028 (3) 2023 actual amounts include -$545 million in coal ash closure spending that was included in operating cash flows (4) Capex amounts are presented gross of GIC minority investment (5) Primarily IT and real estate related costs DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 27#28Capital expenditures by utility (continued) (1) ($ in millions) Duke Energy Carolinas Electric Generation Electric Transmission Electric Distribution Environmental & Other (2) Total Duke Energy Carolinas Duke Energy Progress Electric Generation Electric Transmission Electric Distribution Environmental & Other (3) Total Duke Energy Progress 2023A 2024E 2025E 1,044 513 1,973 414 1,300 2026E 2027E 1,500 1,950 2028E 2024 - 2028 2,825 2,975 10,550 575 725 1,550 1,775 1,775 825 900 1,050 4,075 1,500 1,475 8,075 300 250 $ 3,943 300 $3,725 $ 4,300 $4,800 $5,400 $5,725 $ 23,950 175 225 1,250 2023A 755 2024E 2025E 2026E 2027E 2028E 2024 - 2028 388 1,172 1,100 1,425 2,100 525 1,175 1,275 2,700 2,900 10,225 550 750 800 850 3,475 1,175 1,150 1,150 5,925 322 250 350 275 175 150 1,200 $4,825 $ 5,050 $ 20.825 $ 2,636 $3,050 $3,600 $ 4,300 (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) 2023 actual amounts include -$210 million in coal ash closure spending that was included in operating cash flows 2023 actual amounts include ~$249 million in coal ash closure spending that was included in operating cash flows DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 28#29Capital expenditures by utility (continued) (1) ($ in millions) Duke Energy Florida 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Generation 676 500 550 625 625 725 3,025 Electric Transmission 631 750 625 575 550 550 3,050 Electric Distribution 1,167 1,150 1,275 1,100 1,100 975 5,600 Environmental & Other (2) Total Duke Energy Florida 56 $ 2,530 25 $2,425 $ 2,475 $ 2,325 25 25 25 25 125 $2,300 $ 2,275 $ 11,800 Duke Energy Indiana 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Generation Electric Transmission Electric Distribution Environmental & Other (3) Total Duke Energy Indiana (4) $ 1,034 $1,050 $ 1,625 $1,325 $1,325 $1,150 $ 239 250 550 500 675 550 2,525 220 300 475 325 250 225 1,575 443 375 425 375 350 350 1,875 131 125 175 125 50 25 500 6,475 (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) 2023 actual amounts include -$1 million in coal ash closure spending that was included in operating cash flows (3) 2023 actual amounts include ~$73 million in coal ash closure spending that was included in operating cash flows (4) DEI capex presented gross of GIC minority investment DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 29#30Capital expenditures by utility (continued) (1) ($ in millions) Duke Energy OH/KY Electric Electric Generation Electric Transmission Electric Distribution Environmental & Other (2) Total DEO/DEK Electric $ 533 $ 575 $ 625 $ 575 $ 600 $ 575 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 34 50 75 50 25 50 250 129 175 175 150 200 175 875 336 325 350 350 350 325 1,700 35 25 25 25 25 25 125 $ 2,950 Other Electric 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 Electric Transmission Electric Distribution Total Other Electric Duke Energy OH/KY Gas LDC Non-Rider - LDC - Rider Gas Utilities & Infrastructure Growth Capital 20 50 50 50 50 50 250 20 $ 50 $ 50 $ 50 $ 50 $ 50 $ 250 2023A 373 2024E 200 46 50 419 $ 250 2025E 250 50 2026E 200 25 2027E 225 2028E 150 2024 - 2028 1,025 50 175 $300 $ 225 $ 275 $ 150 $ 1,200 Piedmont Renewable Natural Gas - LDC Non-Rider LDC - Rider Gas Utilities & Infrastructure Growth Capital 2023A 2024E 2025E 2026E 2027E 2028E 2024 - 2028 31 25 100 100 100 100 425 591 475 475 475 400 425 2,250 445 400 275 325 300 375 1,675 $ 1,067 $ 900 $ 850 $ 900 $ 800 $ 900 $ 4,350 (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) 2023 actual amounts include -$13 million in coal ash closure spending that was included in operating cash flows DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 30#31Weather normalized volume trends, by electric jurisdiction DUKE ENERGY. Rolling Twelve Months, as of December 31, 2023 Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/Kentucky Electric Utilities 0.8% -1.1% -1.7% -1.0% -0.7% -1.2% -1.4% -2.5% -3.2% -2.7% -3.9% -4.5% -6.0% -6.2% -3.5% -0.2% -0.9% -0.7% -0.6% -1.5% -1.9% -2.2% -8.0% Residential Commercial Industrial Total Retail FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE -5.9% // 31#32Managing regulatory lag and customer rate impacts Carolinas Florida Indiana OH/KY(3) Piedmont ADJUSTED BOOK ROES (1) COMPETITIVE CUSTOMER RATES(2) RESIDENTIAL 10.0-10.5% U.S. AVG. 9.7% 10.9% 10.9% DEF DEO DEP (SC) DEP (NC) 9.5-10.0% DEI 10.8% 10.6% DEC (SC) DEC (NC) 9.6% DEK 17.50 17.18 16.90 14.92 14.76 13.13 12.88 11.70 10.70 10.0-10.5% COMMERCIAL 10.4% 9.3% 10.0% 8.5-9.0% U.S. AVG. DEF DEO DEC (SC) 14.98 13.60 13.10 10.91 DEI 10.53 8.6% 8.5% 6.7% 10.0-10.5% DEP (SC) DEP (NC) DEC (NC) 10.33 DEK 9.98 9.94 9.78 10.1% 9.8% INDUSTRIAL 10.7% DEF 12.63 U.S. AVG. DEO DEP (SC) 12.63 12.29 9.27 2024E 2023 2022 2021 DEI 9.21 DEP (NC) DEK 9.17 9.11 DEC (SC) DEC (NC) 8.68 7.53 (1) Adjusted book ROES exclude special items and are based on average book equity less Goodwill. Adjusted ROES also include wholesale and are not adjusted for the impacts of weather. Regulatory ROES will differ from Adjusted Book ROES (2) Typical bill rates (c/kWh) in effect as of July 1, 2023. Source: EEI Typical Bills and Avg. Rates Report, Summer 2023. DEF rates impacted by timing of fuel and storm recovery in 2023. FAC filings approved in December 2023 included rate reductions of ~7% for DEF typical commercial & industrial and ~6% for typical DEF residential starting in January 2024 (3) Combined electric and gas utilities DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 32#332024 Financing plan Issuer Estimated / Actual Amount ($ in millions) Notional Pre-Issuance Completed Hedges ($ in millions) Security Date Issued Term Rate 2024 Maturities(1) ($ in millions) $600 3-year 4.85% $1,250 Senior Debt January 2024 $650 5-year 4.85% Holding Company $3,100 - $3,500 $1,250 $3,000(2) (Jan., Apr., & Sep.) $575 DE Carolinas $1,000 $400 Senior Debt January 2024 10-year $425 30-year(3) 4.85% 5.40% DE Progress $400 - $600 $300 DE Indiana $300 - $500 $200 DE Ohio $300 - $500 Piedmont $300-$500 $40 (Sep.) DE Kentucky $150-$250 DE Progress SC $150-$200 Storm Funding LLC Total $6,950 - $8,300 $2,150 $2,250 $3,040 (1) Excludes amortization of noncash purchase accounting adjustments and securitization bonds (2) Includes repayment of DE Corp.'s $1.0B variable rate term loan with proceeds from January DE Corp. debt issuance. Assumes $1.0B preferred stock, which resets at the prevailing 5-year US Treasury rate + 3.388% in September, is redeemed (3) Reopened 30-year first mortgage bonds issued on June 15, 2023 DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 33#34Debt maturities through 2025 by issuer(1) Entity Amount in millions) Security Type Rate Туре Settlement Date Maturity Date Total ($ in millions) (2) Duke Energy Corporation Duke Energy Corporation $1,000 Term Loan 6.16% Floating 03/09/22 03/09/24 $600 Sr. Notes 3.75% Fixed 04/04/14 04/15/24 $3,000 Duke Energy Corporation $400 Sr. Notes 3.75% Fixed 11/19/15 04/15/24 Duke Energy Corporation" (3) $1,000 Preferred Stock 4.88% Fixed 9/12/19 9/16/24 Piedmont Natural Gas $40 Unsecured 8.45% Fixed 09/19/94 09/19/24 $40 2024 Total $3,040 Duke Energy Corporation $420 Sr. Notes 3.36% Fixed 04/11/17 04/15/25 Duke Energy Corporation $250 Sr. Notes 3.95% Fixed 03/29/18 04/15/25 $1,820 Duke Energy Corporation $650 Sr. Notes 0.90% Fixed 09/11/20 09/15/25 Duke Energy Corporation $500 Sr. Notes 5.00% Fixed 12/08/22 12/08/25 Duke Energy Progress $500 First Mortgage Bond 3.25% Fixed 08/13/15 08/15/25 $500 Duke Energy Ohio $150 Sr. Notes 6.90% Fixed 06/14/95 06/01/25 $150 Duke Energy Kentucky $95 Sr. Notes 3.23% Fixed 09/26/19 10/01/25 $95 Piedmont Natural Gas $150 Unsecured 3.60% Fixed 09/12/15 09/01/25 $205 Piedmont Natural Gas $55 Unsecured 7.40% Fixed 10/03/95 10/31/25 2025 Total $2,770 Total through 2025 $5,810 (1) Excludes Internotes, amortizing debt including securitization bonds, finance leases, and purchase accounting debt. Also excludes $1.6 billion of floating rate A/R securitizations, which are expected to be refinanced. For additional details, please see quarterly LT debt information available at: https://investors.duke-energy.com/Investors/Fixed-Income-Investors/default.aspx (2) Duke Energy Corporation's term loan was repaid on January 8, 2024 Assumes $1.0B preferred stock, which resets at the prevailing 5-year US Treasury rate + 3.388% in September, is redeemed. Maturity date represents the first optional call date DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 34#35Liquidity summary (as of December 31, 2023) ($ in millions) Master Credit Facility (1) Less: Notes payable and commercial paper (2) Outstanding letters of credit (LOCS) Tax-exempt bonds Available capacity Cash & short-term investments Total available liquidity Duke Duke Duke Energy Energy Carolinas Energy Progress Duke Energy Florida Duke Duke Duke Piedmont Energy Energy Indiana Ohio Energy Natural Kentucky Gas Total $ 2,275 $ 1,575 $ 1,400 $ 950 $ 950 $ 825 $ 225 $ 800 $ 9,000 (198) (968) (1,041) (152) (406) (520) (118) (538) (3,941) (27) (4) (1) (7) (39) (81) (81) $ 2,050 Ꭿ 603 358 $ 791 $ 463 SA $ 305 SA $ 107 SA $ 262 $ 4,939 187 5,126 (1) Duke Energy's master credit facility supports Tax-Exempt Bonds, LOCs and the Duke Energy CP program of $6 billion (2) Includes permanent layer of commercial paper of $625 million, which is classified as long-term debt DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 35#362024 Pension funding and costs ■ On a consolidated basis, Duke Energy pension plans are ~114% funded across all plans as of 12/31/2023 on a PBO basis Duke Energy's pension funding policy: Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants ■ On a consolidated basis, the plan has a target asset allocation of ~40% return- seeking assets and ~60% liability hedging assets Pension Contributions ($ in millions) All plans 2022A 2023A 2024E $58 $100 -$150 ■ Key 2024 assumptions: Discount rate: 5.40% (vs. 5.60% for 2023) Expected long-term return on assets on a consolidated basis is 7.66% (vs. 7.27% for 2023) Rate is disclosed by Plan (1) (7.00% for LPP and 8.50% for RCBP) (1) The two qualified, non-contributory pension plans maintained by Duke Energy are the Duke Energy Legacy Pension Plan ("LPP") and the Duke Energy Retirement Cash Balance Plan ("RCBP") DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 36#37Simplified financing structure Cinergy Corp. (HoldCo) Duke Energy (HoldCo) Progress Energy (HoldCo)(1) Duke Energy Carolinas Duke Energy Ohio Duke Energy Indiana Holdco(2) Duke Energy Progress Duke Energy Florida Piedmont Natural Gas Duke Energy Kentucky Duke Energy Indiana (1) Progress Energy HoldCo has long-term debt outstanding, but no future common equity issuance is planned at this financing entity (2) 19.9% of Duke Energy Indiana Holdco membership interest owned by GIC DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE Commercial Paper and LT Financings Money Pool and LT Financings // 37#38Credit ratings and 2023 credit metrics (1) Current Ratings Moody's S&P INDUSTRY OUTLOOK Stable Stable DUKE ENERGY CORPORATION Stable Stable Senior Unsecured Debt Baa2 BBB Commercial Paper P-2 A-2 PROGRESS ENERGY, INC Stable Stable Senior Unsecured Debt Baa1 BBB Duke Energy Corporation DUKE ENERGY CAROLINAS Stable Stable Senior Secured Debt Aa3 A Holdco Debt/Total Debt 33% Senior Unsecured Debt A2 BBB+ FFO/Debt(2) 12.5% DUKE ENERGY PROGRESS Stable Stable Senior Secured Debt Aa3 A Senior Unsecured Debt A2 BBB+ DUKE ENERGY FLORIDA Stable Stable FFO/Debt(2) Duke Energy Carolinas 19% Duke Energy Progress 18% Duke Energy Florida 21% Senior Secured Debt A1 A Senior Unsecured Debt A3 BBB+ DUKE ENERGY INDIANA Stable Stable Senior Secured Debt Aa3 A FFO/Debt(2) Duke Energy Indiana 24% Duke Energy Ohio Cons. Piedmont 17% 15% Senior Unsecured Debt A2 BBB+ DUKE ENERGY OHIO Stable Stable Senior Secured Debt A2 A Senior Unsecured Debt Baa1 BBB+ DUKE ENERGY KENTUCKY Negative Stable Senior Unsecured Debt Baa1 BBB+ PIEDMONT NATURAL GAS Stable Stable Senior Unsecured Debt A3 BBB+ (1) Amounts do not include all adjustments that may be made by the rating agencies (2) Key adjustments within the computation include the removal of coal ash remediation spending from FFO, FFO adjustment for long-term portion of deferred fuel, and the adjusted debt balance excludes purchase accounting adjustments. Assumes securitization treated as off credit DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 38#39Modern recovery mechanisms and pending rate cases Pending rate case Evaluating rate case Modern recovery mechanism JURISDICTION 2023 2024 2025 2026 2027 2028 DEC NC - Multi-year rate plan SC Pending DEP NC - Multi-year rate plan Storm Protection Plan (SPP) - Filed annually(1) DEF DEI DEO Multi-year rate plan Multi-year rate plan pending (2) TDSIC/Environmental riders - Filed at least annually Evaluating Electric Distribution / Transmission and Gas investment riders – Filed quarterly/annually DEK Gas Pipeline Modernization Rider - Filed annually NC Integrity management riders – Filed semi-annually; TN ARM(3) - Filed annually; SC RSA – Filed annually Piedmont Evaluating - NC (1) SPP 10-year plan filed every 3 years. Cost recovery process is annual (2) On January 31, 2024, DEF filed its Test Year Notification with the Florida Public Service Commission, proposing 2025-2027 as test periods for multi-year rate plan adjustments (3) TPUC approved adoption of the Annual Review Mechanism (ARM) in 2022. The initial year of true up is 2022, and the initial rate adjustments filed in 2023 were approved effective October 1, 2023 DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 39#40Electric utilities & infrastructure recovery mechanisms RECOVERY MECHANISMS FOR ELECTRIC CAPEX(1) ~90% of electric segment capital investments are eligible for modern recovery mechanisms, mitigating regulatory lag Includes recovery through riders, rate cases with forecasted test years, and multi-year rate plans Majority of wholesale contracts are recovered through formula rate contracts Residential decoupling mechanisms reduce volumetric margin exposure - will account for -20% of total retail volumes once fully implemented Recovery Mechanisms Multi-year rate plan Forecasted rate case Grid modernization rider Renewables rider Environmental rider Residential decoupling Traditional rate making Traditional rate making, ~10% NC SC FL IN OH KY Forecasted rate case, ~5% Wholesale -10% Multi-year rate plan Rider -60% ~15% (1) Based on 2024-2028 capital plan, subject to regulatory approval; per HB 951 certain North Carolina capital investments are not eligible for multi-year rate plan including large generation investments over $500 million DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 40#41Regulatory activity details FILING TYPE DOCKET NO. STATUS DUKE ENERGY CAROLINAS South Carolina 2023-388-E Base Rate Case (1) Application filed Jan. 4, 2024 Evidentiary hearings scheduled to begin May 20, 2024 Requested rates effective by Aug. 1, 2024 KEY DRIVERS Filing is based on a retail rate base of $7.3 billion as of Dec. 31, 2022, adjusted for known and measurable changes through Dec. 31, 2023 Major capital investments include $1.5 billion in transmission and distribution since the last case Requested: 10.5% ROE, 53% equity cap. structure Proposes to accelerate the return of remaining federal unprotected Excess Deferred Income Taxes (EDIT) balances to customers over two vs. 15 years Requests deferral treatment for actual, future nuclear PTCs, net of costs. No estimated nuclear PTCs have been included in this case DUKE ENERGY FLORIDA Florida Base Rate Case 20240025 (1) South Carolina retail portion DUKE ENERGY On Jan. 31, 2024, DEF notified the Florida Public Service Commission that it expects to file a formal request for new base rates on April 2, 2024 Intends to propose a three-year rate plan beginning in January 2025 Major capital investments from 2025 to 2027 include $3.3 billion in transmission and distribution and $1.5 billion of new solar generation Requesting: 11.15% ROE midpoint, 53% equity cap. structure FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 41#42Overview of state commissions by jurisdiction North Carolina South Carolina Florida Indiana Ohio Kentucky Tennessee Number of Commissioners (1) 7 7 5 5 5 2 7 Term (years) 6 4 5 3 6 Appointed/Elected Appointed by Governor and General Assembly Elected by the General Assembly Appointed by Governor Appointed by Governor Appointed by Governor, Confirmed by Senate Appointed by Governor, Confirmed by Senate Appointed by Governor and Legislature Chair (Term Exp.) Charlotte Mitchell (June 2029) Florence Belser (June 2022) Kent Chandler (June 2024) Herbert Hilliard (June 2029) ☐ Clay Good Other Commissioners (Term Exp.) Floyd McKissick (June 2025) Kimberly Duffley (June 2025) Jeff Hughes (June 2025) ☐ Karen Kemerait (June 2027) ■ Bill Brawley (June 2029) Tommy Tucker (June 2029) ■ Tom Ervin (June 2022) ■ Justin Williams (June 2022) ■ Mike Caston (June 2024) ■ Headen Thomas (June 2024) ■ Carolee Williams (June 2024) Delton Powers (June 2024) Mike La Rosa (January 2025) ■ Art Graham (January 2026) Gary Clark (January 2027) ■ Mike La Rosa (January 2025) ■ Gabriella Passidomo (January 2027) Jim Huston (April 2025) ■ Sarah Freeman (January 2026) David Veleta (January 2028) ■ David Ziegner (April 2027) Wesley Bennett (January 2026) Jenifer French (April 2024) ■ Lawrence Friedeman (April 2025) ■ Dennis Deters (April 2026) ■ Daniel Conway (April 2027) ■ John Williams (April 2028) Vice Chair Angie Hatton (June 2025) Mary Pat Regan (July 2027) (June 2026) ■Robin Morrison (June 2026) ■ John Hie (June 2024) ■ David Jones (June 2024) ■ Kenneth Hill (June 2026) ■ David Crowell (June 2026) (1) North Carolina commission reduces to five commissioners in June 2025 DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 42#43Current electric rate information by jurisdiction North Carolina South Carolina Florida Indiana Ohio (Electric) Kentucky (Electric) $20.4 B(1) (DEC) $5.4 B(2) (DEC) Retail Rate Base $19.0 B(3) $10.4 B $13.0 B(1) (DEP) $1.8 B(2) (DEP) $2.0 B (dist. only) $1.1 B Wholesale Rate Base $2.5 B (DEC) 3Q 2023 $3.9 B (DEP) 3Q 2023 $1.7 B(3) $382 M $1.0 B (trans. only) $0 Allowed ROE 10.1% (DEC) 9.8% (DEP) 9.5% (DEC) 10.10%(4) 9.7% 9.6% (DEP) 9.5% - Dist 11.38% - Trans 9.75% (9.65% ESM) 53.0% 53.0% (DEC) Allowed Equity 53%(5) 41.62% (6) 50.5% 52.145% (DEC & DEP) 52.43% (DEP) Effective Date of 1/15/24 (DEC) 6/1/19 (DEC) 1/1/24 7/30/20(7) Most Recent Rates 10/1/23 (DEP) 4/1/23 (DEP) Distr: 1/3/23 Trans 6/1/23 10/13/23 Fuel Clause Updated Annually (DEC & DEP) Annually (DEC & DEP) Annually Quarterly Annually for Non-Shoppers Monthly Environmental Clause Updated N/A N/A Annually Semi-Annually N/A Monthly (1) DEC NC information based on rate case order issued December 15, 2023. DEP NC information based on rate case order issued August 18, 2023. Retail rate base represents total rate base used to set Rate Year 1 rates (2) DEC SC information based on rate case order issued May 21, 2019. DEP SC information based on rate case order issued March 8, 2023 (3) Florida's thirteen-month average as of November 2023. Retail rate base includes amounts recovered in base rates of $18.1B and amounts recovered in trackers of $0.9B (4) Represents the mid-point of an authorized range from 9.1% to 11.1% effective Aug 2022 due to meeting interest rate trigger (ROE was 9.85% from Jan-Jul 2022) (5) Florida's equity ratio is effective January 2022 (equity, LT debt, ST debt). Florida's regulatory capital structure also includes accumulated deferred income taxes (ADIT), customer deposits and investment tax credits (ITC) (6) Indiana's capital structure includes ADIT. When ADIT is excluded, the capital structure approximates 54% equity as of December 31, 2020 (7) Step 2 rates went into effect August 2021, retroactive to 1/1/2021 DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 43#44Current electric rate information by jurisdiction (continued) General Rate Case Provisions North Carolina South Carolina Florida Indiana Ohio (Electric) Kentucky (Electric) Notice of Intent Required? Yes Yes Yes Yes(1) Yes Yes Notice Period 30 Days 30 Days 60 Days 30 Days(2) 30 Days 30 Days Base Rate Case Test Year Historical(3) Historical (3) Projected Optional (4) Partially Projected Forecast Optional Multi-Year Rate Plan Yes(5) No Yes No No No Only under multi- Time Limitation Between Cases 12 months No 15 Months No No year rate plan Rates Effective Subject to Refund 7 Months After Filing 6 Months After Filing (6) 8 Months After Filing 10 Months After Filing (7) 9 Months After Filing 6 Months After Filing (8) (1) IURC recommended procedure. Not a statutory requirement (2) As least 30 days to avoid ex parte issues (3) Historical, adjusted for known and measurable changes (4) Utilities may elect to a historical test period, a forward-looking test period, or a hybrid test year in the context of a general rate case (5) Multi-year Rate Plans in NC include projected capital spending projects and their associated O&M for up to 3 years, with a cap on the annual increase of 4% (6) If the South Carolina Commission fails to rule on a rate case filing within 6 months, the new rates can be implemented and are not subject to refund. There is a grace period here. The Company would have to notify the Commission that it planned to put rates in, and the Commission would then have 10 additional days to issue an order (7) The utility may implement interim rates, subject to refund, if the IURC has not rendered a decision within 10 months of filing (can be extended 60 days by IURC). The interim rates are not to exceed 50% of the original request (8) The effective date is 7 months after filing for a forecasted test year DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 44#45Current gas rate information by jurisdiction Rate Base Allowed ROE Allowed Equity North Carolina South Carolina Ohio Tennessee (Gas) $4.7 billion $559 million $1.1 billion $1.9 billion Kentucky (Gas) $313 million 9.375% for base rates 9.6% 9.3% 9.8% 9.6% 9.3% for riders 51.6% 53.125% 48.67% 52.3% Effective Date of 11/1/21 Most Recent Rates Significant Rider Mechanisms Margin Decoupling Rider Integrity Management Rider Fuel Clause 11/1/23 Rate Stabilization Adj. Weather Normalization Adj. Fuel Clause (1) PHMSA rider has an annual 5% rate increase cap and only applies to AM07 upon CPCN approval DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE 10/1/23 11/1/23 Annual Review Mechanism Weather Normalization Adj. Fuel Clause Fuel Clause Capital Expenditure 51.3% 1/4/22 Weather Normalization Adj. Fuel Clause PHMSA-required capital (1) // 45#46Duke Energy business segment structure Duke Energy Electric Utilities & Infrastructure Gas Utilities & Infrastructure Duke Energy Carolinas North and South Carolina Piedmont Natural Gas Duke Energy Progress Duke Energy Florida North and South Carolina Commercial Pipelines Florida Duke Energy Indiana Indiana Ohio T&D Duke Energy Ohio (including Duke Energy Kentucky) Kentucky Electric DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE Ohio Gas Distribution Kentucky Gas Distribution Other // 46#47Duke Energy - a large scale, highly regulated energy infrastructure company HEADQUARTERED IN CHARLOTTE, NC DUK ELECTRIC UTILITIES & INFRASTRUCTURE GAS UTILITIES & INFRASTRUCTURE LISTED Retail Customers 8.4 million in six states 1.7 million in five states NYSE A FORTUNE 150 COMPANY $73 B MARKET CAP (AS OF 2/6/2024) $177 B TOTAL ASSETS (AS OF 12/31/2023) Operations 2024 - 2028 CAPEX(2) 27 K EMPLOYEES (AS OF 12/31/2023) 2024 Adjusted EPS Contribution (3) 54 GWs TOTAL GENERATING CAPACITY(1) (AS OF 12/31/2023) 2024-2028 Adjusted EPS CAGR(4) ~$66 B ~$5.5 B 90% 10% 5% - 7% 7% - 10% (1) Based on winter capacity, to align with integrated resource plan filings. Prior presentations showed summer capacity, which is ~50 GW as of December 31, 2023 (2) Excludes Other segment capex (3) Based upon the midpoint of the 2024 adjusted EPS guidance range of $5.85-$6.10 per share; excludes the impact of Other (4) CAGR off of the components of the midpoint of the 2024 adjusted EPS guidance range of $5.85-$6.10 per share; consolidated growth rate includes Other DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 47#48Electric utilities & infrastructure EIGHT UTILITIES IN HIGH-QUALITY REGIONS OF THE U.S. CAROLINAS FLORIDA MIDWEST Duke Energy Carolinas (NC/SC) Duke Energy Progress (NC/SC) Duke Energy Florida Duke Energy Indiana Duke Energy Ohio / Kentucky REGULATED ELECTRIC 2023 EARNINGS BASE REGULATED ELECTRIC 2024-2028 CAPEX DEO/DEK - Electric DEO - Electric 4% DEI 12% DEK - Electric 1% 4% DEI 10% BALANCED CUSTOMER MIX Wholesale 17% Residential DEC DEC 34% 37% 36% DEF GWh $89 B $66 B Industrial DEF 18% Sold 19% 22% DEP 24% DEP 32% Commercial 30% DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 48#49Gas utilities & infrastructure GAS UTILITIES WITH LOW VOLUMETRIC EXPOSURE DUE TO MOSTLY FIXED MARGINS... 14% 73% 87% MOSTLY FIXED MARGINS 13% MARGIN STABILIZING MECHANISMS 1. Purchased Gas Adjustment 2. Uncollectible Recovery 3. Integrity Management Rider ("IMR") All States All States North Carolina 4. Margin Decoupling Fixed Margin Semi-fixed Margin Volumetric Margin 5. Weather Normalization ...WITH EARNINGS DRIVEN BY INVESTMENT AND STRONG RESIDENTIAL CUSTOMER GROWTH 1.9% 1.7% 1.3% 1.2% 1.3% ~1.5% Customer Growth CAGR(1) 2019 2020 2021 2022 2023 6. Rate Stabilization Act 7. Annual Review Mechanism 8. Accelerated Main Replacement Program Rider(2) 9. Capital Expenditure Rider 10. Pipeline Modernization Mechanism 11. Fixed Customer Charge (3) North Carolina South Carolina, Tennessee and Kentucky South Carolina Tennessee Ohio Ohio Kentucky All States (1) Piedmont CAGR: 1.9%, Midwest LDC CAGR 0.8% (2) Accelerated Main Replacement Program Rider sunset in 2023 (3) In Ohio, the Modified Straight Fixed Variable Rate provides ~60% of margin DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 49#50Top-performer across multiple O&M cost efficiency measures(1) Electric non-generation O&M / Customer Electric non-generation O&M/MWh Nuclear production expense / Nuclear Generation MWh #2/19 50 $0 $500 $1,000 #3/19 90 $0 $25 $50 $75 #2 / 11 50 $0 $25 $50 (1) Source: Company annual filings, 2022 FERC Form 1; Data as of YE 2022 unless otherwise noted; Reflects total electric O&M net of power production O&M; Figures reflect utility operations unless otherwise noted; Electric customer counts sourced from 2022 company 10-K. UTY constituents included in comparison: AEE, AEP, AES (US), CNP, D, DTE, ED, EIX, ES, ETR, EXC, FE, NEE, PEG, PNW, SO, WEC, XEL DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 50#51UPCOMING EVENTS & OTHER#52Upcoming events DUKE ENERGY. Event 1Q 2024 earnings call (tentative) 2Q 2024 earnings call (tentative) Date May 7, 2024 August 6, 2024 3Q 2024 earnings call (tentative) November 7, 2024 FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 52#53Investor relations contact information ABBY MOTSINGER, VICE PRESIDENT INVESTOR RELATIONS [email protected] (704) 382-7624 CHRIS JACOBI, DIRECTOR INVESTOR RELATIONS ◉ [email protected] ■ (704) 382-8397 MEGAN HAMMEL, MANAGER INVESTOR RELATIONS ◉ [email protected] (980) 373-1735 DUKE ENERGY. FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 53#54DUKE ENERGYⓇ BUILDING A SMARTER ENERGY FUTURE® For additional information on Duke Energy, please visit: duke-energy.com/investors#55Duke Energy Corporation Non-GAAP Reconciliations Fourth Quarter Earnings Review & Business Update February 8, 2024 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation's (Duke Energy) Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of adjusted EPS for the year-to-date periods ended December 31, 2023, and 2022. The non-GAAP financial measure, adjusted EPS, represents basic EPS from continuing operations available to Duke Energy Corporation common stockholders (GAAP reported EPS), adjusted for the per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Management believes the presentation of adjusted EPS provides useful information to investors, as it provides them with an additional relevant comparison of Duke Energy's performance across periods. Management uses this non-GAAP financial measure for planning and forecasting and for reporting financial results to the Duke Energy Board of Directors, employees, stockholders, analysts and investors. Adjusted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measure for adjusted EPS is reported basic EPS available to Duke Energy Corporation common stockholders. Reconciliations of adjusted EPS for the year-to-date periods ended December 31, 2023, and 2022, to the most directly comparable GAAP measure are included herein. Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs: • • . • Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' North Carolina rate case orders. Organizational optimization represents costs associated with strategic repositioning to a fully regulated utility. Workplace and workforce realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce reduction. Regulatory matters and litigation represents the net impact of charges related to the Indiana court rulings on coal ash and other unrelated ongoing litigation. Adjusted EPS Guidance The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a reference to the forecasted 2023 adjusted EPS guidance range. The materials also include a reference to the 2024 adjusted EPS guidance range of $5.85 to $6.10, with a midpoint of $5.98. The materials also reference the long-term range of annual growth of 5% - 7% through 2028 off the midpoint of 2024 adjusted EPS guidance range of $5.98. In addition, the materials reference the expected five-year adjusted EPS growth in the natural gas segment of 7% - 10% and in the electric segment of 5% - 7% (on a compound annual growth rate (CAGR) basis). Forecasted adjusted EPS is a non-GAAP financial measure as it represents basic EPS from continuing operations available to Duke Energy Corporation common stockholders (GAAP reported EPS), adjusted for the per share impact of special items (as discussed above under Adjusted EPS).#56Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods, such as legal settlements, the impact of regulatory orders or asset impairments. Adjusted Segment Income (Loss) and Adjusted Other Net Loss The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of adjusted segment income (loss) and adjusted other net loss for the year-to-date period ended December 31, 2023, and a discussion of 2023 and 2024 forecasted adjusted segment income and forecasted adjusted other net loss. Adjusted segment income (loss) and adjusted other net loss are non-GAAP financial measures, as they represent reported segment income (loss) and other net loss adjusted for special items (as discussed above under Adjusted EPS). Management believes the presentation of adjusted segment income (loss) and adjusted other net expense provides useful information to investors, as it provides an additional relevant comparison of a segment's or Other's performance across periods. When a per share impact is provided for a segment income (loss) driver, the after-tax driver is derived using the pretax amount of the item less income taxes based on the segment statutory tax rate of 24% for Electric Utilities and Infrastructure, 23% for Gas Utilities and Infrastructure and Other. The after-tax earnings drivers are divided by the Duke Energy weighted average shares outstanding for the period. The most directly comparable GAAP measures for adjusted segment income (loss) and adjusted other net loss are reported segment income (loss) and other net loss, which represents segment income (loss) and other net loss from continuing operations, including any special items. A reconciliation of adjusted segment income (loss) and adjusted other net loss for the year-to-date period ended December 31, 2023, to the most directly comparable GAAP measures is included herein. Due to the forward- looking nature of any forecasted adjusted segment income (loss) and forecasted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures are not available at this time, as the company is unable to forecast all special items, as discussed above under Adjusted EPS Guidance. Effective Tax Rate Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of the effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the year-to-date period ended December 31, 2023. The materials also include a discussion of the 2023 and 2024 forecasted effective tax rate including noncontrolling interests and preferred dividends and excluding special items. Effective tax rate including noncontrolling interests and preferred dividends and excluding special items is a non-GAAP financial measure as the rate is calculated using pretax income and income tax expense, both adjusted for the impact of special items, noncontrolling interests and preferred dividends. The most directly comparable GAAP measure is reported effective tax rate, which includes the impact of special items and excludes the noncontrolling interests and preferred dividends. A reconciliation of this non-GAAP financial measure for the year-to-date period ended December 31, 2023, to the most directly comparable GAAP measure is included herein. Due to the forward-looking nature of the forecasted effective tax rates including noncontrolling interests and preferred dividends and excluding special items, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items, as discussed above under Adjusted EPS Guidance.#57Adjusted Book Return on Equity (ROE) The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a reference to the historical and projected adjusted book return on equity (ROE) ratio. This ratio is a non-GAAP financial measure. The numerator represents Net Income, adjusted for the impact of special items (as discussed above under Adjusted EPS). The denominator is average Total Common Stockholder's Equity, reduced for Goodwill. A reconciliation of the components of adjusted ROE to the most directly comparable GAAP measures is included here-in. Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items, as discussed above under Adjusted EPS Guidance. Available Liquidity The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of Duke Energy's available liquidity balance. The available liquidity balance presented is a non-GAAP financial measure as it represents cash and cash equivalents, excluding certain amounts held in foreign jurisdictions and cash otherwise unavailable for operations, and the remaining availability under Duke Energy's available credit facilities, including the master credit facility as of December 31, 2023. The most directly comparable GAAP financial measure for available liquidity is cash and cash equivalents. A reconciliation of available liquidity as of December 31, 2023, to the most directly comparable GAAP measure is included herein. Holdco Debt Percentage The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a reference to a historical and projected Holdco debt percentage. This percentage reflects a non-GAAP financial measure. The numerator of the Holdco debt percentage is the balance of Duke Energy Corporate debt, Progress Energy, Inc. debt, PremierNotes and the Commercial Paper attributed to the Holding Company. The denominator for the percentage is the balance of long-term debt (excluding purchase accounting adjustments), including current maturities, operating lease liabilities, plus notes payable and commercial paper outstanding. Funds From Operations (FFO) to Debt Ratio The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a reference to the historical and expected FFO to Debt ratio. This ratio reflects non-GAAP financial measures. The numerator of the FFO to Debt ratio is calculated principally by using net cash provided by operating activities on a GAAP basis, adjusted for changes in working capital, ARO spend, depreciation and amortization of operating leases, long-term portion of deferred fuel, operating activities allocated to the Duke Energy Indiana minority interest and reduced for capitalized interest (including any AFUDC interest). The denominator for the FFO to Debt ratio is calculated principally by using the balance of long-term debt (excluding purchase accounting adjustments, long-term debt allocated to the Duke Energy Indiana minority interest, and long-term debt associated with the CR3 and Duke Energy Carolinas and Duke Energy Progress Storm Securitizations), including current maturities, operating lease liabilities, plus notes payable, commercial paper outstanding, underfunded pension liability, and adjustments to hybrid debt and preferred stock issuances based on how credit rating agencies view the instruments. Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items, as discussed above under Adjusted EPS Guidance.#58Earnings Contribution Percentage The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, reference each segment's 2024 projected adjusted segment income as a percentage of the total projected 2024 adjusted EPS midpoint of approximately $5.98 (i.e., earnings contribution), excluding the impact of Other. Duke Energy's segments are comprised of Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. Adjusted segment income is a non-GAAP financial measure, as it represents reported segment income adjusted for special items as discussed above. Due to the forward-looking nature of any forecasted adjusted segment income, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items (as discussed above under Adjusted EPS Guidance). Dividend Payout Ratio The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of Duke Energy's long-term target dividend payout ratio. This payout ratio is a non-GAAP financial measure as it is based upon forecasted basic EPS from continuing operations available to Duke Energy Corporation stockholders, adjusted for the per-share impact of special items, as discussed above under Adjusted EPS. The most directly comparable GAAP measure for adjusted EPS is reported basic EPS available to Duke Energy Corporation common stockholders. Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items, as discussed above under Adjusted EPS Guidance. Base O&M The materials for Duke Energy's Fourth Quarter Earnings Review and Business Update on February 8, 2024, include a discussion of Duke Energy's Base operations, maintenance and other expenses (O&M). Base O&M is a non-GAAP financial measure, as it represents reported O&M expenses adjusted for special items and expenses recovered through riders and excludes O&M expenses for Duke Energy's non-regulated electric products and services supporting regulated operations. Management believes the presentation of Base O&M provides useful information to investors, as it provides a meaningful strategic financial information. The most directly comparable GAAP financial measure for Base O&M is reported operating, maintenance and other expenses.#59DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Organizational Optimization Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Total Reportable Segment Income Other Discontinued Operations $ 4,223 519 $ 64 A $ $ $ 64 $ 4,287 519 4,742 64 64 4,806 (616) 95 B 95 (521) (1,391) 1,391 C 1,391 Net Income Available to Duke Energy Corporation Common Stockholders $ 2,735 64 $ 95 $ EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 3.54 $ 0.08 $ 0.13 $ 1,391 $ 1.81 $ 1,550 4,285 2.02 $ 5.56 A - Net of $10 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. $35 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order. $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the North Carolina rate case order. B - Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility. C - Recorded in Loss from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares (reported and adjusted) - 771 million#60SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Total Reportable Segment Income Other Intercompany Eliminations Discontinued Operations DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2022 (Dollars in millions, except per share amounts) Net Income Available to Duke Energy Corporation Common Stockholders EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS Special Items Reported Earnings Regulatory Matters and Litigation Workplace and Workforce Realignment Discontinued Operations Total Adjustments Adjusted Earnings $ 3,929 $ 276 A $ $ $ 276 $ 4,205 468 468 4,397 276 276 4,673 (737) 19 B 105 C 124 (613) (1) (1,215) 1 1 1,215 D 1,215 $ 2,444 $ 295 $ 105 $ 1,216 $ 1,616 $ 4,060 $ 3.17 $ 0.39 $ 0.14 $ 1.57 $ 2.10 $ 5.27 A - Net of $122 million tax benefit. $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on the Consolidated Statements of Operations. B-Net of $6 million tax benefit. $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations. C Net of $31 million tax benefit. $72 million recorded within Impairment of assets and other charges, $71 million recorded within Operations, maintenance and other and a $7 million gain recorded in Gains on sales of other assets and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations. D - Recorded in Loss from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares (reported and adjusted) - 770 million#61DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2023 (Dollars in millions) Three Months Ended December 31, 2023 Balance Effective Tax Rate Balance Year Ended December 31, 2023 Effective Tax Rate Reported Income Before Income Taxes From Continuing Operations Before Income Taxes Regulatory Matters $ 1,257 $ 4,767 (27) 84 Organizational Optimization 124 124 Noncontrolling Interests (29) (121) Preferred Dividends (14) (106) Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items $ 1,311 $ 4,748 Reported Income Tax Expense From Continuing Operations $ 122 9.7 % $ 438 9.2 % Regulatory Matters (7) 20 Organizational Optimization 29 29 Noncontrolling interest portion of income taxes( (a) (7) (24) Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items $ 137 10.5% $ 463 9.8% Year Ended Balance Three Months Ended December 31, 2022 Effective Tax Rate December 31, 2022 Effective Tax Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 638 4,078 Regulatory Settlements 200 457 Workplace and Workforce Realignment 136 136 Noncontrolling Interests (11) (56) Preferred Dividends (14) (106) Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items $ 949 $ 4,509 Reported Income Tax Expense From Continuing Operations $ 3 0.5% SA $ 300 7.4 % Regulatory Matters and Litigation Workplace and Workforce Realignment 48 128 31 31 Noncontrolling interest portion of income taxes (a) (2) (10) Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items $ 80 8.4% $ 449 10.0 % (a) Income tax related to non-pass-through entities for tax purposes.#62Duke Energy Corporation Operations, Maintenance and Other Expense (In millions) Operations, maintenance and other (a) Adjustments: Regulatory Settlement (b) Workplace and Workforce Realignment (b) Organizational Optimization (b) Reagents Recoverable (c) Actual Actual December 31, 2022 December 31, 2023 $ 5,734 $ 5,625 $ Forecast December 31, 2024 5,459 (25) (16) (71) (110) (96) (90) (94) Energy Efficiency Recoverable (c) (361) (378) (431) Other Recoverable(e) (229) (526) (373) Short-term incentive payments (over)/under budget (16) 63 Non-Rider Recoverable operations, maintenance and other $ 4,936 $ 4,568 $ 4,561 Non-regulated Products and Services (d) (181) (173) (196) Base operations, maintenance and other $ 4,755 $ 4,395 $ 4,365 (a) As reported in the Consolidated Statements of Operations. (b) Presented as a special item for the purpose of calculating adjusted earnings and adjusted diluted earnings per share. (c) Primarily represents expenses to be deferred or recovered through rate riders. (d) Primarily represents non-regulated products and services expenses in support of regulated electric and gas utilities. (e) A portion of Duke Energy Ohio Vegetation Management has been reclassified to non-recoverable effective 2023. Accordingly, all prior periods have been recast for comparability.#63DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROES) For the period ended December 31, 2023 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Reported Net Income 2023 $ 1,470 $ 998 $ 2,468 $ 1,016 $ 497 $ 343 (2) Special Items (1) 74 47 121 11 9 3 Adjusted Net Income 2023 1,544 1,045 2,589 1,027 506 346 $ Piedmont 372 (3) 3 375 2023 Equity 16,907 10,807 27,714 10,043 5,013 5,100 3,964 (4) Goodwill 920 49 Equity less Goodwill 16,907 10,807 27,714 10,043 5,013 4,180 3,915 2022 Equity Goodwill Equity less Goodwill Average Equity less Goodwill Adjusted Book ROES 15,442 10,309 25,751 9,023 4,703 4,766 3,588 (4) 920 49 15,442 10,309 25,751 9,023 4,703 3,846 3,539 26,733 9,533 4,858 4,013 3,727 9.7% 10.8% 10.4% 8.6% 10.1% (1) Impacts of Regulatory Matters, net of tax and Organizational Optimization, net of tax (2) Net Income for 2023 equals Duke Energy Ohio reportable segments segment income (3) Piedmont Natural Gas Net Income excludes $7 million of income related to Investments in Gas Transmission Infrastructure. 2023 379 (7) 372 (4) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2023 2022 Reported Equity for Piedmont Natural Gas Less: Investments in Gas Transmission Infrastructure 4,052 88 3,673 85 Piedmont Natural Gas Adjusted Equity 3,964 3,588#64DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROES) For the period ended December 31, 2022 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Reported Net Income 2022 $ 1,600 $ 1,008 $ 2,608 $ 909 $ 270 $ 310 (2) $ Special Items (1) Adjusted Net Income 2022 58 11 69 11 183 4 1,658 1,019 2,677 920 453 314 Piedmont 317 (3) 14 331 2022 Equity 15,442 10,309 25,751 9,023 4,703 4,766 3,588 (4) Goodwill 920 49 Equity less Goodwill 15,442 10,309 25,751 9,023 4,703 3,846 3,539 2021 Equity Goodwill Equity less Goodwill Average Equity less Goodwill Adjusted Book ROES 13,891 9,551 23,442 8,295 5,015 4,464 3,277 (4) 920 49 13,891 9,551 23,442 8,295 5,015 3,544 3,228 24,597 8,659 4,859 3,695 3,384 10.9% 10.6% 9.3% 8.5% 9.8% (1) Impacts of Regulatory Matters & Litigation, net of tax and Workplace and Workforce Realignment, net of tax (2) Net Income for 2022 equals Duke Energy Ohio reportable segments segment income (3) Piedmont Natural Gas Net Income excludes $6 million of income related to Investments in Gas Transmission Infrastructure. 2022 323 317 (4) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2022 2021 Reported Equity for Piedmont Natural Gas Less: Investments in Gas Transmission Infrastructure Piedmont Natural Gas Adjusted Equity 3,673 85 3,588 3,349 72 3,277#65DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROES) For the period ended December 31, 2021 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Reported Net Income 2021 $ 1,336 $ 991 $ 2,327 $ 738 $ 481 $ 219 (2) $ Special Items (1) Adjusted Net Income 2021 130 31 161 22 11 1,466 1,022 2,488 760 492 219 Piedmont 303 (3) 10 313 2021 Equity 13,891 9,551 23,442 8,295 5,015 4,464 3,277 (4) Goodwill 920 49 Equity less Goodwill 13,891 9,551 23,442 8,295 5,015 3,544 3,228 2020 Equity Goodwill Equity less Goodwill Average Equity less Goodwill Adjusted Book ROES 13,154 9,260 22,414 7,558 4,783 3,935 2,647 (4) 920 49 13,154 9,260 22,414 7,558 4,783 3,015 2,598 22,928 7,927 4,899 3,280 2,913 10.9% 9.6% 10.0% 6.7% 10.7% (1) Impacts of Regulatory Settlements for coal ash, net of tax and Workplace and Workforce Realignment, net of tax (2) Net Income for 2021 equals Duke Energy Ohio reportable segments segment income (3) Piedmont Natural Gas Net Income excludes $7 million of income related to Investments in Gas Transmission Infrastructure. 2021 310 (7) 303 (4) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2021 2020 Reported Equity for Piedmont Natural Gas Less: Investments in Gas Transmission Infrastructure 3,349 72 2,715 68 Piedmont Natural Gas Adjusted Equity 3,277 2,647#66Duke Energy Corporation Available Liquidity Reconciliation As of December 31, 2023 (In millions) Cash and Cash Equivalents Less: Certain Amounts Held in Foreign Jurisdictions Less: Unavailable Domestic Cash $ 253 (32) (34) 187 Plus: Remaining Availability under Master Credit Facilities and other facilities Total Available Liquidity (a) 4,939 $ 5,126 approximately $5.1 billion (a) The available liquidity balance presented is a non-GAAP financial measure as it represents Cash and cash equivalents, excluding certain amounts held in foreign jurisdictions and cash otherwise unavailable for operations, and remaining availability under Duke Energy's available credit facilities, including the master credit facility, as of December 31, 2023. The most directly comparable GAAP financial measure for available liquidity is Cash and cash equivalents.#67FFO to Debt Calculation Duke Energy Corporation (in millions) Cash From Operations Adjust for Working Capital (1) Coal ash ARO spend Include Capitalized Interest as cost Hybrid interest adjustment Preferred stock adjustment CR3 securitization adjustment Storm securitization Duke Energy Indiana minority interest adjustment Lease-imputed FFO adjustment (D&A) Adjustment for Long-term Deferred Fuel Impacts Funds From Operations Notes payable and commercial paper Current maturities of LT debt LT debt Less: Purchase Accounting adjustments CR3 securitization Storm securitization Year Ended December 31, 2023 Actual 9,788 1,230 552 (201) 22 (54) (53) (51) (233) 175 (1,477) 9,698 4,288 2,800 72,452 (1,149) (890) (933) (988) Duke Energy Indiana minority interest sale adjustment Underfunded Pension Hybrid debt adjustment Preferred stock adjustment Lease imputed debt Total Balance Sheet Debt (Including ST) (1) Working capital detail, excluding MTM 224 (500) 981 1,105 77,390 Receivables Inventory Other current assets Accounts payable Taxes accrued Other current liabilities FFO / Debt 463 (706) (267) (820) 126 (26) (1,230) 12.5%#68FFO to Debt Calculation Duke Energy Carolinas (in millions) Year Ended December 31, 2023 Actual Cash From Operations Adjust for Working Capital (1) ARO spend 2,785 940 210 Include Capitalized Interest as cost (62) Storm securitization (12) Lease-imputed FFO adjustment (D&A) 36 Adjustment for Long-term Deferred Fuel Impacts (836) Funds From Operations 3,061 Notes payable to affiliated companies 668 Current maturities of LT debt LT debt LT debt payable to affiliates Storm securitization Underfunded Pension 19 15,693 300 (219) 10 Lease imputed debt 90 Total Balance Sheet Debt (Including ST) 16,561 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities 22 187 (320) (495) (447) (14) 64 63 (940) FFO / Debt 19%#69FFO to Debt Calculation Duke Energy Progress (in millions) Year Ended December 31, 2023 Actual Cash From Operations Adjust for Working Capital (1) 1,734 564 Coal ash ARO spend 249 Include Capitalized Interest as cost (35) Storm securitization (39) Lease-imputed FFO adjustment (D&A) 61 Adjustment for Long-term Deferred Fuel Impacts (346) Funds From Operations 2,188 Notes payable to affiliated companies 891 Current maturities of LT debt LT debt LT debt payable to affiliates Storm securitization Underfunded Pension 72 11,492 150 (714) 23 Lease imputed debt 338 Total Balance Sheet Debt (Including ST) 12,252 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities FFO / Debt (10) 9 (221) (252) (26) (176) 99 13 (564) 18%#70FFO to Debt Calculation Duke Energy Florida (in millions) Year Ended December 31, 2023 Actual Cash From Operations Adjust for Working Capital (1) 2,387 (41) Include Capitalized Interest as cost (6) CR3 securitization adjustment (53) Lease-imputed FFO adjustment (D&A) 61 Adjustment for Long-term Deferred Fuel Impacts (295) Funds From Operations 2,053 Notes payable to affiliated companies 152 589 Current maturities of LT debt LT debt Adjust for CR3 Underfunded Pension 9,812 (890) 31 300 Lease imputed debt Total Balance Sheet Debt (Including ST) (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities 9,994 30 (236) (101) 496 (241) (42) 132 3 41 FFO / Debt 21%#71FFO to Debt Calculation Duke Energy Ohio (in millions) Year Ended December 31, 2023 Cash From Operations Adjust for Working Capital (1) Coal Ash ARO spend Include capitalized Interest as cost Lease-imputed FFO adjustment (D&A) Funds From Operations Notes payable to affiliated companies LT debt LT debt payable to affiliates CRC Underfunded pension Lease imputed debt Actual 506 226 13 (16) 10 739 613 3,493 25 159 52 17 Total Balance Sheet Debt (Including ST) 4,359 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities FFO / Debt (38) (40) (35) (23) (34) (1) (1) (54) (226) 17%#72FFO to Debt Calculation Duke Energy Indiana (in millions) Year Ended December 31, 2023 Actual Cash From Operations Adjust for Working Capital (1) Coal ash ARO spend Include Capitalized Interest as cost Lease-imputed FFO adjustment (D&A) Funds From Operations Notes payable to affiliates Current maturities of LT debt LT debt LT debt payable to affiliates CRC Underfunded pension 1,107 (11) 81 (21) 14 1,170 256 4 4,348 150 153 2 Lease imputed debt 52 Total Balance Sheet Debt (Including ST) 4,965 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities (40) (55) (93) 138 (83) 42 (26) 128 FFO / Debt 11 24%#73FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2023 Cash From Operations Adjust for Working Capital (1) Include Capitalized Interest as cost Lease-imputed FFO adjustment (D&A) Funds From Operations Notes payable to affiliated companies Current maturities of LT Debt LT debt Underfunded pension Actual 762 (140) (8) 1 615 538 40 3,628 2 Lease imputed debt 10 Total Balance Sheet Debt (Including ST) 4,218 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities FFO / Debt 127 1 58 (46) (45) 3 15 27 140 15%