杜克能源 2025年度报告

2025ANNUAL REPORT AND FORM 10-K Our Financial Highlights MEETING THE DEMAND OFOUR GENERATION DEAR SHAREHOLDER: We are entering an inflection point in Duke Energy’s history. The needs ofour customers, communities and the broader economy are changing at apace the utility industry has never experienced – driven by advancedmanufacturing, population growth and the rapid expansion oftechnologies. The strong foundation we’ve built over decades is grounded in operationalexcellence, financial strength and a deep commitment to customervalue – all of which position us for success. We are prepared to meet thismoment of dynamic growth with innovation, reliability and speed. Even as demand accelerates, we remain unwavering in our commitment todeliver reliable energy at the best value. We know that cost of livingmatters more than ever. That’s why every investment we make is tieddirectly to value for customers – continuously improving reliability,enhancing grid resiliency, and using every available tool to keep ratesbelow the national average. We are executing on the largest regulatedcapital plan in our sector, working with stakeholders on constructiveregulatory outcomes, advocating for supportive energy policy, anddelivering sustainable long-term value. 2025 was a year defined by execution. We delivered for stakeholders whilepreparing our system for the growth ahead. Our teams managed costseffectively, leveraged federal incentives and deployed innovative financingtools to reduce pressure on customer bills. At the same time, we madestrategic progress modernizing our fleet and investing in infrastructurethat will power economic development across our states for decades. We are entering 2026 with extraordinary momentum and an unmatchedopportunity: to build the energy backbone of a modern Americaneconomy while ensuring it remains reliable and affordable for everyone weserve. SEIZING GROWTH and Florida, North Carolina and South Carolinaranking among the top five states for populationgrowth. Economic Development EXECUTING OUR STRATEGY Duke Energy powers a modern economy – onethat is driven by manufacturing, innovation,expanded energy use, and technologies such asartificial intelligence (AI). Our mission is to servethis growth and deliver value for our stakeholders. As the demand for energy grows and shifts, DukeEnergy remains steadfast in its commitment toprovide reliable energy, upgrading both the gridand our power generation assets while also keepingcosts as low as possible. To address the dynamicexternal landscape, we are taking three core steps:collaborating with stakeholders to championsupportive energy policies, preparing andtransforming our infrastructure, and ensuring wedeliver lasting value to customers and shareholdersalike. All of the work underway today enables us tocontinue to serve our customers reliably andaffordably into the future while simultaneouslydelivering meaningful community benefits.An Ernst & Young study estimates our 10-yearcapital plan will equate to over $370 billion ineconomic output, including approximately$130 billion in labor income, and will contributemore than $200 billion to gross domestic product.These investments will also support nearly170,000 jobs annually. Collaborating with Stakeholders andAdvocating for Constructive Policies We work closely with stakeholders to supportAmerica’s economic growth, maintain transparencyand help ensure reliable energy at the lowestpossible cost. In 2025, we helped secure 87 economicdevelopment projects, representing over $30 billionin new capital investment and approximately29,000 new jobs within our service territories.These projects include major facilities, such asAmazon’s planned $10 billion investment to launcha new high-tech cloud computing and AIinnovation campus in Richmond County, NorthCarolina, one of the largest investments in thestate’s history. Supporting the increased energydemand expected from projects like these is animmense opportunity for our company andreinforces our role in regional development andgrowth. Affordability has always been a priority at ourcompany and we continue to look for ways toreduce costs. As a regulated utility, our rates areoverseen by state commissions, helping ensuretransparency and keeping costs as low as possiblefor customers. In 2025, we sought approval to combine DukeEnergy Carolinas and Duke Energy Progress, amove expected to save customers over $1 billionby 2038 through streamlined operations. Over thelast 12 months, we worked with regulators andother stakeholders to recover and securitize nearly$3 billion of storm costs, using tools like theNorth Carolina bonds projected to save customers$422 million compared to traditional recoverymethods. And in Florida, full recovery of $1.1 billionin storm costs is set to lower bills by about $33a month beginning in March. Our economic development pipeline is advancing,with approximately 4.5 gigawatts of data centerload secured under electric service