May 9, 2017 - 7:00 AM EDT
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Duke Energy reports first quarter 2017 financial results

CHARLOTTE, N.C., May 9, 2017 /PRNewswire/ --

  • First quarter 2017 GAAP reported diluted earnings per share (EPS) was $1.02  compared to $1.01 in 2016; adjusted diluted EPS was $1.04 for the first quarter of 2017 compared to $1.13 for the first quarter of 2016
  • Fundamentals of the business are strong despite warm winter weather in the first quarter
  • Company remains on track to achieve its 2017 adjusted diluted earnings guidance range of $4.50 to $4.70 per share

New Duke Energy logo. (PRNewsFoto/Duke Energy)

Duke Energy today announced first quarter 2017 reported diluted EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP) of $1.02, compared to $1.01 for the first quarter of 2016. Duke Energy's first quarter 2017 adjusted diluted EPS was $1.04, compared to $1.13 for the first quarter 2016.

Adjusted diluted EPS excludes the impact of certain items included in GAAP reported diluted EPS. Amounts excluded from adjusted diluted EPS are primarily costs to achieve the Piedmont Natural Gas merger.

Adjusted diluted EPS for the first quarter of 2017 was lower than the prior year, primarily due to the absence of International Energy, which was sold in December 2016, and warm winter weather. Partially offsetting these drivers were the contributions of Piedmont Natural Gas and favorable operations and maintenance (O&M) expense at Electric Utilities and Infrastructure.

Based upon the results through the first quarter, the company remains on track to achieve its 2017 adjusted diluted earnings guidance range of $4.50 to $4.70 per share.

"We have a compelling strategy to deliver value to our stakeholders, and we are making good progress against our plan," said Lynn Good, Duke Energy chairman, president and CEO, "We recently announced Power/Forward Carolinas, our 10-year grid modernization plan in North Carolina. This program and others like it will not only strengthen the energy grid, but will also stimulate economic development and job growth in our communities and provide additional benefits for our customers."

"Our ongoing investments drove solid growth in our electric and gas utilities in the quarter, and we are responding to warm winter weather through disciplined cost management and operational efficiency. We remain on-track for 2017 and have affirmed our full-year guidance range."

Business segment results

In addition to the following summary of first quarter 2017 business segment performance, a comprehensive table with detailed earnings per share drivers for the first quarter 2017, compared to prior year, is provided on page 17.

The discussion below of the first quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables on pages 8 and 9 present a reconciliation of GAAP reported results to adjusted results.

Due to the Piedmont acquisition and the sale of International Energy in the fourth quarter of 2016, Duke Energy's segment structure has been realigned to include the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The remainder of Duke Energy's operations is presented as Other. Other now includes the results of National Methanol Company (NMC), previously included in the International Energy segment. Prior periods have been recast to conform to the current segment structure.

Electric Utilities and Infrastructure

On a reported and adjusted basis, Electric Utilities and Infrastructure recognized first quarter 2017 segment income of $635 million, compared to $664 million in the first quarter of 2016, a decrease of $0.03 per share, excluding share dilution of $0.02 cents per share.

Lower quarterly results at Electric Utilities and Infrastructure were primarily driven by warm winter weather compared to the prior year (-$0.14 per share), across all jurisdictions.

This unfavorable driver was partially offset by:

  • Lower O&M expenses (+$0.08 per share), due to reduced storm restoration costs compared to prior year and ongoing cost savings initiatives
  • Higher retail revenues from increased pricing, riders and volumes (+$0.04 per share) driven by new rates in Duke Energy Progress South Carolina, base rate adjustments in Florida, and energy efficiency rider revenues at Duke Energy Carolinas

Gas Utilities and Infrastructure

Gas Utilities and Infrastructure recognized first quarter 2017 reported and adjusted segment income of $133 million, compared to $32 million in the first quarter of 2016, an increase of $0.14 per share.

Higher quarterly results at Gas Utilities and Infrastructure were primarily driven by:

  • Contribution from Piedmont Natural Gas (+$0.14 per share), which was acquired in October 2016, before debt financing costs that are included in Other, and share dilution
  • Higher earnings from mid-stream pipeline investments (+$0.01 per share)

Commercial Renewables

On a reported and adjusted basis, Commercial Renewables recognized first quarter 2017 segment income of $25 million, compared to $26 million in the first quarter of 2016. Higher earnings from new wind projects brought on-line in late 2016 (+$0.01 per share) were offset by lower solar ITCs in the current year (-$0.01 per share).

Other

Other primarily includes corporate interest expense not allocated to the business units, results from Duke Energy's captive insurance company, and other investments including NMC, an equity method investment.

On a reported basis, Other recognized first quarter 2017 net expense of $77 million, compared to net expense of $148 million in the first quarter of 2016. In addition to the drivers outlined below, quarterly results were impacted by lower costs to achieve mergers and charges related to cost savings initiatives in the prior year. These charges were treated as special items and therefore excluded from adjusted earnings.

On an adjusted basis, Other recognized first quarter 2017 adjusted net expense of $67 million, compared to adjusted net expense of $62 million in the first quarter of 2016, a decrease of $0.01 per share. Lower quarterly results at Other were driven by higher interest expense at the holding company, primarily resulting from the Piedmont Natural Gas acquisition financing (‑$0.02 per share), partially offset by higher earnings from NMC (+$0.01 per share).

Duke Energy's consolidated reported effective tax rate for first quarter 2017 was 32.4 percent, compared to 30.4 percent in the first quarter of 2016. The consolidated adjusted effective tax rate for first quarter 2017 was 32.5 percent, compared to 25.6 percent in 2016. Adjusted effective tax rate is a non-GAAP financial measure. The tables on pages 10 and 11 present a reconciliation of the GAAP reported effective tax rate to the adjusted effective tax rate.

Discontinued Operations

Duke Energy's first quarter 2016 Income from Discontinued Operations includes the operating results of the International Disposal Group of $117 million, which were included in adjusted earnings.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss the first quarter 2017 financial results and other business and financial updates.

The conference call will be hosted by Lynn Good, chairman, 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 877-675-4757 in the United States or 719-325-4760 outside the United States. The confirmation code is 9134940. 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, May 19, 2017, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 9134940. An audio replay and transcript will also be available by accessing the investors' section of the company's website.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported to adjusted diluted EPS for first quarter 2017 and 2016 financial results:

(In millions, except per-share amounts)

After-Tax
Amount

1Q 2017
EPS

1Q 2016
EPS


Diluted EPS, as reported


$

1.02


$

1.01

Adjustments to reported EPS:





First Quarter 2017





Costs to achieve Piedmont merger

$

10


0.02




First Quarter 2016





Costs to achieve mergers

74



0.11

Cost savings initiatives

12



0.02

Discontinued operations(a)

(3)



(0.01)

Total adjustments


$

0.02


$

0.12

Diluted EPS, adjusted


$

1.04


$

1.13




(a) Represents GAAP reported Income from Discontinued Operations less the International Disposal Group operating results, which are included in adjusted earnings.  


Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted diluted EPS.

Adjusted earnings and adjusted diluted EPS represent income from continuing operations attributable to Duke Energy, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits which management believes are not indicative of Duke Energy's ongoing performance. Management believes the presentation of adjusted earnings and adjusted diluted EPS provides useful information to investors, as it provides them with 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 financial results to the Duke Energy Board of Directors, employees, stockholders, analysts and investors. 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 (GAAP Reported Earnings) and Diluted EPS Attributable to Duke Energy Corporation common stockholders (GAAP Reported EPS), respectively.

Special items included in the periods presented include the following items which management believes do not reflect ongoing costs:

  • Costs to achieve mergers represent charges resulting from potential or completed strategic acquisitions.
  • Cost savings initiatives represents severance charges related to company-wide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization.

Adjusted earnings also include operating results of the International Disposal Group, which have been classified as discontinued operations. Management believes inclusion of the operating results of the Disposal Group within adjusted earnings and adjusted diluted EPS results in a better reflection of Duke Energy's financial performance during the period.

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 for future periods (such as legal settlements, the impact of regulatory orders, or asset impairments).

Management evaluates segment performance based on segment income and other net expense. Segment income is defined as income from continuing operations attributable to Duke Energy. Segment income 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 special items, which are discussed above. Management believes the presentation of adjusted segment income 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 or adjusted other net expense is segment income and other net expense.

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net expense 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, as discussed above.

Duke Energy's adjusted earnings, adjusted diluted EPS, and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company's Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States.

Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.

The Duke Energy News Center serves as a multimedia resource for journalists and features news releases, helpful links, photos and videos. Hosted by Duke Energy, illumination is an online destination for stories about people, innovations, and community and environmental topics. It also offers glimpses into the past and insights into the future of energy.

Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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 and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors 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 costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; the ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through the regulatory process; the costs of decommissioning Crystal River Unit 3 and other nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; 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 variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, including self-generation and distributed generation technologies; federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy's service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs; advancements in technology; additional competition in electric and gas markets and continued industry consolidation; the influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; the ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources; the ability to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business; operational interruptions to our gas distribution and transmission activities; the availability of adequate interstate pipeline transportation capacity and natural gas supply; the impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, and other catastrophic events such as fires, explosions, pandemic health events or other similar occurrences; the inherent risks associated with the operation and potential construction of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third party service providers; the timing and extent of changes in commodity prices and interest 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, interest rate fluctuations and general economic conditions; the credit ratings may be different from what the company and its subsidiaries expect; 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, 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; substantial revision to the U.S. tax code, such as changes to the corporate tax rate or a material change in the deductibility of interest; the impact of potential goodwill impairments; the ability to successfully complete future merger, acquisition or divestiture plans; and the ability to successfully integrate the natural gas businesses following the acquisition of Piedmont Natural Gas Company, Inc. and realize anticipated benefits.

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 described. Forward-looking statements speak only as of the date they are made; Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact: Catherine Butler
24-Hour: 800.559.3853

Analysts: Mike Callahan
Office: 704.382.0459  

 

 

 

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2017

(Dollars in millions, except per-share amounts)












Special Item





Reported
Earnings


Costs to Achieve
Piedmont Merger


Adjusted
Earnings

SEGMENT INCOME







Electric Utilities and Infrastructure


$

635



$



$

635


Gas Utilities and Infrastructure


133





133


Commercial Renewables


25





25


Total Reportable Segment Income


793





793


Other


(77)



10


A

(67)


Net Income Attributable to Duke Energy Corporation


$

716



$

10



$

726


EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED


$

1.02



$

0.02



$

1.04



A - Net of $6 million tax benefit. $15 million recorded within Operating Expenses and $1 million recorded within Interest Expense on the Condensed Consolidated Statements of Operations.


Weighted Average Shares, Diluted (reported and adjusted) - 700 million

 

 

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2016

(Dollars in millions, except per-share amounts)





Special Items








Reported Earnings


Costs to Achieve Mergers


Cost Savings Initiatives


International Energy Operations


Discontinued Operations


Total Adjustments


Adjusted Earnings

SEGMENT INCOME














Electric Utilities and Infrastructure

$

664



$



$



$



$



$



$

664


Gas Utilities and Infrastructure

32













32


Commercial Renewables

26













26


Total Reportable Segment Income

722













722


International Energy







117


C



117



117


Other

(148)



74


A

12


B





86



(62)


Discontinued Operations

120







(117)


C

(3)


D

(120)




Net Income Attributable to Duke Energy Corporation

$

694



$

74



$

12



$



$

(3)



$

83



$

777


EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED

$

1.01



$

0.11



$

0.02



$



$

(0.01)



$

0.12



$

1.13



A - Net of $46 million tax benefit. Includes $1 million recorded within Operating Revenues, $19 million recorded within Operating Expenses and $100 million recorded within Interest Expense on the Condensed Consolidated Statements of Operations. The interest expense primarily relates to losses on forward-starting interest rate swaps associated with the Piedmont acquisition financing.

B - Net of $8 million tax benefit. Consists of severance costs recorded within Operation, maintenance and other on the Condensed Consolidated Statements of Operations.

C - Includes $39 million tax benefit. Operating results of the International Disposal Group classified as discontinued operations.

D - Recorded in Income from Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.


Weighted Average Shares Outstanding, Diluted (reported and adjusted) - 689 million

 

 

DUKE ENERGY CORPORATION

ADJUSTED EFFECTIVE TAX RECONCILIATION

Three Months Ended March 31, 2017

(Dollars in Millions)




Three Months Ended
 March 31, 2017




Balance


Effective Tax Rate








Reported Income From Continuing Operations Before Income Taxes


$

1,061





Costs to Achieve Piedmont Merger


16





Noncontrolling Interests


(1)





Adjusted Pretax Income


$

1,076























Reported Income Tax Expense From Continuing Operations


$

344



32.4%


Costs to Achieve Piedmont Merger


6





Adjusted Tax Expense


$

350



32.5%

*







*Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using 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 Months Ended March 31, 2016

(Dollars in Millions)




Three Months Ended
 March 31, 2016




Balance


Effective Tax Rate








Reported Income From Continuing Operations Before Income Taxes


$

829





Costs to Achieve Mergers


120





Cost Savings Initiatives


20





International Energy Operations


78





Noncontrolling Interests


(3)





Adjusted Pretax Income


$

1,044























Reported Income Tax Expense From Continuing Operations


$

252



30.4%


Costs to Achieve Mergers


46





Cost Savings Initiatives


8





International Energy Operations


(39)





Adjusted Tax Expense


$

267



25.6%

*







*Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using 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.

 

 


 March 2017

QUARTERLY HIGHLIGHTS

(Unaudited)






Three Months Ended


March 31,

(In millions, except per-share amounts and where noted)

2017


2016

Earnings Per Share - Basic and Diluted




Income from continuing operations attributable to Duke Energy Corporation common stockholders




Basic

$

1.02



$

0.83


Diluted

$

1.02



$

0.83


Income from discontinued operations attributable to Duke Energy Corporation common stockholders




Basic

$



$

0.18


Diluted

$



$

0.18


Net income attributable to Duke Energy Corporation common stockholders




Basic

$

1.02



$

1.01


Diluted

$

1.02



$

1.01


Weighted average shares outstanding




Basic

700


689

Diluted

700


689

INCOME (LOSS) BY BUSINESS SEGMENT




Electric Utilities and Infrastructure

$

635



$

664


Gas Utilities and Infrastructure(a)

133



32


Commercial Renewables

25



26


Total Reportable Segment Income

793



722


Other(b)(c)

(77)



(148)


Income from Discontinued Operations, net of tax



120


Net Income Attributable to Duke Energy Corporation

$

716



$

694






CAPITALIZATION




Total Common Equity (%)

44%



48%


Total Debt (%)

56%



52%






Total Debt

$

52,556



$

43,072


Book Value Per Share

$

58.84



$

57.98


Actual Shares Outstanding

700



689


CAPITAL AND INVESTMENT EXPENDITURES




Electric Utilities and Infrastructure

$

1,874



$

1,439


Gas Utilities and Infrastructure

341



55


Commercial Renewables

59



167


Other(d)

61



43


Total Capital and Investment Expenditures

$

2,335



$

1,704










Note: Prior period amounts have been recast to conform to the current segment structure.





(a) Includes $99 million of Piedmont's earnings for the three months ended March 31, 2017.

(b) Includes costs to achieve mergers of $10 million (net of tax of $6 million) for the three months ended March 31, 2017, and $74 million (net of tax of $46 million) for the three months ended March 31, 2016.

(c) Includes a charge of $12 million (net of tax of $8 million) for the three months ended March 31, 2016, primarily consisting of severance expense related to cost savings initiatives.

(d) Includes capital expenditures of the International Disposal Group prior to the sale for the three months ended March 31, 2016.

 


 

 March 2017

QUARTERLY HIGHLIGHTS

(Unaudited)


Three Months Ended


March 31,

(In millions)

2017


2016

ELECTRIC UTILITIES AND INFRASTRUCTURE

Operating Revenues

$

4,947



$

5,089


Operating Expenses




Fuel used in electric generation and purchased power

1,454



1,577


Operation, maintenance and other

1,271



1,298


Depreciation and amortization

737



709


Property and other taxes

261



262


Impairment charges



2


  Total operating expenses

3,723



3,848


Gains on Sales of Other Assets and Other, net

3



1


Operating Income

1,227



1,242


Other Income and Expenses

79



63


Interest Expense

315



270


Income Before Income Taxes

991



1,035


Income Tax Expense

356



371


Segment Income

$

635



$

664


GAS UTILITIES AND INFRASTRUCTURE

Operating Revenues

$

670



$

170


Operating Expenses




Cost of natural gas

258



49


Operation, maintenance and other

105



32


Depreciation and amortization

57



20


Property and other taxes

30



18


Total operating expenses

450



119


Operating Income

220



51


Other Income and Expenses

18



3


Interest Expense

26



7


Income Before Income Taxes

212



47


Income Tax Expense

79



15


Segment Income

$

133



$

32


COMMERCIAL RENEWABLES

Operating Revenues

$

128



$

114


Operating Expenses




Operation, maintenance and other

77



73


Depreciation and amortization

39



30


Property and other taxes

9



6


Total operating expenses

125



109


Gains on Sales of Other Assets and Other, net

2



1


Operating Income

5



6


Other Income and Expenses

(1)



(2)


Interest Expense

19



11


Loss Before Income Taxes

(15)



(7)


Income Tax Benefit

(39)



(33)


Less: Loss Attributable to Noncontrolling Interests

(1)




Segment Income

$

25



$

26


OTHER

Operating Revenues

$

33



$

29


Operating Expenses




Fuel used in electric generation and purchased power

15



11


Operation, maintenance and other

8



36


Depreciation and amortization

26



34


Property and other taxes

3



9


Impairment charges



2


Total operating expenses

52



92


Gains on Sales of Other Assets and Other, net

5



5


Operating Loss

(14)



(58)


Other Income and Expenses

21



17


Interest Expense

134



205


Loss Before Income Taxes

(127)



(246)


Income Tax Benefit

(52)



(101)


Less: Income Attributable to Noncontrolling Interests

2



3


Other Net Expense

$

(77)



$

(148)






Note: Prior period amounts have been recast to conform to the current segment structure.

 


 

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per-share amounts)






Three Months Ended March 31,


2017


2016

Operating Revenues




Regulated electric

$

4,913



$

5,053


Regulated natural gas

646



169


Nonregulated electric and other

170



155


Total operating revenues

5,729



5,377


Operating Expenses




Fuel used in electric generation and purchased power

1,449



1,588


Cost of natural gas

258



49


Operation, maintenance and other

1,433



1,416


Depreciation and amortization

859



793


Property and other taxes

304



295


Impairment charges



3


Total operating expenses

4,303



4,144


Gains on Sales of Other Assets and Other, net

11



7


Operating Income

1,437



1,240


Other Income and Expenses




Equity in earnings of unconsolidated affiliates

29



8


Other income and expenses, net

86



70


Total other income and expenses

115



78


Interest Expense

491



489


Income From Continuing Operations Before Income Taxes

1,061



829


Income Tax Expense from Continuing Operations

344



252


Income From Continuing Operations

717



577


Income From Discontinued Operations, net of tax



122


Net Income

717



699


Less: Net Income Attributable to Noncontrolling Interests

1



5


Net Income Attributable to Duke Energy Corporation

$

716



$

694






Earnings Per Share - Basic and Diluted




Income from continuing operations attributable to Duke Energy Corporation common stockholders




Basic

$

1.02



$

0.83


Diluted

$

1.02



$

0.83


Income from discontinued operations attributable to Duke Energy Corporation common stockholders




Basic

$



$

0.18


Diluted

$



$

0.18


Net income attributable to Duke Energy Corporation common stockholders




Basic

$

1.02



$

1.01


Diluted

$

1.02



$

1.01


Weighted average shares outstanding




Basic

700



689

Diluted

700



689

 

 

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in millions)

March 31, 2017


December 31, 2016

ASSETS




Current Assets




Cash and cash equivalents

$

878



$

392


Receivables (net of allowance for doubtful accounts of $13 at 2017 and $14 at 2016)

623



751


Receivables of VIEs (net of allowance for doubtful accounts of $57 at 2017 and $54 at 2016)

1,682



1,893


Inventory

3,366



3,522


Regulatory assets (includes $53 at 2017 and $50 at 2016 related to VIEs)

1,031



1,023


Other

425



458


Total current assets

8,005



8,039


Property, Plant and Equipment




Cost

123,301



121,397


Accumulated depreciation and amortization

(40,293)



(39,406)


Generation facilities to be retired, net

508



529


Net property, plant and equipment

83,516



82,520


Other Noncurrent Assets




Goodwill

19,425



19,425


Regulatory assets (includes $1,131 at 2017 and $1,142 at 2016 related to VIEs)

12,838



12,878


Nuclear decommissioning trust funds

6,448



6,205


Investments in equity method unconsolidated affiliates

1,122



925


Other

2,754



2,769


Total other noncurrent assets

42,587



42,202


Total Assets

$

134,108



$

132,761


LIABILITIES AND EQUITY




Current Liabilities




Accounts payable

$

2,203



$

2,994


Notes payable and commercial paper

3,558



2,487


Taxes accrued

363



384


Interest accrued

526



503


Current maturities of long-term debt (includes $281 at 2017 and $260 at 2016 related to VIEs)

1,977



2,319


Asset retirement obligations

404



411


Regulatory liabilities

340



409


Other

1,570



2,044


Total current liabilities

10,941



11,551


Long-Term Debt (includes $4,108 at 2017 and $3,587 at 2016 related to VIEs)

47,021



45,576


Other Noncurrent Liabilities




Deferred income taxes

14,443



14,155


Asset retirement obligations

10,186



10,200


Regulatory liabilities

6,972



6,881


Accrued pension and other post-retirement benefit costs

1,115



1,111


Investment tax credits

537



493


Other

1,707



1,753


Total other noncurrent liabilities

34,960



34,593


Commitments and Contingencies




Equity




Common stock, $0.001 par value, 2 billion shares authorized; 700 million shares outstanding at 2017 and 2016

1



1


Additional paid-in capital

38,742



38,741


Retained earnings

2,521



2,384


Accumulated other comprehensive loss

(85)



(93)


Total Duke Energy Corporation stockholders' equity

41,179



41,033


Noncontrolling interests

7



8


Total equity

41,186



41,041


Total Liabilities and Equity

$

134,108



$

132,761


 

 


DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)








Three Months Ended March 31,



2017


2016

CASH FLOWS FROM OPERATING ACTIVITIES





Net Income


$

717



$

699


Adjustments to reconcile net income to net cash provided by operating activities


572



983


Net cash provided by operating activities


1,289



1,682







CASH FLOWS FROM INVESTING ACTIVITIES





Net cash used in investing activities


(2,399)



(1,758)







CASH FLOWS FROM FINANCING ACTIVITIES





Net cash provided by (used in) financing activities


1,596



(3)







Changes in cash and cash equivalents included in assets held for sale




30







Net increase (decrease) in cash and cash equivalents


486



(49)


Cash and cash equivalents at the beginning of period


392



383


Cash and cash equivalents at end of period


$

878



$

334


 

 

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2017 YTD vs. Prior Year























Electric Utilities and Infrastructure


Gas

Utilities and Infrastructure


Commercial Renewables


International Energy


Other


Discontinued Operations


Consolidated

($ per share)







2016 YTD Reported Earnings Per Share, Diluted

$

0.96




$

0.05




$

0.04




$




$

(0.22)




$

0.18




$

1.01



Costs to Achieve Mergers













0.11







0.11



Cost Savings Initiatives













0.02







0.02



International Energy Operations










0.17







(0.17)






Discontinued Operations
















(0.01)




(0.01)



2016 YTD Adjusted Earnings Per Share, Diluted

$

0.96




$

0.05




$

0.04




$

0.17




$

(0.09)




$




$

1.13



Change in share count (a)

(0.02)



















(0.02)



Weather

(0.14)




(0.01)
















(0.15)



Volume

0.01



















0.01



Pricing and Riders

0.03



















0.03



Wholesale





















Operations and maintenance, net of recoverables (b)

0.08



















0.08



Piedmont Natural Gas contribution




0.14
















0.14



Mid-Stream Gas Pipelines (c)




0.01
















0.01



Duke Energy Renewables (d)





















National Methanol Company (NMC)













0.01







0.01



Other (e)

0.03













0.01







0.04



Interest Expense

(0.03)













(0.02)







(0.05)



Change in effective income tax rate

(0.01)










(0.10)




(0.01)







(0.12)



Latin America, including foreign exchange rates










(0.07)










(0.07)



2017 YTD Adjusted Earnings Per Share, Diluted

$

0.91




$

0.19




$

0.04




$




$

(0.10)




$




$

1.04



Costs to Achieve Piedmont Merger













(0.02)







(0.02)



2017 YTD Reported Earnings Per Share, Diluted

$

0.91




$

0.19




$

0.04




$




$

(0.12)




$




$

1.02




Note 1: Prior period amounts have been recast to conform to the current segment structure. Results of NMC are included within Other.

Note 2: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Duke Energy Renewables, which uses an effective rate.


(a) Due to the Q4 2016 share issuance used to partially fund the Piedmont acquisition. Weighted average diluted shares outstanding increased from 689 million shares to 700 million shares.

(b) Primarily due to ongoing cost control and lower storm restoration costs.

(c) Primarily due to higher earnings from the equity method investment in ACP. Earnings from Piedmont's acquired investments are included in the "Piedmont Natural Gas contribution" driver.

(d) For Commercial Renewables, higher earnings from new wind projects placed in service (+$0.01) were offset by lower solar ITCs in the current year (-$0.01 per share).

(e) Electric Utilities and Infrastructure is primarily due to higher AFUDC equity (+$0.03).

 


 

Electric Utilities and Infrastructure

Quarterly Highlights

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

20,065



21,662



(7.4%)



(0.7%)



General Service

17,549



17,850



(1.7%)



0.5%



Industrial

12,305



12,272



0.3%



0.8%



Other Energy Sales

144



146



(1.4%)





Unbilled Sales

(935)



(344)



(171.8%)



n/a



Total Retail Sales

49,128



51,586



(4.8%)



0.1%



Special Sales

9,862



11,145



(11.5%)





Total Consolidated Electric Sales - Electric Utilities and Infrastructure

58,990



62,731



(6.0%)













Average Number of Customers (Electric)









Residential

6,510,679



6,425,427



1.3%





General Service

968,897



957,484



1.2%





Industrial

17,748



17,936



(1.0%)





Other Energy Sales

23,205



23,112



0.4%





Total Regular Sales

7,520,529



7,423,959



1.3%





Special Sales

58



62



(6.5%)





Total Average Number of Customers - Electric Utilities and Infrastructure

7,520,587



7,424,021



1.3%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

16,939



17,934



(5.5%)





Nuclear

17,741



17,999



(1.4%)





Hydro

201



1,047



(80.8%)





Oil and Natural Gas

14,231



16,083



(11.5%)





Renewable Energy

75



53



41.5%





Total Generation (4)

49,187



53,116



(7.4%)





Purchased Power and Net Interchange (5)

12,568



12,513



0.4%





Total Sources of Energy

61,755



65,629



(5.9%)





Less: Line Loss and Other

2,765



2,898



(4.6%)





Total GWh Sources

58,990



62,731



(6.0%)













Owned MW Capacity (3)









Summer

49,950



50,157







Winter

53,717



53,346






Nuclear Capacity Factor (%) (6)

94



95

























(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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.











(6)  Statistics reflect 100% of jointly owned stations.










 

 


Duke Energy Carolinas

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

6,871



7,580



(9.4%)





General Service

6,527



6,664



(2.1%)





Industrial

5,062



5,078



(0.3%)





Other Energy Sales

76



76



—%





Unbilled Sales

(232)



5



(4,740.0%)





Total Retail Sales

18,304



19,403



(5.7%)



(0.1%)



Special Sales

2,477



2,222



11.5%





Total Consolidated Electric Sales - Duke Energy Carolinas

20,781



21,625



(3.9%)













Average Number of Customers









Residential

2,169,345



2,138,535



1.4%





General Service

351,773



347,329



1.3%





Industrial

6,252



6,333



(1.3%)





Other Energy Sales

15,298



15,133



1.1%





Total Regular Sales

2,542,668



2,507,330



1.4%





Special Sales

24



24



—%





Total Average Number of Customers - Duke Energy Carolinas

2,542,692



2,507,354



1.4%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

5,586



5,579



0.1%





Nuclear

11,036



10,993



0.4%





Hydro

53



725



(92.7%)





Oil and Natural Gas

2,694



2,986



(9.8%)





Renewable Energy

9



3



200.0%





Total Generation (4)

19,378



20,286



(4.5%)





Purchased Power and Net Interchange (5)

2,483



2,619



(5.2%)





Total Sources of Energy

21,861



22,905



(4.6%)





Less: Line Loss and Other

1,080



1,280



(15.6%)





Total GWh Sources

20,781



21,625



(3.9%)













Owned MW Capacity (3)









Summer

19,568



19,678







Winter

20,425



20,383






Nuclear Capacity Factor (%) (6)

98



97















Heating and Cooling Degree Days









Actual









Heating Degree Days

1,291



1,661



(22.3%)





Cooling Degree Days

10



19



(47.4%)














Variance from Normal









Heating Degree Days

(26.2%)



(5.9%)



n/a





Cooling Degree Days

66.7%



171.4%



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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.











(6)  Statistics reflect 100% of jointly owned stations.

 


 

Duke Energy Progress

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

4,633



5,000



(7.3%)





General Service

3,549



3,660



(3.0%)





Industrial

2,489



2,439



2.1%





Other Energy Sales

21



24



(12.5%)





Unbilled Sales

(500)



(135)



(270.4%)





Total Retail Sales

10,192



10,988



(7.2%)



(0.7%)



Special Sales

5,445



6,161



(11.6%)





Total Consolidated Electric Sales - Duke Energy Progress

15,637



17,149



(8.8%)













Average Number of Customers









Residential

1,302,464



1,285,880



1.3%





General Service

230,405



227,523



1.3%





Industrial

4,129



4,159



(0.7%)





Other Energy Sales

1,462



1,601



(8.7%)





Total Regular Sales

1,538,460



1,519,163



1.3%





Special Sales

14



15



(6.7%)





Total Average Number of Customers - Duke Energy Progress

1,538,474



1,519,178



1.3%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

1,644



2,107



(22.0%)





Nuclear

6,705



7,006



(4.3%)





Hydro

103



253



(59.3%)





Oil and Natural Gas

5,836



6,472



(9.8%)





Renewable Energy

62



50



24.0%





Total Generation (4)

14,350



15,888



(9.7%)





Purchased Power and Net Interchange (5)

1,824



1,765



3.3%





Total Sources of Energy

16,174



17,653



(8.4%)





Less: Line Loss and Other

537



504



6.5%





Total GWh Sources

15,637



17,149



(8.8%)













Owned MW Capacity (3)









Summer

12,827



12,935







Winter

14,034



14,034






Nuclear Capacity Factor (%) (6)

88



91















Heating and Cooling Degree Days









Actual









Heating Degree Days

1,203



1,514



(20.5%)





Cooling Degree Days

10



36



(72.2%)














Variance from Normal









Heating Degree Days

(25.6%)



(7.1%)



n/a





Cooling Degree Days

11.1%



260.0%



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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.











(6)  Statistics reflect 100% of jointly owned stations.

 

 


Duke Energy Florida

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

3,824



4,173



(8.4%)





General Service

3,254



3,241



0.4%





Industrial

755



752



0.4%





Other Energy Sales

6



6



—%





Unbilled Sales

156



(11)



1,518.2%





Total Retail Sales

7,995



8,161



(2.0%)



3.1%



Special Sales

310



295



5.1%





Total Electric Sales - Duke Energy Florida

8,305



8,456



(1.8%)













Average Number of Customers









Residential

1,564,038



1,541,555



1.5%





General Service

197,422



194,707



1.4%





Industrial

2,156



2,202



(2.1%)





Other Energy Sales

1,524



1,536



(0.8%)





Total Regular Sales

1,765,140



1,740,000



1.4%





Special Sales

12



13



(7.7%)





Total Average Number of Customers - Duke Energy Florida

1,765,152



1,740,013



1.4%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

2,117



1,451



45.9%





Oil and Natural Gas

5,348



6,123



(12.7%)





Renewable Energy

4





n/a





Total Generation (4)

7,469



7,574



(1.4%)





Purchased Power and Net Interchange (5)

1,296



1,509



(14.1%)





Total Sources of Energy

8,765



9,083



(3.5%)





Less: Line Loss and Other

460



627



(26.6%)





Total GWh Sources

8,305



8,456



(1.8%)













Owned MW Capacity (3)









Summer

9,212



8,989







Winter

10,332



9,894















Heating and Cooling Degree Days









Actual









Heating Degree Days

176



401



(56.1%)





Cooling Degree Days

273



199



37.2%














Variance from Normal









Heating Degree Days

(53.6%)



4.2%



n/a





Cooling Degree Days

49.2%



7.6%



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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.

 

 


Duke Energy Ohio

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

2,253



2,320



(2.9%)





General Service

2,257



2,297



(1.7%)





Industrial

1,441



1,444



(0.2%)





Other Energy Sales

28



27



3.7%





Unbilled Sales

(201)



(92)



(118.5%)





Total Retail Sales

5,778



5,996



(3.6%)



(1.1%)



Special Sales

281



111



153.2%





Total Electric Sales - Duke Energy Ohio

6,059



6,107



(0.8%)













Average Number of Customers









Residential

759,467



753,189



0.8%





General Service

88,141



87,441



0.8%





Industrial

2,507



2,529



(0.9%)





Other Energy Sales

3,282



3,245



1.1%





Total Regular Sales

853,397



846,404



0.8%





Special Sales

1



1



—%





Total Average Number of Customers - Duke Energy Ohio

853,398



846,405



0.8%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

1,203



928



29.6%





Oil and Natural Gas

1



1



—%





Total Generation (4)

1,204



929



29.6%





Purchased Power and Net Interchange (5)

5,466



5,555



(1.6%)





Total Sources of Energy

6,670



6,484



2.9%





Less: Line Loss and Other

611



377



62.1%





Total GWh Sources

6,059



6,107



(0.8%)













Owned MW Capacity (3)









Summer

1,076



1,062







Winter

1,164



1,164















Heating and Cooling Degree Days









Actual









Heating Degree Days

2,044



2,349



(13.0%)





Cooling Degree Days

1





—%














Variance from Normal









Heating Degree Days

(20.7%)



(9.5%)



n/a





Cooling Degree Days

(75.0%)



(100.0%)



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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.

 

 


Duke Energy Indiana

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

 March 2017












Three Months Ended March 31,



2017


2016


%

Inc.(Dec.)


% Inc.(Dec.)

Weather

Normal (2)

GWh Sales (1)









Residential

2,484



2,589



(4.1%)





General Service

1,962



1,988



(1.3%)





Industrial

2,558



2,559



—%





Other Energy Sales

13



13



—%





Unbilled Sales

(158)



(111)



42.3%





Total Retail Sales

6,859



7,038



(2.5%)



(0.8%)



Special Sales

1,349



2,356



(42.7%)





Total Electric Sales - Duke Energy Indiana

8,208



9,394



(12.6%)













Average Number of Customers









Residential

715,365



706,268



1.3%





General Service

101,156



100,484



0.7%





Industrial

2,704



2,713



(0.3%)





Other Energy Sales

1,639



1,597



2.6%





Total Regular Sales

820,864



811,062



1.2%





Special Sales

7



9



(22.2%)





Total Average Number of Customers - Duke Energy Indiana

820,871



811,071



1.2%













Sources of Electric Energy (GWh)









Generated - Net Output (3)









Coal

6,389



7,869



(18.8%)





Hydro

45



69



(34.8%)





Oil and Natural Gas

352



501



(29.7%)





Total Generation (4)

6,786



8,439



(19.6%)





Purchased Power and Net Interchange (5)

1,499



1,065



40.8%





Total Sources of Energy

8,285



9,504



(12.8%)





Less: Line Loss and Other

77



110



(30.0%)





Total GWh Sources

8,208



9,394



(12.6%)













Owned MW Capacity (3)









Summer

7,267



7,493







Winter

7,762



7,871















Heating and Cooling Degree Days









Actual









Heating Degree Days

2,208



2,521



(12.4%)





Cooling Degree Days





—%














Variance from Normal









Heating Degree Days

(20.1%)



(9.3%)



n/a





Cooling Degree Days

(100.0%)



(100.0%)



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).











(3)  Statistics reflect Duke Energy's ownership share of jointly owned stations.











(4)  Generation by source is reported net of auxiliary power.











(5)  Purchased power includes renewable energy purchases.

 

 


Gas Utilities and Infrastructure

Quarterly Highlights

 March 2017










Three Months Ended March 31,



2017


2016


% Inc.(Dec.)

Total Sales







Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (1) (2)

133,276,787



155,446,586



(14.3%)



Duke Energy Midwest LDC throughput (MCF)

30,830,999



34,741,520



(11.3%)









Average Number of Customers - Piedmont Natural Gas (1)







Residential

954,883



940,070



1.6%



Commercial

101,618



100,723



0.9%



Industrial

2,338



2,302



1.6%



Power Generation

25



25



—%



Total Average Number of Gas Customers - Piedmont Natural Gas

1,058,864



1,043,120



1.5%









Average Number of Customers - Duke Energy Midwest







Residential

484,091



480,519



0.7%



Commercial

45,340



45,224



0.3%



Industrial

1,669



1,699



(1.8%)



Other Energy Sales

141



143



(1.4%)



Total Average Number of Gas Customers - Duke Energy Midwest

531,241



527,585



0.7%










(1) Sales and customer data for Piedmont Natural Gas include amounts prior to the acquisition on October 3, 2016, for comparative purposes. Duke Energy's consolidated financial results for 2016 do not include Piedmont's results of operations prior to the date of acquisition.


(2) Piedmont has a margin decoupling mechanism in North Carolina and weather normalization mechanisms in South Carolina and Tennessee that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.








 

 

Commercial Renewables

Quarterly Highlights

 March 2017










Three Months Ended March 31,



2017


2016


% Inc.(Dec.)


  Actual Renewable Plant Production, GWh

2,285



2,060



10.9%



  Net Proportional MW Capacity in Operation

2,907



1,963



48.1%
















 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/duke-energy-reports-first-quarter-2017-financial-results-300453645.html

SOURCE Duke Energy


Source: PR Newswire (May 9, 2017 - 7:00 AM EDT)

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