Duke Energy(DUK) - 2025 Q1 - Quarterly Report

Financial Performance - GAAP reported EPS and adjusted EPS for the three months ended March 31, 2025, were $1.76, an increase from$1.44 for the same period in 2024, primarily due to higher retail sales volumes and new rates [361]. - Net income for Progress Energy increased by $111 million to$546 million for the three months ended March 31, 2025 [384]. - The net income for the three months ended March 31, 2025, was $1,404 million, an increase of$253 million from $1,151 million in the prior year [423]. Revenue and Sales Growth - Operating revenues for Electric Utilities and Infrastructure segment increased to$7,140 million for the three months ended March 31, 2025, compared to $6,803 million in 2024, reflecting a variance of$337 million [366]. - Operating revenues for Duke Energy Carolinas increased by $117 million to$2,524 million for the three months ended March 31, 2025, compared to $2,407 million in 2024 [379]. - Duke Energy Progress reported operating revenues of$2,018 million for Q1 2025, an increase of $230 million (12.9$1,788 million in Q1 2024 [390]. - Duke Energy Florida's operating revenues were $1,444 million in Q1 2025, a slight increase of$8 million (0.6%) from $1,436 million in Q1 2024 [394]. - Duke Energy Ohio's total operating revenues reached$766 million in Q1 2025, an increase of $88 million (13.0$678 million in Q1 2024 [400]. - Duke Energy Indiana reported operating revenues of $858 million in Q1 2025, up$99 million (13.0%) from $759 million in Q1 2024 [404]. - Piedmont's operating revenues increased to$857 million in Q1 2025, a rise of $181 million (26.8$676 million in Q1 2024 [410]. Operating Income and Expenses - Segment income for Electric Utilities and Infrastructure was $1,276 million for the three months ended March 31, 2025, up from$1,021 million in 2024, representing an increase of $255 million [366]. - Operating income for Duke Energy Carolinas rose by$98 million to $703 million, driven by higher pricing and improved weather conditions [379]. - The total operating expenses for Duke Energy Progress were$1,540 million in Q1 2025, up $155 million (11.2$1,385 million in Q1 2024 [390]. - The increase in operating expenses for Duke Energy was primarily driven by a $142 million rise in the cost of natural gas due to higher rates and volumes [375]. - Total operating expenses for Duke Energy Carolinas were$1,821 million, a slight increase of $18 million compared to the previous year [379]. Customer Growth - The average number of customers for Duke Energy increased by 2.0$2,177 million, a decrease of $297 million from$2,474 million in the same period last year [421]. - Issuances of long-term debt increased by $1,011 million to$3,100 million compared to $2,089 million in the same period last year [428]. - As of March 31, 2025, Duke Energy had$475 million in cash on hand and $7.8 billion available under its Master Credit Facility [416]. - Duke Energy expects to have sufficient liquidity to support its funding needs through cash on hand, cash from operations, and available credit capacity [416]. Storm Recovery and Costs - The company anticipates storm cost recovery of approximately$1.1 billion over 12 months beginning in March 2025 due to significant storm damage from hurricanes Debby, Helene, and Milton [351]. - Operating revenues for the three months ended March 31, 2025, were impacted by a $102 million increase in natural gas costs and a$72 million increase due to base rate increases in North Carolina [413].