CHARLOTTE, N.C., Aug. 6, 2015 /PRNewswire/ —
Duke Energy today announced second quarter 2015 adjusted diluted EPS of 95 cents, compared to $1.11 for the second quarter of 2014. Second quarter 2015 reported EPS was 78 cents, compared to 86 cents for the same period last year.
Earnings for the second quarter of 2015 were lower than the prior year quarterly results, primarily due to one-time tax items that did not recur in the current year. Results also were affected by continued weakness in the International business, particularly Brazil, and the timing of O&M expenses at Regulated Utilities.
Year-to-date adjusted diluted EPS through the second quarter of 2015 is in line with the company’s expectations. The company remains on track to achieve its 2015 adjusted diluted earnings guidance range of $4.55 to $4.75 per share.
Strength in the Regulated Utility business, coupled with the execution of the Midwest Generation sale and related share buyback, have served to offset weakness in the International business thus far in 2015.
“Operationally, we met our customers’ energy needs in the second quarter during extended periods of warmer than normal temperatures particularly in the Southeast,” said Lynn Good, president and CEO. “Equally important, we continued to follow through on the growth initiatives that will provide long-term benefits for our customers.
“We also continue to focus on providing solid returns for our shareholders,” Good added. “Last month, our board approved an approximate 4 percent increase in the quarterly dividend payment, reflecting its confidence in the strength of our core businesses and cash flows.”
Business unit results
In addition to the summary business unit discussion below, a comprehensive table of quarterly and year-to-date adjusted earnings per share drivers compared to the prior year is provided on pages 16 and 17.
The discussion below of second quarter results includes adjusted segment income, which is a non-GAAP financial measure. The tables on pages 25 through 28 present a reconciliation of reported results to adjusted results.
Regulated Utilities
Regulated Utilities recognized second quarter 2015 adjusted segment income of $632 million, compared to $689 million in the second quarter 2014, a decrease of 9 cents per share, excluding the benefit of the accelerated stock repurchase program.
Lower quarterly results at Regulated Utilities were primarily driven by:
These unfavorable drivers were partially offset by:
On a year-to-date basis, Regulated Utilities recognized adjusted segment income of $1,406 million, compared to $1,426 million in the comparable year-to-date period of 2014, a decrease of 4 cents per share, excluding the benefit of the accelerated stock repurchase program.
Decreased year-to-date results at Regulated Utilities were primarily driven by:
These unfavorable drivers were partially offset by:
International Energy
International Energy recognized second quarter 2015 adjusted segment income of $52 million, compared to $146 million in the second quarter 2014, a decrease of 13 cents per share.
Lower quarterly results at International Energy were primarily driven by:
On a year-to-date basis, International Energy recognized adjusted segment income of $88 million, compared to $276 million in the comparable year-to-date period of 2014, a decrease of 26 cents per share.
Lower year-to-date earnings at International Energy were driven by:
Commercial Portfolio
Subsequent to the sale of its nonregulated Midwest Commercial Generation Business to Dynegy Inc. in April, Commercial Portfolio (formerly Commercial Power) includes Duke Energy’s unregulated renewable assets as well as its commercial electric and gas transmission investments.
Commercial Portfolio recognized second quarter 2015 adjusted segment income of $8 million, compared to $16 million in the second quarter 2014, a decrease of 1 cent per share. The decline in Commercial Portfolio’s quarterly earnings is primarily due to lower earnings from the renewables fleet resulting from lower wind resources.
On a year-to-date basis, Commercial Portfolio recognized adjusted segment income of $103 million, compared to $26 million in the comparable year-to-date period of 2014, an increase of 11 cents per share.
Commercial Portfolio’s higher year-to-date earnings were driven by higher results from the Midwest Generation fleet during the first quarter 2015 (+$0.14 per share), partially offset by lower earnings from the renewables fleet (-$0.01 per share) resulting from lower wind resources.
Other
On an adjusted basis, Other primarily includes corporate interest expense not allocated to the business units, results from Duke Energy’s captive insurance company, other investments, and quarterly income tax levelization adjustments.
Other recognized a second quarter 2015 adjusted net expense of $34 million, compared to net expense of $65 million in the second quarter 2014, an improvement of 4 cents per share.
On a year-to-date basis, Other recognized adjusted net expense of $58 million, compared to $113 million in the comparable period of 2014, an improvement of 8 cents per share. Other’s quarterly and year-to-date results were primarily driven by favorable results from the company’s captive insurance business and favorable income tax levelization adjustments.
The consolidated adjusted effective tax rate for second quarter 2015 was 31.2 percent, compared to 28.2 percent in the second quarter of 2014. On a year-to-date basis, the consolidated adjusted effective tax rate was 32 percent, compared to 31.1 percent in the prior year. Adjusted effective tax rate is a non-GAAP financial measure. The tables on pages 29 and 30 present a reconciliation of reported effective tax rate to adjusted effective tax rate.
Accelerated stock repurchase program
In connection with the transaction to sell the Midwest Generation business to Dynegy for $2.8 billion, which closed on April 2, 2015, Duke Energy completed a $1.5 billion accelerated stock repurchase program (ASR). The program resulted in share retirements of approximately 19.8 million, providing a benefit to the second quarter 2015 and year-to-date results of approximately 3 cents per share.
As a result of the ASR, weighted-average shares of Duke Energy common stock outstanding in 2015 are expected to be approximately 695 million.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled for 10 a.m. ET today to discuss Duke Energy’s financial performance for the quarter and other business updates.
The conference call will be hosted by Lynn Good, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
The call can be accessed via the investors’ section (http://www.duke-energy.com/investors/) of Duke Energy’s website or by dialing 877-874-1586 in the United States or 719-325-4817 outside the United States. The confirmation code is 2859838. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until 1 p.m. ET, Aug. 16, 2015, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 2859838. A replay and transcript also will be available by accessing the investors’ section of the company’s website.
Special items and non-GAAP reconciliation
Special items affecting Duke Energy’s adjusted diluted EPS for quarterly results in 2015 and 2014 include:
|
(In millions, except per-share amounts) |
After-Tax |
2Q2015 EPS Impact |
2Q2014 |
|
Second Quarter 2015 |
|||
|
– Cost to achieve, Progress Energy merger |
$(14) |
$(0.02) |
|
|
– Discontinued operations (1)(2) |
$(101) |
$(0.15) |
|
|
Second Quarter 2014 |
|||
|
– Cost to achieve, Progress Energy merger |
$(38) |
$(0.06) |
|
|
– Economic hedges (mark-to-market) |
$(3) |
— |
|
|
– Discontinued operations (1)(3) |
$(136) |
$(0.19) |
|
|
Total diluted EPS impact |
$(0.17) |
$(0.25) |
|
|
(1) Reported discontinued operations includes the Midwest generation impairment, the economic hedges (mark-to-market) of Midwest generation, and operating results of the Midwest Generation business |
|||
|
(2) Represents reported discontinued operations of $(0.09) per diluted share, including the impact of a litigation reserve related to the nonregulated Midwest generation business, and a tax charge resulting from the completion of the sale of the Midwest generation business but not reported as discontinued operations of $(0.06), which are treated as a special item and reflected in adjusted diluted EPS. |
|||
|
(3) Represents reported discontinued operations of $(0.16) per diluted share less the Midwest generation operations results classified as discontinued operations of (+$0.03) per diluted share. Midwest generation operations are treated as a special item and reflected in adjusted diluted EPS. |
|||
Reconciliation of reported to adjusted diluted EPS for the quarter:
|
2Q2015 EPS |
2Q2014 EPS |
|
|
Diluted EPS, as reported |
$0.78 |
$0.86 |
|
Adjustments to reported EPS: |
||
|
– Diluted EPS impact of special items and discontinued operations (net of tax) |
$0.17 |
$0.25 |
|
Diluted EPS, adjusted |
$0.95 |
$1.11 |
Non-GAAP financial measures
Management evaluates financial performance in part based on the non-GAAP financial measures, adjusted earnings and adjusted diluted earnings per share (EPS). These items are measured as income from continuing operations net of income (loss) attributable to non-controlling interests, adjusted for the dollar and per-share impact of mark-to-market impacts of economic hedges in the Commercial Portfolio segment and special items including the operating results of the Midwest Generation business (Disposal Group) classified as discontinued operations for GAAP purposes. Special items represent certain charges and credits, which management believes will not be recurring on a regular basis, although it is reasonably possible such charges and credits could recur. Operating results of the Disposal Group sold to Dynegy are reported as discontinued operations, including a portion of the mark-to-market adjustments associated with derivative contracts. Management believes that including the operating results of the Disposal Group reported as discontinued operations better reflects its financial performance and therefore has included these results in adjusted earnings and adjusted diluted EPS prior to the sale of the Disposal Group. Additionally, as a result of completing the sale of the Disposal Group during the second quarter of 2015, state income tax expense increased as state income tax apportionments changed. The additional tax expense was recognized in Continuing Operations on a GAAP basis. This impact to state income taxes has been reflected in Discontinued Operations in the Commercial Portfolio segment for adjusted diluted EPS purposes as management believes these impacts are incidental to the sale of the Disposal Group. Derivative contracts are used in Duke Energy’s hedging of a portion of the economic value of its generation assets in the Commercial Portfolio segment. The mark-to-market impact of derivative contracts is recognized in GAAP earnings immediately and, if associated with the Disposal Group, classified as discontinued operations, as such derivative contracts do not qualify for hedge accounting or regulatory treatment. The economic value of generation assets is subject to fluctuations in fair value due to market price volatility of input and output commodities (e.g. coal, electricity, natural gas). Economic hedging involves both purchases and sales of those input and output commodities related to generation assets. Operations of the generation assets are accounted for under the accrual method. Management believes excluding impacts of mark-to-market changes of the derivative contracts from adjusted earnings until settlement better matches the financial impacts of the derivative contract with the portion of economic value of the underlying hedged asset. Management believes the presentation of adjusted earnings and adjusted diluted EPS provides useful information to investors, as it provides them an additional relevant comparison of Duke Energy’s performance across periods. Management uses these non-GAAP financial measures for planning and forecasting and for reporting results to the Board of Directors, employees, shareholders, analysts and investors concerning Duke Energy’s financial performance. Adjusted diluted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measures for adjusted earnings and adjusted diluted EPS are Net Income Attributable to Duke Energy Corporation and Diluted EPS Attributable to Duke Energy Corporation common shareholders, which include the dollar and per share impact of special items, mark-to-market impacts of economic hedges in the Commercial Portfolio segment and discontinued operations.
Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to non-controlling interests. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated in the Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income adjusted for the mark-to-market impacts of economic hedges in the Commercial Portfolio segment and special items, including the operating results of the Disposal Group classified as discontinued operations for GAAP purposes. Management believes the presentation of adjusted segment income as presented provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income is segment income, which represents segment income from continuing operations, including any special items and the mark-to-market impacts of economic hedges in the Commercial Portfolio segment.
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items or mark-to-market adjustments for future periods.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted Other net expenses and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, the mark-to-market impacts of economic hedges in the Commercial Portfolio segment, or any amounts that may be reported as discontinued operations or extraordinary items for future periods.
Duke Energy is the largest electric power holding company in the United States with approximately $120 billion in total assets. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions.
These forward-looking statements are identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements or climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; the extent and timing of the costs and liabilities relating to the Dan River ash basin release and compliance with current regulations and any future regulatory changes related to the management of coal ash; the ability to recover eligible costs, including those associated with future significant weather events, and earn an adequate return on investment through the regulatory process; the costs of decommissioning Crystal River Unit 3 could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; credit ratings of the company or its subsidiaries may be different from what is expected; costs and effects of legal and administrative proceedings, settlements, investigations and claims; industrial, commercial and residential growth or decline in service territories or customer bases resulting from customer usage patterns, including energy efficiency efforts and use of alternative energy sources including self-generation and distributed generation technologies; additional competition in electric markets and continued industry consolidation; political and regulatory uncertainty in other countries in which Duke Energy conducts business; the influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts and tornadoes; the ability to successfully operate electric generating facilities and deliver electricity to customers; the impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches and other catastrophic events; the inherent risks associated with the operation and potential construction of nuclear facilities, including environmental, health, safety, regulatory and financial risks; the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; the results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general economic conditions; declines in the market prices of equity and fixed income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; construction and development risks associated with the completion of Duke Energy and its subsidiaries’ capital investment projects in existing and new generation facilities, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules, and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner or at all; changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; the ability to control operation and maintenance costs; the level of creditworthiness of counterparties to transactions; employee workforce factors, including the potential inability to attract and retain key personnel; the ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); the performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities; the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; the impact of potential goodwill impairments; the ability to reinvest prospective undistributed earnings of foreign subsidiaries or repatriate such earnings on a tax-efficient basis; and the ability to successfully complete future merger, acquisition or divestiture plans.
Additional risks and uncertainties are identified and discussed in Duke Energy’s and its subsidiaries’ reports filed with the SEC and available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact: Tom Shiel
24-Hour: 800.559.3853
Analysts: Bill Currens
Office: 704.382.1603
|
June 2015 |
|||||||||||||||
|
QUARTERLY HIGHLIGHTS |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
(In millions, except per-share amounts and where noted) |
2015 |
2014 |
2015 |
2014 |
|||||||||||
|
Earnings Per Share – Basic and Diluted |
|||||||||||||||
|
Income from continuing operations attributable to Duke Energy Corporation common shareholders |
|||||||||||||||
|
Basic |
$ |
0.87 |
$ |
1.02 |
$ |
1.96 |
$ |
2.07 |
|||||||
|
Diluted |
$ |
0.87 |
$ |
1.02 |
$ |
1.96 |
$ |
2.07 |
|||||||
|
(Loss) Income from discontinued operations attributable to Duke Energy |
|||||||||||||||
|
Basic |
$ |
(0.09) |
$ |
(0.16) |
$ |
0.05 |
$ |
(1.35) |
|||||||
|
Diluted |
$ |
(0.09) |
$ |
(0.16) |
$ |
0.05 |
$ |
(1.35) |
|||||||
|
Net income attributable to Duke Energy Corporation common shareholders |
|||||||||||||||
|
Basic |
$ |
0.78 |
$ |
0.86 |
$ |
2.01 |
$ |
0.72 |
|||||||
|
Diluted |
$ |
0.78 |
$ |
0.86 |
$ |
2.01 |
$ |
0.72 |
|||||||
|
Weighted-average shares outstanding |
|||||||||||||||
|
Basic |
692 |
707 |
700 |
707 |
|||||||||||
|
Diluted |
692 |
707 |
700 |
707 |
|||||||||||
|
SEGMENT INCOME (LOSS) BY BUSINESS SEGMENT |
|||||||||||||||
|
Regulated Utilities |
$ |
632 |
$ |
689 |
$ |
1,406 |
$ |
1,426 |
|||||||
|
International Energy |
52 |
146 |
88 |
276 |
|||||||||||
|
Commercial Portfolio (a)(b) |
(33) |
(21) |
(32) |
(53) |
|||||||||||
|
Total Reportable Segment Income |
651 |
814 |
1,462 |
1,649 |
|||||||||||
|
Other Net Expense(c)(d) |
(48) |
(90) |
(85) |
(177) |
|||||||||||
|
Intercompany Eliminations |
(3) |
(2) |
(4) |
(4) |
|||||||||||
|
(Loss) Income from Discontinued Operations, net of tax (e) |
(57) |
(113) |
34 |
(956) |
|||||||||||
|
Net Income Attributable to Duke Energy Corporation |
$ |
543 |
$ |
609 |
$ |
1,407 |
$ |
512 |
|||||||
|
CAPITALIZATION |
|||||||||||||||
|
Total Common Equity |
49 |
% |
48 |
% |
|||||||||||
|
Total Debt |
51 |
% |
52 |
% |
|||||||||||
|
Total Debt |
$ |
41,331 |
$ |
42,460 |
|||||||||||
|
Book Value Per Share |
$ |
57.56 |
$ |
57.80 |
|||||||||||
|
Actual Shares Outstanding |
688 |
707 |
|||||||||||||
|
CAPITAL AND INVESTMENT EXPENDITURES |
|||||||||||||||
|
Regulated Utilities |
$ |
1,411 |
$ |
1,073 |
$ |
2,673 |
$ |
2,175 |
|||||||
|
International Energy |
7 |
16 |
19 |
25 |
|||||||||||
|
Commercial Portfolio |
261 |
100 |
383 |
168 |
|||||||||||
|
Other |
56 |
25 |
114 |
86 |
|||||||||||
|
Total Capital and Investment Expenditures |
$ |
1,735 |
$ |
1,214 |
$ |
3,189 |
$ |
2,454 |
|||||||
|
Note: Prior period operating results reflect reclassifications due to the impacts of discontinued operations. |
|||||||||||||||
|
(a) Includes a tax charge of $41 million resulting from the completion of the sale of the nonregulated Midwest generation business for the three months and six months ended June 30, 2015. |
|||||||||||||||
|
(b) Includes an impairment charge of $59 million for the six months ended June 30, 2014, related to OVEC (net of tax of $35 million). |
|||||||||||||||
|
(c) Includes costs to achieve the Progress merger of $14 million for the three months ended June 30, 2015 (net of tax of $8 million) and $27 million for the six months ended June 30, 2015 (net of tax of $16 million). |
|||||||||||||||
|
(d) Includes costs to achieve the Progress merger of $38 million for the three months ended June 30, 2014 (net of tax of $23 million) and $72 million for the six months ended June 30, 2014 (net of tax of $44 million). |
|||||||||||||||
|
(e) Includes the impact of a litigation reserve related to the nonregulated Midwest generation business of $46 million for the three months ended June 30, 2015 (net of tax of $25 million), and $53 million for the six months ended June 30, 2015 (net of tax of $28 million). |
|||||||||||||||
|
June 2015 |
|||||||||||||||
|
QUARTERLY HIGHLIGHTS |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
June 30, |
June 30, |
||||||||||||||
|
(In millions, except for GWh and MW amounts) |
2015 |
2014 |
2015 |
2014 |
|||||||||||
|
REGULATED UTILITIES |
|||||||||||||||
|
Operating Revenues |
$ |
5,220 |
$ |
5,283 |
$ |
10,943 |
$ |
11,088 |
|||||||
|
Operating Expenses |
4,003 |
4,019 |
8,308 |
8,446 |
|||||||||||
|
Gains on Sales of Other Assets, net |
2 |
— |
9 |
1 |
|||||||||||
|
Operating Income |
1,219 |
1,264 |
2,644 |
2,643 |
|||||||||||
|
Other Income and Expenses |
59 |
62 |
131 |
131 |
|||||||||||
|
Interest Expense |
274 |
275 |
549 |
545 |
|||||||||||
|
Income Before Income Taxes |
1,004 |
1,051 |
2,226 |
2,229 |
|||||||||||
|
Income Tax Expense |
372 |
362 |
820 |
803 |
|||||||||||
|
Segment Income |
$ |
632 |
$ |
689 |
$ |
1,406 |
$ |
1,426 |
|||||||
|
Depreciation and Amortization |
$ |
707 |
$ |
688 |
$ |
1,405 |
$ |
1,365 |
|||||||
|
Duke Energy Carolinas GWh sales |
21,306 |
20,836 |
43,774 |
44,529 |
|||||||||||
|
Duke Energy Progress GWh sales |
14,952 |
14,693 |
31,717 |
30,854 |
|||||||||||
|
Duke Energy Florida GWh sales |
10,802 |
9,840 |
19,275 |
18,501 |
|||||||||||
|
Duke Energy Ohio GWh sales |
6,233 |
5,824 |
13,000 |
12,303 |
|||||||||||
|
Duke Energy Indiana GWh sales |
7,705 |
8,455 |
16,433 |
17,329 |
|||||||||||
|
Total GWh sales |
60,998 |
59,648 |
124,199 |
123,516 |
|||||||||||
|
Net Proportional MW Capacity in Operation |
49,528 |
49,452 |
|||||||||||||
|
INTERNATIONAL ENERGY |
|||||||||||||||
|
Operating Revenues |
$ |
287 |
$ |
364 |
$ |
560 |
$ |
746 |
|||||||
|
Operating Expenses |
232 |
254 |
439 |
485 |
|||||||||||
|
(Loss) Gains on Sales of Other Assets, net |
(1) |
5 |
(1) |
5 |
|||||||||||
|
Operating Income |
54 |
115 |
120 |
266 |
|||||||||||
|
Other Income and Expenses |
31 |
52 |
45 |
109 |
|||||||||||
|
Interest Expense |
22 |
23 |
45 |
46 |
|||||||||||
|
Income Before Income Taxes |
63 |
144 |
120 |
329 |
|||||||||||
|
Income Tax Expense |
10 |
(5) |
30 |
46 |
|||||||||||
|
Less: Income Attributable to Noncontrolling Interests |
1 |
3 |
2 |
7 |
|||||||||||
|
Segment Income |
$ |
52 |
$ |
146 |
$ |
88 |
$ |
276 |
|||||||
|
Depreciation and Amortization |
$ |
23 |
$ |
27 |
$ |
46 |
$ |
50 |
|||||||
|
Sales, GWh |
4,520 |
4,281 |
8,990 |
9,522 |
|||||||||||
|
Proportional MW Capacity in Operation |
4,333 |
4,411 |
|||||||||||||
|
COMMERCIAL PORTFOLIO |
|||||||||||||||
|
Operating Revenues |
$ |
75 |
$ |
64 |
$ |
148 |
$ |
145 |
|||||||
|
Operating Expenses(a) |
84 |
80 |
173 |
268 |
|||||||||||
|
Losses on Sales of Other Assets, net |
6 |
— |
6 |
— |
|||||||||||
|
Operating Loss |
(3) |
(16) |
(19) |
(123) |
|||||||||||
|
Other Income and Expenses |
(2) |
5 |
— |
10 |
|||||||||||
|
Interest Expense |
10 |
13 |
22 |
27 |
|||||||||||
|
Loss Before Income Taxes |
(15) |
(24) |
(41) |
(140) |
|||||||||||
|
Income Tax Expense (Benefit)(b)(c) |
18 |
(3) |
(9) |
(87) |
|||||||||||
|
Segment Loss |
$ |
(33) |
$ |
(21) |
$ |
(32) |
$ |
(53) |
|||||||
|
Depreciation and Amortization |
$ |
26 |
$ |
19 |
$ |
50 |
$ |
46 |
|||||||
|
Actual Coal-fired Plant Production, GWh |
— |
204 |
— |
675 |
|||||||||||
|
Actual Renewable Plant Production, GWh |
1,373 |
1,469 |
2,683 |
3,058 |
|||||||||||
|
Actual Plant Production, GWh |
1,373 |
1,673 |
2,683 |
3,733 |
|||||||||||
|
Net Proportional MW Capacity in Operation |
1,634 |
1,305 |
|||||||||||||
|
OTHER |
|||||||||||||||
|
Operating Revenues |
$ |
34 |
$ |
29 |
$ |
61 |
$ |
54 |
|||||||
|
Operating Expenses(d)(e) |
63 |
101 |
113 |
185 |
|||||||||||
|
Gains on Sales of Other Assets, net |
6 |
1 |
13 |
1 |
|||||||||||
|
Operating Loss |
(23) |
(71) |
(39) |
(130) |
|||||||||||
|
Other Income and Expenses |
9 |
9 |
10 |
15 |
|||||||||||
|
Interest Expense |
97 |
98 |
194 |
201 |
|||||||||||
|
Loss Before Income Taxes |
(111) |
(160) |
(223) |
(316) |
|||||||||||
|
Income Tax Benefit(f)(g) |
(66) |
(71) |
(143) |
(140) |
|||||||||||
|
Less: Income Attributable to Noncontrolling Interests |
3 |
1 |
5 |
1 |
|||||||||||
|
Segment Net Expense |
$ |
(48) |
$ |
(90) |
$ |
(85) |
$ |
(177) |
|||||||
|
Depreciation and Amortization |
$ |
34 |
$ |
28 |
$ |
66 |
$ |
56 |
|||||||
|
Note: Prior period reflects reclassifications due to the impact of discontinued operations. |
|||||||||||||||
|
(a) Includes a pre-tax impairment charge of $94 million for the six months ended June 30, 2014, related to OVEC. |
|||||||||||||||
|
(b) Includes a tax charge of $41 million resulting from the completion of the sale of the nonregulated Midwest generation business for the three months and six months ended June 30, 2015. |
|||||||||||||||
|
(c) Includes a tax benefit of $35 million for the six months ended June 30, 2014, related to OVEC impairment. |
|||||||||||||||
|
(d) Includes costs to achieve the Progress merger of $22 million for the three months ended June 30, 2015, and $43 million for the six months ended June 30, 2015. |
|||||||||||||||
|
(e) Includes costs to achieve the Progress merger of $61 million for the three months ended June 30, 2014, and $114 million for the six months ended June 30, 2014. |
|||||||||||||||
|
(f) Includes tax benefit related to costs to achieve the Progress merger of $8 million for the three months ended June 30, 2015, and $16 million for the six months ended June 30, 2015. |
|||||||||||||||
|
(g) Includes tax benefit related to costs to achieve the Progress merger of $23 million for the three months ended June 30, 2014, and $44 million for the six months ended June 30, 2014. |
|||||||||||||||
|
DUKE ENERGY CORPORATION |
|||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(In millions, except per-share amounts) |
|||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2015 |
2014 |
2015 |
2014 |
||||||||||||
|
Operating Revenues |
|||||||||||||||
|
Regulated electric |
$ |
5,090 |
$ |
5,138 |
$ |
10,547 |
$ |
10,688 |
|||||||
|
Nonregulated electric and other |
403 |
463 |
780 |
954 |
|||||||||||
|
Regulated natural gas |
96 |
107 |
327 |
329 |
|||||||||||
|
Total operating revenues |
5,589 |
5,708 |
11,654 |
11,971 |
|||||||||||
|
Operating Expenses |
|||||||||||||||
|
Fuel used in electric generation and purchased power – regulated |
1,721 |
1,808 |
3,662 |
3,808 |
|||||||||||
|
Fuel used in electric generation and purchased power – nonregulated |
118 |
126 |
222 |
262 |
|||||||||||
|
Cost of natural gas and other |
26 |
38 |
137 |
154 |
|||||||||||
|
Operation, maintenance and other |
1,422 |
1,396 |
2,848 |
2,845 |
|||||||||||
|
Depreciation and amortization |
790 |
762 |
1,567 |
1,517 |
|||||||||||
|
Property and other taxes |
279 |
311 |
543 |
661 |
|||||||||||
|
Impairment charges |
— |
(16) |
— |
80 |
|||||||||||
|
Total operating expenses |
4,356 |
4,425 |
8,979 |
9,327 |
|||||||||||
|
Gain on Sales of Other Assets and Other, net |
13 |
6 |
27 |
7 |
|||||||||||
|
Operating Income |
1,246 |
1,289 |
2,702 |
2,651 |
|||||||||||
|
Other Income and Expenses |
|||||||||||||||
|
Equity in earnings of unconsolidated affiliates |
23 |
33 |
36 |
69 |
|||||||||||
|
Other income and expenses, net |
72 |
89 |
146 |
184 |
|||||||||||
|
Total other income and expenses |
95 |
122 |
182 |
253 |
|||||||||||
|
Interest Expense |
403 |
403 |
806 |
807 |
|||||||||||
|
Income from Continuing Operations before Income Taxes |
938 |
1,008 |
2,078 |
2,097 |
|||||||||||
|
Income Tax Expense from Continuing Operations |
334 |
282 |
698 |
621 |
|||||||||||
|
Income from Continuing Operations |
604 |
726 |
1,380 |
1,476 |
|||||||||||
|
(Loss) Income from Discontinued Operations, net of tax |
(57) |
(113) |
34 |
(956) |
|||||||||||
|
Net Income |
547 |
613 |
1,414 |
520 |
|||||||||||
|
Less: Net Income Attributable to Noncontrolling Interests |
4 |
4 |
7 |
8 |
|||||||||||
|
Net Income Attributable to Duke Energy Corporation |
$ |
543 |
$ |
609 |
$ |
1,407 |
$ |
512 |
|||||||
|
Earnings Per Share – Basic and Diluted |
|||||||||||||||
|
Income from continuing operations attributable to Duke Energy Corporation common shareholders |
|||||||||||||||
|
Basic |
$ |
0.87 |
$ |
1.02 |
$ |
1.96 |
$ |
2.07 |
|||||||
|
Diluted |
$ |
0.87 |
$ |
1.02 |
$ |
1.96 |
$ |
2.07 |
|||||||
|
(Loss) income from discontinued operations attributable to Duke |
|||||||||||||||
|
Basic |
$ |
(0.09) |
$ |
(0.16) |
$ |
0.05 |
$ |
(1.35) |
|||||||
|
Diluted |
$ |
(0.09) |
$ |
(0.16) |
$ |
0.05 |
$ |
(1.35) |
|||||||
|
Net income attributable to Duke Energy Corporation common shareholders |
|||||||||||||||
|
Basic |
$ |
0.78 |
$ |
0.86 |
$ |
2.01 |
$ |
0.72 |
|||||||
|
Diluted |
$ |
0.78 |
$ |
0.86 |
$ |
2.01 |
$ |
0.72 |
|||||||
|
Weighted-average shares outstanding |
|||||||||||||||
|
Basic |
692 |
707 |
700 |
707 |
|||||||||||
|
Diluted |
692 |
707 |
700 |
707 |
|||||||||||
|
DUKE ENERGY CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
(Unaudited) |
||||||||
|
(In millions) |
||||||||
|
June 30, 2015 |
December 31, 2014 |
|||||||
|
ASSETS |
||||||||
|
Current Assets |
||||||||
|
Cash and cash equivalents |
$ |
960 |
$ |
2,036 |
||||
|
Receivables (net of allowance for doubtful accounts of $17 at June 30, 2015 and December 31, 2014) |
650 |
791 |
||||||
|
Restricted receivables of variable interest entities (net of allowance for |
2,046 |
1,973 |
||||||
|
Inventory |
3,469 |
3,459 |
||||||
|
Assets held for sale |
— |
364 |
||||||
|
Regulatory assets |
975 |
1,115 |
||||||
|
Other |
1,498 |
1,837 |
||||||
|
Total current assets |
9,598 |
11,575 |
||||||
|
Investments and Other Assets |
||||||||
|
Investments in equity method unconsolidated affiliates |
375 |
358 |
||||||
|
Nuclear decommissioning trust funds |
5,529 |
5,546 |
||||||
|
Goodwill |
16,328 |
16,321 |
||||||
|
Assets held for sale |
— |
2,642 |
||||||
|
Other |
3,239 |
3,008 |
||||||
|
Total investments and other assets |
25,471 |
27,875 |
||||||
|
Property, Plant and Equipment |
||||||||
|
Cost |
107,125 |
104,861 |
||||||
|
Accumulated depreciation and amortization |
(35,826) |
(34,824) |
||||||
|
Generation facilities to be retired, net |
460 |
9 |
||||||
|
Net property, plant and equipment |
71,759 |
70,046 |
||||||
|
Regulatory Assets and Deferred Debits |
||||||||
|
Regulatory assets |
11,564 |
11,042 |
||||||
|
Other |
183 |
171 |
||||||
|
Total regulatory assets and deferred debits |
11,747 |
11,213 |
||||||
|
Total Assets |
$ |
118,575 |
$ |
120,709 |
||||
|
LIABILITIES AND EQUITY |
||||||||
|
Current Liabilities |
||||||||
|
Accounts payable |
$ |
1,920 |
$ |
2,271 |
||||
|
Notes payable and commercial paper |
2,162 |
2,514 |
||||||
|
Taxes accrued |
550 |
569 |
||||||
|
Interest accrued |
419 |
418 |
||||||
|
Current maturities of long-term debt |
2,374 |
2,807 |
||||||
|
Liabilities associated with assets held for sale |
— |
262 |
||||||
|
Regulatory liabilities |
245 |
204 |
||||||
|
Other |
1,976 |
2,188 |
||||||
|
Total current liabilities |
9,646 |
11,233 |
||||||
|
Long-term Debt |
36,795 |
37,213 |
||||||
|
Deferred Credits and Other Liabilities |
||||||||
|
Deferred income taxes |
13,664 |
13,423 |
||||||
|
Investment tax credits |
420 |
427 |
||||||
|
Accrued pension and other post-retirement benefit costs |
1,152 |
1,145 |
||||||
|
Liabilities associated with assets held for sale |
— |
35 |
||||||
|
Asset retirement obligations |
9,490 |
8,466 |
||||||
|
Regulatory liabilities |
6,203 |
6,193 |
||||||
|
Other |
1,588 |
1,675 |
||||||
|
Total deferred credits and other liabilities |
32,517 |
31,364 |
||||||
|
Commitments and Contingencies |
||||||||
|
Equity |
||||||||
|
Common stock, $0.001 par value, 2 billion shares authorized; 688 million |
||||||||
|
and 707 million shares outstanding at June 30, 2015 and |
||||||||
|
December 31, 2014, respectively |
1 |
1 |
||||||
|
Additional paid-in capital |
37,933 |
39,405 |
||||||
|
Retained earnings |
2,294 |
2,012 |
||||||
|
Accumulated other comprehensive income |
(648) |
(543) |
||||||
|
Total Duke Energy Corporation stockholder’s equity |
39,580 |
40,875 |
||||||
|
Noncontrolling interests |
37 |
24 |
||||||
|
Total equity |
39,617 |
40,899 |
||||||
|
Total Liabilities and Equity |
$ |
118,575 |
$ |
120,709 |
||||
|
DUKE ENERGY CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(Unaudited) |
||||||||
|
(In millions) |
||||||||
|
Six Months Ended June 30, |
||||||||
|
2015 |
2014 |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
|
Net Income |
$ |
1,414 |
$ |
520 |
||||
|
Adjustments to reconcile net income to net cash provided by operating activities |
1,465 |
2,099 |
||||||
|
Net cash provided by operating activities |
2,879 |
2,619 |
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
|
Net cash used in investing activities |
(294) |
(2,367) |
||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
|
Net cash (used in) provided by financing activities |
(3,661) |
255 |
||||||
|
Net (decrease) increase in cash and cash equivalents |
(1,076) |
507 |
||||||
|
Cash and cash equivalents at the beginning of period |
2,036 |
1,501 |
||||||
|
Cash and cash equivalents at end of period |
$ |
960 |
$ |
2,008 |
||||
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||
|
EARNINGS VARIANCES |
||||||||||||||||||||
|
June 2015 QTD vs. Prior Year |
||||||||||||||||||||
|
($ per share) |
Regulated Utilities |
International Energy |
Commercial Portfolio |
Other |
Consolidated |
|||||||||||||||
|
2014 QTD Reported Earnings Per Share, Diluted |
$ |
0.97 |
$ |
0.21 |
$ |
(0.03) |
$ |
(0.13) |
$ |
0.86 |
||||||||||
|
Costs to Achieve, Progress Merger |
— |
— |
— |
0.06 |
0.06 |
|||||||||||||||
|
Midwest Generation Operations (offset in Discontinued Operations) |
— |
— |
0.05 |
(0.02) |
0.03 |
|||||||||||||||
|
Discontinued Operations |
0.16 |
|||||||||||||||||||
|
2014 QTD Adjusted Earnings Per Share, Diluted |
$ |
0.97 |
$ |
0.21 |
$ |
0.02 |
$ |
(0.09) |
$ |
1.11 |
||||||||||
|
Stock Repurchase (a) |
0.03 |
— |
— |
— |
0.03 |
|||||||||||||||
|
Weather |
0.03 |
— |
— |
— |
0.03 |
|||||||||||||||
|
Pricing and Riders (b) |
0.03 |
— |
— |
— |
0.03 |
|||||||||||||||
|
Volumes |
0.05 |
— |
— |
— |
0.05 |
|||||||||||||||
|
Wholesale (c) |
0.02 |
— |
— |
— |
0.02 |
|||||||||||||||
|
Operation and Maintenance, net of recoverables (d) |
(0.11) |
— |
— |
— |
(0.11) |
|||||||||||||||
|
Latin America, including Foreign Exchange Rates (e) |
— |
(0.13) |
— |
— |
(0.13) |
|||||||||||||||
|
Duke Energy Renewables (f) |
— |
— |
(0.01) |
— |
(0.01) |
|||||||||||||||
|
Change in effective tax rates |
(0.04) |
— |
— |
0.03 |
(0.01) |
|||||||||||||||
|
Other (g) |
(0.07) |
— |
— |
0.01 |
(0.06) |
|||||||||||||||
|
2015 QTD Adjusted Earnings Per Share, Diluted |
$ |
0.91 |
$ |
0.08 |
$ |
0.01 |
$ |
(0.05) |
0.95 |
|||||||||||
|
Costs to Achieve, Progress Merger |
— |
— |
— |
(0.02) |
(0.02) |
|||||||||||||||
|
Discontinued Operations |
(0.06) |
(0.15) |
||||||||||||||||||
|
2015 QTD Reported Earnings Per Share, Diluted |
$ |
0.91 |
$ |
0.08 |
$ |
(0.05) |
$ |
(0.07) |
$ |
0.78 |
||||||||||
|
Note 1: Earnings Per Share amounts are calculated using the consolidated effective income tax rate. |
||||||||||||||||||||
|
Note 2: Adjusted and Reported Earnings Per Share amounts by segment may not recompute from other published schedules due to rounding. |
||||||||||||||||||||
|
Note 3: Prior period operating results reflect reclassifications due to the impact of discontinued operations. |
||||||||||||||||||||
|
(a) |
Reflects the impact on earnings per diluted share due to the decrease in weighted-average diluted common shares outstanding as a result of shares repurchased and retired under the Accelerated Stock Repurchase Program. Weighted-average diluted shares outstanding decreased from 707 million shares for the three months ended June 30, 2014, to 692 million shares for the three months ended June 30, 2015. |
|||||||||||||||||||
|
(b) |
Primarily due to prior-year fuel and purchased power costs true-ups (+$0.02) and higher energy efficiency rider recovery in North Carolina and South Carolina (+$0.01), partially offset by the impact of a regulatory order that limited the ability to carry forward energy efficiency savings for Duke Energy Ohio (-$0.02). |
|||||||||||||||||||
|
(c) |
Primarily due to higher volumes and capacity rates due to favorable weather and the implementation of new contracts. |
|||||||||||||||||||
|
(d) |
Primarily due to an increase in planned spending and the prior-year benefit associated with the adoption of nuclear outage levelization (-$0.05), partially offset by lower storm restoration costs. |
|||||||||||||||||||
|
(e) |
Primarily due to a prior year tax benefit related to the reorganization of the company’s operations in Chile (-$0.07), lower results in Brazil (-$0.04) due to higher purchased power costs resulting from ongoing drought conditions, lower results in Central America (-$0.01) due to lower generation and prices from increased competition, and unfavorable foreign currency exchange rates (-$0.01). |
|||||||||||||||||||
|
(f) |
Primarily due to lower wind production and additional depreciation expense from higher depreciable base. |
|||||||||||||||||||
|
(g) |
Amount for Regulated Utilities includes increased depreciation and amortization expense (-$0.05) due to higher depreciable base and higher non-income taxes (-$0.03), partially offset by higher AFUDC-equity (+$0.01). |
|||||||||||||||||||
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||
|
EARNINGS VARIANCES |
||||||||||||||||||||
|
June 2015 YTD vs. Prior Year |
||||||||||||||||||||
|
($ per share) |
Regulated Utilities |
International Energy |
Commercial Portfolio |
Other |
Consolidated |
|||||||||||||||
|
2014 YTD Reported Earnings Per Share, Diluted |
$ |
2.02 |
$ |
0.39 |
$ |
(0.08) |
$ |
(0.25) |
$ |
0.72 |
||||||||||
|
Costs to Achieve, Progress Merger |
— |
— |
— |
0.10 |
0.10 |
|||||||||||||||
|
Economic Hedges (Mark-to-Market) |
— |
— |
0.01 |
— |
0.01 |
|||||||||||||||
|
Midwest Generation Operations (offset in Discontinued Operations) |
— |
— |
0.02 |
(0.01) |
0.01 |
|||||||||||||||
|
Asset Impairment |
— |
— |
0.08 |
— |
0.08 |
|||||||||||||||
|
Discontinued Operations |
1.36 |
|||||||||||||||||||
|
2014 YTD Adjusted Earnings Per Share, Diluted |
$ |
2.02 |
$ |
0.39 |
$ |
0.03 |
$ |
(0.16) |
$ |
2.28 |
||||||||||
|
Stock Repurchase (a) |
0.03 |
— |
— |
— |
0.03 |
|||||||||||||||
|
Weather |
0.02 |
— |
— |
— |
0.02 |
|||||||||||||||
|
Pricing and Riders (b) |
0.07 |
— |
— |
— |
0.07 |
|||||||||||||||
|
Volumes |
0.02 |
— |
— |
— |
0.02 |
|||||||||||||||
|
Wholesale (c) |
0.06 |
— |
— |
— |
0.06 |
|||||||||||||||
|
Operation and Maintenance, net of recoverables (d) |
(0.12) |
— |
— |
— |
(0.12) |
|||||||||||||||
|
Latin America, including Foreign Exchange Rates (e) |
— |
(0.23) |
— |
— |
(0.23) |
|||||||||||||||
|
National Methanol Company |
— |
(0.03) |
— |
— |
(0.03) |
|||||||||||||||
|
Duke Energy Renewables (f) |
— |
— |
(0.01) |
— |
(0.01) |
|||||||||||||||
|
Midwest Generation (g) |
— |
— |
0.14 |
— |
0.14 |
|||||||||||||||
|
Interest Expense |
— |
— |
— |
0.01 |
0.01 |
|||||||||||||||
|
Change in effective tax rates |
(0.04) |
— |
(0.01) |
0.06 |
0.01 |
|||||||||||||||
|
Other (h) |
(0.05) |
— |
(0.01) |
0.01 |
(0.05) |
|||||||||||||||
|
2015 YTD Adjusted Earnings Per Share, Diluted |
$ |
2.01 |
$ |
0.13 |
$ |
0.14 |
$ |
(0.08) |
2.20 |
|||||||||||
|
Costs to Achieve, Progress Merger |
— |
— |
— |
(0.04) |
(0.04) |
|||||||||||||||
|
Midwest Generation Operations (offset in Discontinued Operations) |
— |
— |
(0.13) |
— |
(0.13) |
|||||||||||||||
|
Discontinued Operations |
(0.06) |
(0.02) |
||||||||||||||||||
|
2015 YTD Reported Earnings Per Share, Diluted |
$ |
2.01 |
$ |
0.13 |
$ |
(0.05) |
$ |
(0.12) |
$ |
2.01 |
||||||||||
|
Note 1: Earnings Per Share amounts are calculated using the consolidated effective income tax rate. |
||||||||||||||||||||
|
Note 2: Adjusted and Reported Earnings Per Share amounts by segment may not recompute from other published schedules due to rounding. |
||||||||||||||||||||
|
Note 3: Prior period operating results reflect reclassifications due to the impact of discontinued operations. |
||||||||||||||||||||
|
(a) |
Reflects the impact on earnings per diluted share due to the decrease in weighted-average diluted common shares outstanding as a result of shares repurchased and retired under the Accelerated Stock Repurchase Program. Weighted-average diluted shares outstanding decreased from 707 million shares for the six months ended June 30, 2014, to 700 million shares for the six months ended June 30, 2015. |
|||||||||||||||||||
|
(b) |
Primarily due to prior year fuel and purchased power costs true-ups (+$0.04) and higher energy efficiency rider recovery in North Carolina and South Carolina (+$0.03), partially offset by the impact of a regulatory order that limited the ability to carry forward energy efficiency savings for Duke Energy Ohio (-$0.02). |
|||||||||||||||||||
|
(c) |
Primarily due to higher volumes and capacity rates due to favorable weather and the implementation of new contracts. |
|||||||||||||||||||
|
(d) |
Primarily due to an increase in planned spending and the prior-year benefit associated with the adoption of nuclear outage levelization (-$0.07), partially offset by lower storm restoration costs. |
|||||||||||||||||||
|
(e) |
Primarily due to lower results in Brazil (-$0.12) due to lower sales volumes and higher purchased power costs resulting from ongoing drought conditions and decreased demand, a prior year tax benefit related to the reorganization of the company’s operations in Chile (-$0.07), lower results in Central America (-$0.02) due to lower generation and prices from increased competition and unfavorable foreign currency exchange rates (-$0.01). |
|||||||||||||||||||
|
(f) |
Primarily due to lower wind production. |
|||||||||||||||||||
|
(g) |
Primarily due to higher capacity revenues, improved generation margins and the suspension of depreciation as a result of held for sale status prior to the sale of the nonregulated Midwest generation business. |
|||||||||||||||||||
|
(h) |
Amount for Regulated Utilities includes increased depreciation and amortization expense (-$0.08) due to higher depreciable base, partially offset by higher AFUDC-equity (+$0.03). |
|||||||||||||||||||
|
Regulated Utilities |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
17,989 |
17,911 |
0.4%
|
1.8% |
42,019 |
42,104 |
(0.2%) |
(0.1%) |
||||||||||||||||
|
General Service |
18,795 |
18,725 |
0.4% |
1.3% |
37,077 |
36,872 |
0.6% |
0.6% |
||||||||||||||||
|
Industrial |
13,105 |
13,081 |
0.2% |
1.9% |
25,369 |
25,136 |
0.9% |
1.3% |
||||||||||||||||
|
Other Energy Sales |
149 |
153 |
(2.6%) |
301 |
303 |
(0.7%) |
||||||||||||||||||
|
Unbilled Sales |
2,378 |
1,164 |
104.3% |
N/A |
1,332 |
580 |
129.7% |
N/A |
||||||||||||||||
|
Total Retail Sales |
52,416 |
51,034 |
2.7% |
1.7% |
106,098 |
104,995 |
1.1% |
0.5% |
||||||||||||||||
|
Special Sales |
8,582 |
8,614 |
(0.4%) |
18,101 |
18,521 |
(2.3%) |
||||||||||||||||||
|
Total Consolidated Electric Sales – Regulated Utilities |
60,998 |
59,648 |
2.3% |
124,199 |
123,516 |
0.6% |
||||||||||||||||||
|
Average Number of Customers (Electric) |
||||||||||||||||||||||||
|
Residential |
6,348,277 |
6,266,316 |
1.3% |
6,345,413 |
6,265,818 |
1.3% |
||||||||||||||||||
|
General Service |
951,642 |
941,986 |
1.0% |
949,694 |
940,517 |
1.0% |
||||||||||||||||||
|
Industrial |
18,159 |
18,308 |
(0.8%) |
18,172 |
18,341 |
(0.9%) |
||||||||||||||||||
|
Other Energy Sales |
23,012 |
22,468 |
2.4% |
22,982 |
22,464 |
2.3% |
||||||||||||||||||
|
Total Regular Sales |
7,341,090 |
7,249,078 |
1.3% |
7,336,261 |
7,247,140 |
1.2% |
||||||||||||||||||
|
Special Sales |
61 |
60 |
1.7% |
64 |
62 |
3.2% |
||||||||||||||||||
|
Total Average Number of Customers – Regulated |
7,341,151 |
7,249,138 |
1.3% |
7,336,325 |
7,247,202 |
1.2% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Carolinas – Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
150 |
156 |
(3.8%) |
2,054 |
2,125 |
(3.3%) |
||||||||||||||||||
|
Cooling Degree Days |
632 |
593 |
6.6% |
636 |
593 |
7.3% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(19.5%) |
(15.7%) |
n/a |
11.6% |
15.4% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
15.3% |
10.2% |
n/a |
14.0% |
8.2% |
n/a |
||||||||||||||||||
|
Midwest – Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
380 |
443 |
(14.2%) |
3,500 |
3,756 |
(6.8%) |
||||||||||||||||||
|
Cooling Degree Days |
378 |
350 |
8.0% |
378 |
350 |
8.0% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(10.4%) |
4.2% |
n/a |
14.6% |
22.3% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
3.0% |
(0.3%) |
n/a |
1.3% |
(1.7%) |
n/a |
||||||||||||||||||
|
Florida – Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
— |
1 |
(100.0%) |
373 |
418 |
(10.8%) |
||||||||||||||||||
|
Cooling Degree Days |
1,256 |
1,061 |
18.4% |
1,490 |
1,205 |
23.7% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(100.0%) |
(90.9%) |
n/a |
(6.3%) |
0.7% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
19.3% |
0.7% |
n/a |
21.6% |
(2.1%) |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Carolinas |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
5,754 |
5,872 |
(2.0%) |
14,232 |
14,436 |
(1.4%) |
||||||||||||||||||
|
General Service |
6,942 |
6,953 |
(0.2%) |
13,801 |
13,734 |
0.5% |
||||||||||||||||||
|
Industrial |
5,614 |
5,467 |
2.7% |
10,689 |
10,381 |
3.0% |
||||||||||||||||||
|
Other Energy Sales |
76 |
76 |
—% |
153 |
149 |
2.7% |
||||||||||||||||||
|
Unbilled Sales |
843 |
366 |
(130.3%) |
354 |
185 |
(91.4%) |
||||||||||||||||||
|
Total Regular Electric Sales |
19,229 |
18,734 |
2.6% |
2.0% |
39,229 |
38,885 |
0.9% |
0.9% |
||||||||||||||||
|
Special Sales |
2,077 |
2,102 |
(1.2%) |
4,545 |
5,644 |
(19.5%) |
||||||||||||||||||
|
Total Consolidated Electric Sales – Duke Energy Carolinas |
21,306 |
20,836 |
2.3% |
43,774 |
44,529 |
(1.7%) |
||||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
2,112,443 |
2,083,576 |
1.4% |
2,110,556 |
2,082,721 |
1.3% |
||||||||||||||||||
|
General Service |
344,865 |
341,212 |
1.1% |
344,029 |
340,700 |
1.0% |
||||||||||||||||||
|
Industrial |
6,446 |
6,531 |
(1.3%) |
6,459 |
6,527 |
(1.0%) |
||||||||||||||||||
|
Other Energy Sales |
14,993 |
14,505 |
3.4% |
14,974 |
14,495 |
3.3% |
||||||||||||||||||
|
Total Regular Sales |
2,478,747 |
2,445,824 |
1.3% |
2,476,018 |
2,444,443 |
1.3% |
||||||||||||||||||
|
Special Sales |
24 |
24 |
—% |
25 |
25 |
—% |
||||||||||||||||||
|
Total Average Number of Customers – Duke Energy |
2,478,771 |
2,445,848 |
1.3% |
2,476,043 |
2,444,468 |
1.3% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
163 |
181 |
(9.9%) |
2,104 |
2,223 |
(5.4%) |
||||||||||||||||||
|
Cooling Degree Days |
623 |
557 |
11.8% |
624 |
557 |
12.0% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(18.9%) |
(10.0%) |
n/a |
9.7% |
16.0% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
18.7% |
8.4% |
n/a |
16.9% |
6.5% |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Progress |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
3,673 |
3,959 |
(7.2%) |
9,440 |
9,539 |
(1.0%) |
||||||||||||||||||
|
General Service |
3,688 |
3,769 |
(2.1%) |
7,437 |
7,410 |
0.4% |
||||||||||||||||||
|
Industrial |
2,565 |
2,616 |
(1.9%) |
5,002 |
4,997 |
0.1% |
||||||||||||||||||
|
Other Energy Sales |
27 |
29 |
(6.9%) |
55 |
59 |
(6.8%) |
||||||||||||||||||
|
Unbilled Sales |
570 |
(30) |
2,000.0% |
129 |
(27) |
577.8% |
||||||||||||||||||
|
Total Regular Electric Sales |
10,523 |
10,343 |
1.7% |
2.4% |
22,063 |
21,978 |
0.4% |
0.4% |
||||||||||||||||
|
Special Sales |
4,429 |
4,350 |
1.8% |
9,654 |
8,876 |
8.8% |
||||||||||||||||||
|
Total Consolidated Electric Sales – Duke Energy Progress |
14,952 |
14,693 |
1.8% |
31,717 |
30,854 |
2.8% |
||||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
1,271,806 |
1,253,519 |
1.5% |
1,270,438 |
1,252,564 |
1.4% |
||||||||||||||||||
|
General Service |
225,735 |
223,061 |
1.2% |
225,073 |
222,477 |
1.2% |
||||||||||||||||||
|
Industrial |
4,229 |
4,277 |
(1.1%) |
4,229 |
4,284 |
(1.3%) |
||||||||||||||||||
|
Other Energy Sales |
1,690 |
1,730 |
(2.3%) |
1,689 |
1,741 |
(3.0%) |
||||||||||||||||||
|
Total Regular Sales |
1,503,460 |
1,482,587 |
1.4% |
1,501,429 |
1,481,066 |
1.4% |
||||||||||||||||||
|
Special Sales |
15 |
15 |
—% |
15 |
15 |
—% |
||||||||||||||||||
|
Total Average Number of Customers – Duke Energy |
1,503,475 |
1,482,602 |
1.4% |
1,501,444 |
1,481,081 |
1.4% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
136 |
131 |
3.8% |
2,003 |
2,027 |
(1.2%) |
||||||||||||||||||
|
Cooling Degree Days |
641 |
629 |
1.9% |
648 |
629 |
3.0% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(19.0%) |
(22.0%) |
n/a |
13.6% |
14.7% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
12.5% |
11.7% |
n/a |
11.5% |
9.6% |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Florida |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
4,944 |
4,396 |
12.5% |
9,048 |
8,447 |
7.1% |
||||||||||||||||||
|
General Service |
3,857 |
3,702 |
4.2% |
7,092 |
6,950 |
2.0% |
||||||||||||||||||
|
Industrial |
821 |
803 |
2.2% |
1,581 |
1,604 |
(1.4%) |
||||||||||||||||||
|
Other Energy Sales |
6 |
6 |
—% |
12 |
12 |
—% |
||||||||||||||||||
|
Unbilled Sales |
679 |
592 |
14.7% |
793 |
731 |
8.5% |
||||||||||||||||||
|
Total Regular Electric Sales |
10,307 |
9,499 |
8.5% |
3.4% |
18,526 |
17,744 |
4.4% |
0.9% |
||||||||||||||||
|
Special Sales |
495 |
341 |
45.2% |
749 |
757 |
(1.1%) |
||||||||||||||||||
|
Total Electric Sales – Duke Energy Florida |
10,802 |
9,840 |
9.8% |
19,275 |
18,501 |
4.2% |
||||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
1,521,460 |
1,498,175 |
1.6% |
1,518,985 |
1,495,267 |
1.6% |
||||||||||||||||||
|
General Service |
193,278 |
190,979 |
1.2% |
192,919 |
190,708 |
1.2% |
||||||||||||||||||
|
Industrial |
2,245 |
2,279 |
(1.5%) |
2,251 |
2,290 |
(1.7%) |
||||||||||||||||||
|
Other Energy Sales |
1,537 |
1,556 |
(1.2%) |
1,539 |
1,556 |
(1.1%) |
||||||||||||||||||
|
Total Regular Sales |
1,718,520 |
1,692,989 |
1.5% |
1,715,694 |
1,689,821 |
1.5% |
||||||||||||||||||
|
Special Sales |
14 |
14 |
—% |
15 |
15 |
—% |
||||||||||||||||||
|
Total Average Number of Customers – Duke Energy |
1,718,534 |
1,693,003 |
1.5% |
1,715,709 |
1,689,836 |
1.5% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
— |
1 |
(100.0%) |
373 |
418 |
(10.8%) |
||||||||||||||||||
|
Cooling Degree Days |
1,256 |
1,061 |
18.4% |
1,490 |
1,205 |
23.7% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(100.0%) |
(90.9%) |
n/a |
(6.3%) |
0.7% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
19.3% |
0.7% |
n/a |
21.6% |
(2.1%) |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Ohio |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
1,811 |
1,813 |
(0.1%) |
4,492 |
4,592 |
(2.2%) |
||||||||||||||||||
|
General Service |
2,315 |
2,299 |
0.7% |
4,678 |
4,671 |
0.1% |
||||||||||||||||||
|
Industrial |
1,479 |
1,494 |
(1.0%) |
2,927 |
2,930 |
(0.1%) |
||||||||||||||||||
|
Other Energy Sales |
26 |
28 |
(7.1%) |
54 |
56 |
(3.6%) |
||||||||||||||||||
|
Unbilled Sales |
182 |
160 |
13.8% |
49 |
(82) |
159.8% |
||||||||||||||||||
|
Total Regular Electric Sales |
5,813 |
5,794 |
0.3% |
(0.4%) |
12,200 |
12,167 |
0.3% |
0.4% |
||||||||||||||||
|
Special Sales |
420 |
30 |
1,300.0% |
800 |
136 |
488.2% |
||||||||||||||||||
|
Total Electric Sales – Duke Energy Ohio |
6,233 |
5,824 |
7.0% |
13,000 |
12,303 |
5.7% |
||||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
746,005 |
741,069 |
0.7% |
746,812 |
742,324 |
0.6% |
||||||||||||||||||
|
General Service |
87,200 |
86,497 |
0.8% |
87,187 |
86,374 |
0.9% |
||||||||||||||||||
|
Industrial |
2,530 |
2,519 |
0.4% |
2,534 |
2,521 |
0.5% |
||||||||||||||||||
|
Other Energy Sales |
3,218 |
3,171 |
1.5% |
3,212 |
3,171 |
1.3% |
||||||||||||||||||
|
Total Regular Sales |
838,953 |
833,256 |
0.7% |
839,745 |
834,390 |
0.6% |
||||||||||||||||||
|
Special Sales |
1 |
1 |
—% |
1 |
1 |
—% |
||||||||||||||||||
|
Total Average Number of Customers – Duke Energy |
838,954 |
833,257 |
0.7% |
839,746 |
834,391 |
0.6% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
348 |
361 |
(3.6%) |
3,310 |
3,470 |
(4.6%) |
||||||||||||||||||
|
Cooling Degree Days |
391 |
382 |
2.4% |
391 |
382 |
2.4% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(14.5%) |
(11.7%) |
n/a |
12.1% |
16.8% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
7.7% |
10.7% |
n/a |
6.3% |
9.1% |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Ohio |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Gas Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
MCF Sales (1) |
||||||||||||||||||||||||
|
Residential |
5,052,315 |
5,948,555 |
(15.1%) |
27,231,220 |
29,534,496 |
(7.8%) |
||||||||||||||||||
|
General Service |
3,553,999 |
3,931,932 |
(9.6%) |
16,625,080 |
17,624,423 |
(5.7%) |
||||||||||||||||||
|
Industrial |
1,335,427 |
1,508,405 |
(11.5%) |
4,411,288 |
4,321,235 |
2.1% |
||||||||||||||||||
|
Other Energy Sales |
4,538,714 |
4,822,263 |
(5.9%) |
10,754,865 |
11,419,293 |
(5.8%) |
||||||||||||||||||
|
Unbilled Sales |
(2,892,000) |
(2,435,000) |
(18.8%) |
(3,245,000) |
(4,902,000) |
33.8% |
||||||||||||||||||
|
Total Gas Sales – Duke Energy Ohio |
11,588,455 |
13,776,155 |
(15.9%) |
(9.3%) |
55,777,453 |
57,997,447 |
(3.8%) |
(1.7%) |
||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
474,973 |
472,847 |
0.4% |
476,554 |
474,482 |
0.4% |
||||||||||||||||||
|
General Service |
43,003 |
43,330 |
(0.8%) |
44,171 |
44,316 |
(0.3%) |
||||||||||||||||||
|
Industrial |
1,604 |
1,609 |
(0.3%) |
1,655 |
1,663 |
(0.5%) |
||||||||||||||||||
|
Other Energy Sales |
143 |
155 |
(7.7%) |
144 |
156 |
(7.7%) |
||||||||||||||||||
|
Total Average Number of Gas Customers – |
519,723 |
517,941 |
0.3% |
522,524 |
520,617 |
0.4% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
348 |
361 |
(3.6%) |
3,310 |
3,470 |
(4.6%) |
||||||||||||||||||
|
Cooling Degree Days |
391 |
382 |
2.4% |
391 |
382 |
2.4% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(14.5%) |
(11.7%) |
n/a |
12.1% |
16.8% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
7.7% |
10.7% |
n/a |
6.3% |
9.1% |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
Duke Energy Indiana |
||||||||||||||||||||||||
|
Quarterly Highlights |
||||||||||||||||||||||||
|
Supplemental Regulated Utilities Electric Information |
||||||||||||||||||||||||
|
June 2015 |
||||||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||||||
|
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
2015 |
2014 |
% Inc.(Dec.) |
% Inc.(Dec.) Weather Normal (2) |
|||||||||||||||||
|
GWH Sales (1) |
||||||||||||||||||||||||
|
Residential |
1,807 |
1,871 |
(3.4%) |
4,807 |
5,090 |
(5.6%) |
||||||||||||||||||
|
General Service |
1,993 |
2,002 |
(0.4%) |
4,069 |
4,107 |
(0.9%) |
||||||||||||||||||
|
Industrial |
2,626 |
2,701 |
(2.8%) |
5,170 |
5,224 |
(1.0%) |
||||||||||||||||||
|
Other Energy Sales |
14 |
14 |
—% |
27 |
27 |
—% |
||||||||||||||||||
|
Unbilled Sales |
104 |
76 |
36.8% |
7 |
(227) |
103.1% |
||||||||||||||||||
|
Total Regular Electric Sales |
6,544 |
6,664 |
(1.8%) |
(1.1%) |
14,080 |
14,221 |
(1.0%) |
(0.9%) |
||||||||||||||||
|
Special Sales |
1,161 |
1,791 |
(35.2%) |
2,353 |
3,108 |
(24.3%) |
||||||||||||||||||
|
Total Electric Sales – Duke Energy Indiana |
7,705 |
8,455 |
(8.9%) |
16,433 |
17,329 |
(5.2%) |
||||||||||||||||||
|
Average Number of Customers |
||||||||||||||||||||||||
|
Residential |
696,563 |
689,977 |
1.0% |
698,622 |
692,942 |
0.8% |
||||||||||||||||||
|
General Service |
100,564 |
100,237 |
0.3% |
100,486 |
100,258 |
0.2% |
||||||||||||||||||
|
Industrial |
2,709 |
2,702 |
0.3% |
2,699 |
2,719 |
(0.7%) |
||||||||||||||||||
|
Other Energy Sales |
1,574 |
1,506 |
4.5% |
1,568 |
1,501 |
4.5% |
||||||||||||||||||
|
Total Regular Sales |
801,410 |
794,422 |
0.9% |
803,375 |
797,420 |
0.7% |
||||||||||||||||||
|
Special Sales |
7 |
6 |
16.7% |
8 |
6 |
33.3% |
||||||||||||||||||
|
Total Average Number of Customers – Duke Energy |
801,417 |
794,428 |
0.9% |
803,383 |
797,426 |
0.7% |
||||||||||||||||||
|
Heating and Cooling Degree Days |
||||||||||||||||||||||||
|
Actual |
||||||||||||||||||||||||
|
Heating Degree Days |
411 |
525 |
(21.7%) |
3,689 |
4,042 |
(8.7%) |
||||||||||||||||||
|
Cooling Degree Days |
364 |
318 |
14.5% |
364 |
318 |
14.5% |
||||||||||||||||||
|
Variance from Normal |
||||||||||||||||||||||||
|
Heating Degree Days |
(7.0%) |
18.5% |
n/a |
16.9% |
27.5% |
n/a |
||||||||||||||||||
|
Cooling Degree Days |
(1.4%) |
(10.9%) |
n/a |
(2.9%) |
(12.2%) |
n/a |
||||||||||||||||||
|
(1) Except as indicated in footnote (2), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e. unbilled sales) reflected as a single amount and not allocated to the respective retail classes. |
||||||||||||||||||||||||
|
(2) Represents weather normal total retail calendar sales (i.e. billed and unbilled sales). |
||||||||||||||||||||||||
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||
|
ADJUSTED TO REPORTED EARNINGS RECONCILIATION |
||||||||||||||||||||
|
Three Months Ended June 30, 2015 |
||||||||||||||||||||
|
(Dollars in millions, except per-share amounts) |
||||||||||||||||||||
|
Special Items |
||||||||||||||||||||
|
Adjusted Earnings |
Costs to Achieve, Progress Merger |
Discontinued Operations |
Total Adjustments |
Reported Earnings |
||||||||||||||||
|
SEGMENT INCOME |
||||||||||||||||||||
|
Regulated Utilities |
$ |
632 |
$ |
— |
$ |
— |
$ |
— |
$ |
632 |
||||||||||
|
International Energy |
52 |
— |
— |
— |
52 |
|||||||||||||||
|
Commercial Portfolio |
8 |
— |
(41) |
D |
(41) |
(33) |
||||||||||||||
|
Total Reportable Segment Income |
692 |
— |
(41) |
(41) |
651 |
|||||||||||||||
|
Other |
(34) |
(14) |
A |
— |
(14) |
(48) |
||||||||||||||
|
Intercompany Eliminations |
— |
— |
(3) |
C |
(3) |
(3) |
||||||||||||||
|
Total Reportable Segment Income and Other Net Expense |
658 |
(14) |
(44) |
(58) |
600 |
|||||||||||||||
|
Discontinued Operations |
— |
— |
(57) |
B |
(57) |
(57) |
||||||||||||||
|
Net Income (Loss) Attributable to Duke Energy Corporation |
$ |
658 |
$ |
(14) |
$ |
(101) |
$ |
(115) |
$ |
543 |
||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC |
$ |
0.95 |
$ |
(0.02) |
$ |
(0.15) |
$ |
(0.17) |
$ |
0.78 |
||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |
$ |
0.95 |
$ |
(0.02) |
$ |
(0.15) |
$ |
(0.17) |
$ |
0.78 |
||||||||||
|
A – Net of $8 million tax benefit. Recorded within Operating Expenses on the Condensed Consolidated Statements of Operations. |
||||||||||||||||||||
|
B – Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations, and includes the impact of a litigation reserve related to the nonregulated Midwest generation business. |
||||||||||||||||||||
|
C – Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations. |
||||||||||||||||||||
|
D – State tax expense resulting from the completion of the sale of the nonregulated Midwest generation business. |
|
Weighted Average Shares (reported and adjusted) – in millions |
||
|
Basic |
692 |
|
|
Diluted |
692 |
|
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||||||
|
ADJUSTED TO REPORTED EARNINGS RECONCILIATION |
||||||||||||||||||||||||
|
Six Months Ended June 30, 2015 |
||||||||||||||||||||||||
|
(Dollars in millions, except per-share amounts) |
||||||||||||||||||||||||
|
Special Items |
||||||||||||||||||||||||
|
Adjusted Earnings |
Costs to Achieve, Progress Merger |
Midwest Generation Operations |
Discontinued Operations |
Total Adjustments |
Reported Earnings |
|||||||||||||||||||
|
SEGMENT INCOME |
||||||||||||||||||||||||
|
Regulated Utilities |
$ |
1,406 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
1,406 |
||||||||||||
|
International Energy |
88 |
— |
— |
— |
— |
88 |
||||||||||||||||||
|
Commercial Portfolio |
103 |
— |
(94) |
B |
(41) |
E |
(135) |
(32) |
||||||||||||||||
|
Total Reportable Segment Income |
1,597 |
— |
(94) |
(41) |
(135) |
1,462 |
||||||||||||||||||
|
Other |
(58) |
(27) |
A |
— |
— |
(27) |
(85) |
|||||||||||||||||
|
Intercompany Eliminations |
— |
— |
— |
(4) |
D |
(4) |
(4) |
|||||||||||||||||
|
Total Reportable Segment Income and Other Net Expense |
1,539 |
(27) |
(94) |
(45) |
(166) |
1,373 |
||||||||||||||||||
|
Discontinued Operations |
— |
— |
94 |
B |
(60) |
C |
34 |
34 |
||||||||||||||||
|
Net Income (Loss) Attributable to Duke Energy Corporation |
$ |
1,539 |
$ |
(27) |
$ |
— |
$ |
(105) |
$ |
(132) |
$ |
1,407 |
||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC |
$ |
2.20 |
$ |
(0.04) |
$ |
— |
$ |
(0.15) |
$ |
(0.19) |
$ |
2.01 |
||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |
$ |
2.20 |
$ |
(0.04) |
$ |
— |
$ |
(0.15) |
$ |
(0.19) |
$ |
2.01 |
||||||||||||
|
A – Net of $16 million tax benefit. Recorded within Operating Expenses on the Condensed Consolidated Statements of Operations. |
||||||||||||||||||||||||
|
B – Operating results of the nonregulated Midwest generation business that had been classified from discontinued operations after adjustment for special items and economic hedges (net of $53 million tax benefit). |
||||||||||||||||||||||||
|
C – Recorded in Income (Loss) From Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations, and includes the impact of a litigation reserve related to the nonregulated Midwest generation business. |
||||||||||||||||||||||||
|
D – Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations. |
||||||||||||||||||||||||
|
E – State tax expense resulting from the completion of the sale of the nonregulated Midwest generation business. |
|
Weighted Average Shares (reported and adjusted) – in millions |
|||
|
Basic |
700 |
||
|
Diluted |
700 |
||
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||||||||||
|
ADJUSTED TO REPORTED EARNINGS RECONCILIATION |
||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2014 |
||||||||||||||||||||||||||||
|
(Dollars in millions, except per-share amounts) |
||||||||||||||||||||||||||||
|
Special Items |
||||||||||||||||||||||||||||
|
Adjusted Earnings |
Costs to Achieve, Progress Merger |
Midwest Generation Operations |
Economic Hedges (Mark-to-Market) * |
Discontinued Operations |
Total Adjustments |
Reported Earnings |
||||||||||||||||||||||
|
SEGMENT INCOME |
||||||||||||||||||||||||||||
|
Regulated Utilities |
$ |
689 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
689 |
||||||||||||||
|
International Energy |
146 |
— |
— |
— |
— |
— |
146 |
|||||||||||||||||||||
|
Commercial Portfolio |
16 |
— |
(34) |
B |
(3) |
C |
— |
(37) |
(21) |
|||||||||||||||||||
|
Total Reportable Segment Income |
851 |
— |
(34) |
(3) |
— |
(37) |
814 |
|||||||||||||||||||||
|
Other |
(65) |
(38) |
A |
13 |
B |
— |
— |
(25) |
(90) |
|||||||||||||||||||
|
Intercompany Eliminations |
— |
— |
— |
— |
(2) |
D |
(2) |
(2) |
||||||||||||||||||||
|
Total Reportable Segment Income and Other Net Expense |
786 |
(38) |
(21) |
(3) |
(2) |
(64) |
722 |
|||||||||||||||||||||
|
Discontinued Operations |
— |
— |
21 |
B |
— |
(134) |
E |
(113) |
(113) |
|||||||||||||||||||
|
Net Income (Loss) Attributable to Duke Energy Corporation |
$ |
786 |
$ |
(38) |
$ |
— |
$ |
(3) |
$ |
(136) |
$ |
(177) |
$ |
609 |
||||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC |
$ |
1.11 |
$ |
(0.06) |
$ |
— |
$ |
— |
$ |
(0.19) |
$ |
(0.25) |
$ |
0.86 |
||||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |
$ |
1.11 |
$ |
(0.06) |
$ |
— |
$ |
— |
$ |
(0.19) |
$ |
(0.25) |
$ |
0.86 |
||||||||||||||
|
A – Net of $23 million tax benefit. Recorded in Operating Expenses on the Consolidated Statements of Operations. |
|
B – Operating results of the nonregulated Midwest generation business that had been classified from discontinued operations after adjustment for special items and economic hedges to the Commercial Portfolio segment (net of $10 million tax expense) and Other segment (net of $13 million tax benefit). |
|
C – Net of $2 million tax expense. Recorded in Operating Revenues on the Consolidated Statement of Operations. |
|
D – Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations. |
|
E – Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statement of Operations. Includes the impairment of the nonregulated Midwest generation business and the mark-to-market of economic hedges of the nonregulated Midwest generation business. |
|
Weighted Average Shares (reported and adjusted) – in millions |
||
|
Basic |
707 |
|
|
Diluted |
707 |
|
|
* Mark-to-market adjustments reflect the impact of derivative contracts, which are used in Duke Energy’s hedging of a portion of the economic value of its generation assets in the Commercial Portfolio segment and also relate to existing derivative positions that may have tenors beyond the planned disposal date of the nonregulated Midwest generation business. The mark-to-market impact of derivative contracts is recognized in GAAP earnings immediately as such derivative contracts do not qualify for hedge accounting or regulatory treatment. The economic value of generation assets is subject to fluctuations in fair value due to market price volatility of input and output commodities (e.g. coal, electricity, natural gas). Economic hedging involves both purchases and sales of those input and output commodities related to generation assets. Operations of the generation assets are accounted for under the accrual method. Management believes excluding impacts of mark-to-market changes of the derivative contracts from adjusted earnings until settlement better matches the financial impacts of the derivative contract with the portion of economic value of the underlying hedged asset. However, due to the divestiture of the nonregulated Midwest generation business as mentioned above, certain derivative positions have tenors beyond the planned disposal date of these assets. As such, management has excluded settlements of these derivative positions from adjusted diluted EPS as these realized gains and losses more closely relate to the loss on disposal of these assets. Management believes that the presentation of adjusted diluted EPS Attributable to Duke Energy Corporation provides useful information to investors, as it provides them an additional relevant comparison of Duke Energy Corporation’s performance across periods. |
|
DUKE ENERGY CORPORATION |
||||||||||||||||||||||||||||||||
|
ADJUSTED TO REPORTED EARNINGS RECONCILIATION |
||||||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2014 |
||||||||||||||||||||||||||||||||
|
(Dollars in millions, except per-share amounts) |
||||||||||||||||||||||||||||||||
|
Special Items |
||||||||||||||||||||||||||||||||
|
Adjusted Earnings |
Costs to Achieve, Progress Merger |
Midwest Generation Impairment |
Midwest Generation Operations |
Economic Hedges (Mark-to-Market) * |
Discontinued Operations |
Total Adjustments |
Reported Earnings |
|||||||||||||||||||||||||
|
SEGMENT INCOME |
||||||||||||||||||||||||||||||||
|
Regulated Utilities |
$ |
1,426 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
1,426 |
||||||||||||||||
|
International Energy |
276 |
— |
— |
— |
— |
— |
— |
276 |
||||||||||||||||||||||||
|
Commercial Portfolio |
26 |
— |
(59) |
B |
(14) |
C |
(6) |
F |
— |
(79) |
(53) |
|||||||||||||||||||||
|
Total Reportable Segment Income |
1,728 |
— |
(59) |
(14) |
(6) |
— |
(79) |
1,649 |
||||||||||||||||||||||||
|
Other |
(113) |
(72) |
A |
— |
8 |
C |
— |
— |
(64) |
(177) |
||||||||||||||||||||||
|
Intercompany Eliminations |
— |
— |
— |
— |
— |
(4) |
E |
(4) |
(4) |
|||||||||||||||||||||||
|
Total Reportable Segment Income and Other Net Expense |
1,615 |
(72) |
(59) |
(6) |
(6) |
(4) |
(147) |
1,468 |
||||||||||||||||||||||||
|
Discontinued Operations |
— |
— |
— |
6 |
C |
— |
(962) |
D |
(956) |
(956) |
||||||||||||||||||||||
|
Net Income (Loss) Attributable to Duke Energy Corporation |
$ |
1,615 |
$ |
(72) |
$ |
(59) |
$ |
— |
$ |
(6) |
$ |
(966) |
$ |
(1,103) |
$ |
512 |
||||||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC |
$ |
2.28 |
$ |
(0.10) |
$ |
(0.08) |
$ |
— |
$ |
(0.01) |
$ |
(1.37) |
$ |
(1.56) |
$ |
0.72 |
||||||||||||||||
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED |
$ |
2.28 |
$ |
(0.10) |
$ |
(0.08) |
$ |
— |
$ |
(0.01) |
$ |
(1.37) |
$ |
(1.56) |
$ |
0.72 |
||||||||||||||||
|
A – Net of $44 million tax benefit. $1 million recorded as a decrease in Operating Revenues, $114 million recorded within Operating Expenses and $1 million recorded within Interest Expense on the Consolidated Statements of Operations. |
|
B – Net of $35 million tax benefit. Recorded within Impairment Charges (Operating Expenses) on the Consolidated Statements of Operations. |
|
C – Operating results of the nonregulated Midwest generation business that had been classified from discontinued operations after adjustment for special items and economic hedges to the Commercial Portfolio segment (net of $19 million tax benefit) and Other segment (net of $8 million tax benefit). |
|
D – Recorded in Income (loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations. Includes the impairment of the nonregulated Midwest generation business and the mark-to-market of economic hedges of the nonregulated Midwest generation business. |
|
E – Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations. |
|
F – Net of $3 million tax benefit. Recorded within Operating Revenues on the Consolidating Statements of Operations. |
|
Weighted Average Shares (reported and adjusted) – in millions |
||
|
Basic |
707 |
|
|
Diluted |
707 |
|
|
* Mark-to-market adjustments reflect the impact of derivative contracts, which are used in Duke Energy’s hedging of a portion of the economic value of its generation assets in the Commercial Portfolio segment and also relate to existing derivative positions that may have tenors beyond the planned disposal date of the nonregulated Midwest generation business. The mark-to-market impact of derivative contracts is recognized in GAAP earnings immediately as such derivative contracts do not qualify for hedge accounting or regulatory treatment. The economic value of generation assets is subject to fluctuations in fair value due to market price volatility of input and output commodities (e.g. coal, electricity, natural gas). Economic hedging involves both purchases and sales of those input and output commodities related to generation assets. Operations of the generation assets are accounted for under the accrual method. Management believes excluding impacts of mark-to-market changes of the derivative contracts from adjusted earnings until settlement better matches the financial impacts of the derivative contract with the portion of economic value of the underlying hedged asset. However, due to the divestiture of the nonregulated Midwest generation business as mentioned above, certain derivative positions have tenors beyond the planned disposal date of these assets. As such, management has excluded settlements of these derivative positions from adjusted diluted EPS as these realized gains and losses more closely relate to the loss on disposal of these assets. Management believes that the presentation of adjusted diluted EPS Attributable to Duke Energy Corporation provides useful information to investors, as it provides them an additional relevant comparison of Duke Energy Corporation’s performance across periods. |
|
DUKE ENERGY CORPORATION |
|||||||||||||||
|
ADJUSTED EFFECTIVE TAX RECONCILIATION |
|||||||||||||||
|
Three and Six Months Ended June 30, 2015 |
|||||||||||||||
|
(Dollars in Millions) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
Balance |
Effective Tax Rate |
Balance |
Effective Tax Rate |
||||||||||||
|
Adjusted Earnings, Pre-Tax Income* |
$ |
962 |
$ |
2,272 |
|||||||||||
|
Costs to Achieve, Progress Energy Merger |
(22) |
(43) |
|||||||||||||
|
Midwest Generation Operations |
— |
(147) |
|||||||||||||
|
Intercompany Eliminations |
(2) |
(4) |
|||||||||||||
|
Reported Income From Continuing Operations |
$ |
938 |
$ |
2,078 |
|||||||||||
|
Adjusted Tax Expense* |
$ |
300 |
31.2 |
% |
** |
$ |
726 |
32.0 |
% |
** |
|||||
|
Tax Adjustment Related to Midwest Generation Sale |
41 |
41 |
|||||||||||||
|
Midwest Generation Operations |
— |
(53) |
|||||||||||||
|
Costs to Achieve, Progress Energy Merger |
(8) |
(16) |
|||||||||||||
|
Intercompany Eliminations |
1 |
— |
|||||||||||||
|
Reported Income Tax Expense From Continuing Operations |
$ |
334 |
35.6 |
% |
$ |
698 |
33.6 |
% |
|||||||
|
*Includes amounts attributable to noncontrolling interests |
|||||||||||||||
|
**Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using a pretax earnings and income tax expense, both adjusted for the impact of special items. The most directly comparable GAAP measure for adjusted effective tax rate is reported effective tax rate, which includes the impact of special items. |
|||||||||||||||
|
DUKE ENERGY CORPORATION |
|||||||||||||||
|
ADJUSTED EFFECTIVE TAX RECONCILIATION |
|||||||||||||||
|
Three and Six Months Ended June 30, 2014 |
|||||||||||||||
|
(Dollars in Millions) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
Balance |
Effective Tax Rate |
Balance |
Effective Tax Rate |
||||||||||||
|
Adjusted Earnings, Pre-Tax Income* |
$ |
1,101 |
$ |
2,354 |
|||||||||||
|
Costs to Achieve, Progress Energy Merger |
(61) |
(116) |
|||||||||||||
|
Midwest Generation Operations |
(24) |
(33) |
|||||||||||||
|
Economic Hedges (Mark-to-Market) |
(5) |
(9) |
|||||||||||||
|
Asset Impairment |
— |
(94) |
|||||||||||||
|
Intercompany Eliminations |
(3) |
(5) |
|||||||||||||
|
Reported Income From Continuing Operations |
$ |
1,008 |
$ |
2,097 |
|||||||||||
|
Adjusted Tax Expense* |
$ |
311 |
28.2 |
% |
** |
$ |
731 |
31.1 |
% |
** |
|||||
|
Costs to Achieve, Progress Energy Merger |
(23) |
(44) |
|||||||||||||
|
Midwest Generation Operations |
(3) |
(27) |
|||||||||||||
|
Economic Hedges (Mark-to-Market) |
(2) |
(3) |
|||||||||||||
|
Asset Impairment |
— |
(35) |
|||||||||||||
|
Intercompany Eliminations |
(1) |
(1) |
|||||||||||||
|
Reported Income Tax Expense From Continuing Operations |
$ |
282 |
28.0 |
% |
$ |
621 |
29.6 |
% |
|||||||
|
*Includes amounts attributable to noncontrolling interests |
|||||||||||||||
|
**Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using a pretax earnings and income tax expense, both adjusted for the impact of special items. The most directly comparable GAAP measure for adjusted effective tax rate is reported effective tax rate, which includes the impact of special items. |
|||||||||||||||
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SOURCE Duke Energy