v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended March 31,
(in millions)20262025
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$175 $178 
Indemnification coverages(b)
12 13 
JDA revenue(c)
179 82 
JDA expense(c)
166 116 
Intercompany natural gas purchases(d)
2 2 
Progress Energy
Corporate governance and shared service expenses(a)
$159 $150 
Indemnification coverages(b)
19 16 
JDA revenue(c)
166 116 
JDA expense(c)
179 82 
Intercompany natural gas purchases(d)
19 19 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$92 $86 
Indemnification coverages(b)
8 7 
JDA revenue(c)
166 116 
JDA expense(c)
179 82 
Intercompany natural gas purchases(d)
19 19 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$67 $64 
Indemnification coverages(b)
11 9 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$71 $64 
Indemnification coverages(b)
1 1 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$91 $71 
Indemnification coverages(b)
3 2 
Piedmont
Corporate governance and shared service expenses(a)
$32 $31 
Indemnification coverages(b)
1 1 
Intercompany natural gas sales(d)
21 21 
Natural gas storage and transportation costs(e)
5 5 
(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.
(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.
In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.
DukeDukeDukeDukeDuke
EnergyProgressEnergyEnergyEnergyEnergy
(in millions)CarolinasEnergyProgressFloridaOhioIndianaPiedmont
March 31, 2026
Intercompany income tax receivable$122 $150 $89 $57 $— $— $— 
Intercompany income tax payable— — — — 26 31 481 
December 31, 2025
Intercompany income tax payable$81 $72 $77 $12 $10 $39 $59 
Progress Energy Distribution to Duke Energy (Parent)
In March 2026, Progress Energy transferred $2.8 billion to Duke Energy (Parent) received from the First Closing of the minority interest investment in Florida Progress. Progress Energy's distribution of these funds to Duke Energy (Parent) has been reflected as a reduction to Retained earnings on Progress Energy's Condensed Consolidated Balance Sheets as of March 31, 2026, and as Distributions to parent on Progress Energy's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026. See Note 2 for additional information related to the First Closing.