v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.
June 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$145 $145 $— $— $— 
NDTF equity securities8,637 8,609 3 — 25 
NDTF debt securities3,327 1,051 2,276 — — 
Other equity securities125 125 — — — 
Other debt securities238 51 187 — — 
Other cash and cash equivalents138 138 — — — 
Derivative assets539 8 517 14 — 
Total assets13,149 10,127 2,983 14 25 
Derivative liabilities(256)(2)(254)— — 
Net assets$12,893 $10,125 $2,729 $14 $25 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$139 $139 $— $— $— 
NDTF equity securities8,233 8,203 2 — 28 
NDTF debt securities3,060 1,022 2,038 — — 
Other equity securities160 160 — — — 
Other debt securities266 52 214 — — 
Other cash and cash equivalents47 47 — — — 
Derivative assets434 2 423 9 — 
Total assets12,339 9,625 2,677 9 28 
Derivative liabilities(319)(3)(316)— — 
Net assets$12,020 $9,622 $2,361 $9 $28 
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions) 2025202420252024
Balance at beginning of period$3 $6 $9 $15 
Purchases, sales, issuances and settlements:
Purchases14 29 14 29 
Settlements8 (10)2 (23)
Total (losses) gains included on the Condensed Consolidated Balance Sheet
(11)10 (11)14 
Balance at end of period$14 $35 $14 $35 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$1 RTO auction pricingFTR price – per MWh$— -$0.78 $0.20 
Duke Energy Indiana 
FTRs13 RTO auction pricingFTR price – per MWh(2.09)-17.87 0.95 
Duke Energy
Total Level 3 derivatives$14 
December 31, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio   
FTRs$1 RTO auction pricingFTR price – per MWh$— –$1.13 $0.48 
Duke Energy Indiana   
FTRs8 RTO auction pricingFTR price – per MWh(0.63)–9.24 0.94 
Duke Energy
Total Level 3 derivatives$9 
Schedule of Long Term Debt Fair Value
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
June 30, 2025December 31, 2024
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$83,960 $77,104 $80,689 $73,440 
Duke Energy Carolinas18,345 16,916 17,490 15,975 
Progress Energy26,880 24,999 24,496 22,548 
Duke Energy Progress14,215 12,757 12,504 11,009 
Duke Energy Florida11,020 10,449 10,348 9,752 
Duke Energy Ohio4,364 4,095 4,165 3,871 
Duke Energy Indiana5,095 4,655 4,798 4,329 
Piedmont4,004 3,670 4,003 3,584 
(a)Book value of long-term debt includes $1 billion at June 30, 2025, and December 31, 2024, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
Duke Energy Carolinas  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$60 $60 $— $— 
NDTF equity securities4,983 4,955 3 25 
NDTF debt securities1,836 517 1,319 — 
Derivative assets110 — 110 — 
Total assets6,989 5,532 1,432 25 
Derivative liabilities(60)— (60)— 
Net assets$6,929 $5,532 $1,372 $25 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$62 $62 $— $— 
NDTF equity securities4,751 4,721 2 28 
NDTF debt securities1,651 520 1,131 — 
Derivative assets94 — 94 — 
Total assets6,558 5,303 1,227 28 
Derivative liabilities(88)— (88)— 
Net assets$6,470 $5,303 $1,139 $28 
Progress Energy  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$85 $85 $— $77 $77 $— 
NDTF equity securities3,654 3,654 — 3,482 3,482 — 
NDTF debt securities1,491 534 957 1,409 502 907 
Other debt securities23 — 23 24 — 24 
Other cash and cash equivalents16 16 — 23 23 — 
Derivative assets102 — 102 127 — 127 
Total assets5,371 4,289 1,082 5,142 4,084 1,058 
Derivative liabilities(41)— (41)(58)— (58)
Net assets$5,330 $4,289 $1,041 $5,084 $4,084 $1,000 
Duke Energy Progress  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$67 $67 $— $54 $54 $— 
NDTF equity securities3,531 3,531 — 3,362 3,362 — 
NDTF debt securities1,324 413 911 1,221 365 856 
Other cash and cash equivalents11 11 — 16 16 — 
Derivative assets91 — 91 109 — 109 
Total assets5,024 4,022 1,002 4,762 3,797 965 
Derivative liabilities(25)— (25)(57)— (57)
Net assets$4,999 $4,022 $977 $4,705 $3,797 $908 
Duke Energy Florida  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$18 $18 $— $23 $23 $— 
NDTF equity securities123 123 — 120 120 — 
NDTF debt securities167 121 46 188 137 51 
Other debt securities23 — 23 24 — 24 
Other cash and cash equivalents2 2 — 3 3 — 
Derivative assets10 — 10 18 — 18 
Total assets343 264 79 376 283 93 
Derivative liabilities(16)— (16)(1)— (1)
Net assets$327 $264 $63 $375 $283 $92 
Duke Energy Indiana  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$47 $47 $— $— $89 $89 $— $— 
Other debt securities26 — 26 — 56 — 56 — 
Other cash and cash equivalents2 2 — — 1 1 — — 
Derivative assets21 8 — 13 44 — 36 8 
Total assets96 57 26 13 190 90 92 8 
Derivative liabilities(7)(2)(5)— (3)(3)— — 
Net assets$89 $55 $21 $13 $187 $87 $92 $8 
Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Balance at beginning of period$2 $5 $8 $13 
Purchases, sales, issuances and settlements:
Purchases12 27 12 27 
Settlements9 (9)3 (20)
Total (losses) gains included on the Condensed Consolidated Balance Sheet
(10)10 (10)13 
Balance at end of period$13 $33 $13 $33 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 2Total Fair ValueLevel 1Level 2
Derivative assets$— $— $1 $1 $— 
Derivative liabilities(115)(115)(94)— (94)
Net (liabilities) assets$(115)$(115)$(93)$1 $(94)