Fourth Quarter 2023 Earnings Review and Business Update
Managing 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
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