Fourth Quarter 2023 Earnings Review and Business Update
Key 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
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