Duke Energy CORP

Duke Energy is a U.S. regulated utility holding company that generates, transmits, distributes, and sells electricity and natural gas through subsidiaries across the Southeast and Midwest. Its business is built around long-lived regulated infrastructure, with earnings driven primarily by rate base growth, approved returns, and customer demand in its service territories.

51,4 %

15,7 %

+5,6 %

0.55

0.55

— Duke Energy CORP
%
Electric Utilities and Infrastructure80% Regulated electric service, including generation, transmission, distribution, and wholesale power sales.
Gas Utilities and Infrastructure15% Regulated natural gas transportation, distribution, and related utility services.
Other and Corporate5% Non-core operations, corporate items, and residual activities not assigned to the main utility segments.

Duke Energy serves residential, commercial, and industrial customers that need reliable electric and gas utility...

  • Residential customersprimary

    Households across Duke Energy's service territories buy regulated electricity and, in some areas, natural gas for essential daily use.

  • Commercial customersprimary

    Retail businesses and institutions buy utility service for dependable power and gas at regulated rates.

  • Industrial customersprimary

    Manufacturing and other large-load users buy electricity and gas for continuous operations and site-specific needs.

  • Wholesale power buyerssecondary

    Municipal utilities, electric cooperatives, and other load-serving entities buy wholesale electricity from Duke Energy's system.

  • Large commercial and industrial project customerssecondary

    These customers buy non-tariff services where Duke Energy recovers project-specific costs and capital directly from the customer.

Duke Energy operates primarily in the Southeast and Midwest of the United States, with regulated electric service...

  • •Core operations are in the Southeast and Midwest U.S.
  • •Electric service territory spans about six states
  • •Natural gas operations are concentrated in Ohio and Kentucky
  • •Florida, the Carolinas, Indiana, and Ohio are key regulated markets
  • •Geography matters because state regulators set allowed returns and rates

Duke Energy is focused on growing its regulated infrastructure base while preserving reliability, affordability, and...

01
Expand regulated infrastructure investmentmedium-term

Rate base growth is the main driver of long-term earnings in a regulated utility model.

02
Preserve reliability and affordabilityshort-term

Service quality and cost control support regulatory relationships and customer retention.

03
Optimize the portfolio and funding mixshort-term

Asset sales and minority investments help finance capital spending and reduce balance-sheet pressure.

04
Sustain dividend growthlong-term

Dividend consistency is central to the equity story for a regulated utility.

Duke Energy's results depend heavily on state and federal regulation, so adverse rate outcomes, deregulation, or...

high

Regulatory and rate-setting risk

Earnings depend on approved rates, cost recovery, and allowed returns in multiple jurisdictions.

Scope
State utility commissions and FERC oversight
Materiality
high
high

Supply chain and inflation risk

Large utility projects require specialized equipment and materials that can become scarce or expensive.

Scope
Grid modernization and generation capital plan
Materiality
high
high

Environmental compliance and litigation risk

Coal residuals, emissions rules, and related legal challenges can create capital and remediation obligations.

Scope
Coal-fired generation and EPA rules
Materiality
high
medium

Distributed generation and net metering risk

Customer-owned solar and batteries can reduce utility sales and recovery of fixed network costs.

Scope
Retail electric service territories
Materiality
high
medium

Commodity price and market price risk

Fuel and power price volatility can affect operating costs and wholesale market results.

Scope
Natural gas costs and spot power sales
Materiality
medium
Regulated operations accounting
Affects regulatory assets, regulatory liabilities, and timing of operating income
Goodwill impairment
Could create non-cash impairment charges, especially in weaker utility units
Environmental and coal combustion residuals provisions
Affects accrued liabilities, capital spending, and expense recognition
Tax credit transferability and customer pass-through
Affects deferred balances, customer refunds, and rate-setting outcomes

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: 11/08/2026