CHARLOTTE, N.C., Feb. 13, 2013 /PRNewswire/ -- Duke Energy (NYSE: DUK) today posted 2012 full-year adjusted diluted EPS of $4.32, which was near the top of its adjusted diluted EPS guidance range of $4.20 to $4.35.
(Logo: http://photos.prnewswire.com/prnh/20040414/DUKEENERGYLOGO )
For 2012, adjusted EPS reflected the addition of earnings from Progress Energy, net of the impact of shares issued in connection with the merger, the impact of the new market-based Electric Security Plan (ESP) in Ohio, and unfavorable weather. These were partially offset by revised customer rates at Duke Energy Carolinas.
Duke Energy's full-year reported diluted EPS was $3.07 for 2012, compared to $3.83 in 2011.
Fourth quarter 2012 adjusted diluted EPS was 70 cents, compared to 71 cents for fourth quarter 2011. Fourth quarter 2012 reported diluted EPS was 62 cents, compared to 65 cents for fourth quarter 2011.
"For Duke Energy, 2012 was a year of unprecedented accomplishment, highlighted by the merger with Progress Energy that has already begun providing savings for our customers," said Jim Rogers, chairman, president and chief executive officer. "We also made significant progress with our fleet modernization program by bringing online three major new power plants in North Carolina, enabling us to retire older, less efficient coal-fired units."
"I am especially pleased with the outstanding performance and resilience of our employees," he added. "During a year of change and uncertainty, they maintained their focus and strong commitment. The nuclear fleet maintained a capacity factor greater than 90 percent, excluding Crystal River 3, for the 13th consecutive year and the company achieved its best safety record ever.
"From a financial perspective, we achieved our objectives by delivering 2012 adjusted diluted EPS near the top of our guidance range, increasing the dividend and maintaining the strength of our balance sheet," Rogers said.
The company also resolved two significant regulatory proceedings in 2012: the North Carolina Utilities Commission's merger investigation and the Indiana Utility Regulatory Commission's cost recovery settlement for the Edwardsport Integrated Gasification Combined Cycle (IGCC) Station.
BUSINESS UNIT RESULTS
The discussion below of fourth-quarter and year-end 2012 financial results includes adjusted segment income, which is a non-GAAP financial measure. The tables on pages 24 through 27 present a reconciliation of reported results to adjusted results.
U.S. Franchised Electric and Gas (USFE&G)
USFE&G recognized fourth-quarter 2012 adjusted segment income of $498 million, compared to $206 million in the fourth quarter 2011, an increase of $0.42 per share.
USFE&G's increased results were primarily driven by the addition of Progress Energy's regulated utility operations in the Carolinas and Florida (+$0.28 per share).
Other drivers, excluding the addition of Progress Energy, included:
- Increased pricing and riders principally related to the implementation of revised customer rates at Duke Energy Carolinas as a result of the 2011 rate case (+$0.07 per share)
- Adjustments to income taxes (+$0.07 per share)
- More favorable weather (+$0.03 per share)
These results were partially offset by higher operating and maintenance expenses
(-$0.05 per share).
Full-year 2012 adjusted segment income for USFE&G was $2,086 million compared to $1,316 million in 2011, an increase of $1.34 per share.
Higher year-over-year results were primarily driven by the addition of Progress Energy's regulated utility operations in the Carolinas and Florida (+$1.02 per share). Excluding the addition of Progress Energy, other drivers included increased pricing and riders principally related to the implementation of revised customer rates at Duke Energy Carolinas (+$0.48 per share) and lower operating and maintenance and governance costs (+$0.06 per share).
These results were partially offset by unfavorable weather compared to the prior year
(-$0.19 per share).
International Energy
International Energy recognized fourth-quarter 2012 adjusted segment income of $89 million, compared to $96 million in the fourth quarter 2011, a decrease of $0.01 per share.
International Energy's quarterly results decreased primarily due to higher purchased power costs in Brazil because of unfavorable hydrology (-$0.02 per share) and unfavorable foreign exchange rates primarily in Brazil (-$0.01 per share).
These results were partially offset by increased volumes for our thermal generation in Central America due to drier weather (+$0.02 per share).
Full-year 2012 adjusted segment income for International Energy was $439 million compared to $466 million in 2011, a decrease of $0.05 per share.
Lower year-over-year results were primarily driven by unfavorable foreign exchange rates primarily in Brazil (-$0.06 per share) and lower results in Central America due to lower average prices (-$0.04 per share).
These results were partially offset by higher average sales prices and volumes in Brazil (+$0.03 per share) and higher average MTBE prices and volumes at National Methanol Company (+$0.03 per share).
Commercial Power
Commercial Power's adjusted segment earnings for the fourth quarter 2012 were break-even, compared to $30 million in the fourth quarter 2011, a decrease of $0.04 per share.
Commercial Power's quarterly results decreased primarily due to adjustments to income taxes (-$0.03 per share) and lower results from the Midwest gas generation fleet (-$0.01 per share) driven by lower capacity revenues, partially offset by lower operating and maintenance costs.
Results for the Midwest coal generation fleet were flat primarily due to the net impacts of the new market-based ESP in Ohio (-$0.05 per share), offset by the absence of a prior-year fee related to exiting the Midwest Independent System Operator (+$0.04 per share), and lower operating and maintenance costs (+$0.01 per share).
Full-year 2012 adjusted segment income for Commercial Power was $93 million, compared to $186 million in 2011, a decrease of $0.16 per share.
Lower year-over-year results were driven by lower results for the Midwest coal generation fleet due to the net impacts of the new market-based Ohio ESP on the Midwest coal generation fleet (-$0.21 per share) offset by the absence of a prior-year fee related to exiting MISO (+$0.04 per share), and lower operating and maintenance costs (+$0.04 per share). Additionally, lower results were due to unfavorable pricing and lower sales volumes for Duke Energy Retail (-$0.08 per share).
These were partially offset by higher results at Duke Energy Renewables (+$0.04 per share).
Results for the Midwest gas generation fleet were flat primarily due to the offsetting impacts of favorable generation volumes (+$0.06 per share), lower operating and maintenance costs (+$0.03 per share), and unfavorable capacity revenues (-$0.11 per share).
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 fourth-quarter 2012 adjusted net expense of $91 million, compared to net expense of $17 million in the fourth quarter 2011, a difference of $0.12 per share. Other's results were primarily due to the addition of interest expense on Progress Energy's corporate debt (-$0.06 per share).
Full-year 2012 adjusted net expense for Other was $135 million compared to a net expense of $25 million in 2011, a difference of $0.19 per share.
Increased year-over-year adjusted net expense for Other was primarily driven by the addition of interest expense on Progress Energy's corporate debt (-$0.12 per share) and higher interest expense on Duke Energy corporate debt (-$0.05 per share).
Share Dilution
On July 2, 2012, Duke Energy issued approximately 258 million shares of common stock in connection with the closing of the merger with Progress Energy Inc. The issuance of these additional shares had a dilutive impact of $0.26 per share and $1.00 per share on the quarter-over-quarter and year-over-year adjusted diluted EPS results, respectively.
Earnings Conference Call for Analysts
An earnings conference call for analysts is scheduled for 10 a.m. ET Wednesday, Feb. 13, to discuss Duke Energy's financial performance for the fourth quarter 2012 as well as providing other business updates. The conference call will be hosted by Jim Rogers, chairman, president and chief executive officer, and Lynn Good, 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 888-695-0608 in the
United States or 719-325-2286 outside the United States. The confirmation code is 4249923. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until midnight ET, Feb. 22, 2013, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 4249923. A replay and transcript also will be available by accessing the investors' section of the company's website.
Analyst Meeting Feb. 28
Duke Energy will host an investor and analyst meeting Thursday, Feb. 28, from 8:30 a.m. to 12:30 p.m. ET in New York City.
Rogers and other members of the Duke Energy management team will provide updates on the company's operating businesses, report on regulatory initiatives, and offer the company's financial and business outlook for 2013 and beyond.
A live webcast of the meeting can be accessed via the investors' section of Duke Energy's website (http://www.duke-energy.com/investors/) or by dialing 719-325-2329 outside the United States or 888-427-9376 in the United States. The confirmation code is 8401489. Please call 10 to 15 minutes prior to the scheduled start time. A replay and transcript of the meeting 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 fourth quarter 2011 and fourth quarter 2012 include:
|
(In millions, except per-share amounts)
|
Pre-Tax
Amount
|
Tax
Effect
|
4Q2012
EPS
Impact
|
4Q2011
EPS
Impact
|
|
Fourth Quarter 2012
|
|
|
|
|
|
- Costs to Achieve, Progress Energy Merger
|
$(164)
|
$73
|
$(0.13)
|
|
|
- Edwardsport Charges
|
$(28)
|
$11
|
$(0.02)
|
|
|
- Discontinued Operations
|
$56
|
$(25)
|
$0.05
|
|
|
- Economic Hedges (Mark-to-Market)
|
$26
|
$(10)
|
$0.02
|
|
|
Fourth Quarter 2011
|
|
|
|
|
|
- Costs to Achieve, Progress Energy Merger
|
$(39)
|
$11
|
|
$(0.06)
|
|
- Economic Hedges (Mark-to-Market)
|
$2
|
$(1)
|
|
--
|
|
Total diluted EPS impact
|
|
|
$(0.08)
|
$(0.06)
|
Special items affecting Duke Energy's adjusted diluted EPS for full-year 2011 and full-year 2012 include:
|
(In millions, except per-share amounts)
|
Pre-Tax
Amount
|
Tax
Effect
|
2012
EPS
Impact
|
2011
EPS
Impact
|
|
Full-Year 2012
|
|
|
|
|
|
- Costs to Achieve, Progress Energy Merger
|
$(636)
|
$239
|
$(0.70)
|
|
|
- Edwardsport Charges
|
$(628)
|
$226
|
$(0.70)
|
|
|
- DNC Host Committee Support
|
$(10)
|
$4
|
$(0.01)
|
|
|
- Economic Hedges (Mark-to-Market)
|
$(9)
|
$3
|
$(0.01)
|
|
|
- Voluntary Opportunity Plan Deferral
|
$99
|
$(39)
|
$0.11
|
|
|
- Discontinued Operations
|
$60
|
$(24)
|
$0.06
|
|
|
Full-Year 2011
|
|
|
|
|
|
- Edwardsport Impairment
|
$(222)
|
$87
|
|
$(0.30)
|
|
- Emission Allowance Impairment
|
$(79)
|
$28
|
|
$(0.12)
|
|
- Costs to Achieve, Progress Energy Merger
|
$(68)
|
$17
|
|
$(0.12)
|
|
- Economic Hedges (Mark-to-Market)
|
$(1)
|
$-
|
|
$(0.01)
|
|
Total diluted EPS impact
|
|
|
$(1.25)
|
$(0.55)
|
Reconciliation of reported to adjusted diluted EPS for the quarters:
|
4Q2012
EPS
|
4Q2011
EPS
|
|
Diluted EPS, as reported
|
$0.62
|
$0.65
|
|
Adjustments to reported EPS:
|
|
|
|
- Diluted EPS impact of special items and mark-to-market in Commercial Power
|
$0.08
|
$0.06
|
|
Diluted EPS, adjusted
|
$0.70
|
$0.71
|
Reconciliation of reported to adjusted diluted EPS for the annual periods:
|
2012
EPS
|
2011
EPS
|
|
Diluted EPS, as reported
|
$3.07
|
$3.83
|
|
Adjustments to reported EPS:
|
|
|
|
- Diluted EPS impact of special items and mark-to-market in Commercial Power
|
$1.25
|
$0.55
|
|
Diluted EPS, adjusted
|
$4.32
|
$4.38
|
NON-GAAP FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment performance is segment income. Segment income is defined as income from continuing operations net of income attributable to non-controlling interests. In addition, direct interest expense and income taxes are included in segment income and certain governance costs are allocated to each of the segments.
Management believes segment income, which is the GAAP measure used to report segment results, is a good indicator of each segment's operating performance as it represents the approximate net income contribution of Duke Energy's business segments by incorporating the direct financing methods or capital structures of the business segments as well as the income tax attributes of the businesses and regions in which they operate.
Duke Energy's management uses adjusted diluted EPS, which is a non-GAAP financial measure as it represents diluted EPS from continuing operations attributable to Duke Energy Corporation common shareholders, adjusted for the per-share impact of special items and the mark-to-market impacts of economic hedges in the Commercial Power segment, as a measure to evaluate operations of the company. In addition, Duke Energy's management calculates the EPS impact of segment income drivers to facilitate an understanding of the impacts of each income driver on consolidated adjusted diluted EPS.
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. Mark-to-market adjustments reflect the mark-to-market impact of derivative contracts, which is recognized in GAAP earnings immediately as such derivative contracts do not qualify for hedge accounting or regulatory accounting treatment, used in Duke Energy's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, power) and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the generation assets. Because the operations of the generation assets are accounted for under the accrual method, management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of the underlying hedged asset. Management believes that the presentation of adjusted diluted EPS provides useful information to investors, as it provides them an additional relevant comparison of the company's performance across periods. Adjusted diluted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measure for adjusted diluted EPS is reported diluted EPS from continuing operations attributable to Duke Energy Corporation common shareholders, which includes the impact of special items and the mark-to-market impacts of economic hedges in the Commercial Power segment. Due to the forward-looking nature of adjusted diluted EPS for future periods, information to reconcile such 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 special items and the mark-to-market impacts of economic hedges in the Commercial Power segment for future periods.
Duke Energy also uses adjusted segment income and adjusted Other net expenses as a measure of historical and anticipated future segment and Other performance. Adjusted segment income and adjusted Other net expenses are non-GAAP financial measures, as they represent reported segment income and Other net expenses adjusted for special items and the mark-to-market impacts of economic hedges in the Commercial Power segment. Management believes that the presentation of adjusted segment income and adjusted Other net expenses provides useful information to investors, as it provides them an additional relevant comparison of a segment's or Other's performance across periods. When an EPS amount is provided for a segment income driver, the per share impact is derived by taking the before-tax amount of the item less income taxes based on Duke Energy's consolidated effective tax rate, divided by the Duke Energy weighted-average diluted shares outstanding for the period. The most directly comparable GAAP measure for adjusted segment income or adjusted Other net expenses is reported segment income or Other net expenses, which represents segment income and Other net expenses from continuing operations, including any special items and the mark-to-market impacts of economic hedges in the Commercial Power segment. 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 special items, the mark-to-market impacts of economic hedges in the Commercial Power 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 more than $100 billion in total assets. Its regulated utility operations serve approximately 7.1 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.
|
MEDIA CONTACT:
|
|
|
Tom Shiel
|
704-382-2355
|
|
24-Hour:
|
800-559-3853
|
|
|
|
ANALYSTS:
|
|
|
Bob Drennan
Bill Currens
|
704-382-4070
704-382-1603
|
|
DUKE ENERGY CORPORATION
|
|
EARNINGS VARIANCES
|
|
December 31, 2012 QTD vs. Prior Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ per share)
|
|
U.S. Franchised
Electric & Gas
|
|
International Energy
|
|
Commercial Power
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 QTD Reported Earnings Per Share, Diluted
|
|
$
|
0.46
|
|
$
|
0.22
|
|
$
|
0.07
|
|
$
|
(0.10)
|
|
$
|
0.65
|
|
Costs to Achieve, Progress Energy Merger
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.06
|
|
|
0.06
|
|
2011 QTD Adjusted Earnings Per Share, Diluted
|
|
$
|
0.46
|
|
$
|
0.22
|
|
$
|
0.07
|
|
$
|
(0.04)
|
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Differential (a)
|
|
|
(0.17)
|
|
|
(0.08)
|
|
|
(0.03)
|
|
|
0.02
|
|
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 QTD Adjusted Earnings Per Share, Diluted, Recasted for Share Issuance
|
|
$
|
0.29
|
|
$
|
0.14
|
|
$
|
0.04
|
|
$
|
(0.02)
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Progress Energy Contribution
|
|
|
0.28
|
|
|
-
|
|
|
-
|
|
|
(0.06)
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
|
|
|
0.03
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pricing and Riders (b)
|
|
|
0.07
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance and Governance Expenses
|
|
|
(0.05)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America, including Foreign Exchange Rates (c)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Coal Generation (d)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Gas Generation (e)
|
|
|
-
|
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy Retail
|
|
|
-
|
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
-
|
|
|
-
|
|
|
0.01
|
|
|
(0.01)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to income taxes
|
|
|
0.07
|
|
|
-
|
|
|
(0.03)
|
|
|
(0.04)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
0.02
|
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
2012 QTD Adjusted Earnings Per Share, Diluted
|
|
$
|
0.71
|
|
$
|
0.13
|
|
$
|
-
|
|
$
|
(0.14)
|
|
$
|
0.70
|
|
Costs to Achieve, Progress Energy Merger
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.13)
|
|
|
(0.13)
|
|
Edwardsport Charges
|
|
|
(0.02)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.02)
|
|
Economic Hedges (Mark-to-Market)
|
|
|
-
|
|
|
-
|
|
|
0.02
|
|
|
-
|
|
|
0.02
|
|
Discontinued Operations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.05
|
|
2012 QTD Reported Earnings Per Share, Diluted
|
|
$
|
0.69
|
|
$
|
0.13
|
|
$
|
0.02
|
$
|
|
(0.27)
|
|
$
|
0.62
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflects the impact on prior period earnings per diluted share due to the increase in Duke Energy's weighted-average diluted common shares outstanding as a result of shares issued to complete the merger with
Progress Energy. Weighted-average diluted shares outstanding increased from 444 million for the quarter ended December 31, 2011 to 705 million for the quarter ended December 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Primarily due to implementation of revised customer rates in North Carolina and South Carolina as a result of the 2011 Duke Energy Carolinas rate cases (+$0.09) and decreased riders (-$0.02).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Primarily due to increased volumes in Central America (+$0.02), net of higher purchased power in Brazil (-0.02) and unfavorable foreign currency exchange rates (-$0.01).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
Primarily due to the new market-based Ohio ESP (-$0.08), partially offset by the absence of prior year MISO exit fees (+$0.04), non-bypassable stabilization charge (+$0.02), capacity revenues received from PJM in 2012 (+$0.01), and lower operation and maintenance expenses (+$0.01).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e)
|
Primarily due to a decrease in capacity revenue (-$0.02) net of lower operation and maintenance expenses (+$0.01).
|
|
DUKE ENERGY CORPORATION
|
|
EARNINGS VARIANCES
|
|
December 31, 2012 YTD vs. Prior Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ per share)
|
|
U.S. Franchised
Electric & Gas
|
|
International Energy
|
|
Commercial Power
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 YTD Reported Earnings Per Share, Diluted
|
|
$
|
2.66
|
|
$
|
1.05
|
|
$
|
0.29
|
|
$
|
(0.17)
|
|
$
|
3.83
|
|
Costs to Achieve, Progress Merger
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.12
|
|
|
0.12
|
|
Edwardsport Charges
|
|
|
0.30
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.30
|
|
Emission Allowances Impairment
|
|
|
-
|
|
|
-
|
|
|
0.12
|
|
|
-
|
|
|
0.12
|
|
Economic Hedges (Mark-to-Market)
|
|
|
-
|
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
|
2011 YTD Adjusted Earnings Per Share, Diluted
|
|
$
|
2.96
|
|
$
|
1.05
|
|
$
|
0.42
|
|
$
|
(0.05)
|
|
$
|
4.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Differential (a)
|
|
|
(0.67)
|
|
|
(0.24)
|
|
|
(0.10)
|
|
|
0.01
|
|
|
(1.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 YTD Adjusted Earnings Per Share, Diluted, Recasted for Share Issuance
|
|
$
|
2.29
|
|
$
|
0.81
|
|
$
|
0.32
|
|
$
|
(0.04)
|
|
$
|
3.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Progress Energy Contribution
|
|
|
1.02
|
|
|
-
|
|
|
-
|
|
|
(0.12)
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
|
|
|
(0.19)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pricing and Riders (b)
|
|
|
0.48
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
0.04
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance and Governance Expenses
|
|
|
0.06
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America, including Foreign Exchange Rates (c)
|
|
|
-
|
|
|
(0.09)
|
|
|
-
|
|
|
-
|
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Methanol Company
|
|
|
-
|
|
|
0.03
|
|
|
-
|
|
|
-
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Coal Generation (d)
|
|
|
-
|
|
|
-
|
|
|
(0.13)
|
|
|
-
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Gas Generation (e)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy Retail
|
|
|
-
|
|
|
-
|
|
|
(0.08)
|
|
|
-
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy Renewables
|
|
|
-
|
|
|
-
|
|
|
0.04
|
|
|
-
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
(0.02)
|
|
|
-
|
|
|
0.01
|
|
|
(0.05)
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to income taxes
|
|
|
0.06
|
|
|
-
|
|
|
(0.02)
|
|
|
(0.02)
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (f)
|
|
|
(0.11)
|
|
|
0.01
|
|
|
0.02
|
|
|
-
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 YTD Adjusted Earnings Per Share, Diluted
|
|
$
|
3.63
|
|
$
|
0.76
|
|
$
|
0.16
|
|
$
|
(0.23)
|
|
$
|
4.32
|
|
Costs to Achieve, Progress Merger
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.70)
|
|
|
(0.70)
|
|
Voluntary Opportunity Plan Deferral
|
|
|
0.11
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.11
|
|
Edwardsport Charges
|
|
|
(0.70)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.70)
|
|
Democratic National Convention Host Committee Support
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.01)
|
|
|
(0.01)
|
|
Economic Hedges (Mark-to-Market)
|
|
|
-
|
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
|
Discontinued Operations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.06
|
|
2012 YTD Reported Earnings Per Share, Diluted
|
|
$
|
3.04
|
|
$
|
0.76
|
|
$
|
0.15
|
|
$
|
(0.94)
|
|
$
|
3.07
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflects the impact on prior period earnings per diluted share due to the increase in Duke Energy's weighted-average diluted common shares outstanding as a result of shares issued to complete the merger with Progress Energy. Weighted-average diluted shares outstanding increased from 444 million for the year ended December 31, 2011 to 575 million for the year ended December 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Primarily due to implementation of revised customer rates in North and South Carolina as a result of the 2011 Duke Energy Carolinas rate cases (+$0.44) and increased riders (+$0.04).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Primarily driven by unfavorable foreign exchange rates (-$0.06), lower average prices and lower capitalized interest in Central America (-$0.04), and the absence of prior year arbitration award net of higher pricing in Peru (-$0.01), partially offset by higher average sales prices and volumes in Brazil (+$0.03).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
Primarily due to the new market-based Ohio ESP (-$0.44), partially offset by the non-bypassable stabilization charge (+$0.13), capacity revenues received from PJM in 2012 (+$0.10), absence of prior year MISO exit fees (+$0.04) and lower operation and maintenance expenses between years (+$0.04).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e)
|
Primarily due to favorable generation volumes (+$0.06), lower operation and maintenance expenses between years (+$0.03), and recovery of a Lehman Brothers receivable previously written-off (+$0.02), partially
offset by a decrease in capacity revenue (-$0.11).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f)
|
Amount for U.S. Franchised Electric & Gas is primarily due to an increase in depreciation and amortization expense (-$0.14), partially offset by other miscellaneous items (+$0.03).
|
|
December 2012
|
|
QUARTERLY HIGHLIGHTS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per-share amounts and where noted)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
COMMON STOCK DATA
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to Duke Energy Corporation common shareholders(a)
|
|
|
|
Basic
|
|
$ 0.57
|
|
$ 0.65
|
|
$ 3.01
|
|
$ 3.83
|
|
Diluted
|
|
$ 0.57
|
|
$ 0.65
|
|
$ 3.01
|
|
$ 3.83
|
|
Income from discontinued operations attributable to Duke Energy Corporation common shareholders(a)
|
|
|
|
Basic
|
|
$ 0.05
|
|
$ -
|
|
$ 0.06
|
|
$ -
|
|
Diluted
|
|
$ 0.05
|
|
$ -
|
|
$ 0.06
|
|
$ -
|
|
Net income attributable to Duke Energy Corporation common shareholders(a)
|
|
|
|
|
|
Basic
|
|
$ 0.62
|
|
$ 0.65
|
|
$ 3.07
|
|
$ 3.83
|
|
Diluted
|
|
$ 0.62
|
|
$ 0.65
|
|
$ 3.07
|
|
$ 3.83
|
|
Dividends Declared Per Share(a)
|
|
$ -
|
|
$ -
|
|
$ 3.03
|
|
$ 2.97
|
|
Weighted-Average Shares Outstanding(a)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
704
|
|
444
|
|
574
|
|
444
|
|
Diluted
|
|
705
|
|
444
|
|
575
|
|
444
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INCOME BY BUSINESS SEGMENT
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas(b)(c)(d)
|
|
$ 481
|
|
$ 206
|
|
$ 1,744
|
|
$ 1,181
|
|
Commercial Power(e)
|
|
16
|
|
31
|
|
87
|
|
134
|
|
International Energy
|
|
89
|
|
96
|
|
439
|
|
466
|
|
Total Reportable Segment Income
|
|
586
|
|
333
|
|
2,270
|
|
1,781
|
|
Other Net Expense(f)(g)
|
|
(182)
|
|
(45)
|
|
(538)
|
|
(76)
|
|
Income from Discontinued Operations, net of tax
|
|
31
|
|
-
|
|
36
|
|
1
|
|
Net Income Attributable to Duke Energy Corporation
|
|
$ 435
|
|
$ 288
|
|
$ 1,768
|
|
$ 1,706
|
|
|
$ -
|
|
$ (1)
|
|
$ -
|
|
$ -
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|
|
|
Total Common Equity
|
|
|
|
|
|
50%
|
|
52%
|
|
Preferred Stock of Subsidiaries
|
|
|
|
|
|
-
|
|
-
|
|
Total Debt
|
|
|
|
|
|
50%
|
|
48%
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
|
|
|
$ 40,518
|
|
$ 21,000
|
|
Book Value Per Share(a)
|
|
|
|
|
|
$ 58.12
|
|
$ 51.36
|
|
Actual Shares Outstanding(a)
|
|
|
|
|
|
704
|
|
445
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND INVESTMENT EXPENDITURES
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas
|
|
$ 1,360
|
|
$ 1,061
|
|
$ 4,220
|
|
$ 3,717
|
|
Commercial Power
|
|
213
|
|
268
|
|
1,038
|
|
492
|
|
International Energy
|
|
432
|
|
18
|
|
551
|
|
114
|
|
Other
|
|
65
|
|
41
|
|
149
|
|
141
|
|
|
|
|
|
|
|
|
|
|
Total Capital and Investment Expenditures
|
|
$ 2,070
|
|
$ 1,388
|
|
$ 5,958
|
|
$ 4,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reflects the impact of the 1-for-3 reverse stock split on July 2, 2012.
|
|
(b) Includes charges of $17 million in the fourth quarter of 2012 related to the Edwardsport IGCC project (net of tax of $11 million).
|
|
(c) Includes impairment and other charges of $402 million for the year ended December 31, 2012, related to the Edwardsport IGCC project (net of tax of $226 million).
|
|
(d) Includes impairment and other charges of $135 million for the year ended December 31, 2011, related to the Edwardsport IGCC project (net of tax of $87 million).
|
|
(e) Includes non-cash impairment charges of $51 million for the year ended December 31, 2011, related to an emission allowance impairment (net of tax of $28 million).
|
|
(f) Includes costs to achieve of $91 million in the fourth quarter of 2012 related to the Progress Energy merger (net of tax of $73 million).
|
|
(g) Includes costs to achieve of $397 million for the year ended December 31, 2012, related to the Progress Energy merger (net of tax of $239 million).
|
|
December 2012
|
|
QUARTERLY HIGHLIGHTS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
(In millions, except where noted)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
U.S. FRANCHISED ELECTRIC AND GAS
|
|
|
|
|
|
|
|
|
|
Operating Revenues (a)
|
|
$ 4,873
|
|
$ 2,461
|
|
$ 16,080
|
|
$ 10,619
|
|
Operating Expenses (b)
|
|
4,029
|
|
2,027
|
|
12,943
|
|
8,473
|
|
Gains on Sales of Other Assets, net
|
|
2
|
|
-
|
|
15
|
|
2
|
|
Operating Income (Loss)
|
|
846
|
|
434
|
|
3,152
|
|
2,148
|
|
Other Income and Expenses
|
|
114
|
|
73
|
|
341
|
|
274
|
|
Interest Expense
|
|
260
|
|
149
|
|
806
|
|
568
|
|
Income Before Income Taxes
|
|
700
|
|
358
|
|
2,687
|
|
1,854
|
|
Income Tax Expense (c)
|
|
218
|
|
152
|
|
941
|
|
673
|
|
Less: Income Attributable to Noncontrolling Interests
|
|
1
|
|
-
|
|
2
|
|
-
|
|
Segment Income
|
|
$ 481
|
|
$ 206
|
|
$ 1,744
|
|
$ 1,181
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
$ 552
|
|
$ 351
|
|
$ 1,827
|
|
$ 1,383
|
|
|
|
|
|
|
|
|
|
|
Duke Energy Carolinas GWh sales
|
|
19,547
|
|
18,501
|
|
81,362
|
|
82,127
|
|
Progress Energy Carolinas GWh sales (g)
|
|
14,425
|
|
12,609
|
|
58,390
|
|
56,223
|
|
Progress Energy Florida's GWh sales (h)
|
|
8,629
|
|
8,272
|
|
38,443
|
|
39,578
|
|
Duke Energy Ohio GWh sales
|
|
5,744
|
|
5,608
|
|
24,344
|
|
24,923
|
|
Duke Energy Indiana GWh sales
|
|
7,893
|
|
7,680
|
|
33,577
|
|
33,181
|
|
Net Proportional MW Capacity in Operation
|
|
|
|
|
|
49,654
|
|
27,397
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL POWER
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
$ 471
|
|
$ 565
|
|
$ 2,078
|
|
$ 2,491
|
|
Operating Expenses (d)
|
|
469
|
|
559
|
|
1,981
|
|
2,300
|
|
Gains on Sales of Other Assets, net
|
|
(3)
|
|
-
|
|
8
|
|
15
|
|
Operating Income (Loss)
|
|
(1)
|
|
6
|
|
105
|
|
206
|
|
Other Income and Expenses
|
|
13
|
|
-
|
|
39
|
|
21
|
|
Interest Expense
|
|
8
|
|
20
|
|
63
|
|
87
|
|
Income Before Income Taxes
|
|
4
|
|
(14)
|
|
81
|
|
140
|
|
Income Tax Expense
|
|
(12)
|
|
(45)
|
|
(7)
|
|
(2)
|
|
Less: Income Attributable to Noncontrolling Interests
|
|
-
|
|
-
|
|
1
|
|
8
|
|
Segment Income
|
|
$ 16
|
|
$ 31
|
|
$ 87
|
|
$ 134
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
$ 56
|
|
$ 57
|
|
$ 228
|
|
$ 230
|
|
|
|
|
|
|
|
|
|
|
Actual Coal-fired Plant Production, GWh
|
|
3,743
|
|
3,958
|
|
16,164
|
|
17,378
|
|
Actual Gas-fired Plant Production, GWh
|
|
3,639
|
|
3,545
|
|
17,122
|
|
12,021
|
|
Actual Renewable Plant Production, GWh
|
|
1,053
|
|
846
|
|
3,452
|
|
3,132
|
|
Actual Plant Production, GWh
|
|
8,435
|
|
8,349
|
|
36,738
|
|
32,531
|
|
Net Proportional MW Capacity in Operation
|
|
|
|
|
|
8,094
|
|
8,325
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL ENERGY
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
$ 368
|
|
$ 353
|
|
$ 1,549
|
|
$ 1,467
|
|
Operating Expenses
|
|
275
|
|
231
|
|
1,043
|
|
946
|
|
Gains on Sales of Other Assets, net
|
|
-
|
|
(1)
|
|
-
|
|
(1)
|
|
Operating Income (Loss)
|
|
93
|
|
121
|
|
506
|
|
520
|
|
Other Income and Expenses
|
|
35
|
|
37
|
|
171
|
|
203
|
|
Interest Expense
|
|
16
|
|
16
|
|
76
|
|
47
|
|
Income Before Income Taxes
|
|
112
|
|
142
|
|
601
|
|
676
|
|
Income Tax Expense
|
|
20
|
|
41
|
|
149
|
|
195
|
|
Less: Income Attributable to Noncontrolling Interests
|
|
3
|
|
5
|
|
13
|
|
15
|
|
Segment Income
|
|
$ 89
|
|
$ 96
|
|
$ 439
|
|
$ 466
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
$ 25
|
|
$ 24
|
|
$ 99
|
|
$ 90
|
|
|
|
|
|
|
|
|
|
|
Sales, GWh
|
|
4,868
|
|
5,021
|
|
20,132
|
|
18,889
|
|
Proportional MW Capacity in Operation
|
|
|
|
|
|
4,584
|
|
4,277
|
|
|
|
|
|
|
|
|
|
|
OTHER
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
$ 23
|
|
$ 10
|
|
$ 74
|
|
$ 44
|
|
Operating Expenses (e)
|
|
190
|
|
54
|
|
704
|
|
133
|
|
(Losses) Gains on Sales of Other Assets, net
|
|
(4)
|
|
-
|
|
(7)
|
|
(8)
|
|
Operating Income (Loss)
|
|
(171)
|
|
(44)
|
|
(637)
|
|
(97)
|
|
Other Income and Expenses
|
|
2
|
|
6
|
|
16
|
|
49
|
|
Interest Expense
|
|
101
|
|
39
|
|
297
|
|
157
|
|
(Loss) Income Before Income Taxes
|
|
(270)
|
|
(77)
|
|
(918)
|
|
(205)
|
|
Income Tax (Benefit) Expense (f)
|
|
(86)
|
|
(29)
|
|
(378)
|
|
(114)
|
|
Less: Income (Loss) Attributable to Noncontrolling Interests
|
|
(2)
|
|
(3)
|
|
(2)
|
|
(15)
|
|
Net Expense
|
|
$ (182)
|
|
$ (45)
|
|
$ (538)
|
|
$ (76)
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
$ 36
|
|
$ 28
|
|
$ 135
|
|
$ 103
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes pre-tax charges of $28 million for the three months and year ended December 31, 2012, related to the Edwardsport IGCC project.
|
|
(b)
|
Includes pre-tax impairment and other charges of $600 million and $222 million for the years ended December, 2012 and 2011, respectively, related to the
|
|
Edwardsport IGCC project.
|
|
|
|
|
|
|
|
|
|
(c)
|
Includes a tax benefit of $226 million and $87 million for the years ended December 31, 2012 and 2011, respectively, on the impairment and other charges
|
|
related to the Edwardsport IGCC project.
|
|
|
|
|
|
|
|
|
|
(d)
|
Includes pre-tax non-cash impairment charges of $79 million for the year ended December 31, 2011, related to an impairment of emission allowances due to the Cross State
|
|
Air Pollution Rule.
|
|
|
|
|
|
|
|
|
|
(e)
|
Includes costs to achieve of $166 million recorded in Operating Expense for the three months ended December 31, 2012, and $628 million recorded in Operating Expense for
|
|
the year ended December 31, 2012.
|
|
|
|
|
|
|
|
|
|
(f)
|
Includes a tax benefit related to costs to achieve of $73 million for the three months ended December 31, 2012, and $239 million for the year ended December 31, 2012.
|
|
(g)
|
All of Progress Energy Carolinas' GWh sales for the three months and year ended December 31, 2011, and 26,634 GWh sales for the year ended December 31, 2012, occurred prior to the merger with Progress Energy.
|
|
(h)
|
All of Progress Energy Florida's GWh sales for the three months and year ended December 31, 2011, and 18,348 GWh sales for the year ended December 31, 2012, occurred prior to the merger with Progress Energy.
|
|
DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
2012
|
2011
|
2010
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
Regulated electric
|
|
|
|
|
|
|
$ 15,621
|
$ 10,589
|
$ 10,723
|
|
Non-regulated electric, natural gas, and other
|
|
|
|
3,534
|
3,383
|
2,930
|
|
Regulated natural gas
|
|
|
|
|
|
469
|
557
|
619
|
|
Total operating revenues
|
|
|
|
|
|
19,624
|
14,529
|
14,272
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
Fuel used in electric generation and purchased power - regulated
|
|
5,582
|
3,309
|
3,345
|
|
Fuel used in electric generation and purchased power - non-regulated
|
|
1,722
|
1,488
|
1,199
|
|
Cost of natural gas and coal sold
|
|
|
|
|
264
|
348
|
381
|
|
Operation, maintenance and other
|
|
|
|
|
5,006
|
3,770
|
3,825
|
|
Depreciation and amortization
|
|
|
|
|
2,289
|
1,806
|
1,786
|
|
Property and other taxes
|
|
|
|
|
|
985
|
704
|
702
|
|
Goodwill and other impairment charges
|
|
|
|
|
666
|
335
|
726
|
|
Total operating expenses
|
|
|
|
|
16,514
|
11,760
|
11,964
|
|
Gains on Sales of Other Assets and Other, net
|
|
|
|
16
|
8
|
153
|
|
Operating Income
|
|
|
|
|
|
|
3,126
|
2,777
|
2,461
|
|
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates
|
|
|
|
148
|
160
|
116
|
|
Impairments and gains on sales of unconsolidated affiliates
|
|
|
22
|
11
|
103
|
|
Other income and expenses, net
|
|
|
|
|
397
|
376
|
370
|
|
Total other income and expenses
|
|
|
|
|
567
|
547
|
589
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
1,242
|
859
|
840
|
|
Income From Continuing Operations Before Income Taxes
|
|
|
2,451
|
2,465
|
2,210
|
|
Income Tax Expense from Continuing Operations
|
|
|
|
705
|
752
|
890
|
|
Income From Continuing Operations
|
|
|
|
|
1,746
|
1,713
|
1,320
|
|
Income From Discontinued Operations, net of tax
|
|
|
|
36
|
1
|
3
|
|
Net Income
|
|
|
|
|
|
|
1,782
|
1,714
|
1,323
|
|
Less: Net Income Attributable to Noncontrolling Interests
|
|
|
14
|
8
|
3
|
|
Net Income Attributable to Duke Energy Corporation
|
|
|
$ 1,768
|
$ 1,706
|
$ 1,320
|
|
|
|
|
|
|
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share - Basic and Diluted
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to Duke Energy Corporation common shareholders
|
|
Basic
|
|
|
|
|
|
|
$ 3.01
|
$ 3.83
|
$ 2.99
|
|
Diluted
|
|
|
|
|
|
|
$ 3.01
|
$ 3.83
|
$ 2.99
|
|
Income from discontinued operations attributable to Duke Energy Corporation common shareholders
|
|
Basic
|
|
|
|
|
|
|
$ 0.06
|
$ -
|
$ 0.01
|
|
Diluted
|
|
|
|
|
|
|
$ 0.06
|
$ -
|
$ 0.01
|
|
Net Income attributable to Duke Energy Corporation common shareholders
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
$ 3.07
|
$ 3.83
|
$ 3.00
|
|
Diluted
|
|
|
|
|
|
|
$ 3.07
|
$ 3.83
|
$ 3.00
|
|
Dividends declared per share
|
|
|
|
|
|
$ 3.03
|
$ 2.97
|
$ 2.91
|
|
Weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
574
|
444
|
439
|
|
Diluted
|
|
|
|
|
|
|
575
|
444
|
440
|
|
DUKE ENERGY CORPORATION
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
ASSETS
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 1,424
|
|
$ 2,110
|
|
Short-term investments
|
|
333
|
|
190
|
|
Receivables (net of allowance for doubtful accounts of
|
|
|
|
|
|
$34 at December 31, 2012 and $35 at December 31, 2011)
|
|
1,516
|
|
784
|
|
Restricted receivables of variable interest entities (net of allowance for
|
|
|
|
|
|
doubtful accounts of $44 at December 31, 2012 and $40 at December 31, 2011)
|
|
1,201
|
|
1,157
|
|
Inventory
|
|
3,223
|
|
1,588
|
|
Other
|
|
2,425
|
|
1,051
|
|
Total current assets
|
|
10,122
|
|
6,880
|
|
Investments and Other Assets
|
|
|
|
|
|
Investments in equity method unconsolidated affiliates
|
|
483
|
|
460
|
|
Nuclear decommissioning trust funds
|
|
4,242
|
|
2,060
|
|
Goodwill
|
|
16,365
|
|
3,849
|
|
Intangibles, net
|
|
372
|
|
363
|
|
Notes receivable
|
|
71
|
|
62
|
|
Restricted other assets of variable interest entities
|
|
62
|
|
135
|
|
Other
|
|
2,399
|
|
2,231
|
|
Total investments and other assets
|
|
23,994
|
|
9,160
|
|
Property, Plant and Equipment
|
|
|
|
|
|
Cost
|
|
98,833
|
|
60,377
|
|
Cost, variable interest entities
|
|
1,558
|
|
913
|
|
Accumulated depreciation and amortization
|
|
(31,969)
|
|
(18,709)
|
|
Generation facilities to be retired, net
|
|
136
|
|
80
|
|
Net property, plant and equipment
|
|
68,558
|
|
42,661
|
|
Regulatory Assets and Deferred Debits
|
|
|
|
|
|
Regulatory assets
|
|
11,004
|
|
3,672
|
|
Other
|
|
178
|
|
153
|
|
Total regulatory assets and deferred debits
|
|
11,182
|
|
3,825
|
|
Total Assets
|
|
$ 113,856
|
|
$ 62,526
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Accounts payable
|
|
$ 2,444
|
|
$ 1,433
|
|
Notes payable and commercial paper
|
|
745
|
|
154
|
|
Non-recourse notes payable of variable interest entities
|
|
312
|
|
273
|
|
Taxes accrued
|
|
459
|
|
431
|
|
Interest accrued
|
|
448
|
|
252
|
|
Current maturities of long-term debt
|
|
3,110
|
|
1,894
|
|
Other
|
|
2,511
|
|
1,091
|
|
Total current liabilities
|
|
10,029
|
|
5,528
|
|
Long-term Debt
|
|
35,499
|
|
17,730
|
|
Non-recourse long-term debt of variable interest entities
|
|
852
|
|
949
|
|
Deferred Credits and Other Liabilities
|
|
|
|
|
|
Deferred income taxes
|
|
10,490
|
|
7,581
|
|
Investment tax credits
|
|
458
|
|
384
|
|
Accrued pension and other post-retirement benefit costs
|
|
2,520
|
|
856
|
|
Asset retirement obligations
|
|
5,169
|
|
1,936
|
|
Regulatory liabilities
|
|
5,584
|
|
2,919
|
|
Other
|
|
2,221
|
|
1,778
|
|
Total deferred credits and other liabilities
|
|
26,442
|
|
15,454
|
|
Commitments and Contingencies
|
|
|
|
|
|
Preferred stock of subsidiaries
|
|
93
|
|
-
|
|
Equity
|
|
|
|
|
|
Common stock, $0.001 par value, 2 billion shares authorized; 704 million
|
|
|
|
|
|
and 445 million shares outstanding at December 31, 2012 and
|
|
|
|
|
|
December 31, 2011, respectively
|
|
1
|
|
1
|
|
Additional paid-in capital
|
|
39,279
|
|
21,132
|
|
Retained earnings
|
|
1,889
|
|
1,873
|
|
Accumulated other comprehensive loss
|
|
(306)
|
|
(234)
|
|
Total Duke Energy Corporation shareholders' equity
|
|
40,863
|
|
22,772
|
|
Noncontrolling interests
|
|
78
|
|
93
|
|
Total equity
|
|
40,941
|
|
22,865
|
|
Total Liabilities and Equity
|
|
$ 113,856
|
|
$ 62,526
|
|
DUKE ENERGY CORPORATION
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(In millions)
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
Net income
|
|
|
$ 1,782
|
|
$ 1,714
|
|
Adjustments to reconcile net income to net cash provided by
|
|
|
|
|
|
|
operating activities:
|
|
3,439
|
|
1,958
|
|
|
|
|
Net cash provided by operating activities
|
|
5,221
|
|
3,672
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(6,174)
|
|
(4,434)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
267
|
|
1,202
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(686)
|
|
440
|
|
Cash and cash equivalents at beginning of period
|
|
2,110
|
|
1,670
|
|
Cash and cash equivalents at end of period
|
|
$ 1,424
|
|
$ 2,110
|
|
Duke Energy Carolinas
|
|
Quarterly Highlights
|
|
Supplemental Franchised Electric Information
|
|
December 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWH Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
5,745
|
|
5,631
|
|
2.0%
|
|
26,279
|
|
28,323
|
|
(7.2%)
|
|
General Service
|
|
6,419
|
|
6,357
|
|
1.0%
|
|
27,476
|
|
27,593
|
|
(0.4%)
|
|
Industrial
|
|
5,079
|
|
5,001
|
|
1.6%
|
|
20,978
|
|
20,783
|
|
0.9%
|
|
Other Energy Sales
|
|
73
|
|
71
|
|
1.6%
|
|
290
|
|
286
|
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales Billed
|
|
17,316
|
|
17,060
|
|
1.5%
|
|
75,023
|
|
76,985
|
|
(2.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales (1)
|
|
1,666
|
|
1,225
|
|
36.0%
|
|
6,130
|
|
5,911
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales
|
|
18,982
|
|
18,285
|
|
3.8%
|
|
81,153
|
|
82,896
|
|
(2.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled Sales
|
|
565
|
|
216
|
|
161.3%
|
|
209
|
|
(769)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales - Duke Energy Carolinas
|
|
19,547
|
|
18,501
|
|
5.7%
|
|
81,362
|
|
82,127
|
|
(0.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
2,056,785
|
|
2,043,114
|
|
0.7%
|
|
2,052,799
|
|
2,040,848
|
|
0.6%
|
|
General Service
|
|
337,316
|
|
335,218
|
|
0.6%
|
|
336,756
|
|
334,531
|
|
0.7%
|
|
Industrial
|
|
6,679
|
|
6,872
|
|
(2.8%)
|
|
6,749
|
|
6,958
|
|
(3.0%)
|
|
Other Energy Sales
|
|
14,363
|
|
14,262
|
|
0.7%
|
|
14,342
|
|
14,218
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales
|
|
2,415,143
|
|
2,399,466
|
|
0.7%
|
|
2,410,646
|
|
2,396,555
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
21
|
|
24
|
|
(10.5%)
|
|
23
|
|
26
|
|
(11.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Number of Customers - Duke Energy Carolinas
|
2,415,164
|
|
2,399,490
|
|
0.7%
|
|
2,410,669
|
|
2,396,581
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
1,206
|
|
1,110
|
|
8.6%
|
|
2,694
|
|
3,063
|
|
(12.0%)
|
|
Cooling Degree Days
|
|
24
|
|
10
|
|
149.8%
|
|
1,568
|
|
1,776
|
|
(11.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
(3.5%)
|
|
(11.7%)
|
|
n/a
|
|
(16.5%)
|
|
(4.4%)
|
|
n/a
|
|
Cooling Degree Days
|
|
(44.7%)
|
|
(77.5%)
|
|
n/a
|
|
1.3%
|
|
19.1%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fourth quarter 2012 and year-to-date 2012 include 103 GWH and 421 GWH, respectively, of sales associated with the FERC mitigation contracts, for which the financial results are excluded from the U.S. Franchised Electric & Gas segment earnings.
|
|
Progress Energy Carolinas
|
|
Quarterly Highlights
|
|
Supplemental Franchised Electric Information
|
|
December 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWH Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
3,748
|
|
3,668
|
|
2.2%
|
|
16,663
|
|
18,148
|
|
(8.2%)
|
|
General Service
|
|
3,497
|
|
3,544
|
|
(1.3%)
|
|
15,062
|
|
15,331
|
|
(1.8%)
|
|
Industrial
|
|
2,624
|
|
2,573
|
|
2.0%
|
|
10,508
|
|
10,613
|
|
(1.0%)
|
|
Other Energy Sales
|
|
31
|
|
31
|
|
0.0%
|
|
122
|
|
124
|
|
(1.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales Billed
|
|
9,900
|
|
9,816
|
|
0.9%
|
|
42,355
|
|
44,216
|
|
(4.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales (a)
|
|
4,153
|
|
2,765
|
|
50.2%
|
|
15,870
|
|
12,605
|
|
25.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales
|
|
14,053
|
|
12,581
|
|
11.7%
|
|
58,225
|
|
56,821
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled Sales
|
|
372
|
|
28
|
|
n/a
|
|
165
|
|
(598)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales - Progress Energy Carolinas
|
|
14,425
|
|
12,609
|
|
14.4%
|
|
58,390
|
|
56,223
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
1,234,321
|
|
1,223,251
|
|
0.9%
|
|
1,231,065
|
|
1,221,426
|
|
0.8%
|
|
General Service
|
|
220,156
|
|
217,944
|
|
1.0%
|
|
219,477
|
|
217,296
|
|
1.0%
|
|
Industrial
|
|
4,420
|
|
4,469
|
|
(1.1%)
|
|
4,431
|
|
4,486
|
|
(1.2%)
|
|
Other Energy Sales
|
|
1,811
|
|
1,900
|
|
(4.7%)
|
|
1,836
|
|
1,950
|
|
(5.8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales
|
|
1,460,708
|
|
1,447,564
|
|
0.9%
|
|
1,456,809
|
|
1,445,158
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
15
|
|
18
|
|
(16.7%)
|
|
18
|
|
18
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Number of Customers - Progress Energy Carolinas
|
1,460,723
|
|
1,447,582
|
|
0.9%
|
|
1,456,827
|
|
1,445,176
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
1,116
|
|
981
|
|
13.8%
|
|
2,508
|
|
2,821
|
|
(11.1%)
|
|
Cooling Degree Days
|
|
60
|
|
49
|
|
22.4%
|
|
1,887
|
|
2,122
|
|
(11.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
(5.0%)
|
|
(16.4%)
|
|
n/a
|
|
(19.1%)
|
|
(9.1%)
|
|
n/a
|
|
Cooling Degree Days
|
|
(18.9%)
|
|
(36.4%)
|
|
n/a
|
|
3.3%
|
|
19.1%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Year-to-date 2012 includes 577 GWH of sales associated with the FERC mitigation contracts, for which the financial results are excluded from the U.S. Franchised Electric & Gas segment earnings.
|
|
Progress Energy Florida
|
|
Quarterly Highlights
|
|
Supplemental Franchised Electric Information
|
|
December 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWH Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
4,309
|
|
4,094
|
|
5.3%
|
|
18,251
|
|
19,238
|
|
(5.1%)
|
|
General Service
|
|
3,661
|
|
3,655
|
|
0.2%
|
|
14,945
|
|
15,091
|
|
(1.0%)
|
|
Industrial
|
|
776
|
|
783
|
|
(0.9%)
|
|
3,160
|
|
3,243
|
|
(2.5%)
|
|
Other Energy Sales
|
|
6
|
|
6
|
|
2.4%
|
|
25
|
|
25
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales Billed
|
|
8,753
|
|
8,539
|
|
2.5%
|
|
36,381
|
|
37,597
|
|
(3.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
428
|
|
532
|
|
(19.6%)
|
|
1,818
|
|
2,763
|
|
(34.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales
|
|
9,181
|
|
9,071
|
|
1.2%
|
|
38,199
|
|
40,360
|
|
(5.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled Sales
|
|
(552)
|
|
(798)
|
|
(30.9%)
|
|
244
|
|
(781)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Electric Sales - Progress Energy Florida
|
|
8,629
|
|
8,272
|
|
4.3%
|
|
38,443
|
|
39,578
|
|
(2.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
1,467,235
|
|
1,453,982
|
|
0.9%
|
|
1,464,154
|
|
1,452,497
|
|
0.8%
|
|
General Service
|
|
188,266
|
|
186,432
|
|
1.0%
|
|
187,445
|
|
185,879
|
|
0.8%
|
|
Industrial
|
|
2,366
|
|
2,392
|
|
(1.1%)
|
|
2,371
|
|
2,413
|
|
(1.7%)
|
|
Other Energy Sales
|
|
1,576
|
|
1,550
|
|
1.7%
|
|
1,560
|
|
1,573
|
|
(0.8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales
|
|
1,659,443
|
|
1,644,356
|
|
0.9%
|
|
1,655,530
|
|
1,642,362
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
18
|
|
15
|
|
20.0%
|
|
15
|
|
15
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Number of Customers - Progress Energy Florida
|
1,659,461
|
|
1,644,371
|
|
0.9%
|
|
1,655,545
|
|
1,642,377
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
156
|
|
106
|
|
47.2%
|
|
367
|
|
411
|
|
(10.7%)
|
|
Cooling Degree Days
|
|
420
|
|
377
|
|
11.4%
|
|
3,111
|
|
3,155
|
|
(1.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
(7.3%)
|
|
(36.9%)
|
|
n/a
|
|
(21.5%)
|
|
(12.0%)
|
|
n/a
|
|
Cooling Degree Days
|
|
(4.8%)
|
|
(14.5%)
|
|
n/a
|
|
3.7%
|
|
5.2%
|
|
n/a
|
|
Duke Energy Ohio
|
|
Quarterly Highlights
|
|
Supplemental Franchised Electric Information
|
|
December 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWH Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
1,821
|
|
1,779
|
|
2.4%
|
|
8,591
|
|
8,880
|
|
(3.3%)
|
|
General Service
|
|
2,187
|
|
2,186
|
|
0.0%
|
|
9,375
|
|
9,626
|
|
(2.6%)
|
|
Industrial
|
|
1,421
|
|
1,359
|
|
4.6%
|
|
5,761
|
|
5,728
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Energy Sales
|
|
28
|
|
35
|
|
(20.0%)
|
|
113
|
|
114
|
|
(0.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Electric Sales Billed
|
|
5,457
|
|
5,359
|
|
1.8%
|
|
23,840
|
|
24,348
|
|
(2.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
189
|
|
161
|
|
17.4%
|
|
425
|
|
663
|
|
(35.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales
|
|
5,646
|
|
5,520
|
|
2.3%
|
|
24,265
|
|
25,011
|
|
(3.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled Sales
|
|
98
|
|
88
|
|
11.4%
|
|
79
|
|
(88)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales - Duke Energy Ohio
|
|
5,744
|
|
5,608
|
|
2.4%
|
|
24,344
|
|
24,923
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
735,557
|
|
732,359
|
|
0.4%
|
|
734,270
|
|
730,839
|
|
0.5%
|
|
General Service
|
|
85,938
|
|
85,331
|
|
0.7%
|
|
85,672
|
|
85,143
|
|
0.6%
|
|
Industrial
|
|
2,571
|
|
2,589
|
|
(0.7%)
|
|
2,582
|
|
2,601
|
|
(0.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Energy
|
|
2,916
|
|
2,865
|
|
1.8%
|
|
2,898
|
|
2,850
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales
|
|
826,982
|
|
823,144
|
|
0.5%
|
|
825,422
|
|
821,433
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
1
|
|
1
|
|
0.0%
|
|
1
|
|
1
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Number Electric Customers - Duke Energy Ohio
|
826,983
|
|
823,145
|
|
0.5%
|
|
825,423
|
|
821,434
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
1,284
|
|
1,090
|
|
17.8%
|
|
3,002
|
|
3,435
|
|
(12.6%)
|
|
Cooling Degree Days
|
|
5
|
|
14
|
|
(64.3%)
|
|
1,389
|
|
1,303
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
(3.7%)
|
|
(19.6%)
|
|
n/a
|
|
(17.9%)
|
|
(5.2%)
|
|
n/a
|
|
Cooling Degree Days
|
|
(77.3%)
|
|
(39.1%)
|
|
n/a
|
|
21.2%
|
|
19.7%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Includes data for Duke Energy Ohio and Duke Energy Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy Indiana
|
|
Quarterly Highlights
|
|
Supplemental Franchised Electric Information
|
|
December 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
|
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
2012
|
|
2011
|
|
Inc.(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWH Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
1,928
|
|
1,914
|
|
0.7%
|
|
8,867
|
|
9,316
|
|
(4.8%)
|
|
General Service
|
|
1,931
|
|
1,945
|
|
(0.7%)
|
|
8,314
|
|
8,359
|
|
(0.5%)
|
|
Industrial
|
|
2,540
|
|
2,555
|
|
(0.6%)
|
|
10,412
|
|
10,237
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Energy Sales
|
|
13
|
|
14
|
|
(7.1%)
|
|
53
|
|
54
|
|
(1.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Electric Sales Billed
|
|
6,412
|
|
6,428
|
|
(0.2%)
|
|
27,646
|
|
27,966
|
|
(1.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
1,341
|
|
1,127
|
|
19.0%
|
|
5,796
|
|
5,370
|
|
7.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales
|
|
7,753
|
|
7,555
|
|
2.6%
|
|
33,442
|
|
33,336
|
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled Sales
|
|
140
|
|
125
|
|
12.0%
|
|
135
|
|
(155)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Electric Sales - Duke Energy Indiana
|
|
7,893
|
|
7,680
|
|
2.8%
|
|
33,577
|
|
33,181
|
|
1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
685,700
|
|
680,649
|
|
0.7%
|
|
683,335
|
|
678,931
|
|
0.6%
|
|
General Service
|
|
100,171
|
|
100,013
|
|
0.2%
|
|
100,120
|
|
99,795
|
|
0.3%
|
|
Industrial
|
|
2,723
|
|
2,744
|
|
(0.8%)
|
|
2,734
|
|
2,754
|
|
(0.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Energy
|
|
1,441
|
|
1,410
|
|
2.2%
|
|
1,433
|
|
1,399
|
|
2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regular Sales
|
|
790,035
|
|
784,816
|
|
0.7%
|
|
787,622
|
|
782,879
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Sales
|
|
9
|
|
11
|
|
(18.2%)
|
|
10
|
|
11
|
|
(9.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Number Electric Customers - Duke Energy Indiana
|
790,044
|
|
784,827
|
|
0.7%
|
|
787,632
|
|
782,890
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating and Cooling Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
1,426
|
|
1,157
|
|
23.2%
|
|
3,242
|
|
3,701
|
|
(12.4%)
|
|
Cooling Degree Days
|
|
5
|
|
12
|
|
(58.3%)
|
|
1,483
|
|
1,384
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance from Normal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree Days
|
|
(1.0%)
|
|
(21.2%)
|
|
n/a
|
|
(18.1%)
|
|
(5.9%)
|
|
n/a
|
|
Cooling Degree Days
|
|
(78.3%)
|
|
(47.8%)
|
|
n/a
|
|
30.8%
|
|
28.7%
|
|
n/a
|
|
DUKE ENERGY CORPORATION
|
|
ADJUSTED TO REPORTED EARNINGS RECONCILIATION
|
|
Three Months Ended December 31, 2012
|
|
(Dollars in millions, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
Costs to
Achieve,
Progress
Energy Merger
|
|
Edwardsport Charges
|
|
Economic
Hedges
(Mark-to-Market) *
|
|
Discontinued Operations
|
|
Total Adjustments
|
|
Reported Earnings
|
|
SEGMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas
|
|
|
|
$ 498
|
|
$ -
|
|
$ (17)
|
D
|
$ -
|
|
$ -
|
|
$ (17)
|
|
$ 481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Power
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
16
|
B
|
-
|
|
16
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Energy
|
|
|
|
|
|
89
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income
|
|
|
|
587
|
|
-
|
|
(17)
|
|
16
|
|
-
|
|
(1)
|
|
586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
(91)
|
|
(91)
|
A
|
|
|
-
|
|
-
|
|
(91)
|
|
(182)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income and Other Net Expense
|
|
$ 496
|
|
$ (91)
|
|
$ (17)
|
|
$ 16
|
|
$ -
|
|
$ (92)
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
-
|
|
|
|
|
|
|
|
31
|
C
|
31
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Duke Energy Corporation
|
|
$ 496
|
|
$ (91)
|
|
$ (17)
|
|
$ 16
|
|
$ 31
|
|
$ (61)
|
|
$ 435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC
|
|
$ 0.70
|
|
$ (0.13)
|
|
$ (0.02)
|
|
$ 0.02
|
|
$ 0.05
|
|
$ (0.08)
|
|
$ 0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$ 0.70
|
|
$ (0.13)
|
|
$ (0.02)
|
|
$ 0.02
|
|
$ 0.05
|
|
$ (0.08)
|
|
$ 0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A - Net of $73 million tax benefit. $3 million of gain recorded in Regulated electric (Operating Revenues), $166 million recorded within Operating Expenses and $1 million recorded in Interest Expense on the Consolidated
Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B - Net of $10 million tax expense. $27 million gain recorded within Non-regulated electric, natural gas, and other (Operating Revenues) and $1 million loss recorded within Fuel used in electric generation
|
|
and purchased power-non-regulated (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C - Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D - Net of $11 million tax benefit. Recorded in Regulated Electric within Operating Revenues on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares (reported and adjusted) - in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the mark-to-market impact of derivative contracts, which is recognized in earnings immediately as such derivative contracts do not qualify for hedge or regulatory accounting, used in Duke Energy Corporation's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, gas, power) and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the generation assets. Because the operations of the generation assets are accounted for under the accrual method, management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of the underlying hedged asset. 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
|
|
December 2012 Year-to-Date
|
|
(Dollars in millions, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
Costs to
Achieve,
Progress
Energy Merger
|
|
Voluntary
Opportunity
Plan Deferral
|
|
Edwardsport Charges
|
|
DNC Host Committee Support
|
|
Economic
Hedges
(Mark-to-Market) *
|
|
Discontinued Operations
|
|
Total Adjustments
|
|
Reported Earnings
|
|
SEGMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas
|
|
|
|
|
$ 2,086
|
|
$ -
|
|
$ 60
|
C
|
$ (402)
|
E
|
$ -
|
|
$ -
|
|
$ -
|
|
$ (342)
|
|
$ 1,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Power
|
|
|
|
|
|
93
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6)
|
B
|
-
|
|
(6)
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Energy
|
|
|
|
|
|
439
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income
|
|
|
|
2,618
|
|
-
|
|
60
|
|
(402)
|
|
-
|
|
(6)
|
|
-
|
|
(348)
|
|
2,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
(135)
|
|
(397)
|
A
|
-
|
|
-
|
|
(6)
|
F
|
-
|
|
-
|
|
(403)
|
|
(538)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income and Other Net Expense
|
|
2,483
|
|
(397)
|
|
60
|
|
(402)
|
|
(6)
|
|
(6)
|
|
-
|
|
(751)
|
|
1,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
36
|
D
|
36
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Duke Energy Corporation
|
|
$ 2,483
|
|
$ (397)
|
|
$ 60
|
|
$ (402)
|
|
$ (6)
|
|
$ (6)
|
|
$ 36
|
|
$ (715)
|
|
$ 1,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC
|
|
$ 4.33
|
|
$ (0.70)
|
|
$ 0.10
|
|
$ (0.70)
|
|
$ (0.01)
|
|
$ (0.01)
|
|
$ 0.06
|
|
$ (1.26)
|
|
$ 3.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$ 4.32
|
|
$ (0.70)
|
|
$ 0.11
|
|
$ (0.70)
|
|
$ (0.01)
|
|
$ (0.01)
|
|
$ 0.06
|
|
$ (1.25)
|
|
$ 3.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A - Net of $239 million tax benefit. $2 million recorded in Regulated electric (Operating Revenues), $628 million recorded within Operating Expenses and $6 million recorded in Interest Expense on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B - Net of $3 million tax benefit. $6 million loss recorded within Non-regulated electric, natural gas, and other (Operating Revenues) and $3 million loss recorded within Fuel used in electric generation and purchased power-non-regulated (Operating Expenses) on the
|
|
Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C - Net of $39 million tax expense. $101 million recorded in Operation, maintenance and other and $2 million expense recorded in Depreciation and amortization (all Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D - Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E - Net of $226 million tax benefit. $28 million recorded in Regulated electric within Operating Revenues, $580 million recorded in Impairment charges(Operating Expenses) and $20 million recorded within within Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F - Net of $4 million tax benefit. Recorded within within Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares (reported and adjusted) - in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the mark-to-market impact of derivative contracts, which is recognized in earnings immediately as such derivative contracts do not qualify for hedge or regulatory accounting, used in Duke Energy Corporation's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, gas, power) and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the generation assets. Because the operations of the generation assets are accounted for under the accrual method, management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of the underlying hedged asset. 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
|
|
Three Months Ended December 31, 2011
|
|
(Dollars in millions, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
Costs to
Achieve,
Progress
Energy Merger
|
|
Economic
Hedges
(Mark-to-Market) *
|
|
Total Adjustments
|
|
Reported Earnings
|
|
SEGMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas
|
|
|
|
$ 206
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$ 206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Power
|
|
|
|
|
|
30
|
|
-
|
|
1
|
B
|
1
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Energy
|
|
|
|
|
|
96
|
|
|
|
-
|
|
-
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income
|
|
|
|
332
|
|
-
|
|
1
|
|
1
|
|
333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
(17)
|
|
(28)
|
A
|
-
|
|
(28)
|
|
(45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Duke Energy Corporation
|
|
$ 315
|
|
$ (28)
|
|
$ 1
|
|
$ (27)
|
|
$ 288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC
|
|
$ 0.71
|
|
$ (0.06)
|
|
$ -
|
|
$ (0.06)
|
|
$ 0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$ 0.71
|
|
$ (0.06)
|
|
$ -
|
|
$ (0.06)
|
|
$ 0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A - Net of $11 million tax benefit. Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B - Net of $1 million tax expense. Recorded within Non-regulated electric, natural gas, and other (Operating Revenues) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares (reported and adjusted) - in millions
|
|
|
|
|
|
|
Basic
|
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the mark-to-market impact of derivative contracts in the non-native portfolio, which is recognized in earnings immediately as such derivative contracts do not qualify for hedge or regulatory accounting, used in Duke Energy's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, power) and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the generation assets. Because the operations of the generation assets are accounted for under the accrual method, management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of the underlying hedged asset. 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
|
|
Twelve Months Ended December 31, 2011
|
|
(Dollars in millions, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
Costs to
Achieve,
Progress
Energy Merger
|
|
Edwardsport Impairment
|
|
Emission Allowances Impairment
|
|
Economic
Hedges
(Mark-to-Market) *
|
|
Discontinued Operations
|
|
Total Adjustments
|
|
Reported Earnings
|
|
SEGMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Franchised Electric and Gas
|
|
|
|
$ 1,316
|
|
$ -
|
|
$ (135)
|
C
|
$ -
|
|
$ -
|
|
$ -
|
|
$ (135)
|
|
$ 1,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Power
|
|
|
|
|
|
186
|
|
-
|
|
-
|
|
(51)
|
E
|
(1)
|
B
|
-
|
|
(52)
|
|
134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Energy
|
|
|
|
|
|
466
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income
|
|
|
|
1,968
|
|
-
|
|
(135)
|
|
(51)
|
|
(1)
|
|
-
|
|
(187)
|
|
1,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
(25)
|
|
(51)
|
A
|
|
|
-
|
|
-
|
|
-
|
|
(51)
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segment Income and Other Net Expense
|
|
1,943
|
|
(51)
|
|
(135)
|
|
(51)
|
|
(1)
|
|
-
|
|
(238)
|
|
1,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
1
|
D
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Duke Energy Corporation
|
|
$ 1,943
|
|
$ (51)
|
|
$ (135)
|
|
$ (51)
|
|
$ (1)
|
|
$ 1
|
|
$ (237)
|
|
$ 1,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC
|
|
$ 4.38
|
|
$ (0.12)
|
|
$ (0.30)
|
|
$ (0.12)
|
|
$ (0.01)
|
|
$ -
|
|
$ (0.55)
|
|
$ 3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED
|
|
$ 4.38
|
|
$ (0.12)
|
|
$ (0.30)
|
|
$ (0.12)
|
|
$ (0.01)
|
|
$ -
|
|
$ (0.55)
|
|
$ 3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A - Net of $17 million tax benefit. Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B - Net of an insignificant tax amount. $2 million of gain recorded within Non-regulated electric, natural gas, and other (Operating Revenues) and $3 million loss recorded within Fuel used in electric generation and purchased power-non-regulated (Operating Expenses) on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C - Net of $87 million tax benefit. Recorded in Impairment charges within Operating Expenses on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D - Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E - Net of $28 million tax benefit. Recorded in Impairment charges within Operating Expenses on the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares (reported and adjusted) - in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the mark-to-market impact of derivative contracts, which is recognized in earnings immediately as such derivative contracts do not qualify for hedge or regulatory accounting, used in Duke Energy Corporation's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, gas, power) and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the generation assets. Because the operations of the generation assets are accounted for under the accrual method, management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of the underlying hedged asset. 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
|
|
Operations and Maintenance Expense
|
|
For the Three Months and Years Ended December 31, 2012 and 2011
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2012
|
|
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
Operation, maintenance and other (a)
|
|
$1,744
|
|
$1,065
|
|
$5,006
|
|
$3,770
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Costs to Achieve, Progress Merger (b)
|
|
(153)
|
|
(39)
|
|
(493)
|
|
(68)
|
|
Voluntary Opportunity Plan Deferral (b)
|
|
-
|
|
-
|
|
101
|
|
-
|
|
Edwardsport Legal Fees (b)(c)
|
|
-
|
|
-
|
|
(20)
|
|
-
|
|
DNC Host Committee Support (b)
|
|
-
|
|
-
|
|
(10)
|
|
-
|
|
Reagents Recoverable (d)
|
|
(14)
|
|
(12)
|
|
(58)
|
|
(51)
|
|
Energy Efficiency Recoverables (d)
|
|
(72)
|
|
(33)
|
|
(201)
|
|
(97)
|
|
Other Deferrals and Recoverables (d)
|
|
(24)
|
|
(10)
|
|
(60)
|
|
(50)
|
|
RTO Costs (d)
|
|
3
|
|
(5)
|
|
(3)
|
|
(36)
|
|
Other (e)
|
|
62
|
|
(31)
|
|
139
|
|
137
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operation, maintenance and other
|
|
$1,546
|
|
$935
|
|
$4,401
|
|
$3,605
|
|
|
|
|
|
|
|
|
|
|
|
(a) As reported in the Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Presented as a special item for purposes of calculating adjusted diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
(c) Recorded in the first quarter of 2012 as part of the Edwardsport Impairment resulting from the settlement agreement with the Indiana Office of Consumer Counselor, the Duke
|
|
Energy Industrial Group, and Nucor Steel - Indiana.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) Primarily represents expenses to be deferred or recovered through rate riders
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) Primarily intercompany and other eliminations / adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Includes Progress Energy expenses beginning July 2, 2012.
|
|
|
|
|
|
|
SOURCE Duke Energy