Fourth Quarter 2023 Earnings Review and Business Update
Pure play regulated utility operating in constructive and growing jurisdictions
COMPLETED PORTFOLIO TRANSITION TO FULLY REGULATED COMPANY...
-35%
2011 Duke Energy &
Progress Energy
merger
2015
Acquired Piedmont
Natural Gas
2016
NC enacts bi-partisan
comprehensive clean
energy legislation
2023
-65%
Regulated (1)
Non-regulated
Current
-100%
2012
Exit of merchant
Midwest Generation
business
2016
Completed sale of
Latin American
Generation business
2021
Completed sale of
Commercial
Renewables business
...WITH A CLEAR STRATEGY AND LONG-TERM ORGANIC GROWTH OPPORTUNITIES
Serving vibrant
jurisdictions
Expect 2023-2028 load
growth of 1.5 - 2%
Added 195,000 new
customers in 2023
Significant economic
development across
multiple industries drives
long-term C&I growth
Investing in
regulated utilities
Growing capital plan -
$73 billion, 2024-2028
Transforming the largest
T&D system in the U.S.
Building generation and
transmission to support
growth and fleet transition
Modernizing gas LDCs
Efficient recovery
mechanisms
~90% of electric capital
investments (2) are eligible
for efficient recovery
mechanisms
Riders and annual rate
mechanisms mitigate lag in
gas utilities
DUKE
ENERGY.
(1) Regulated business excludes International Energy and Commercial Power
FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE
(2)
Based on 2024-2028 capital plan, subject to regulatory approval; per HB 951 certain North Carolina capital
investments are not eligible for multi-year rate plan including large generation investments over $500 million
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