Fourth Quarter 2023 Earnings Review and Business Update
Current 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
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