Fourth Quarter 2023 Earnings Review and Business Update
$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
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