Fourth Quarter 2023 Earnings Review and Business Update

Coal 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

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