CHARLOTTE, N.C., Feb. 16, 2017 /PRNewswire/ --
- GAAP reported diluted earnings per share (EPS) were
$3.11 in 2016, compared to
$4.05 in 2015; adjusted diluted EPS
was $4.69 for 2016 compared to
$4.54 for 2015
- Company achieves the high end of its 2016 adjusted diluted
EPS guidance range
- 2017 adjusted diluted EPS guidance range set at $4.50 to $4.70
- Five-year growth capital plan increased by approximately 25
percent to $37 billion
Duke Energy today announced 2016 full-year reported diluted EPS,
prepared in accordance with Generally Accepted Accounting
Principles (GAAP) of $3.11, compared
to $4.05 for the full-year 2015. Duke
Energy's full-year 2016 adjusted diluted EPS was $4.69, compared to $4.54 for full-year 2015.
Adjusted diluted EPS excludes the impact of certain items
included in GAAP reported diluted EPS. Amounts excluded from
adjusted diluted EPS are primarily costs to achieve mergers,
certain severance charges, asset impairments, a 2015 charge
associated with the Edwardsport IGCC regulatory settlement, and the
fourth quarter 2016 loss on sale of International Energy, primarily
related to the recognition of cumulative currency translation
adjustment losses.
Full-year 2016 adjusted results were driven by favorable
weather, strong cost control and benefits from an early close of
the Piedmont Natural Gas acquisition, which helped to offset
significant storm costs and higher interest expense.
"2016 was a transformational year for Duke Energy as we acquired
Piedmont Natural Gas and exited our International business,
positioning the company for more consistent earnings and cash flow
growth," said Lynn Good, Duke Energy
chairman, president and CEO. "We continue to advance our long-term
growth strategy to modernize the energy grid, generate cleaner
energy and expand natural gas infrastructure. Our employees'
commitment to industry-leading operational and safety performance,
combined with our unwavering focus on cost management, enabled us
to achieve financial results at the high end of our guidance
range.
"Our strategy is producing results. By investing in
infrastructure our customers value and delivering sustainable
growth for our investors, we are confident we will achieve strong
results in 2017 and beyond," Good said.
Duke Energy reported a fourth quarter 2016 GAAP loss per share
of 33 cents, compared to earnings per
share of 69 cents for fourth quarter
2015 primarily related to the loss on the sale of International
Energy. Fourth quarter 2016 adjusted diluted EPS was 81 cents, compared to 87
cents for fourth quarter 2015.
As expected, fourth quarter adjusted results were impacted by
higher planned O&M expenses and higher interest expense,
partially offset by Piedmont's
earnings contribution, net of financing costs.
The company has set its 2017 adjusted diluted EPS guidance range
of $4.50 to $4.70, and extended its
long-term adjusted diluted EPS growth rate of 4 to 6 percent to
2021. The growth rate is anchored to the midpoint of the 2017
adjusted diluted EPS guidance range, or $4.60 per share. The long-term growth rate is
supported by an expanded $37 billion
growth capital plan, representing an increase of approximately 25
percent from the previous five-year growth capital plan.
Business segment results
In addition to the following summary of fourth quarter 2016
business segment performance, comprehensive tables with detailed
earnings per share drivers for the fourth quarter and full year
2016, compared to prior year, are provided on pages 15 and 16,
respectively.
The discussion below of the fourth-quarter results includes both
GAAP segment income and adjusted segment income, which is a
non-GAAP financial measure. The tables on pages 24 through 27
present a reconciliation of GAAP reported results to adjusted
results.
Due to the Piedmont acquisition
and the sale of International Energy in the fourth quarter of 2016,
Duke Energy's segment structure has been realigned to include the
following segments: Electric Utilities and Infrastructure, Gas
Utilities and Infrastructure and Commercial Renewables. The
remainder of Duke Energy's operations is presented as Other. Other
now includes the results of National Methanol Company (NMC),
previously included in the International Energy segment, and the
results of the Midwest Generation business that was sold in 2015,
previously included in the former Commercial Portfolio segment.
Prior periods have been recast to conform to the current segment
structure.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure
recognized fourth quarter 2016 segment income of $483 million, compared to $569 million in the fourth quarter of 2015.
On an adjusted basis, Electric Utilities and Infrastructure
recognized fourth quarter 2016 adjusted segment income of
$483 million, compared to
$588 million in the fourth quarter of
2015. Adjusted diluted EPS was lower by $0.15 per share, excluding a $0.01 decrease due to the common stock issuance
of 10.6 million shares used to fund a portion of the Piedmont acquisition.
Lower quarterly results at Electric Utilities and Infrastructure
were primarily driven by:
- Higher O&M expenses (-$0.08
per share), primarily due to higher planned spending
- Higher effective tax rate (-$0.06
per share) resulting from a prior year benefit
- Higher interest expense (-$0.03
per share) related to additional debt outstanding
- Higher depreciation and amortization (-$0.03 per share) from additional plant in
service
These unfavorable drivers were partially offset by:
- Favorable weather (+$0.03 per share), net of estimated volume
impacts of Hurricane Matthew (-$0.02
cents per share)
- Higher AFUDC equity (+$0.02 per share) due to increased capital
investments
Gas Utilities and Infrastructure
Gas Utilities and Infrastructure recognized fourth quarter 2016
reported and adjusted segment income of $89
million, compared to $14
million in the fourth quarter of 2015, an increase of
$0.11 per share.
Higher quarterly results at Gas Utilities and Infrastructure
were primarily driven by:
- Contribution from Piedmont Natural Gas (+$0.10 per share),
subsequent to the acquisition in October
2016 and before share dilution and debt financing costs
which are included in Other
- Higher earnings from midstream pipeline investments (+$0.01 per
share), primarily the Atlantic Coast Pipeline
Commercial Renewables
On a reported basis, Commercial Renewables recognized fourth
quarter 2016 segment income of $10
million, compared to $17
million in the fourth quarter of 2015.
On an adjusted basis, Commercial Renewables recognized fourth
quarter 2016 adjusted segment income of $10
million, compared to $19
million in the fourth quarter 2015, a decrease of
$0.01 per share.
Lower quarterly results at Commercial Renewables were primarily
driven by lower investment tax credits due to lower solar
investments, partially offset by higher production tax credits from
additional wind facilities placed in service.
Other
Other primarily includes corporate interest expense not
allocated to the business units, results from Duke Energy's captive
insurance company, and other investments including National
Methanol Company, an equity method investment, and the results of
the Midwest Generation business that was sold in 2015, previously
included in the former Commercial Portfolio segment.
On a reported basis, Other recognized fourth quarter 2016 net
expense of $209 million, compared to
net expense of $170 million in the
fourth quarter of 2015. In addition to the drivers outlined below,
quarterly results were impacted by higher costs to achieve mergers,
partially offset by lower charges related to cost savings
initiatives. These charges were treated as special items and
therefore excluded from adjusted earnings.
On an adjusted basis, Other recognized fourth quarter 2016
adjusted net expense of $57 million,
compared to adjusted net expense of $75
million in the fourth quarter of 2015, an improvement of
$0.02 per share. The decreased net
expense was primarily driven by a change in effective tax rate due
to an unfavorable tax adjustment in the prior year (+$0.07 per
share) partially offset by higher interest expense in 2016
(-$0.03 per share) primarily
resulting from the Piedmont Natural Gas acquisition financing.
Duke Energy's consolidated reported effective tax rate for
fourth quarter 2016 was 26.6 percent, compared to 29.2 percent in
the fourth quarter of 2015. The consolidated adjusted effective tax
rate for fourth quarter 2016 was 30.4 percent, compared to 31.4
percent in 2015. Adjusted effective tax rate is a non-GAAP
financial measure. The tables on pages 28 and 29 present a
reconciliation of the GAAP reported effective tax rate to the
adjusted effective tax rate.
Discontinued Operations
For the fourth quarter of 2016, Duke Energy's GAAP reported Loss
From Discontinued Operations, net of tax includes a loss on the
sale of the International business and other transaction-related
costs, partially offset by the operating results of the
International business prior to the sale of $40 million. The operating results of
$40 million were included in Duke
Energy's adjusted earnings for the fourth quarter.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled for
10 a.m. ET today. In addition to
discussing the fourth quarter and year-end 2016 financial results,
the company will provide its 2017 adjusted diluted earnings per
share guidance range and other business and financial updates.
The conference call will be hosted by Lynn Good, chairman, president and chief
executive officer, and Steve Young,
executive vice president and chief financial officer.
The call can be accessed via the investors' section
(http://www.duke-energy.com/investors/) of Duke Energy's website or
by dialing 888-487-0354 in the United
States or 719-457-2506 outside the
United States. The confirmation code is 1359293. Please call
in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until
1 p.m. ET, Feb. 24, 2017, by calling 888-203-1112 in
the United States or 719-457-0820
outside the United States and
using the code 1359293. An audio replay and transcript will also be
available by accessing the investors' section of the company's
website.
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported
to adjusted diluted EPS for fourth quarter and full-year 2016 and
2015 financial results:
(In millions,
except per-share
amounts)
|
After-Tax
Amount
|
4Q 2016
EPS
|
4Q 2015
EPS
|
|
Diluted EPS, as
reported
|
|
$
|
(0.33)
|
$
|
0.69
|
Adjustments to
reported EPS:
|
|
|
|
Fourth
Quarter 2016
|
|
|
|
Costs to achieve
mergers
|
$
|
134
|
0.19
|
|
Cost saving
initiatives
|
18
|
0.03
|
|
Discontinued
operations(a)
|
640
|
0.92
|
|
Fourth
Quarter 2015
|
|
|
|
Costs to achieve
mergers
|
18
|
|
0.03
|
Ash basin
settlement
|
7
|
|
0.01
|
Cost savings
initiatives
|
88
|
|
0.13
|
Discontinued
operations(b)
|
9
|
|
0.01
|
Total
adjustments
|
|
$
|
1.14
|
$
|
0.18
|
Diluted EPS,
adjusted
|
|
$
|
0.81
|
$
|
0.87
|
|
|
(a)
Includes a loss on sale of the
International Disposal Group. Represents the GAAP reported Loss
from Discontinued Operations less the International Disposal Group
operating results, which are included in adjusted
earnings.
|
|
(b)
Represents the GAAP reported
Loss from Discontinued Operations less the International Disposal
Group operating results, which are included in adjusted
earnings.
|
|
(In millions,
except per-share
amounts)
|
After-Tax
Amount
|
Full-Year
2016 EPS
|
Full- Year
2015 EPS
|
|
Diluted EPS, as
reported
|
|
$
|
3.11
|
$
|
4.05
|
Adjustments to
reported EPS:
|
|
|
|
Full-Year
2016
|
|
|
|
Costs to achieve
mergers
|
$
|
329
|
0.48
|
|
Cost saving
initiatives
|
57
|
0.08
|
|
Commercial Renewables
impairment
|
45
|
0.07
|
|
Discontinued
operations(a)
|
661
|
0.95
|
|
Full-Year
2015
|
|
|
|
Costs to achieve
mergers
|
60
|
|
0.09
|
Edwardsport
settlement
|
58
|
|
0.08
|
Ash basin settlement
and penalties
|
11
|
|
0.02
|
Cost savings
initiatives
|
88
|
|
0.13
|
Discontinued
operations(b)
|
119
|
|
0.17
|
Total
adjustments
|
|
$
|
1.58
|
$
|
0.49
|
Diluted EPS,
adjusted
|
|
$
|
4.69
|
$
|
4.54
|
|
|
(a)
Includes a loss on sale of the
International Disposal Group. Represents the GAAP reported Loss
from Discontinued Operations, less the International Disposal Group
operating results, which are included in adjusted
earnings.
|
|
(b)
Includes the impact of a litigation
reserve related to the Midwest Generation Disposal Group.
Represents i) GAAP reported Income from Discontinued Operations,
less the International Disposal Group operating results and Midwest
Generation Disposal Group operating results, which are included in
adjusted earnings, and ii) a state tax charge resulting from the
completion of the sale of the Midwest Generation Disposal Group but
not reported as discontinued operations.
|
|
Non-GAAP financial measures
Management evaluates financial performance in part based on
non-GAAP financial measures, adjusted earnings and adjusted diluted
EPS. These items represent income from continuing operations
attributable to Duke Energy, adjusted for the dollar and per-share
impact of special items. As discussed below, special items include
certain charges and credits, which management believes are not
indicative of Duke Energy's ongoing performance. Management
believes the presentation of adjusted earnings and adjusted diluted
EPS provides useful information to investors, as it provides them
with an additional relevant comparison of Duke Energy's performance
across periods.
Management uses these non-GAAP financial measures for planning
and forecasting, and for reporting financial results to the Duke
Energy Board of Directors, employees, stockholders, analysts and
investors. Adjusted diluted EPS is also used as a basis for
employee incentive bonuses. The most directly comparable GAAP
measures for adjusted earnings and adjusted diluted EPS are Net
Income Attributable to Duke Energy Corporation and Diluted EPS
Attributable to Duke Energy Corporation common stockholders.
Special items included in the periods presented include the
following:
- Costs to achieve mergers represent charges that result from
potential or completed strategic acquisitions.
- Cost savings initiatives represents severance charges related
to company-wide initiatives to standardize processes and systems,
leverage technology and workforce optimization.
- Commercial Renewables Impairment and Asset impairment represent
other-than-temporary impairments.
- Edwardsport Settlement and Ash Basin Settlement and Penalties
represent charges related to Plea Agreements and settlement
agreements with regulators and other governmental entities.
Adjusted earnings also include the operating results of the
nonregulated Midwest generation business and Duke Energy Retail
Sales (collectively, the Midwest Generation Disposal Group) and the
International Disposal Group, which have been classified as
discontinued operations. Management believes inclusion of the
operating results of the Disposal Groups within adjusted earnings
and adjusted diluted EPS results is a better reflection of Duke
Energy's financial performance during the period.
Due to the forward-looking nature of any forecasted adjusted
earnings guidance, information to reconcile this non-GAAP financial
measure to the most directly comparable GAAP financial measure is
not available at this time, as management is unable to project all
special items for future periods (such as legal settlements, the
impact of regulatory orders, or asset impairments).
Management evaluates segment performance based on segment income
and other net expense. Segment income is defined as income from
continuing operations attributable to Duke Energy. Segment income
includes intercompany revenues and expenses that are eliminated in
the Consolidated Financial Statements. Management also uses
adjusted segment income as a measure of historical and anticipated
future segment performance. Adjusted segment income is a non-GAAP
financial measure, as it is based upon segment income adjusted for
special items, which are discussed above. Management believes the
presentation of adjusted segment income provides useful information
to investors, as it provides them with an additional relevant
comparison of a segment's performance across periods. The most
directly comparable GAAP measure for adjusted segment income or
adjusted other net expense is segment income and other net
expense.
Due to the forward-looking nature of any forecasted adjusted
segment income or adjusted other net expense and any related growth
rates for future periods, information to reconcile these non-GAAP
financial measures to the most directly comparable GAAP financial
measures is not available at this time, as the company is unable to
forecast all special items for future periods, as discussed
above.
Duke Energy's adjusted earnings, adjusted diluted EPS, and
adjusted segment income may not be comparable to similarly titled
measures of another company because other companies may not
calculate the measures in the same manner.
Duke Energy, one of the largest electric power holding companies
in the United States, supplies and
delivers electricity to approximately 7.4 million customers in the
Southeast and Midwest, representing a population of approximately
24 million people. The company also distributes natural gas to more
than 1.5 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its commercial business operates a
growing renewable energy portfolio and transmission infrastructure
across the United States.
Headquartered in Charlotte,
N.C., Duke Energy is an S&P 100 Stock Index company
traded on the New York Stock Exchange under the symbol DUK. More
information about the company is available at duke-energy.com.
The Duke Energy News Center serves as a multimedia resource for
journalists and features news releases, helpful links, photos and
videos. Hosted by Duke Energy, illumination is an online
destination for stories about remarkable people, innovations, and
community and environmental topics. It also offers glimpses into
the past and insights into the future of energy.
Follow Duke Energy on Twitter, LinkedIn, Instagram and
Facebook.
Forward-Looking Information
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs and
assumptions and can often be identified by terms and phrases that
include "anticipate," "believe," "intend," "estimate," "expect,"
"continue," "should," "could," "may," "plan," "project," "predict,"
"will," "potential," "forecast," "target," "guidance," "outlook" or
other similar terminology. Various factors may cause actual results
to be materially different than the suggested outcomes within
forward-looking statements; accordingly, there is no assurance that
such results will be realized. These factors include, but are not
limited to: state, federal and foreign legislative and regulatory
initiatives, including costs of compliance with existing and future
environmental requirements or climate change, as well as rulings
that affect cost and investment recovery or have an impact on rate
structures or market prices; the extent and timing of costs and
liabilities to comply with federal and state laws, regulations and
legal requirements related to coal ash remediation, including
amounts for required closure of certain ash impoundments, are
uncertain and difficult to estimate; the ability to recover
eligible costs, including amounts associated with coal ash
impoundment retirement obligations and costs related to significant
weather events, and to earn an adequate return on investment
through the regulatory process; the costs of decommissioning
Crystal River Unit 3 and other nuclear facilities could prove to be
more extensive than amounts estimated and all costs may not be
fully recoverable through the regulatory process; credit ratings of
the company or its subsidiaries may be different from what is
expected; costs and effects of legal and administrative
proceedings, settlements, investigations and claims; industrial,
commercial and residential growth or decline in service territories
or customer bases resulting from variations in customer usage
patterns, including energy efficiency efforts and use of
alternative energy sources, including self-generation and
distributed generation technologies; federal and state regulations,
laws and other efforts designed to promote and expand the use of
energy efficiency measures and distributed generation technologies,
such as rooftop solar and battery storage, in our service
territories could result in customers leaving the electric
distribution system, excess generation resources as well as
stranded costs; advancements in technology; additional competition
in electric and gas markets and continued industry consolidation;
the influence of weather and other natural phenomena on operations,
including the economic, operational and other effects of severe
storms, hurricanes, droughts, earthquakes and tornadoes, including
extreme weather associated with climate change; the ability to
successfully operate electric generating facilities and deliver
electricity to customers including direct or indirect effects to
the company resulting from an incident that affects the U.S.
electric grid or generating resources; the ability to complete
necessary or desirable pipeline expansion or infrastructure
projects in our natural gas business; operational interruptions to
our gas distribution and transmission activities; the availability
of adequate interstate pipeline transportation capacity and natural
gas supply; the impact on facilities and business from a terrorist
attack, cybersecurity threats, data security breaches, and other
catastrophic events such as fires, explosions, pandemic health
events or other similar occurrences; the inherent risks associated
with the operation and potential construction of nuclear
facilities, including environmental, health, safety, regulatory and
financial risks; the timing and extent of changes in commodity
prices, interest rates and foreign currency exchange rates and the
ability to recover such costs through the regulatory process, where
appropriate, and their impact on liquidity positions and the value
of underlying assets; the results of financing efforts, including
the ability to obtain financing on favorable terms, which can be
affected by various factors, including credit ratings, interest
rate fluctuations and general economic conditions; the credit
ratings may be different from what the company and its subsidiaries
expect; declines in the market prices of equity and fixed income
securities and resultant cash funding requirements for defined
benefit pension plans, other post-retirement benefit plans, and
nuclear decommissioning trust funds; construction and development
risks associated with the completion of Duke Energy and its
subsidiaries' capital investment projects, including risks related
to financing, obtaining and complying with terms of permits,
meeting construction budgets and schedules, and satisfying
operating and environmental performance standards, as well as the
ability to recover costs from customers in a timely manner or at
all; changes in rules for regional transmission organizations,
including changes in rate designs and new and evolving capacity
markets, and risks related to obligations created by the default of
other participants; the ability to control operation and
maintenance costs; the level of creditworthiness of counterparties
to transactions; employee workforce factors, including the
potential inability to attract and retain key personnel; the
ability of subsidiaries to pay dividends or distributions to Duke
Energy Corporation holding company (the Parent); the performance of
projects undertaken by our nonregulated businesses and the success
of efforts to invest in and develop new opportunities; the effect
of accounting pronouncements issued periodically by accounting
standard-setting bodies; substantial revision to the U.S. tax code,
such as changes to the corporate tax rate or a material change in
the deductibility of interest; the impact of potential goodwill
impairments; the ability to successfully complete future merger,
acquisition or divestiture plans; and the ability to successfully
integrate the natural gas businesses following the acquisition of
Piedmont Natural Gas Company, Inc. and realize anticipated
benefits.
Additional risks and uncertainties are identified and discussed
in Duke Energy's and its subsidiaries' reports filed with the SEC
and available at the SEC's website at www.sec.gov. In light of
these risks, uncertainties and assumptions, the events described in
the forward-looking statements might not occur or might occur to a
different extent or at a different time than described.
Forward-looking statements speak only as of the date they are made;
Duke Energy expressly disclaims an obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Media Contact: Catherine
Butler
24-Hour: 800.559.3853
Analysts: Mike Callahan
Office:
704.382.0459
December
2016
|
QUARTERLY
HIGHLIGHTS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
(In millions,
except per-share amounts and where noted)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Earnings Per Share
- Basic and Diluted
|
|
|
|
|
|
|
|
Income from
continuing operations attributable to Duke Energy
Corporation
common
stockholders
|
|
|
|
|
|
|
|
Basic
|
$
|
0.53
|
|
|
$
|
0.62
|
|
|
$
|
3.71
|
|
|
$
|
3.80
|
|
Diluted
|
$
|
0.53
|
|
|
$
|
0.62
|
|
|
$
|
3.71
|
|
|
$
|
3.80
|
|
(Loss) Income from
discontinued operations attributable to Duke Energy
Corporation common stockholders
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.86)
|
|
|
$
|
0.07
|
|
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
Diluted
|
$
|
(0.86)
|
|
|
$
|
0.07
|
|
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
Net (loss) income
attributable to Duke Energy Corporation common
stockholders
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.33)
|
|
|
$
|
0.69
|
|
|
$
|
3.11
|
|
|
$
|
4.05
|
|
Diluted
|
$
|
(0.33)
|
|
|
$
|
0.69
|
|
|
$
|
3.11
|
|
|
$
|
4.05
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
699
|
|
|
688
|
|
|
691
|
|
|
694
|
|
Diluted
|
699
|
|
|
688
|
|
|
691
|
|
|
694
|
|
INCOME (LOSS) BY
BUSINESS SEGMENT
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure(a)
|
$
|
483
|
|
|
$
|
569
|
|
|
$
|
3,040
|
|
|
$
|
2,819
|
|
Gas Utilities and
Infrastructure(b)
|
89
|
|
|
14
|
|
|
152
|
|
|
73
|
|
Commercial
Renewables(c)
|
10
|
|
|
17
|
|
|
23
|
|
|
52
|
|
Total Reportable
Segment Income
|
582
|
|
|
600
|
|
|
3,215
|
|
|
2,944
|
|
Other(d)(e)(f)(g)
|
(209)
|
|
|
(170)
|
|
|
(645)
|
|
|
(299)
|
|
Intercompany
Eliminations
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
(Loss) Income from
Discontinued Operations, net of tax(h)
|
(601)
|
|
|
47
|
|
|
(419)
|
|
|
171
|
|
Net (Loss) Income
Attributable to Duke Energy Corporation
|
$
|
(227)
|
|
|
$
|
477
|
|
|
$
|
2,152
|
|
|
$
|
2,816
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|
Total Common Equity
(%)
|
|
|
|
|
45%
|
|
|
48%
|
|
Total Debt
(%)
|
|
|
|
|
55%
|
|
|
52%
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
|
|
$
|
50,382
|
|
|
$
|
42,501
|
|
Book Value Per
Share
|
|
|
|
|
$
|
58.63
|
|
|
$
|
57.78
|
|
Actual Shares
Outstanding
|
|
|
|
|
700
|
|
|
688
|
|
CAPITAL AND
INVESTMENT EXPENDITURES
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure(i)
|
$
|
2,070
|
|
|
$
|
1,721
|
|
|
$
|
6,649
|
|
|
$
|
6,852
|
|
Gas Utilities and
Infrastructure(j)
|
5,242
|
|
|
72
|
|
|
5,519
|
|
|
234
|
|
Commercial
Renewables
|
428
|
|
|
343
|
|
|
857
|
|
|
1,019
|
|
Other(k)
|
124
|
|
|
59
|
|
|
190
|
|
|
258
|
|
Total Capital and
Investment Expenditures
|
$
|
7,864
|
|
|
$
|
2,195
|
|
|
$
|
13,215
|
|
|
$
|
8,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Prior period
amounts have been restated to conform to the current segment
structure.
|
|
|
|
|
|
|
|
|
(a) Includes a charge
of $58 million (net of tax of $35 million) related to the
Edwardsport settlement for the year ended December 31,
2015.
|
(b) Includes $67
million of Piedmont's earnings for the three months and year ended
December 31, 2016.
|
(c) Includes an
impairment charge of $45 million (net of tax of $26 million) for
the year ended December 31, 2016, related to certain equity method
investments in wind projects.
|
(d) Includes costs to
achieve mergers of $134 million (net of tax of $74 million) for the
three months ended December 31, 2016, and $329 million (net of tax
of $194 million) for the year ended December 31, 2016.
|
(e) Includes costs to
achieve mergers of $60 million (net of tax of $37 million) for the
year ended December 31, 2015.
|
(f) Includes a charge
of $57 million (net of tax of $35 million) for the year ended
December 31, 2016, primarily consisting of severance expense
related to cost savings initiatives.
|
(g) Includes a charge
of $77 million (net of tax of $47 million) for the three months and
year ended December 31, 2015, primarily consisting of severance
expense related to cost savings initiatives.
|
(h) Includes a loss
on the sale of the International Disposal Group of $640 million
(including tax charges of $126 million) for the three months and
year ended December 31, 2016.
|
(i) Includes $1.25
billion related to the NCEMPA acquisition for the year ended
December 31, 2015.
|
(j) Includes $5
billion related to the Piedmont acquisition for the three months
and year ended December 31, 2016.
|
(k) Includes capital
expenditures of the International Disposal Group prior to the
sale.
|
December
2016
|
QUARTERLY
HIGHLIGHTS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
(In
millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
ELECTRIC UTILITIES
AND INFRASTRUCTURE
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
4,936
|
|
|
$
|
4,851
|
|
|
$
|
21,366
|
|
|
$
|
21,521
|
|
Operating
Expenses
|
3,950
|
|
|
3,818
|
|
|
15,821
|
|
|
16,295
|
|
(Loss) Gains
on Sales of Other Assets and Other, net
|
(3)
|
|
|
2
|
|
|
—
|
|
|
5
|
|
Operating
Income
|
983
|
|
|
1,035
|
|
|
5,545
|
|
|
5,231
|
|
Other Income
and Expenses
|
88
|
|
|
76
|
|
|
303
|
|
|
264
|
|
Interest
Expense
|
307
|
|
|
263
|
|
|
1,136
|
|
|
1,074
|
|
Income Before
Income Taxes
|
764
|
|
|
848
|
|
|
4,712
|
|
|
4,421
|
|
Income Tax
Expense
|
281
|
|
|
279
|
|
|
1,672
|
|
|
1,602
|
|
Segment
Income
|
$
|
483
|
|
|
$
|
569
|
|
|
$
|
3,040
|
|
|
$
|
2,819
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
$
|
758
|
|
|
$
|
698
|
|
|
$
|
2,897
|
|
|
$
|
2,735
|
|
GAS UTILITIES AND
INFRASTRUCTURE
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
543
|
|
|
$
|
122
|
|
|
$
|
901
|
|
|
$
|
541
|
|
Operating
Expenses
|
379
|
|
|
93
|
|
|
636
|
|
|
408
|
|
(Loss) Gains
on Sales of Other Assets and Other, net
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
6
|
|
Operating
Income
|
163
|
|
|
28
|
|
|
264
|
|
|
139
|
|
Other Income
and Expenses
|
11
|
|
|
2
|
|
|
24
|
|
|
3
|
|
Interest
Expense
|
27
|
|
|
6
|
|
|
46
|
|
|
25
|
|
Income Before
Income Taxes
|
147
|
|
|
24
|
|
|
242
|
|
|
117
|
|
Income Tax
Expense
|
58
|
|
|
10
|
|
|
90
|
|
|
44
|
|
Segment
Income
|
$
|
89
|
|
|
$
|
14
|
|
|
$
|
152
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
$
|
56
|
|
|
$
|
20
|
|
|
$
|
115
|
|
|
$
|
79
|
|
COMMERCIAL
RENEWABLES
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
119
|
|
|
$
|
86
|
|
|
$
|
484
|
|
|
$
|
286
|
|
Operating
Expenses
|
123
|
|
|
96
|
|
|
492
|
|
|
322
|
|
Gains (Loss)
on Sales of Other Assets and Other, net
|
1
|
|
|
(5)
|
|
|
5
|
|
|
1
|
|
Operating
Loss
|
(3)
|
|
|
(15)
|
|
|
(3)
|
|
|
(35)
|
|
Other Income
and Expenses
|
(5)
|
|
|
6
|
|
|
(83)
|
|
|
2
|
|
Interest
Expense
|
15
|
|
|
11
|
|
|
53
|
|
|
44
|
|
Loss Before
Income Taxes
|
(23)
|
|
|
(20)
|
|
|
(139)
|
|
|
(77)
|
|
Income Tax
Benefit
|
(33)
|
|
|
(36)
|
|
|
(160)
|
|
|
(128)
|
|
Less: Loss
Attributable to Noncontrolling Interests
|
—
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
Segment
Income
|
$
|
10
|
|
|
$
|
17
|
|
|
$
|
23
|
|
|
$
|
52
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
$
|
34
|
|
|
$
|
27
|
|
|
$
|
130
|
|
|
$
|
104
|
|
OTHER
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
26
|
|
|
$
|
45
|
|
|
$
|
117
|
|
|
$
|
135
|
|
Operating
Expenses
|
287
|
|
|
206
|
|
|
604
|
|
|
409
|
|
Gains on Sales
of Other Assets and Other, net
|
9
|
|
|
3
|
|
|
23
|
|
|
18
|
|
Operating
Loss
|
(252)
|
|
|
(158)
|
|
|
(464)
|
|
|
(256)
|
|
Other Income
and Expenses
|
15
|
|
|
25
|
|
|
75
|
|
|
98
|
|
Interest
Expense
|
140
|
|
|
108
|
|
|
693
|
|
|
393
|
|
Loss Before
Income Taxes
|
(377)
|
|
|
(241)
|
|
|
(1,082)
|
|
|
(551)
|
|
Income Tax
Benefit
|
(170)
|
|
|
(74)
|
|
|
(446)
|
|
|
(262)
|
|
Less: Income
Attributable to Noncontrolling Interests
|
2
|
|
|
3
|
|
|
9
|
|
|
10
|
|
Other Net
Expense
|
$
|
(209)
|
|
|
$
|
(170)
|
|
|
$
|
(645)
|
|
|
$
|
(299)
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
$
|
44
|
|
|
$
|
36
|
|
|
$
|
152
|
|
|
$
|
135
|
|
|
|
|
|
|
|
|
|
Note: Prior period
amounts have been restated to conform to the current segment
structure.
|
DUKE ENERGY
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In millions,
except per-share amounts)
|
|
|
|
|
|
|
|
Years Ended
December 31,
|
|
2016
|
|
2015
|
|
2014
|
Operating
Revenues
|
|
|
|
|
|
Regulated
electric
|
$
|
21,221
|
|
|
$
|
21,379
|
|
|
$
|
21,550
|
|
Nonregulated electric
and other
|
659
|
|
|
456
|
|
|
386
|
|
Regulated natural
gas
|
863
|
|
|
536
|
|
|
573
|
|
Total operating
revenues
|
22,743
|
|
|
22,371
|
|
|
22,509
|
|
Operating
Expenses
|
|
|
|
|
|
Fuel used in electric
generation and purchased power
|
6,625
|
|
|
7,355
|
|
|
7,732
|
|
Cost of natural
gas
|
265
|
|
|
141
|
|
|
185
|
|
Operation,
maintenance and other
|
6,085
|
|
|
5,539
|
|
|
5,506
|
|
Depreciation and
amortization
|
3,294
|
|
|
3,053
|
|
|
2,969
|
|
Property and other
taxes
|
1,142
|
|
|
1,129
|
|
|
1,204
|
|
Impairment
charges
|
18
|
|
|
106
|
|
|
81
|
|
Total operating
expenses
|
17,429
|
|
|
17,323
|
|
|
17,677
|
|
Gains on Sales of
Other Assets and Other, net
|
27
|
|
|
30
|
|
|
10
|
|
Operating
Income
|
5,341
|
|
|
5,078
|
|
|
4,842
|
|
Other Income and
Expenses
|
|
|
|
|
|
Equity in earnings
(losses) of unconsolidated affiliates
|
(15)
|
|
|
69
|
|
|
130
|
|
Other income and
expenses, net
|
324
|
|
|
290
|
|
|
320
|
|
Total other income
and expenses
|
309
|
|
|
359
|
|
|
450
|
|
Interest
Expense
|
1,916
|
|
|
1,527
|
|
|
1,529
|
|
Income From
Continuing Operations Before Income Taxes
|
3,734
|
|
|
3,910
|
|
|
3,763
|
|
Income Tax Expense
from Continuing Operations
|
1,156
|
|
|
1,256
|
|
|
1,225
|
|
Income From
Continuing Operations
|
2,578
|
|
|
2,654
|
|
|
2,538
|
|
(Loss) Income From
Discontinued Operations, net of tax
|
(408)
|
|
|
177
|
|
|
(649)
|
|
Net
Income
|
2,170
|
|
|
2,831
|
|
|
1,889
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
18
|
|
|
15
|
|
|
6
|
|
Net Income
Attributable to Duke Energy Corporation
|
$
|
2,152
|
|
|
$
|
2,816
|
|
|
$
|
1,883
|
|
|
|
|
|
|
|
Earnings Per Share
- Basic and Diluted
|
|
|
|
|
|
Income from
continuing operations attributable to Duke Energy Corporation
common stockholders
|
|
|
|
|
|
Basic
|
$
|
3.71
|
|
|
$
|
3.80
|
|
|
$
|
3.58
|
|
Diluted
|
$
|
3.71
|
|
|
$
|
3.80
|
|
|
$
|
3.58
|
|
(Loss) Income from
discontinued operations attributable to Duke Energy Corporation
common stockholders
|
|
|
|
|
|
Basic
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
|
$
|
(0.92)
|
|
Diluted
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
|
$
|
(0.92)
|
|
Net income
attributable to Duke Energy Corporation common
stockholders
|
|
|
|
|
|
Basic
|
$
|
3.11
|
|
|
$
|
4.05
|
|
|
$
|
2.66
|
|
Diluted
|
$
|
3.11
|
|
|
$
|
4.05
|
|
|
$
|
2.66
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
Basic
|
691
|
|
|
694
|
|
|
707
|
|
Diluted
|
691
|
|
|
694
|
|
|
707
|
|
DUKE ENERGY
CORPORATION
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited)
|
(in
millions)
|
|
December 31,
2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
392
|
|
|
$
|
383
|
|
Receivables (net of
allowance for doubtful accounts of $14 at 2016 and $12 at
2015)
|
|
751
|
|
|
515
|
|
Receivables of VIEs
(net of allowance for doubtful accounts of $54 at 2016 and $53 at
2015)
|
|
1,893
|
|
|
1,748
|
|
Inventory
|
|
3,522
|
|
|
3,746
|
|
Assets held for
sale
|
|
—
|
|
|
746
|
|
Regulatory assets
(includes $50 related to VIEs at 2016)
|
|
1,023
|
|
|
877
|
|
Other
|
|
458
|
|
|
307
|
|
Total current
assets
|
|
8,039
|
|
|
8,322
|
|
Investments and
Other Assets
|
|
|
|
|
Investments in equity
method unconsolidated affiliates
|
|
925
|
|
|
499
|
|
Nuclear
decommissioning trust funds
|
|
6,205
|
|
|
5,825
|
|
Goodwill
|
|
19,425
|
|
|
16,072
|
|
Assets held for
sale
|
|
—
|
|
|
2,413
|
|
Other
|
|
2,752
|
|
|
2,830
|
|
Total investments and
other assets
|
|
29,307
|
|
|
27,639
|
|
Property, Plant
and Equipment
|
|
|
|
|
Cost
|
|
121,397
|
|
|
109,967
|
|
Accumulated
depreciation and amortization
|
|
(39,406)
|
|
|
(36,736)
|
|
Generation facilities
to be retired, net
|
|
529
|
|
|
548
|
|
Net property, plant
and equipment
|
|
82,520
|
|
|
73,779
|
|
Regulatory Assets
and Deferred Debits
|
|
|
|
|
Regulatory assets
(includes $1,142 related to VIEs at 2016)
|
|
12,878
|
|
|
11,373
|
|
Other
|
|
17
|
|
|
43
|
|
Total regulatory
assets and deferred debits
|
|
12,895
|
|
|
11,416
|
|
Total
Assets
|
|
$
|
132,761
|
|
|
$
|
121,156
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
2,994
|
|
|
$
|
2,350
|
|
Notes payable and
commercial paper
|
|
2,487
|
|
|
3,633
|
|
Taxes
accrued
|
|
384
|
|
|
289
|
|
Interest
accrued
|
|
503
|
|
|
412
|
|
Current maturities of
long-term debt (includes $260 at 2016 and $125 at 2015 related to
VIEs)
|
|
2,319
|
|
|
2,026
|
|
Liabilities
associated with assets held for sale
|
|
—
|
|
|
279
|
|
Asset retirement
obligations
|
|
411
|
|
|
—
|
|
Regulatory
liabilities
|
|
409
|
|
|
400
|
|
Other
|
|
2,044
|
|
|
2,011
|
|
Total current
liabilities
|
|
11,551
|
|
|
11,400
|
|
Long-Term Debt
(includes $3,587 at 2016 and $2,197 at 2015 related to
VIEs)
|
|
45,576
|
|
|
36,842
|
|
Deferred Credits
and Other Liabilities
|
|
|
|
|
Deferred income
taxes
|
|
14,155
|
|
|
12,548
|
|
Investment tax
credits
|
|
493
|
|
|
472
|
|
Accrued pension and
other post-retirement benefit costs
|
|
1,111
|
|
|
1,088
|
|
Liabilities
associated with assets held for sale
|
|
—
|
|
|
900
|
|
Asset retirement
obligations
|
|
10,200
|
|
|
10,249
|
|
Regulatory
liabilities
|
|
6,881
|
|
|
6,255
|
|
Other
|
|
1,753
|
|
|
1,631
|
|
Total deferred
credits and other liabilities
|
|
34,593
|
|
|
33,143
|
|
Commitments and
Contingencies
|
|
|
|
|
Equity
|
|
|
|
|
Common stock, $0.001
par value, 2 billion shares authorized; 700 million and 688 million
shares outstanding at 2016 and 2015, respectively
|
|
1
|
|
|
1
|
|
Additional paid-in
capital
|
|
38,741
|
|
|
37,968
|
|
Retained
earnings
|
|
2,384
|
|
|
2,564
|
|
Accumulated other
comprehensive loss
|
|
(93)
|
|
|
(806)
|
|
Total Duke Energy
Corporation stockholders' equity
|
|
41,033
|
|
|
39,727
|
|
Noncontrolling
interests
|
|
8
|
|
|
44
|
|
Total
equity
|
|
41,041
|
|
|
39,771
|
|
Total Liabilities
and Equity
|
|
$
|
132,761
|
|
|
$
|
121,156
|
|
DUKE ENERGY
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net Income
|
|
$
|
2,170
|
|
|
$
|
2,831
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
4,628
|
|
|
3,845
|
|
Net cash provided by
operating activities
|
|
6,798
|
|
|
6,676
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Net cash used in
investing activities
|
|
(11,533)
|
|
|
(5,277)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
4,270
|
|
|
(2,578)
|
|
|
|
|
|
|
Changes in cash and
cash equivalents included in assets held for sale
|
|
474
|
|
|
1,099
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
9
|
|
|
(80)
|
|
Cash and cash
equivalents at the beginning of period
|
|
383
|
|
|
463
|
|
Cash and cash
equivalents at end of period
|
|
$
|
392
|
|
|
$
|
383
|
|
DUKE ENERGY
CORPORATION
EARNINGS
VARIANCES
December 2016 QTD
vs. Prior Year
|
|
($ per
share)
|
Electric
Utilities and
Infrastructure
|
|
Gas
Utilities and
Infrastructure
|
|
Commercial
Renewables
|
|
International
Energy
|
|
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
2015 QTD Reported
Earnings Per Share, Diluted
|
$
|
0.82
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.02
|
|
|
|
$
|
—
|
|
|
|
$
|
(0.24)
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.69
|
|
|
Costs to Achieve
Mergers
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
|
—
|
|
|
|
0.03
|
|
|
Ash Basin Settlement
and Penalties
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
Cost Savings
Initiatives
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.11
|
|
|
|
—
|
|
|
|
0.13
|
|
|
International Energy
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.08
|
|
|
|
—
|
|
|
|
(0.08)
|
|
|
|
—
|
|
|
Discontinued
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
2015 QTD Adjusted
Earnings Per Share, Diluted
|
$
|
0.85
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.08
|
|
|
|
$
|
(0.10)
|
|
|
|
$
|
—
|
|
|
|
$
|
0.87
|
|
|
Change in share
count
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Weather-related
(a)
|
0.03
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
Volume
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Pricing and
Riders
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Wholesale
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Operations and
maintenance, net of recoverables (b)
|
(0.08)
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.07)
|
|
|
Piedmont Natural Gas
contribution
|
—
|
|
|
|
0.10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.10
|
|
|
Commercial Gas
Pipelines
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
Duke Energy
Renewables
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Other (c)
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
|
—
|
|
|
|
—
|
|
|
Interest
Expense
|
(0.03)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
|
|
(0.06)
|
|
|
Change in effective
income tax rate
|
(0.06)
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
0.07
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
Latin America,
including foreign exchange rates
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
2016 QTD Adjusted
Earnings Per Share, Diluted
|
$
|
0.69
|
|
|
|
$
|
0.13
|
|
|
|
$
|
0.01
|
|
|
|
$
|
0.06
|
|
|
|
$
|
(0.08)
|
|
|
|
$
|
—
|
|
|
|
$
|
0.81
|
|
|
Costs to Achieve
Mergers
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.19)
|
|
|
|
—
|
|
|
|
(0.19)
|
|
|
Cost Savings
Initiatives
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
International Energy
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.06)
|
|
|
|
—
|
|
|
|
0.06
|
|
|
|
—
|
|
|
Discontinued
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.92)
|
|
|
|
(0.92)
|
|
|
2016 QTD Reported
Earnings Per Share, Diluted
|
$
|
0.69
|
|
|
|
$
|
0.13
|
|
|
|
$
|
0.01
|
|
|
|
$
|
—
|
|
|
|
$
|
(0.30)
|
|
|
|
$
|
(0.86)
|
|
|
|
$
|
(0.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Prior period
amounts have been restated to conform to the current segment
structure. Results of NMC, previously included in the International
Energy segment, are now within Other.
|
Note 2: Adjusted and
Reported Earnings Per Share amounts by segment may not recompute
from other published schedules due to rounding.
|
Note 3: Earnings Per
Share amounts are calculated using the consolidated statutory
income tax rate for all variance drivers except Duke Energy
Renewables, which uses an effective tax rate.
|
|
(a) Weather-related
amounts include estimated volume impacts of Hurricane
Matthew.
|
(b) Primarily due to
higher planned O&M spending, including costs related to
employee benefits.
|
(c) Electric
Utilities and Infrastructure includes higher AFUDC equity (+$0.02)
and lower general taxes (+$0.03), partially offset by increased
depreciation and amortization expense (-$0.03) due to higher
depreciable base.
|
DUKE ENERGY
CORPORATION
EARNINGS
VARIANCES
December 2016 YTD
vs. Prior Year
|
|
($ per
share)
|
Electric
Utilities and
Infrastructure
|
|
Gas
Utilities and
Infrastructure
|
|
Commercial
Renewables
|
|
International
Energy
|
|
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
Continuing
Operations
|
Midwest
Generation
|
2015 YTD Reported
Earnings Per Share, Diluted
|
$
|
4.06
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.08
|
|
|
|
$
|
—
|
|
|
|
$
|
(0.45)
|
|
$
|
—
|
|
|
|
$
|
0.25
|
|
|
|
$
|
4.05
|
|
|
Costs to Achieve
Mergers
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.09
|
|
—
|
|
|
|
—
|
|
|
|
0.09
|
|
|
Edwardsport
Settlement
|
0.08
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.08
|
|
|
Midwest Generation
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
0.14
|
|
|
|
(0.14)
|
|
|
|
—
|
|
|
Ash Basin Settlement
and Penalties
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
Cost Savings
Initiatives
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.12
|
|
—
|
|
|
|
—
|
|
|
|
0.13
|
|
|
International Energy
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.22
|
|
|
|
—
|
|
—
|
|
|
|
(0.22)
|
|
|
|
—
|
|
|
Discontinued
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.06
|
|
—
|
|
|
|
0.11
|
|
|
|
0.17
|
|
|
2015 YTD Adjusted
Earnings Per Share, Diluted
|
$
|
4.17
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.22
|
|
|
|
$
|
(0.18)
|
|
$
|
0.14
|
|
|
|
$
|
—
|
|
|
|
$
|
4.54
|
|
|
Change in share count
(a)
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
Weather-related
(b)
|
0.07
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
|
Volume
|
0.03
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
Pricing and Riders
(c)
|
0.14
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.15
|
|
|
Wholesale
(d)
|
0.07
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
|
Operations and
maintenance, net of recoverables (e)
|
(0.02)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
Piedmont Natural Gas
contribution
|
—
|
|
|
|
0.10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.10
|
|
|
Commercial Gas
Pipelines
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
Duke Energy
Renewables
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
National Methanol
Company (NMC)
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.05)
|
|
—
|
|
|
|
—
|
|
|
|
(0.05)
|
|
|
Other (f)
|
(0.08)
|
|
|
|
(0.02)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.03)
|
|
—
|
|
|
|
—
|
|
|
|
(0.13)
|
|
|
Interest
Expense
|
(0.04)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.06)
|
|
—
|
|
|
|
—
|
|
|
|
(0.10)
|
|
|
Change in effective
income tax rate
|
0.04
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.09
|
|
|
|
(0.06)
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
|
Midwest Generation
(g)
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
(0.14)
|
|
|
|
—
|
|
|
|
(0.14)
|
|
|
Latin America,
including foreign exchange rates
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
|
2016 YTD Adjusted
Earnings Per Share, Diluted
|
$
|
4.40
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.35
|
|
|
|
$
|
(0.38)
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
4.69
|
|
|
Cost to Achieve
Mergers
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.48)
|
|
—
|
|
|
|
—
|
|
|
|
(0.48)
|
|
|
Cost Savings
Initiatives
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.08)
|
|
—
|
|
|
|
—
|
|
|
|
(0.08)
|
|
|
Commercial Renewables
Impairment
|
—
|
|
|
|
—
|
|
|
|
(0.07)
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
(0.07)
|
|
|
International Energy
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.35)
|
|
|
|
—
|
|
—
|
|
|
|
0.35
|
|
|
|
—
|
|
|
Discontinued
Operations
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(0.95)
|
|
|
|
(0.95)
|
|
|
2016 YTD Reported
Earnings Per Share, Diluted
|
$
|
4.40
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.03
|
|
|
|
$
|
—
|
|
|
|
$
|
(0.94)
|
|
$
|
—
|
|
|
|
$
|
(0.60)
|
|
|
|
$
|
3.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Prior period
amounts have been restated to conform to the current segment
structure. Results of NMC, previously included in the International
Energy segment, are now within Other.
|
Note 2: Adjusted and
Reported Earnings Per Share amounts by segment may not recompute
from other published schedules due to rounding.
|
Note 3: Earnings Per
Share amounts are calculated using the consolidated statutory
income tax rate for all variance drivers except Duke Energy
Renewables, which uses an effective tax rate.
|
|
(a) Due to the prior
year repurchase of common shares, partially offset by the issuance
of shares in 2016 to partially fund the Piedmont acquisition.
Weighted average diluted shares outstanding decreased from 694
million shares to 691 million shares.
|
(b) Weather-related
amounts include estimated volume impacts of Hurricane
Matthew.
|
(c) Primarily due to
the NCEMPA rider (+$0.07) and higher energy efficiency recoveries
in the Carolinas (+$0.05).
|
(d) Primarily due to
the implementation of the 30-year contract with NCEMPA.
|
(e) Primarily due to
increased storm restoration costs and costs related to the NCEMPA
asset purchase, partially offset by strong cost control.
|
(f) Electric
Utilities and Infrastructure includes increased depreciation and
amortization expense (-$0.11) due to higher depreciable base,
partially offset by higher AFUDC equity (+$0.03).
|
(g) Due to prior year
earnings from the nonregulated Midwest generation business, which
was sold in April 2015.
|
Electric Utilities
and Infrastructure
|
Quarterly
Highlights
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
%
Inc.(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
18,057
|
|
|
17,198
|
|
|
5.0%
|
|
|
—%
|
|
|
83,507
|
|
|
83,393
|
|
|
0.1%
|
|
|
0.7%
|
|
|
General
Service
|
18,473
|
|
|
18,243
|
|
|
1.3%
|
|
|
0.2%
|
|
|
77,764
|
|
|
77,367
|
|
|
0.5%
|
|
|
0.1%
|
|
|
Industrial
|
12,748
|
|
|
12,827
|
|
|
(0.6%)
|
|
|
(1.0%)
|
|
|
51,895
|
|
|
52,197
|
|
|
(0.6%)
|
|
|
(0.6%)
|
|
|
Other Energy
Sales
|
144
|
|
|
147
|
|
|
(2.0%)
|
|
|
|
|
579
|
|
|
597
|
|
|
(3.0%)
|
|
|
|
|
Unbilled
Sales
|
(328)
|
|
|
113
|
|
|
(390.3%)
|
|
|
n/a
|
|
|
750
|
|
|
(363)
|
|
|
306.6%
|
|
|
n/a
|
|
|
Total Retail
Sales
|
49,094
|
|
|
48,528
|
|
|
1.2%
|
|
|
(0.2%)
|
|
|
214,495
|
|
|
213,191
|
|
|
0.6%
|
|
|
0.2%
|
|
|
Special
Sales
|
9,251
|
|
|
9,524
|
|
|
(2.9%)
|
|
|
|
|
43,034
|
|
|
38,075
|
|
|
13.0%
|
|
|
|
|
Total Consolidated
Electric Sales - Electric Utilities and Infrastructure
|
58,345
|
|
|
58,052
|
|
|
0.5%
|
|
|
|
|
257,529
|
|
|
251,266
|
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers (Electric)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
6,481,081
|
|
|
6,394,280
|
|
|
1.4%
|
|
|
|
|
6,450,046
|
|
|
6,362,549
|
|
|
1.4%
|
|
|
|
|
General
Service
|
966,777
|
|
|
955,880
|
|
|
1.1%
|
|
|
|
|
962,629
|
|
|
952,483
|
|
|
1.1%
|
|
|
|
|
Industrial
|
17,768
|
|
|
17,983
|
|
|
(1.2%)
|
|
|
|
|
17,843
|
|
|
18,107
|
|
|
(1.5%)
|
|
|
|
|
Other Energy
Sales
|
23,177
|
|
|
23,119
|
|
|
0.3%
|
|
|
|
|
23,132
|
|
|
23,049
|
|
|
0.4%
|
|
|
|
|
Total Regular
Sales
|
7,488,803
|
|
|
7,391,262
|
|
|
1.3%
|
|
|
|
|
7,453,650
|
|
|
7,356,188
|
|
|
1.3%
|
|
|
|
|
Special
Sales
|
60
|
|
|
63
|
|
|
(4.8%)
|
|
|
|
|
61
|
|
|
63
|
|
|
(3.2%)
|
|
|
|
|
Total Average Number
of Customers - Electric Utilities and Infrastructure
|
7,488,863
|
|
|
7,391,325
|
|
|
1.3%
|
|
|
|
|
7,453,711
|
|
|
7,356,251
|
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
15,400
|
|
|
13,915
|
|
|
10.7%
|
|
|
|
|
73,767
|
|
|
76,348
|
|
|
(3.4%)
|
|
|
|
|
Nuclear
|
18,375
|
|
|
18,541
|
|
|
(0.9%)
|
|
|
|
|
74,160
|
|
|
71,121
|
|
|
4.3%
|
|
|
|
|
Hydro
|
153
|
|
|
996
|
|
|
(84.6%)
|
|
|
|
|
1,655
|
|
|
2,021
|
|
|
(18.1%)
|
|
|
|
|
Oil and Natural
Gas
|
13,689
|
|
|
14,616
|
|
|
(6.3%)
|
|
|
|
|
62,150
|
|
|
60,670
|
|
|
2.4%
|
|
|
|
|
Renewable
Energy
|
37
|
|
|
3
|
|
|
1,133.3%
|
|
|
|
|
195
|
|
|
13
|
|
|
1,400.0%
|
|
|
|
|
Total Generation
(4)
|
47,654
|
|
|
48,071
|
|
|
(0.9%)
|
|
|
|
|
211,927
|
|
|
210,173
|
|
|
0.8%
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
13,625
|
|
|
11,763
|
|
|
15.8%
|
|
|
|
|
59,382
|
|
|
52,845
|
|
|
12.4%
|
|
|
|
|
Total Sources of
Energy
|
61,279
|
|
|
59,834
|
|
|
2.4%
|
|
|
|
|
271,309
|
|
|
263,018
|
|
|
3.2%
|
|
|
|
|
Less: Line Loss and
Other
|
2,934
|
|
|
1,782
|
|
|
64.6%
|
|
|
|
|
13,780
|
|
|
11,752
|
|
|
17.3%
|
|
|
|
|
Total GWh
Sources
|
58,345
|
|
|
58,052
|
|
|
0.5%
|
|
|
|
|
257,529
|
|
|
251,266
|
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
49,338
|
|
|
50,216
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
52,515
|
|
|
53,484
|
|
|
|
|
|
Nuclear Capacity
Factor (%) (6)
|
|
|
|
|
|
|
|
|
96
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Statistics
reflect 100% of jointly owned stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Carolinas
|
Quarterly
Highlights
|
Supplemental
Electric Utilities and Infrastructure Information
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
%
Inc.
(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
5,884
|
|
|
5,471
|
|
|
7.5%
|
|
|
|
|
27,939
|
|
|
27,916
|
|
|
0.1%
|
|
|
|
|
General
Service
|
6,801
|
|
|
6,626
|
|
|
2.6%
|
|
|
|
|
28,906
|
|
|
28,700
|
|
|
0.7%
|
|
|
|
|
Industrial
|
5,396
|
|
|
5,406
|
|
|
(0.2%)
|
|
|
|
|
21,942
|
|
|
22,136
|
|
|
(0.9%)
|
|
|
|
|
Other Energy
Sales
|
76
|
|
|
76
|
|
|
—%
|
|
|
|
|
304
|
|
|
305
|
|
|
(0.3%)
|
|
|
|
|
Unbilled
Sales
|
128
|
|
|
(21)
|
|
|
709.5%
|
|
|
|
|
372
|
|
|
(539)
|
|
|
169.0%
|
|
|
|
|
Total Retail
Sales
|
18,285
|
|
|
17,558
|
|
|
4.1%
|
|
|
(1.7%)
|
|
|
79,463
|
|
|
78,518
|
|
|
1.2%
|
|
|
(0.3%)
|
|
|
Special
Sales
|
2,370
|
|
|
1,706
|
|
|
38.9%
|
|
|
|
|
9,082
|
|
|
8,432
|
|
|
7.7%
|
|
|
|
|
Total Consolidated
Electric Sales - Duke Energy Carolinas
|
20,655
|
|
|
19,264
|
|
|
7.2%
|
|
|
|
|
88,545
|
|
|
86,950
|
|
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
2,159,930
|
|
|
2,128,724
|
|
|
1.5%
|
|
|
|
|
2,148,432
|
|
|
2,117,482
|
|
|
1.5%
|
|
|
|
|
General
Service
|
351,145
|
|
|
346,378
|
|
|
1.4%
|
|
|
|
|
349,400
|
|
|
345,119
|
|
|
1.2%
|
|
|
|
|
Industrial
|
6,270
|
|
|
6,337
|
|
|
(1.1%)
|
|
|
|
|
6,295
|
|
|
6,417
|
|
|
(1.9%)
|
|
|
|
|
Other Energy
Sales
|
15,250
|
|
|
15,123
|
|
|
0.8%
|
|
|
|
|
15,190
|
|
|
15,041
|
|
|
1.0%
|
|
|
|
|
Total Regular
Sales
|
2,532,595
|
|
|
2,496,562
|
|
|
1.4%
|
|
|
|
|
2,519,317
|
|
|
2,484,059
|
|
|
1.4%
|
|
|
|
|
Special
Sales
|
23
|
|
|
24
|
|
|
(4.2%)
|
|
|
|
|
24
|
|
|
25
|
|
|
(4.0%)
|
|
|
|
|
Total Average Number
of Customers - Duke Energy Carolinas
|
2,532,618
|
|
|
2,496,586
|
|
|
1.4%
|
|
|
|
|
2,519,341
|
|
|
2,484,084
|
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
5,551
|
|
|
3,769
|
|
|
47.3%
|
|
|
|
|
25,607
|
|
|
25,896
|
|
|
(1.1%)
|
|
|
|
|
Nuclear
|
11,417
|
|
|
10,903
|
|
|
4.7%
|
|
|
|
|
44,826
|
|
|
45,013
|
|
|
(0.4%)
|
|
|
|
|
Hydro
|
20
|
|
|
700
|
|
|
(97.1%)
|
|
|
|
|
822
|
|
|
1,136
|
|
|
(27.6%)
|
|
|
|
|
Oil and Natural
Gas
|
2,886
|
|
|
2,659
|
|
|
8.5%
|
|
|
|
|
11,779
|
|
|
10,595
|
|
|
11.2%
|
|
|
|
|
Renewable
Energy
|
3
|
|
|
3
|
|
|
—%
|
|
|
|
|
13
|
|
|
13
|
|
|
—%
|
|
|
|
|
Total Generation
(4)
|
19,877
|
|
|
18,034
|
|
|
10.2%
|
|
|
|
|
83,047
|
|
|
82,653
|
|
|
0.5%
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
1,941
|
|
|
2,182
|
|
|
(11.0%)
|
|
|
|
|
10,737
|
|
|
9,170
|
|
|
17.1%
|
|
|
|
|
Total Sources of
Energy
|
21,818
|
|
|
20,216
|
|
|
7.9%
|
|
|
|
|
93,784
|
|
|
91,823
|
|
|
2.1%
|
|
|
|
|
Less: Line Loss and
Other
|
1,163
|
|
|
952
|
|
|
22.2%
|
|
|
|
|
5,239
|
|
|
4,873
|
|
|
7.5%
|
|
|
|
|
Total GWh
Sources
|
20,655
|
|
|
19,264
|
|
|
7.2%
|
|
|
|
|
88,545
|
|
|
86,950
|
|
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
19,685
|
|
|
19,645
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
20,390
|
|
|
20,360
|
|
|
|
|
|
Nuclear Capacity
Factor (%) (6)
|
|
|
|
|
|
|
|
|
96
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and
Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
1,047
|
|
|
813
|
|
|
28.8%
|
|
|
|
|
2,908
|
|
|
2,922
|
|
|
(0.5%)
|
|
|
|
|
Cooling Degree
Days
|
60
|
|
|
22
|
|
|
172.7%
|
|
|
|
|
1,950
|
|
|
1,731
|
|
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from
Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
(18.1%)
|
|
|
(34.2%)
|
|
|
n/a
|
|
|
|
|
(11.4%)
|
|
|
(7.6%)
|
|
|
n/a
|
|
|
|
|
Cooling Degree
Days
|
71.4%
|
|
|
(46.3%)
|
|
|
n/a
|
|
|
|
|
29.9%
|
|
|
8.4%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Statistics
reflect 100% of jointly owned stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Progress
|
Quarterly
Highlights
|
Supplemental
Electric Utilities and Infrastructure Information
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
3,683
|
|
|
3,407
|
|
|
8.1%
|
|
|
|
|
17,686
|
|
|
17,954
|
|
|
(1.5%)
|
|
|
|
|
General
Service
|
3,550
|
|
|
3,529
|
|
|
0.6%
|
|
|
|
|
15,557
|
|
|
15,529
|
|
|
0.2
|
|
|
|
|
Industrial
|
2,482
|
|
|
2,498
|
|
|
(0.6%)
|
|
|
|
|
10,274
|
|
|
10,288
|
|
|
(0.1%)
|
|
|
|
|
Other Energy
Sales
|
21
|
|
|
25
|
|
|
(16.0%)
|
|
|
|
|
89
|
|
|
106
|
|
|
(16.0%)
|
|
|
|
|
Unbilled
Sales
|
164
|
|
|
50
|
|
|
228.0%
|
|
|
|
|
262
|
|
|
(302)
|
|
|
186.8%
|
|
|
|
|
Total Retail
Sales
|
9,900
|
|
|
9,509
|
|
|
4.1%
|
|
|
0.3%
|
|
|
43,868
|
|
|
43,575
|
|
|
0.7%
|
|
|
0.2%
|
|
|
Special
Sales
|
5,138
|
|
|
5,372
|
|
|
(4.4%)
|
|
|
|
|
25,181
|
|
|
21,306
|
|
|
18.2%
|
|
|
|
|
Total Consolidated
Electric Sales - Duke Energy Progress
|
15,038
|
|
|
14,881
|
|
|
1.1%
|
|
|
|
|
69,049
|
|
|
64,881
|
|
|
6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
1,297,292
|
|
|
1,280,852
|
|
|
1.3%
|
|
|
|
|
1,291,742
|
|
|
1,274,550
|
|
|
1.3%
|
|
|
|
|
General
Service
|
229,936
|
|
|
227,233
|
|
|
1.2%
|
|
|
|
|
229,007
|
|
|
226,099
|
|
|
1.3%
|
|
|
|
|
Industrial
|
4,115
|
|
|
4,174
|
|
|
(1.4%)
|
|
|
|
|
4,136
|
|
|
4,209
|
|
|
(1.7%)
|
|
|
|
|
Other Energy
Sales
|
1,498
|
|
|
1,648
|
|
|
(9.1%)
|
|
|
|
|
1,537
|
|
|
1,677
|
|
|
(8.3%)
|
|
|
|
|
Total Regular
Sales
|
1,532,841
|
|
|
1,513,907
|
|
|
1.3%
|
|
|
|
|
1,526,422
|
|
|
1,506,535
|
|
|
1.3%
|
|
|
|
|
Special
Sales
|
15
|
|
|
15
|
|
|
—%
|
|
|
|
|
15
|
|
|
15
|
|
|
—%
|
|
|
|
|
Total Average Number
of Customers - Duke Energy Progress
|
1,532,856
|
|
|
1,513,922
|
|
|
1.3%
|
|
|
|
|
1,526,437
|
|
|
1,506,550
|
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
2,062
|
|
|
1,506
|
|
|
36.9%
|
|
|
|
|
11,570
|
|
|
12,960
|
|
|
(10.7%)
|
|
|
|
|
Nuclear
|
6,958
|
|
|
7,638
|
|
|
(8.9%)
|
|
|
|
|
29,334
|
|
|
26,108
|
|
|
12.4%
|
|
|
|
|
Hydro
|
41
|
|
|
193
|
|
|
(78.8%)
|
|
|
|
|
490
|
|
|
582
|
|
|
(15.8%)
|
|
|
|
|
Oil and Natural
Gas
|
4,679
|
|
|
5,020
|
|
|
(6.8%)
|
|
|
|
|
22,716
|
|
|
22,203
|
|
|
2.3%
|
|
|
|
|
Renewable
Energy
|
31
|
|
|
—
|
|
|
n/a
|
|
|
|
|
177
|
|
|
—
|
|
|
n/a
|
|
|
|
|
Total Generation
(4)
|
13,771
|
|
|
14,357
|
|
|
(4.1%)
|
|
|
|
|
64,287
|
|
|
61,853
|
|
|
3.9%
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
1,990
|
|
|
1,022
|
|
|
94.7%
|
|
|
|
|
7,381
|
|
|
5,649
|
|
|
30.7%
|
|
|
|
|
Total Sources of
Energy
|
15,761
|
|
|
15,379
|
|
|
2.5%
|
|
|
|
|
71,668
|
|
|
67,502
|
|
|
6.2%
|
|
|
|
|
Less: Line Loss and
Other
|
723
|
|
|
498
|
|
|
45.2%
|
|
|
|
|
2,619
|
|
|
2,621
|
|
|
(0.1%)
|
|
|
|
|
Total GWh
Sources
|
15,038
|
|
|
14,881
|
|
|
1.1%
|
|
|
|
|
69,049
|
|
|
64,881
|
|
|
6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
12,935
|
|
|
12,915
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
14,034
|
|
|
14,019
|
|
|
|
|
|
Nuclear Capacity
Factor (%) (6)
|
|
|
|
|
|
|
|
|
94
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and
Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
1,013
|
|
|
650
|
|
|
55.8%
|
|
|
|
|
2,706
|
|
|
2,654
|
|
|
2.0%
|
|
|
|
|
Cooling Degree
Days
|
78
|
|
|
65
|
|
|
20.0%
|
|
|
|
|
2,033
|
|
|
1,844
|
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from
Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
(11.7%)
|
|
|
(41.5%)
|
|
|
n/a
|
|
|
|
|
(9.0%)
|
|
|
(7.8%)
|
|
|
n/a
|
|
|
|
|
Cooling Degree
Days
|
39.3%
|
|
|
4.8%
|
|
|
n/a
|
|
|
|
|
23.9%
|
|
|
5.8%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Statistics
reflect 100% of jointly owned stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Florida
|
Quarterly
Highlights
|
Supplemental
Electric Utilities and Infrastructure Information
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
4,612
|
|
|
4,732
|
|
|
(2.5%)
|
|
|
|
|
20,265
|
|
|
19,932
|
|
|
1.7%
|
|
|
|
|
General
Service
|
3,795
|
|
|
3,903
|
|
|
(2.8%)
|
|
|
|
|
15,288
|
|
|
15,304
|
|
|
(0.1%)
|
|
|
|
|
Industrial
|
816
|
|
|
851
|
|
|
(4.1%)
|
|
|
|
|
3,197
|
|
|
3,293
|
|
|
(2.9%)
|
|
|
|
|
Other Energy
Sales
|
6
|
|
|
6
|
|
|
—%
|
|
|
|
|
24
|
|
|
24
|
|
|
—%
|
|
|
|
|
Unbilled
Sales
|
(755)
|
|
|
(463)
|
|
|
(63.1%)
|
|
|
|
|
(257)
|
|
|
104
|
|
|
(347.1%)
|
|
|
|
|
Total Retail
Sales
|
8,474
|
|
|
9,029
|
|
|
(6.1%)
|
|
|
(0.4%)
|
|
|
38,517
|
|
|
38,657
|
|
|
(0.4%)
|
|
|
0.8%
|
|
|
Special
Sales
|
388
|
|
|
236
|
|
|
64.4%
|
|
|
|
|
1,887
|
|
|
1,396
|
|
|
35.2%
|
|
|
|
|
Total Electric Sales -
Duke Energy Florida
|
8,862
|
|
|
9,265
|
|
|
(4.3%)
|
|
|
|
|
40,404
|
|
|
40,053
|
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
1,555,990
|
|
|
1,533,247
|
|
|
1.5%
|
|
|
|
|
1,548,681
|
|
|
1,524,320
|
|
|
1.6%
|
|
|
|
|
General
Service
|
196,708
|
|
|
194,265
|
|
|
1.3%
|
|
|
|
|
195,728
|
|
|
193,437
|
|
|
1.2%
|
|
|
|
|
Industrial
|
2,157
|
|
|
2,227
|
|
|
(3.1%)
|
|
|
|
|
2,177
|
|
|
2,244
|
|
|
(3.0%)
|
|
|
|
|
Other Energy
Sales
|
1,528
|
|
|
1,534
|
|
|
(0.4%)
|
|
|
|
|
1,532
|
|
|
1,537
|
|
|
(0.3%)
|
|
|
|
|
Total Regular
Sales
|
1,756,383
|
|
|
1,731,273
|
|
|
1.5%
|
|
|
|
|
1,748,118
|
|
|
1,721,538
|
|
|
1.5%
|
|
|
|
|
Special
Sales
|
14
|
|
|
14
|
|
|
—%
|
|
|
|
|
14
|
|
|
14
|
|
|
—%
|
|
|
|
|
Total Average Number
of Customers - Duke Energy Florida
|
1,756,397
|
|
|
1,731,287
|
|
|
1.5%
|
|
|
|
|
1,748,132
|
|
|
1,721,552
|
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
2,247
|
|
|
1,612
|
|
|
39.4%
|
|
|
|
|
8,852
|
|
|
9,718
|
|
|
(8.9%)
|
|
|
|
|
Oil and Natural
Gas
|
5,513
|
|
|
6,135
|
|
|
(10.1%)
|
|
|
|
|
24,884
|
|
|
25,263
|
|
|
(1.5%)
|
|
|
|
|
Renewable
Energy
|
3
|
|
|
—
|
|
|
n/a
|
|
|
|
|
5
|
|
|
—
|
|
|
n/a
|
|
|
|
|
Total Generation
(4)
|
7,763
|
|
|
7,747
|
|
|
0.2%
|
|
|
|
|
33,741
|
|
|
34,981
|
|
|
(3.5%)
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
1,591
|
|
|
1,937
|
|
|
(17.9%)
|
|
|
|
|
8,998
|
|
|
7,217
|
|
|
24.7%
|
|
|
|
|
Total Sources of
Energy
|
9,354
|
|
|
9,684
|
|
|
(3.4%)
|
|
|
|
|
42,739
|
|
|
42,198
|
|
|
1.3%
|
|
|
|
|
Less: Line Loss and
Other
|
492
|
|
|
419
|
|
|
17.4%
|
|
|
|
|
2,335
|
|
|
2,145
|
|
|
8.9%
|
|
|
|
|
Total GWh
Sources
|
8,862
|
|
|
9,265
|
|
|
(4.3%)
|
|
|
|
|
40,404
|
|
|
40,053
|
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
8,839
|
|
|
9,101
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
9,732
|
|
|
10,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and
Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
81
|
|
|
27
|
|
|
200.0%
|
|
|
|
|
482
|
|
|
400
|
|
|
20.5%
|
|
|
|
|
Cooling Degree
Days
|
572
|
|
|
765
|
|
|
(25.2%)
|
|
|
|
|
3,481
|
|
|
3,742
|
|
|
(7.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from
Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
(60.0%)
|
|
|
(86.2%)
|
|
|
n/a
|
|
|
|
|
(19.8%)
|
|
|
(32.6%)
|
|
|
n/a
|
|
|
|
|
Cooling Degree
Days
|
22.3%
|
|
|
65.2%
|
|
|
n/a
|
|
|
|
|
10.1%
|
|
|
17.0%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Ohio
|
Quarterly
Highlights
|
Supplemental
Electric Utilities and Infrastructure Information
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
1,897
|
|
|
1,747
|
|
|
8.6%
|
|
|
|
|
8,699
|
|
|
8,638
|
|
|
0.7%
|
|
|
|
|
General
Service
|
2,307
|
|
|
2,231
|
|
|
3.4%
|
|
|
|
|
9,633
|
|
|
9,512
|
|
|
1.3%
|
|
|
|
|
Industrial
|
1,467
|
|
|
1,481
|
|
|
(0.9%)
|
|
|
|
|
5,945
|
|
|
5,988
|
|
|
(0.7%)
|
|
|
|
|
Other Energy
Sales
|
27
|
|
|
27
|
|
|
—%
|
|
|
|
|
109
|
|
|
109
|
|
|
—%
|
|
|
|
|
Unbilled
Sales
|
67
|
|
|
(44)
|
|
|
252.3%
|
|
|
|
|
203
|
|
|
(52)
|
|
|
490.4%
|
|
|
|
|
Total Retail
Sales
|
5,765
|
|
|
5,442
|
|
|
5.9%
|
|
|
2.1%
|
|
|
24,589
|
|
|
24,195
|
|
|
1.6%
|
|
|
0.7%
|
|
|
Special
Sales
|
281
|
|
|
299
|
|
|
(6.0%)
|
|
|
|
|
574
|
|
|
1,244
|
|
|
(53.9%)
|
|
|
|
|
Total Electric Sales -
Duke Energy Ohio
|
6,046
|
|
|
5,741
|
|
|
5.3%
|
|
|
|
|
25,163
|
|
|
25,439
|
|
|
(1.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
756,044
|
|
|
748,478
|
|
|
1.0%
|
|
|
|
|
753,409
|
|
|
746,757
|
|
|
0.9%
|
|
|
|
|
General
Service
|
87,931
|
|
|
87,298
|
|
|
0.7%
|
|
|
|
|
87,625
|
|
|
87,227
|
|
|
0.5%
|
|
|
|
|
Industrial
|
2,507
|
|
|
2,530
|
|
|
(0.9%)
|
|
|
|
|
2,514
|
|
|
2,530
|
|
|
(0.6%)
|
|
|
|
|
Other Energy
Sales
|
3,274
|
|
|
3,231
|
|
|
1.3%
|
|
|
|
|
3,258
|
|
|
3,220
|
|
|
1.2%
|
|
|
|
|
Total Regular
Sales
|
849,756
|
|
|
841,537
|
|
|
1.0%
|
|
|
|
|
846,806
|
|
|
839,734
|
|
|
0.8%
|
|
|
|
|
Special
Sales
|
1
|
|
|
1
|
|
|
—%
|
|
|
|
|
1
|
|
|
1
|
|
|
—%
|
|
|
|
|
Total Average Number
of Customers - Duke Energy Ohio
|
849,757
|
|
|
841,538
|
|
|
1.0%
|
|
|
|
|
846,807
|
|
|
839,735
|
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
1,017
|
|
|
949
|
|
|
7.2%
|
|
|
|
|
3,667
|
|
|
4,402
|
|
|
(16.7%)
|
|
|
|
|
Oil and Natural
Gas
|
4
|
|
|
10
|
|
|
(60.0%)
|
|
|
|
|
32
|
|
|
53
|
|
|
(39.6%)
|
|
|
|
|
Total Generation
(4)
|
1,021
|
|
|
959
|
|
|
6.5%
|
|
|
|
|
3,699
|
|
|
4,455
|
|
|
(17.0%)
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
5,507
|
|
|
4,934
|
|
|
11.6%
|
|
|
|
|
23,648
|
|
|
22,280
|
|
|
6.1%
|
|
|
|
|
Total Sources of
Energy
|
6,528
|
|
|
5,893
|
|
|
10.8%
|
|
|
|
|
27,347
|
|
|
26,735
|
|
|
2.3%
|
|
|
|
|
Less: Line Loss and
Other
|
482
|
|
|
152
|
|
|
217.1%
|
|
|
|
|
2,184
|
|
|
1,296
|
|
|
68.5%
|
|
|
|
|
Total GWh
Sources
|
6,046
|
|
|
5,741
|
|
|
5.3%
|
|
|
|
|
25,163
|
|
|
25,439
|
|
|
(1.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
1,062
|
|
|
1,062
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
1,164
|
|
|
1,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and
Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
1,635
|
|
|
1,316
|
|
|
24.2%
|
|
|
|
|
4,483
|
|
|
4,647
|
|
|
(3.5%)
|
|
|
|
|
Cooling Degree
Days
|
55
|
|
|
15
|
|
|
266.7%
|
|
|
|
|
1,400
|
|
|
1,109
|
|
|
26.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from
Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
(12.6%)
|
|
|
(28.0%)
|
|
|
n/a
|
|
|
|
|
(9.9%)
|
|
|
(3.6%)
|
|
|
n/a
|
|
|
|
|
Cooling Degree
Days
|
223.5%
|
|
|
(31.8%)
|
|
|
n/a
|
|
|
|
|
28.0%
|
|
|
(7.9%)
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Indiana
|
Quarterly
Highlights
|
Supplemental
Electric Utilities and Infrastructure Information
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
% Inc.
(Dec.)
Weather
Normal
(2)
|
GWh Sales
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
1,981
|
|
|
1,841
|
|
|
7.6%
|
|
|
|
|
8,918
|
|
|
8,953
|
|
|
(0.4%)
|
|
|
|
|
General
Service
|
2,020
|
|
|
1,954
|
|
|
3.4%
|
|
|
|
|
8,380
|
|
|
8,322
|
|
|
0.7%
|
|
|
|
|
Industrial
|
2,587
|
|
|
2,591
|
|
|
(0.2%)
|
|
|
|
|
10,537
|
|
|
10,492
|
|
|
0.4%
|
|
|
|
|
Other Energy
Sales
|
14
|
|
|
13
|
|
|
7.7%
|
|
|
|
|
53
|
|
|
53
|
|
|
—%
|
|
|
|
|
Unbilled
Sales
|
68
|
|
|
(9)
|
|
|
855.6%
|
|
|
|
|
170
|
|
|
1
|
|
|
16,900.0%
|
|
|
|
|
Total Retail
Sales
|
6,670
|
|
|
6,390
|
|
|
4.4%
|
|
|
1.4%
|
|
|
28,058
|
|
|
27,821
|
|
|
0.9%
|
|
|
—%
|
|
|
Special
Sales
|
1,074
|
|
|
1,911
|
|
|
(43.8%)
|
|
|
|
|
6,310
|
|
|
5,697
|
|
|
10.8%
|
|
|
|
|
Total Electric Sales -
Duke Energy Indiana
|
7,744
|
|
|
8,301
|
|
|
(6.7%)
|
|
|
|
|
34,368
|
|
|
33,518
|
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
711,825
|
|
|
702,979
|
|
|
1.3%
|
|
|
|
|
707,782
|
|
|
699,440
|
|
|
1.2%
|
|
|
|
|
General
Service
|
101,057
|
|
|
100,706
|
|
|
0.3%
|
|
|
|
|
100,869
|
|
|
100,601
|
|
|
0.3%
|
|
|
|
|
Industrial
|
2,719
|
|
|
2,715
|
|
|
0.1%
|
|
|
|
|
2,721
|
|
|
2,707
|
|
|
0.5%
|
|
|
|
|
Other Energy
Sales
|
1,627
|
|
|
1,583
|
|
|
2.8%
|
|
|
|
|
1,615
|
|
|
1,574
|
|
|
2.6%
|
|
|
|
|
Total Regular
Sales
|
817,228
|
|
|
807,983
|
|
|
1.1%
|
|
|
|
|
812,987
|
|
|
804,322
|
|
|
1.1%
|
|
|
|
|
Special
Sales
|
7
|
|
|
9
|
|
|
(22.2%)
|
|
|
|
|
7
|
|
|
8
|
|
|
(12.5%)
|
|
|
|
|
Total Average Number
of Customers - Duke Energy Indiana
|
817,235
|
|
|
807,992
|
|
|
1.1%
|
|
|
|
|
812,994
|
|
|
804,330
|
|
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Electric Energy (GWh)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generated - Net
Output (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
4,523
|
|
|
6,079
|
|
|
(25.6%)
|
|
|
|
|
24,071
|
|
|
23,372
|
|
|
3.0%
|
|
|
|
|
Hydro
|
92
|
|
|
103
|
|
|
(10.7%)
|
|
|
|
|
343
|
|
|
303
|
|
|
13.2%
|
|
|
|
|
Oil and Natural
Gas
|
607
|
|
|
792
|
|
|
(23.4%)
|
|
|
|
|
2,739
|
|
|
2,556
|
|
|
7.2%
|
|
|
|
|
Total Generation
(4)
|
5,222
|
|
|
6,974
|
|
|
(25.1%)
|
|
|
|
|
27,153
|
|
|
26,231
|
|
|
3.5%
|
|
|
|
|
Purchased Power and
Net Interchange (5)
|
2,596
|
|
|
1,688
|
|
|
53.8%
|
|
|
|
|
8,618
|
|
|
8,529
|
|
|
1.0%
|
|
|
|
|
Total Sources of
Energy
|
7,818
|
|
|
8,662
|
|
|
(9.7%)
|
|
|
|
|
35,771
|
|
|
34,760
|
|
|
2.9%
|
|
|
|
|
Less: Line Loss and
Other
|
74
|
|
|
361
|
|
|
(79.5%)
|
|
|
|
|
1,403
|
|
|
1,242
|
|
|
13.0%
|
|
|
|
|
Total GWh
Sources
|
7,744
|
|
|
8,301
|
|
|
(6.7%)
|
|
|
|
|
34,368
|
|
|
33,518
|
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned MW Capacity
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summer
|
|
|
|
|
|
|
|
|
6,817
|
|
|
7,493
|
|
|
|
|
|
|
Winter
|
|
|
|
|
|
|
|
|
7,195
|
|
|
7,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and
Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
1,782
|
|
|
1,487
|
|
|
19.8%
|
|
|
|
|
4,846
|
|
|
5,202
|
|
|
(6.8%)
|
|
|
|
|
Cooling Degree
Days
|
40
|
|
|
6
|
|
|
566.7%
|
|
|
|
|
1,348
|
|
|
1,076
|
|
|
25.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from
Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
(10.9%)
|
|
|
(24.0%)
|
|
|
n/a
|
|
|
|
|
(9.3%)
|
|
|
0.8%
|
|
|
n/a
|
|
|
|
|
Cooling Degree
Days
|
166.7%
|
|
|
(73.9%)
|
|
|
n/a
|
|
|
|
|
24.5%
|
|
|
(10.7%)
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except as
indicated in footnote (2), represents non-weather normalized billed
sales, with energy delivered but not yet billed (i.e., unbilled
sales) reflected as a single amount and not allocated to the
respective retail classes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
weather normal total retail calendar sales (i.e., billed and
unbilled sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Statistics
reflect Duke Energy's ownership share of jointly owned
stations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Generation
by source is reported net of auxiliary power.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Purchased
power includes renewable energy purchases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities and
Infrastructure
|
Quarterly
Highlights
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
|
2016
|
|
2015
|
|
%
Inc.(Dec.)
|
Total
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Piedmont Natural Gas
Local Distribution Company (LDC)
throughput (dekatherms) (1) (2)
|
120,908,508
|
|
|
112,854,663
|
|
|
7.1%
|
|
|
495,122,794
|
|
|
465,670,939
|
|
|
6.3%
|
|
|
Duke Energy Midwest
LDC throughput (MCF)
|
24,846,503
|
|
|
19,495,894
|
|
|
27.4%
|
|
|
81,870,489
|
|
|
84,523,814
|
|
|
(3.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers - Piedmont Natural Gas (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
934,940
|
|
|
921,239
|
|
|
1.5%
|
|
|
934,523
|
|
|
919,482
|
|
|
1.6%
|
|
|
Commercial
|
99,354
|
|
|
98,562
|
|
|
0.8%
|
|
|
99,827
|
|
|
98,764
|
|
|
1.1%
|
|
|
Industrial
|
2,289
|
|
|
2,282
|
|
|
0.3%
|
|
|
2,294
|
|
|
2,297
|
|
|
(0.1%)
|
|
|
Power
Generation
|
25
|
|
|
25
|
|
|
—%
|
|
|
25
|
|
|
25
|
|
|
—%
|
|
|
Total Average Number
of Gas Customers - Piedmont
Natural Gas
|
1,036,608
|
|
|
1,022,108
|
|
|
1.4%
|
|
|
1,036,669
|
|
|
1,020,568
|
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Customers - Duke Energy Midwest
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
478,761
|
|
|
475,254
|
|
|
0.7%
|
|
|
477,729
|
|
|
474,842
|
|
|
0.6%
|
|
|
Commercial
|
43,196
|
|
|
43,378
|
|
|
(0.4%)
|
|
|
43,124
|
|
|
43,253
|
|
|
(0.3%)
|
|
|
Industrial
|
1,609
|
|
|
1,627
|
|
|
(1.1%)
|
|
|
1,609
|
|
|
1,619
|
|
|
(0.6%)
|
|
|
Other Energy
Sales
|
142
|
|
|
142
|
|
|
—%
|
|
|
144
|
|
|
142
|
|
|
1.4%
|
|
|
Total Average Number
of Gas Customers - Duke Energy
Midwest
|
523,708
|
|
|
520,401
|
|
|
0.6%
|
|
|
522,606
|
|
|
519,856
|
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sales and
customer data for Piedmont Natural Gas include amounts prior to the
acquisition on October 3, 2016, for comparative purposes. Duke
Energy's consolidated financial results do not include Piedmont's
results of operations prior to the date of acquisition.
|
|
(2) Piedmont has a
margin decoupling mechanism in North Carolina and weather
normalization mechanisms in South Carolina and Tennessee that
significantly eliminate the impact of throughput changes on
earnings. Duke Energy Ohio's rate design also serves to offset this
impact.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Renewables
|
Quarterly
Highlights
|
December
2016
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Actual
Renewable Plant Production, GWh
|
1,946
|
|
|
1,664
|
|
|
7,565
|
|
|
5,577
|
|
|
Net
Proportional MW Capacity in Operation
|
n/a
|
|
|
n/a
|
|
|
2,892
|
|
|
1,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DUKE ENERGY
CORPORATION
REPORTED TO
ADJUSTED EARNINGS RECONCILIATION
Three Months Ended
December 31, 2016
(Dollars in
millions, except per-share amounts)
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
Reported
Earnings
|
|
Costs to
Achieve
Mergers
|
|
Cost
Savings
Initiatives
|
|
International
Energy
Operations
|
|
Discontinued
Operations
|
|
Total
Adjustments
|
|
Adjusted
Earnings
|
SEGMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure
|
|
$
|
483
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
483
|
|
Gas Utilities and
Infrastructure
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
Commercial
Renewables
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
Total Reportable
Segment Income
|
|
582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
582
|
|
International
Energy
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
C
|
—
|
|
|
40
|
|
|
40
|
|
Other
|
|
(209)
|
|
|
134
|
|
A
|
18
|
|
B
|
—
|
|
|
—
|
|
|
152
|
|
|
(57)
|
|
Intercompany
Eliminations
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
Discontinued
Operations
|
|
(601)
|
|
|
—
|
|
|
—
|
|
|
(40)
|
|
C
|
641
|
|
D
|
601
|
|
|
—
|
|
Net Income
Attributable to Duke Energy Corporation
|
|
$
|
(227)
|
|
|
$
|
134
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
640
|
|
|
$
|
792
|
|
|
$
|
565
|
|
EPS
ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$
|
(0.33)
|
|
|
$
|
0.19
|
|
|
$
|
0.03
|
|
|
$
|
—
|
|
|
$
|
0.92
|
|
|
$
|
1.14
|
|
|
$
|
0.81
|
|
|
|
A -
|
Net of $74 million
tax benefit. $10 million recorded within Operating Revenues, $198
million recorded within Operating Expenses on the Consolidated
Statements of Operations.
|
B -
|
Net of $11 million
tax benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
C -
|
Net of $26 million
tax expense. Operating results of the International Disposal Group,
which exclude the loss and transaction-related costs described
below, recorded within (Loss) Income from Discontinued Operations,
net of tax on the Consolidated Statements of Operations.
|
D -
|
Recorded within
(Loss) Income From Discontinued Operations, net of tax on the
Consolidated Statements of Operations. Includes a loss on the sale
of the International Disposal Group and other transaction-related
costs.
|
|
|
Weighted Average
Shares, Diluted (reported and adjusted) - 699
million
|
DUKE ENERGY
CORPORATION
REPORTED TO
ADJUSTED EARNINGS RECONCILIATION
Twelve Months
Ended December 31, 2016
(Dollars in
millions, except per-share amounts)
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
Reported
Earnings
|
|
Costs to
Achieve
Mergers
|
|
Cost
Savings
Initiatives
|
|
Commercial
Renewables
Impairment
|
|
International
Energy
Operations
|
|
Discontinued
Operations
|
|
Total
Adjustments
|
|
Adjusted
Earnings
|
SEGMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure
|
|
$
|
3,040
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,040
|
|
Gas Utilities and
Infrastructure
|
|
152
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
Commercial
Renewables
|
|
23
|
|
|
—
|
|
|
—
|
|
|
45
|
|
C
|
—
|
|
|
—
|
|
|
45
|
|
|
68
|
|
Total Reportable
Segment Income
|
|
3,215
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
3,260
|
|
International
Energy
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
D
|
—
|
|
|
243
|
|
|
243
|
|
Other
|
|
(645)
|
|
|
329
|
|
A
|
57
|
|
B
|
—
|
|
|
—
|
|
|
—
|
|
|
386
|
|
|
(259)
|
|
Intercompany
Eliminations
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
Discontinued
Operations
|
|
(419)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(243)
|
|
D
|
662
|
|
E
|
419
|
|
|
—
|
|
Net Income
Attributable to Duke Energy Corporation
|
|
$
|
2,152
|
|
|
$
|
329
|
|
|
$
|
57
|
|
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
661
|
|
|
$
|
1,092
|
|
|
$
|
3,244
|
|
EPS
ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$
|
3.11
|
|
|
$
|
0.48
|
|
|
$
|
0.08
|
|
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
0.95
|
|
|
$
|
1.58
|
|
|
$
|
4.69
|
|
|
|
A -
|
Net of $194 million
tax benefit. Includes $11 million recorded within Operating
Revenues, $278 million recorded within Operating Expenses and $234
million recorded within Interest Expense on the Consolidated
Statements of Operations. The interest expense primarily relates to
losses on forward-starting interest rate swaps associated with the
Piedmont acquisition financing.
|
B -
|
Net of $35 million
tax benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
C -
|
Net of $26 million
tax benefit. Other-than-temporary impairment included within Equity
in earnings (losses) of unconsolidated affiliates on the
Consolidated Statements of Operations.
|
D -
|
Net of $27 million
tax expense. Operating results of the International Disposal Group,
which exclude the loss and impairment described below and other
miscellaneous transaction-related costs, recorded within (Loss)
Income from Discontinued Operations, net of tax on the Consolidated
Statements of Operations.
|
E -
|
Recorded within
(Loss) Income From Discontinued Operations, net of tax on the
Consolidated Statements of Operations. Includes a loss on the sale
of the International Disposal Group, an impairment charge related
to certain assets in Central America, and a tax benefit related to
previously sold businesses.
|
|
|
Weighted Average
Shares, Diluted (reported and adjusted) - 691
million
|
DUKE ENERGY
CORPORATION
REPORTED TO
ADJUSTED EARNINGS RECONCILIATION
Three Months Ended
December 31, 2015
(Dollars in
millions, except per-share amounts)
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
Reported
Earnings
|
|
Costs to
Achieve
Mergers
|
|
Edwardsport
Settlement
|
|
Ash
Basin
Settlement
and
Penalties
|
|
Cost
Savings
Initiatives
|
|
International
Energy
Operations
|
|
Economic
Hedges
(Mark-to-
Market)
|
|
Discontinued
Operations
|
|
Total
Adjustments
|
|
Adjusted
Earnings
|
SEGMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure
|
$
|
569
|
|
|
$
|
—
|
|
|
$
|
2
|
|
B
|
$
|
7
|
|
C
|
$
|
10
|
|
D
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
588
|
|
Gas Utilities and
Infrastructure
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
Commercial
Renewables
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
E
|
—
|
|
|
1
|
|
H
|
—
|
|
|
2
|
|
|
19
|
|
Total Reportable
Segment Income
|
600
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
11
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
21
|
|
|
621
|
|
International
Energy
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
G
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
Other
|
(170)
|
|
|
18
|
|
A
|
—
|
|
|
—
|
|
|
77
|
|
F
|
—
|
|
|
—
|
|
|
—
|
|
|
95
|
|
|
(75)
|
|
Discontinued
Operations
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56)
|
|
G
|
—
|
|
|
9
|
|
I
|
(47)
|
|
|
—
|
|
Net Income
Attributable to Duke Energy
Corporation
|
$
|
477
|
|
|
$
|
18
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
9
|
|
|
$
|
125
|
|
|
$
|
602
|
|
EPS
ATTRIBUTABLE TO DUKE ENERGY
CORPORATION, DILUTED
|
$
|
0.69
|
|
|
$
|
0.03
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.18
|
|
|
$
|
0.87
|
|
|
|
A -
|
Net of $12 million
tax benefit. Recorded within Operating Expenses on the Consolidated
Statements of Operations.
|
B -
|
Net of $1 million tax
benefit. $3 million recorded within Impairment charges on the Duke
Energy Indiana Consolidated Statements of Operations.
|
C -
|
Recorded within
Operation, maintenance and other on the Duke Energy Carolinas
Consolidated Statements of Operations.
|
D -
|
Net of $6 million tax
benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations. Includes $7 million at Duke Energy Carolinas, $4
million at Duke Energy Progress, $2 million at Duke Energy Florida,
$1 million at Duke Energy Ohio and $2 million at Duke Energy
Indiana.
|
E -
|
Net of $1 million tax
benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
F -
|
Net of $47 million
tax benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
G -
|
Net of $29 million
tax expense. Operating results of the International Disposal Group
classified as discontinued operations.
|
H -
|
Recorded within
Operating Revenues on the Consolidated Statements of
Operations.
|
I -
|
Recorded in Income
(Loss) From Discontinued Operations, net of tax on the Consolidated
Statements of Operations.
|
|
|
Weighted Average
Shares Outstanding, Diluted (reported and adjusted) - 688
million
|
DUKE ENERGY
CORPORATION
REPORTED TO
ADJUSTED EARNINGS RECONCILIATION
Twelve Months
Ended December 31, 2015
(Dollars in
millions, except per-share amounts)
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
Reported
Earnings
|
|
Costs to
Achieve
Mergers
|
|
Edwardsport
Settlement
|
|
Midwest
Generation
Operations
|
|
Ash Basin
Settlement
and
Penalties
|
|
Cost
Savings
Initiatives
|
|
International
Energy
Operations
|
|
Discontinued
Operations
|
|
Total
Adjustments
|
|
Adjusted
Earnings
|
SEGMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities
and Infrastructure
|
$
|
2,819
|
|
|
$
|
—
|
|
|
$
|
58
|
|
B
|
$
|
—
|
|
|
$
|
11
|
|
D
|
$
|
10
|
|
E
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79
|
|
|
$
|
2,898
|
|
Gas Utilities and
Infrastructure
|
73
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
Commercial
Renewables
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
F
|
—
|
|
|
—
|
|
|
1
|
|
|
53
|
|
Total Reportable
Segment Income
|
2,944
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
11
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
3,024
|
|
International
Energy
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151
|
|
H
|
—
|
|
|
151
|
|
|
151
|
|
Other
|
(299)
|
|
|
60
|
|
A
|
—
|
|
|
98
|
|
C
|
—
|
|
|
77
|
|
G
|
—
|
|
|
41
|
|
I
|
276
|
|
|
(23)
|
|
Discontinued
Operations
|
171
|
|
|
—
|
|
|
—
|
|
|
(98)
|
|
C
|
—
|
|
|
—
|
|
|
(151)
|
|
H
|
78
|
|
J
|
(171)
|
|
|
—
|
|
Net Income
Attributable to Duke Energy Corporation
|
$
|
2,816
|
|
|
$
|
60
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
119
|
|
|
$
|
336
|
|
|
$
|
3,152
|
|
EPS
ATTRIBUTABLE TO DUKE ENERGY CORPORATION,
DILUTED
|
$
|
4.05
|
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
0.17
|
|
|
$
|
0.49
|
|
|
$
|
4.54
|
|
|
|
A -
|
Net of $37 million
tax benefit. $95 million recorded within Operating Expenses and $2
million recorded within Interest Expense on the Consolidated
Statements of Operations.
|
B -
|
Net of $35 million
tax benefit. $88 million recorded within Impairment charges and $5
million recorded within Other income and expenses, net on the Duke
Energy Indiana Consolidated Statements of Operations.
|
C -
|
Net of $53 million
tax expense. Operating results of the nonregulated Midwest
generation business classified as discontinued operations, which
exclude special items and economic hedges.
|
D -
|
Net of $3 million tax
benefit. Recorded within Operation, maintenance and other on the
Consolidated Statements of Operations. Includes $8 million and $6
million at Duke Energy Carolinas and Duke Energy Progress,
respectively.
|
E -
|
Net of $6 million tax
benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations. Includes $7 million at Duke Energy Carolinas, $4
million at Duke Energy Progress, $2 million at Duke Energy Florida,
$1 million at Duke Energy Ohio and $2 million at Duke Energy
Indiana.
|
F -
|
Net of $1 million tax
benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
G -
|
Net of $47 million
tax benefit. Primarily consists of severance costs recorded within
Operation, maintenance and other on the Consolidated Statements of
Operations.
|
H -
|
Net of $70 million
tax expense. Operating results of the International Disposal Group
classified as discontinued operations.
|
I -
|
State tax expense
resulting from the completion of the sale of the nonregulated
Midwest generation business.
|
J -
|
Recorded in Income
(Loss) From Discontinued Operations, net of tax on the Consolidated
Statements of Operations, and includes the impact of a litigation
reserve related to the nonregulated Midwest generation
business.
|
|
|
Weighted Average
Shares Outstanding, Diluted (reported and adjusted) - 694
million
|
DUKE ENERGY
CORPORATION
ADJUSTED EFFECTIVE
TAX RECONCILIATION
Three Months and
Year Ended December 31, 2016
(Dollars in
Millions)
|
|
|
|
Three Months
Ended
December 31, 2016
|
|
Year Ended
December 31, 2016
|
|
|
|
Balance
|
|
Effective Tax
Rate
|
|
Balance
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
Reported Income
From Continuing Operations Before Income Taxes
|
|
$
|
512
|
|
|
|
|
$
|
3,734
|
|
|
|
|
Costs to Achieve
Mergers
|
|
208
|
|
|
|
|
523
|
|
|
|
|
Cost Savings
Initiatives
|
|
29
|
|
|
|
|
92
|
|
|
|
|
Commercial Renewables
Impairment
|
|
—
|
|
|
|
|
71
|
|
|
|
|
International Energy
Operations
|
|
66
|
|
|
|
|
270
|
|
|
|
|
Noncontrolling
Interests
|
|
(2)
|
|
|
|
|
(7)
|
|
|
|
|
Intercompany
Eliminations
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
Adjusted Pretax
Income
|
|
$
|
812
|
|
|
|
|
$
|
4,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Income
Tax Expense From Continuing Operations
|
|
$
|
136
|
|
|
26.6%
|
|
|
$
|
1,156
|
|
|
31.0%
|
|
|
Costs to Achieve
Mergers
|
|
74
|
|
|
|
|
194
|
|
|
|
|
Cost Savings
Initiatives
|
|
11
|
|
|
|
|
35
|
|
|
|
|
Commercial Renewables
Impairment
|
|
—
|
|
|
|
|
26
|
|
|
|
|
International Energy
Operations
|
|
26
|
|
|
|
|
27
|
|
|
|
|
Adjusted Tax
Expense
|
|
$
|
247
|
|
|
30.4%
|
*
|
|
$
|
1,438
|
|
|
30.7%
|
*
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted effective
tax rate is a non-GAAP financial measure as the rate is calculated
using pretax earnings and income tax expense, both adjusted for the
impact of special items. The most directly comparable GAAP measure
for adjusted effective tax rate is reported effective tax rate,
which includes the impact of special items.
|
|
DUKE ENERGY
CORPORATION
ADJUSTED EFFECTIVE
TAX RECONCILIATION
Three Months and
Year Ended December 31, 2015
(Dollars in
Millions)
|
|
|
|
Three Months
Ended
December 31, 2015
|
|
Year Ended
December 31, 2015
|
|
|
|
Balance
|
|
Effective Tax
Rate
|
|
Balance
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
Reported Income
From Continuing Operations Before Income Taxes
|
|
$
|
612
|
|
|
|
|
$
|
3,910
|
|
|
|
|
Costs to Achieve
Mergers
|
|
30
|
|
|
|
|
97
|
|
|
|
|
Edwardsport
Settlement
|
|
3
|
|
|
|
|
93
|
|
|
|
|
Midwest Generation
Operations
|
|
—
|
|
|
|
|
151
|
|
|
|
|
Ash Basin Settlement
and Penalties
|
|
7
|
|
|
|
|
14
|
|
|
|
|
Cost Savings
Initiatives
|
|
142
|
|
|
|
|
142
|
|
|
|
|
International Energy
Operations
|
|
85
|
|
|
|
|
221
|
|
|
|
|
Economic Hedges
(Mark-to-Market)
|
|
1
|
|
|
|
|
—
|
|
|
|
|
Noncontrolling
Interests
|
|
(3)
|
|
|
|
|
(9)
|
|
|
|
|
Adjusted Pretax
Income
|
|
$
|
877
|
|
|
|
|
$
|
4,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Income
Tax Expense From Continuing Operations
|
|
$
|
179
|
|
|
29.2%
|
|
|
$
|
1,256
|
|
|
32.1%
|
|
|
Tax Adjustment
Related to Midwest Generation Sale
|
|
—
|
|
|
|
|
(41)
|
|
|
|
|
Costs to Achieve
Mergers
|
|
12
|
|
|
|
|
37
|
|
|
|
|
Edwardsport
Settlement
|
|
1
|
|
|
|
|
35
|
|
|
|
|
Midwest Generation
Operations
|
|
—
|
|
|
|
|
53
|
|
|
|
|
Ash Basin Settlement
and Penalties
|
|
—
|
|
|
|
|
3
|
|
|
|
|
Cost Savings
Initiatives
|
|
54
|
|
|
|
|
54
|
|
|
|
|
International Energy
Operations
|
|
29
|
|
|
|
|
70
|
|
|
|
|
Adjusted Tax
Expense
|
|
$
|
275
|
|
|
31.4%
|
*
|
|
$
|
1,467
|
|
|
31.8%
|
*
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted effective
tax rate is a non-GAAP financial measure as the rate is calculated
using pretax earnings and income tax expense, both adjusted for the
impact of special items. The most directly comparable GAAP measure
for adjusted effective tax rate is reported effective tax rate,
which includes the impact of special items.
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/duke-energy-reports-fourth-quarter-and-full-year-2016-financial-results-300408445.html
SOURCE Duke Energy