Duke Energy(US:DUK)2025-05-06 15:09Financial Performance - GAAP reported EPS and adjusted EPS for the three months ended March 31, 2025, were $1.76, an increase from $1.44 for the same period in 2024, primarily due to higher retail sales volumes and new rates [361]. - Net income for Progress Energy increased by $111 million to $546 million for the three months ended March 31, 2025 [384]. - The net income for the three months ended March 31, 2025, was $1,404 million, an increase of $253 million from $1,151 million in the prior year [423]. Revenue and Sales Growth - Operating revenues for Electric Utilities and Infrastructure segment increased to $7,140 million for the three months ended March 31, 2025, compared to $6,803 million in 2024, reflecting a variance of $337 million [366]. - Operating revenues for Duke Energy Carolinas increased by $117 million to $2,524 million for the three months ended March 31, 2025, compared to $2,407 million in 2024 [379]. - Duke Energy Progress reported operating revenues of $2,018 million for Q1 2025, an increase of $230 million (12.9%) compared to $1,788 million in Q1 2024 [390]. - Duke Energy Florida's operating revenues were $1,444 million in Q1 2025, a slight increase of $8 million (0.6%) from $1,436 million in Q1 2024 [394]. - Duke Energy Ohio's total operating revenues reached $766 million in Q1 2025, an increase of $88 million (13.0%) from $678 million in Q1 2024 [400]. - Duke Energy Indiana reported operating revenues of $858 million in Q1 2025, up $99 million (13.0%) from $759 million in Q1 2024 [404]. - Piedmont's operating revenues increased to $857 million in Q1 2025, a rise of $181 million (26.8%) compared to $676 million in Q1 2024 [410]. Operating Income and Expenses - Segment income for Electric Utilities and Infrastructure was $1,276 million for the three months ended March 31, 2025, up from $1,021 million in 2024, representing an increase of $255 million [366]. - Operating income for Duke Energy Carolinas rose by $98 million to $703 million, driven by higher pricing and improved weather conditions [379]. - The total operating expenses for Duke Energy Progress were $1,540 million in Q1 2025, up $155 million (11.2%) from $1,385 million in Q1 2024 [390]. - The increase in operating expenses for Duke Energy was primarily driven by a $142 million rise in the cost of natural gas due to higher rates and volumes [375]. - Total operating expenses for Duke Energy Carolinas were $1,821 million, a slight increase of $18 million compared to the previous year [379]. Customer Growth - The average number of customers for Duke Energy increased by 2.0% year-over-year [380]. - The average number of customers for Duke Energy Progress increased by 1.9% in Q1 2025 compared to the prior year [391]. - The average number of customers increased by 1.8% year-over-year [411]. Regulatory and Legal Matters - The company is pursuing cost recovery for future expenditures related to EPA regulations on GHG emissions through normal ratemaking processes [353]. - Duke Energy's nuclear sites received renewed licenses allowing operation for an additional 20 years, with Oconee approved to operate through 2053 and 2054 [351]. - Duke Energy Ohio's anticipated passage of Ohio Substitute House Bill 15 will eliminate the Legacy Generation Rider, negatively impacting future recoverable losses from the Inter-Company Power Agreement with OVEC [354]. - The company is actively participating in legal challenges regarding new EPA regulations affecting GHG emissions and coal combustion residuals [430][431]. Cash Flow and Liquidity - Net cash provided by operating activities was $2,177 million, a decrease of $297 million from $2,474 million in the same period last year [421]. - Issuances of long-term debt increased by $1,011 million to $3,100 million compared to $2,089 million in the same period last year [428]. - As of March 31, 2025, Duke Energy had $475 million in cash on hand and $7.8 billion available under its Master Credit Facility [416]. - Duke Energy expects to have sufficient liquidity to support its funding needs through cash on hand, cash from operations, and available credit capacity [416]. Storm Recovery and Costs - The company anticipates storm cost recovery of approximately $1.1 billion over 12 months beginning in March 2025 due to significant storm damage from hurricanes Debby, Helene, and Milton [351]. - Operating revenues for the three months ended March 31, 2025, were impacted by a $102 million increase in natural gas costs and a $72 million increase due to base rate increases in North Carolina [413].