Core Insights - Piedmont Natural Gas is promoting various programs and tools to help customers manage their energy bills as colder temperatures approach the Southeast [1][9]. Energy Management Tools - The company offers tips for saving energy and money without sacrificing comfort [2]. - Customers can utilize the Equal Payment Plan (EPP) to level out their monthly natural gas bills, providing a predictable payment amount [3]. Financial Assistance Programs - The "Share the Warmth" program provides funds to local agencies to assist families with utility bills, regardless of energy source [4]. - The Low Income Home Energy Assistance Program (LIHEAP) offers financial aid for natural gas, electric, and other energy sources [4]. Energy Efficiency Recommendations - Customers can access their gas usage history online to identify trends and savings opportunities [6]. - The company suggests setting thermostats to the lowest comfortable setting and using smart thermostats to reduce energy consumption [6]. - Recommendations include sealing homes, managing water heating temperatures, and considering insulation improvements to enhance energy efficiency [6]. Company Overview - Piedmont Natural Gas, a subsidiary of Duke Energy, serves over 1.2 million customers across North Carolina, South Carolina, and Tennessee [8].

Core Insights - Duke Energy is focused on helping customers manage energy costs during unusually cold November temperatures, emphasizing energy efficiency and savings [1][2]. Energy Efficiency Programs - Customers participating in Duke Energy's energy efficiency programs have collectively saved over $1 billion in bills since 2019, demonstrating the effectiveness of these initiatives during colder months [2]. - The company offers various tools and tips for customers to reduce energy consumption, including personalized usage alerts and usage dashboards [7]. Company Overview - Duke Energy is a major energy holding company serving 8.6 million electric customers and 1.7 million natural gas customers across several states, with a total energy capacity of 55,100 megawatts [6]. - The company is undergoing a significant energy transition, focusing on electric grid upgrades and cleaner energy sources, including natural gas, nuclear, renewables, and energy storage [6]. Customer Support Initiatives - Duke Energy provides a range of services to assist customers in saving energy, such as free home energy assessments, rebates for energy-efficient upgrades, and income-qualified weatherization assistance [7]. - The company encourages customers to take simple actions to save energy, such as adjusting thermostat settings, sealing leaks, and utilizing natural sunlight for heating [7].

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Financial Performance - Duke Energy's adjusted EPS for Q3 2025 was $1.81, an increase from $1.62 in Q3 2024, driven by new rates and higher sales volumes [413]. - GAAP reported EPS for Q3 2025 was $1.81, up from $1.60 in Q3 2024, primarily due to the net impact of prior year adjustments [412]. - GAAP reported EPS for the nine months ended September 30, 2025, was $4.81, an increase from $4.17 for the same period in 2024, primarily due to prior year impairments and nonrecurring charges [417]. - Adjusted EPS for the nine months ended September 30, 2025, was $4.81, compared to $4.24 in 2024, driven by new rates, higher retail sales volumes, and partially offset by increased expenses [418]. - Operating income for the nine months ended September 30, 2025, was $552 million, up 19.5% from $462 million in 2024 [438]. - Net income for the nine months ended September 30, 2025, was $1,622 million, an increase of 15.4% compared to $1,405 million in 2024 [456]. - Operating revenues for the nine months ended September 30, 2025, increased to $11,110 million, up from $10,445 million in 2024, representing a variance of $665 million [461]. - Operating income rose to $2,892 million in 2025, compared to $2,572 million in 2024, reflecting an increase of $320 million [461]. - Net income for the period was $1,910 million, an increase of $276 million from $1,634 million in 2024 [461]. Revenue and Sales - Operating revenues for the three months ended September 30, 2025, were $8,180 million, up $328 million from $7,852 million in 2024 [425]. - Total electric utilities and infrastructure GWh sales for the three months ended September 30, 2025, were 72,880 GWh, slightly up from 72,756 GWh in 2024 [425]. - Operating revenues for Duke Energy Progress increased by $274 million to $5,612 million in 2025, compared to $5,338 million in 2024 [469]. - Duke Energy Florida's operating revenues rose by $394 million to $5,486 million in 2025, up from $5,092 million in 2024 [474]. - Duke Energy Indiana reported operating revenues of $2,671 million for the nine months ended September 30, 2025, an increase of $329 million (14.0%) compared to $2,342 million in 2024 [484]. - Piedmont's operating revenues increased to $1,463 million in 2025, up $324 million (28.5%) from $1,139 million in 2024, primarily driven by higher pricing from the 2024 Indiana rate case [489]. Expenses and Costs - Operating expenses for the three months ended September 30, 2025, totaled $5,878 million, an increase of $135 million from $5,743 million in 2024 [425]. - A $940 million decrease in fuel used in electric generation and purchased power was noted, primarily due to lower fuel cost recovery and the expiration of contracts in the prior year [437]. - Operating expenses for the same period rose to $382 million, a 19.7% increase from $319 million in 2024, primarily driven by a $40 million increase in the cost of natural gas [438]. - Total operating expenses for the nine months ended September 30, 2025, were $8,237 million, an increase of $344 million from $7,893 million in 2024 [461]. - Fuel used in electric generation and purchased power decreased by $423 million to $3,306 million in 2025, down from $3,729 million in 2024 [461]. Investments and Agreements - Duke Energy entered into an investment agreement to receive $6 billion for a 19.7% indirect investment in Duke Energy Florida, expected to close between 2026 and mid-2028 [394]. - The sale of Piedmont's Tennessee business to Spire Inc. for $2.48 billion is anticipated to be completed by March 31, 2026, subject to regulatory approvals [394]. - Duke Energy filed applications to merge Duke Energy Progress into Duke Energy Carolinas, targeting an effective date of January 1, 2027, pending regulatory approvals [397]. - Piedmont plans to sell its Tennessee business for $2.48 billion, with proceeds expected to be used for debt reduction and to fund Duke Energy's capital plan [497]. Regulatory and Legislative Developments - Duke Energy Florida's storm cost recovery of approximately $1.1 billion was approved to be recovered over 12 months starting March 2025 [396]. - Duke Energy's regulatory efforts include securing critical investments for reliable customer service while ensuring timely cost recovery across service territories [396]. - The South Carolina Energy Security Act promotes new generation resources and establishes a rate stabilization mechanism for electric utilities [515]. - The North Carolina Power Bill Reduction Act targets carbon neutrality by 2050 and enhances cost recovery mechanisms for baseload generation [516]. - Duke Energy filed the 2025 Carolinas Resource Plan, outlining strategies for diverse generation assets and energy demand management [517]. - The EPA is reconsidering GHG emissions regulations, with a final rule expected by December 2025 [512]. - Duke Energy is involved in legal challenges regarding the 2024 CCR Rule, with proceedings currently in abeyance until December 15, 2025 [513]. - The company anticipates cost recovery for future expenditures through the normal ratemaking process with utility commissions [514]. Customer Metrics - The average number of customers increased by 1.9% for the nine months ended September 30, 2025, compared to the previous year [457]. - The average number of customers for Duke Energy Progress increased by 1.7% in 2025 compared to the prior period [470]. Cash Flow and Financing - Duke Energy's cash flows from operating activities were $8,672 million for the nine months ended September 30, 2025, a decrease of $279 million (3.1%) from $8,951 million in 2024 [506]. - The company had $739 million in cash, cash equivalents, and restricted cash at the end of the period, up from $447 million at the beginning of the period [504]. - Duke Energy extended its Master Credit Facility from $9 billion to $10 billion, with $688 million in cash on hand and $7.5 billion available under the facility as of September 30, 2025 [495]. - Net cash provided by financing activities increased by $632 million to $1,622 million for the nine months ended September 30, 2025, compared to $990 million in 2024 [510]. - The variance in financing activities was primarily due to a $1 billion increase from the redemption of Series B preferred stock in the prior year [510]. - Issuances of long-term debt decreased by $121 million, from $4,927 million in 2024 to $4,806 million in 2025 [510]. - Dividends paid increased by $44 million, from $2,411 million in 2024 to $2,455 million in 2025 [510]. Interest and Tax Expenses - Interest expense for the nine months ended September 30, 2025, increased by $86 million compared to the same period in 2024, driven by higher outstanding debt balances [435]. - The effective tax rates for the three months ended September 30, 2025, and 2024, were 13.5% and 14.1%, respectively, reflecting an increase in pretax income [431]. - The effective tax rate (ETR) for the three months ended September 30, 2025, decreased to 27.8% from 35.9% in 2024, attributed to AFUDC equity and amortization of EDIT [439]. - Interest expense for the nine months ended September 30, 2025, rose to $584 million, an increase of 8.7% from $537 million in 2024 [456]. - Income tax expense rose to $361 million in 2025, an increase of $41 million from $320 million in 2024, mainly due to higher pretax income [461]. Operational Performance - Operating income for the three months ended September 30, 2025, was $2,314 million, an increase of $203 million compared to $2,111 million in 2024 [425]. - Segment income for Electric Utilities and Infrastructure for the three months ended September 30, 2025, was $1,658 million, up from $1,451 million in 2024, indicating strong operational performance [425]. - Duke Energy Indiana experienced a 5.5% increase in residential sales and a 5.3% increase in commercial sales, while industrial sales decreased by 4.4% [487]. - Piedmont reported a 5.2% increase in residential deliveries and a 6.2% increase in commercial deliveries, with total throughput deliveries increasing by 0.9% [492].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][12] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving targeted growth [3][22] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 per share, attributed to higher retail sales volumes and new rate implementations [12] - Gas utilities and infrastructure results remained largely flat compared to last year, consistent with seasonal trends [12] - The other segment experienced a decline of $0.04, primarily due to increased interest expenses [12] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation driving earnings growth of more than 8.5% through 2030 [4][10] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below inflation [8] Company Strategy and Development Direction - The company is reaffirming a long-term EPS growth rate of 5-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][22] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][21] - The company is actively pursuing economic development opportunities, having secured approximately 3 gigawatts of signed electric service agreements with data centers in 2025 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial and strategic objectives while focusing on operational excellence [10][22] - The company is committed to maintaining affordability for customers, with average rate changes below inflation over the past decade [7] - Management highlighted the importance of nuclear energy in future plans, while also addressing supply chain and cost overrun concerns [44] Other Important Information - The company expects to issue storm securitization bonds in North Carolina and South Carolina, projected to save customers up to 18% compared to traditional recovery methods [19] - The capital plan is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - The company indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [28][30] Question: What does the advanced pipeline for large load look like? - The company has a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: How does the high end of the 5-7% growth range reflect incremental capital? - The top half of the growth range is supported by the $95 billion-$105 billion capital range, not solely dependent on the high end [62] Question: What factors could lead to lower equity funding for capital projects? - Faster recovery investments would require less equity, while slower recovery projects would necessitate more equity support [75]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][11] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving financial targets [3][21] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 in earnings per share, attributed to higher retail sales volumes and new rate implementations [11] - Gas utilities and infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [11] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company is on track to add over 13 GW of capacity in the next five years, with significant investments in new generation expected to drive earnings growth of more than 8.5% through 2030 [4][8] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is reaffirming its long-term EPS growth rate of 5%-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][21] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][19] - The company is actively pursuing economic development opportunities, having secured approximately 3 GW of signed electric service agreements with data centers in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and momentum heading into 2026, emphasizing the durability of growth plans [10][78] - The focus remains on customer value and affordability, with efforts to keep average rate changes below inflation over the past decade [7][10] Other Important Information - The company has partnered with EY to estimate that its 10-year capital plan will generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] - The company is committed to maintaining a balance sheet that supports a target of 15% FFO to debt over the long term [19] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan is designed to add capital in every year, with a focus on large load customers and energy modernization [26][27] Question: What does the incremental potential of the $10 billion capital increase comprise? - The increase encompasses investments in transmission, generation for new data centers, and LDC investments [30] Question: How does the high end of the 5%-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the $95 billion-$105 billion capital range provided [62] Question: What does the pipeline for large load projects look like? - The company has a large and diverse pipeline, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: What factors would determine the lower end of the equity funding range? - Faster recovery investments would require less equity, while slower recovery investments would necessitate more equity support [74]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year [4][13] - The full-year guidance range has been narrowed to $6.25 to $6.35, reflecting confidence in achieving financial targets [4][15] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.24 driven by higher retail sales volumes and new rate implementations [13] - Gas Utilities and Infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [13] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [13] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation [4][5] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is focused on an ambitious generation build and modernization strategy, with a five-year capital plan projected between $95 billion and $105 billion [5][23] - The strategy includes leveraging AI and technology to maintain a competitive cost structure while ensuring customer affordability [6][7] - The company aims for a long-term EPS growth rate of 5% to 7% through 2029, with confidence in achieving the top half of this range starting in 2028 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to meet growing energy demands [11][12] - The company is actively engaging in economic development, securing significant capital commitments from commercial and industrial customers [19][20] - Management highlighted the importance of maintaining affordability for customers while managing costs effectively [6][7] Other Important Information - The company has a ten-year capital plan that is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [11] - The company is committed to maintaining a strong balance sheet with a target of 15% FFO to debt over the long term [22][23] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on infrastructure to serve large load customers [28][29] Question: What is the role of nuclear in your future plans? - Management emphasized the importance of nuclear energy, highlighting the need to resolve cost overrun protections before moving forward with new projects [40][42] Question: How does the high end of the EPS growth range reflect incremental capital? - Management confirmed that the top half of the growth range is supported by the capital plan, which includes significant investments [63] Question: What is the pipeline for large load projects? - Management stated that there is a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [66] Question: What factors determine the equity funding range for capital projects? - Management explained that faster recovery investments would require less equity, while slower recovery projects would necessitate more equity funding [72][73]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q3 2025 was $1.81, up from $1.62 in the previous year, representing over 11% growth [3][11] - The company narrowed its full-year guidance range to $6.25-$6.35 [3][20] - Long-term EPS growth rate is reaffirmed at 5-7% through 2029, with confidence to earn in the top half of the range beginning in 2028 [4][20] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment increased by $0.24, driven by higher retail sales volumes and new rates [11] - Gas utilities and infrastructure results remained largely flat compared to last year [11] - The other segment decreased by $0.04, primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company expects a new five-year capital plan between $95 billion and $105 billion, marking the largest investment plan in the industry [4][20] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, below inflation [7] Company Strategy and Development Direction - The company is focused on an ambitious generation build, adding over 13 gigawatts of capacity in the next five years [3][4] - The strategy includes leveraging AI for cost management and pursuing technology-enabled cost structures [5] - The company aims to solidify its late-stage economic development pipeline, converting prospects into firm projects, with significant commitments from data centers and other commercial customers [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the narrowed EPS guidance range and highlighted strong year-to-date results [12][20] - The company is optimistic about regulatory outcomes and expects continued growth from multi-year rate plans in various states [13][15] - Management emphasized the importance of affordability and customer value, noting that average rate changes have been below inflation over the last decade [5][6] Other Important Information - The company has secured all major permit approvals and contracts for new generation projects, with construction already underway [7][8] - The 10-year capital plan is projected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [9] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [25][29] Question: What does the advanced pipeline for large load look like? - Management confirmed a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [58] Question: How does the high end of the 5-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the provided capital range and is not dependent on being at the high end [55]

Core Points - Duke Energy, with support from the Duke Energy Foundation, has launched its annual campaign to address food insecurities in South Carolina, highlighting the urgent need for assistance as colder weather and the holiday season approach [2][5][8] - The campaign aims to support over 60 feeding programs, providing more than $600,000 in funding, and includes a significant contribution of $100,000 to the One SC Fund to aid food banks across the state [7][8][15] - The initiative is crucial as over 750,000 individuals in South Carolina face hunger, with 1 in 6 being children, emphasizing the importance of community support for local food banks and organizations [4][8] Company Initiatives - Duke Energy has committed over $2.6 million since 2021 to support local agencies addressing food insecurity [7] - The campaign commenced with a volunteer event called Yam Jam, where 50,000 pounds of sweet potatoes were packaged for holiday food boxes [7][9] - Duke Energy Foundation has also contributed $105,000 to FoodShare South Carolina and its partner organizations, demonstrating a strong commitment to community engagement [9] Community Impact - The campaign will culminate in surprise grant announcements on Giving Tuesday, reinforcing the ongoing need for support in local communities [8] - Local organizations, such as Mill Village Farms, are stepping up to fill gaps left by reduced federal support, ensuring food access for residents [9] - Duke Energy aims to raise awareness about the critical work of community partners fighting hunger, encouraging continued support from the public [9]

Core Insights - Duke Energy reported $8.54 billion in revenue for Q3 2025, a year-over-year increase of 4.8% and a surprise of +1.48% over the Zacks Consensus Estimate of $8.42 billion [1] - The EPS for the quarter was $1.81, compared to $1.62 a year ago, with a surprise of +4.02% over the consensus estimate of $1.74 [1] Revenue Breakdown - Regulated natural gas operating revenues were $361 million, below the average estimate of $504.2 million, with a year-over-year change of +21.1% [4] - Regulated electric operating revenues reached $8.11 billion, exceeding the $7.5 billion average estimate, reflecting a +4.3% year-over-year change [4] - Nonregulated electric and other revenues were $75 million, below the estimated $82.64 million, showing a -7.4% change compared to the previous year [4] - Gas Utilities and Infrastructure revenues were $394 million, surpassing the average estimate of $357.26 million, with an +18.7% year-over-year change [4] - Electric Utilities and Infrastructure revenues were $8.18 billion, slightly above the estimated $8.12 billion, indicating a +4.2% change year-over-year [4] Stock Performance - Duke Energy's shares returned -0.6% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]