v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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.
March 31, 2026
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$200 $200 $— $— $— 
NDTF equity securities7,269 7,244 2 — 23 
NDTF debt securities5,171 1,986 3,185 — — 
Other equity securities135 135 — — — 
Other debt securities247 50 197 — — 
Other cash and cash equivalents229 229 — — — 
Derivative assets327 3 320 4 — 
Total assets13,578 9,847 3,704 4 23 
Derivative liabilities(283)(10)(273)— — 
Net assets$13,295 $9,837 $3,431 $4 $23 
December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$175 $175 $— $— $— 
NDTF equity securities8,519 8,494 3 — 22 
NDTF debt securities4,193 1,480 2,713 — — 
Other equity securities139 139 — — — 
Other debt securities246 55 191 — — 
Other cash and cash equivalents53 53 — — — 
Derivative assets382 2 371 9 — 
Total assets13,707 10,398 3,278 9 22 
Derivative liabilities(244)(7)(237)— — 
Net assets$13,463 $10,391 $3,041 $9 $22 
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 March 31,
(in millions) 20262025
Balance at beginning of period$9 $9 
Purchases, sales, issuances and settlements:
Settlements(4)(6)
Total losses included on the Condensed Consolidated Balance Sheet
(1)— 
Balance at end of period$4 $3 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
March 31, 2026
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Indiana 
FTRs4 RTO auction pricingFTR price – per MWh(1.24)-15.13 1.11 
Duke Energy
Total Level 3 derivatives$4 
December 31, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Indiana   
FTRs9 RTO auction pricingFTR price – per MWh(1.00)–14.63 1.13 
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.
March 31, 2026December 31, 2025
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$87,872 $81,221 $87,212 $79,863 
Duke Energy Carolinas19,788 17,947 18,777 16,764 
Progress Energy27,057 25,447 26,848 24,957 
Duke Energy Progress13,860 12,528 13,896 12,445 
Duke Energy Florida11,552 11,122 11,307 10,720 
Duke Energy Ohio4,376 4,136 4,420 4,151 
Duke Energy Indiana5,590 5,156 5,093 4,646 
Piedmont3,801 3,464 4,251 3,960 
(a)Book value of long-term debt includes $900 million and $921 million at March 31, 2026, and December 31, 2025, respectively, 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.
March 31, 2026
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$98 $98 $— $— 
NDTF equity securities4,175 4,150 2 23 
NDTF debt securities2,939 1,078 1,861 — 
Derivative assets99 — 99 — 
Total assets7,311 5,326 1,962 23 
Derivative liabilities(102)— (102)— 
Net assets$7,209 $5,326 $1,860 $23 
December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$92 $92 $— $— 
NDTF equity securities4,896 4,871 3 22 
NDTF debt securities2,349 776 1,573 — 
Derivative assets101 — 101 — 
Total assets7,438 5,739 1,677 22 
Derivative liabilities(88)— (88)— 
Net assets$7,350 $5,739 $1,589 $22 
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.
March 31, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$102 $102 $— $83 $83 $— 
NDTF equity securities3,094 3,094 — 3,623 3,623 — 
NDTF debt securities2,232 908 1,324 1,844 704 1,140 
Other debt securities25 — 25 24 — 24 
Other cash and cash equivalents30 30 — 34 34 — 
Derivative assets66 — 66 67 — 67 
Total assets5,549 4,134 1,415 5,675 4,444 1,231 
Derivative liabilities(73)— (73)(48)— (48)
Net assets$5,476 $4,134 $1,342 $5,627 $4,444 $1,183 
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.
March 31, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$86 $86 $— $71 $71 $— 
NDTF equity securities2,962 2,962 — 3,485 3,485 — 
NDTF debt securities2,105 820 1,285 1,698 597 1,101 
Other cash and cash equivalents22 22 — 24 24 — 
Derivative assets45 — 45 52 — 52 
Total assets5,220 3,890 1,330 5,330 4,177 1,153 
Derivative liabilities(70)— (70)(47)— (47)
Net assets$5,150 $3,890 $1,260 $5,283 $4,177 $1,106 
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.
March 31, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$16 $16 $— $12 $12 $— 
NDTF equity securities132 132 — 138 138 — 
NDTF debt securities127 88 39 146 107 39 
Other debt securities25 — 25 24 — 24 
Other cash and cash equivalents4 4 — 5 5 — 
Derivative assets21 — 21 15 — 15 
Total assets325 240 85 340 262 78 
Derivative liabilities(3)— (3)(1)— (1)
Net assets$322 $240 $82 $339 $262 $77 
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.
March 31, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$51 $51 $— $— $53 $53 $— $— 
Other debt securities29 — 29 — 29 — 29 — 
Other cash and cash equivalents1 1 — — — — — — 
Derivative assets9 3 2 4 12 2 1 9 
Total assets90 55 31 4 94 55 30 9 
Derivative liabilities(10)(10)— — (9)(7)(2)— 
Net assets$80 $45 $31 $4 $85 $48 $28 $9 
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 March 31,
(in millions)20262025
Balance at beginning of period$9 $8 
Purchases, sales, issuances and settlements:
Settlements(3)(6)
Total losses included on the Condensed Consolidated Balance Sheet
(2)— 
Balance at end of period$4 $2 
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.
March 31, 2026December 31, 2025
(in millions)Total Fair ValueLevel 2Total Fair ValueLevel 2
Derivative liabilities(68)(68)(72)(72)