Percent of proceeds received as cash



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| FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS |

OTHER FAIR VALUE DISCLOSURESThe fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

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|  | September 30, 2022 |  | December 31, 2021 |
| (in millions) | Book Value |  | Fair Value |  | Book Value |  | Fair Value |
| Duke Energy(a) | $ | 69,309  |  |  | $ | 60,247  |  |  | $ | 63,835  |  |  | $ | 69,683  |  |
| Duke Energy Carolinas | 14,222  |  |  | 12,614  |  |  | 13,275  |  |  | 15,101  |  |
| Progress Energy | 21,149  |  |  | 18,744  |  |  | 20,823  |  |  | 23,751  |  |
| Duke Energy Progress | 11,090  |  |  | 9,495  |  |  | 10,249  |  |  | 11,252  |  |
| Duke Energy Florida | 8,417  |  |  | 7,528  |  |  | 8,482  |  |  | 9,772  |  |
| Duke Energy Ohio | 3,244  |  |  | 2,891  |  |  | 3,193  |  |  | 3,570  |  |
| Duke Energy Indiana | 4,310  |  |  | 3,821  |  |  | 4,323  |  |  | 5,067  |  |
| Piedmont | 3,363  |  |  | 2,857  |  |  | 2,968  |  |  | 3,278  |  |

(a)Book value of long-term debt includes $1.19 billion and $1.25 billion at September 30, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. At both September 30, 2022, and December 31, 2021, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.12. VARIABLE INTEREST ENTITIESCONSOLIDATED VIEsThe obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2022, and the year ended December 31, 2021, or is expected to be provided in the future that was not previously contractually required.Receivables Financing – DERF/DEPR/DEFRDERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt.The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions. Receivables Financing – CRCCRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC. 77
