DUK · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Duke Energy

37 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers

earns fromnamed as a risk

At times, demand can exceed available generation capacity and emerging large loads – such as hyperscale data centers and industrial facilities – present unique risks due to their high demand, rapid fluctuations, and unpredictable operational profiles, which can further strain bulk power system reliability and grid stability.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Suppliers

Interstate natural gas pipelines

depends onnamed as a risk

The Duke Energy Registrants purchase almost all of their natural gas supply from interstate sources that must be transported to the applicable service territories.Risk factors (Item 1A)

Also named by ATO, ED, WEC

Nuclear fuel fabrication services

depends on

Due to the technical complexities of changing suppliers of fuel fabrication services, EU&I generally source these services to a single domestic supplier on a plant-by-plant basis using multiyear contracts.Business (Item 1)

Also named by ETR

Partners and platforms

Brookfield Super-Core Infrastructure Partners

$6 billionnamed as a risk

In August 2025, Duke Energy entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida.Business (Item 1)

GIC

19.9% minority interest

The remaining 19.9% minority interest investment is owned by GIC.Business (Item 1)

PJM Interconnection

operates innamed as a risk

Duke Energy Ohio’s and Duke Energy Indiana’s membership in an RTO presents risks that could have a material adverse effect on their results of operations, financial position and cash flows.Risk factors (Item 1A)

Also named by AEP, CEG, D, ED, EXC, FE, NRG, PBF and 5 more

Midcontinent Independent System Operator (MISO)

operates in

Duke Energy Ohio is a member of PJM and Duke Energy Indiana is a member of MISO.Business (Item 1)

Also named by AEE, DTE, ETR, LNT, NEE, NI, XEL

Other companies

Spire Inc.

205,000 customers in Tennesseenamed as a risk

In July 2025, Piedmont entered into a purchase agreement with Spire Inc. for the sale of Piedmont's Tennessee business, which is included within the GU&I segment of Duke Energy and Piedmont.Business (Item 1)

Sabal Trail Natural Gas Pipeline

7.5% equity ownership interest

Duke Energy has a 7.5% equity ownership interest in Sabal Trail reported within the GU&I segment.Business (Item 1)

National Methanol Company (NMC)

operates in · 17.5% equity interest

The joint venture company has production facilities in Jubail, Saudi Arabia, where it manufactures certain petrochemicals and plastics.Business (Item 1)

Places

Florida

operates in · approximately 2.1 million residential, commercial and industrial customers

Duke Energy Florida’s service area covers approximately 13,000 square miles and supplies electric service to approximately 2.1 million residential, commercial and industrial customers.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

North Carolina

concentrated innamed as a risk

Differences in regulation between jurisdictions with concurrent operations, such as North Carolina and South Carolina in Duke Energy Carolinas' and Duke Energy Progress' service territory, may also result in failure to recover costs.Risk factors (Item 1A)

Also named by ABR, AUB, FCNCA, FHN, GLW, IMKTA, MLM, PNFP and 5 more

Illinois Basin

depends on

Coal purchased for Florida is primarily produced from mines in the Illinois Basin.Business (Item 1)

Also named by ARLP

Central Appalachia

depends on

Coal purchased for the Carolinas is primarily produced from mines in Central Appalachia, Northern Appalachia and the Illinois Basin.Business (Item 1)

Hazards

Hurricanes

operates innamed as a risk

The cost of storm restoration efforts may not be fully recoverable or recoverable on a timely basis through the regulatory process and may impact the results of operations, financial position or cash flows of the Duke Energy Registrants.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Natural gas

exposed to its price · 33.5%named as a risk

EU&I relies principally on natural gas, nuclear fuel and coal for its generation of electricity.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Coal

exposed to its price · 14.5%named as a risk

EU&I expects to renew these contracts or enter into similar contracts with other suppliers as existing contracts expire, though prices will fluctuate over time as coal markets change.Business (Item 1)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Purchased power

depends on · approximately 13% of total system requirements for 2025named as a risk

However, during periods of high demand, the price and availability of purchased power may be significantly affected.Business (Item 1)

Also named by EIX, OGE

Uranium

depends on · 27.5%

EU&I has entered into fuel contracts that cover 100% of its uranium concentrates through at least 2029, 100% of its conversion services through at least 2034, 100% of its enrichment services through at least 2033, and 100% of its fabrication services requirements for these plants through at least 2029.Business (Item 1)

Also named by AEE, AEP, CEG, DTE, ETR, EVRG, LEU, PNW and 2 more

Rare earth materials

depends onnamed as a risk

Rising demand for electric infrastructure and international trade developments, including potential export controls on certain rare earth materials and technologies used in electric utility infrastructure, may further constrain supply availability.Risk factors (Item 1A)

Regulators

North Carolina Utilities Commission (NCUC)

subject to · $1,002named as a risk

The rates that the Duke Energy Registrants’ regulated utility businesses are allowed to charge significantly influences the results of operations, financial position and cash flows of the Duke Energy Registrants.Risk factors (Item 1A)

Also named by D, ENB

Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

Failure to receive approval from the NRC for the relicensing of any of these reactors could affect our ability to achieve net-zero carbon emissions from electricity generation by 2050.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk

The Duke Energy Registrants are subject to standards enacted by the North American Electric Reliability Corporation and enforced by FERC regarding protection of the physical and cybersecurity of critical infrastructure assets required for operating North America's bulk electric system.Risk factors (Item 1A)

Also named by BKH, EIX, EVRG, EXC, FE, HASI, MDU, NEE and 5 more

Transportation Security Administration (TSA) pipeline security directives

subject tonamed as a risk

The Duke Energy Registrants that operate designated critical pipelines that transport natural gas are also subject to security directives issued by the TSA requiring such registrants to implement specific cybersecurity mitigation measures.Risk factors (Item 1A)

Also named by WMB

U.S. Department of Energy (DOE) spent nuclear fuel disposal

depends onnamed as a risk

The DOE terminated the project to license and develop a geologic repository at Yucca Mountain, Nevada in 2010, and has been unable to fulfill its obligation to dispose of spent fuel.Business (Item 1)

Federal Energy Regulatory Commission (FERC)

subject to

The FERC approves EU&I’s cost-based rates for electric sales to certain power and transmission wholesale customers.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to

Regulations of the PHMSA affect the design, construction, operation, maintenance, integrity, safety and security of natural gas distribution and transmission systems.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Indiana Utility Regulatory Commission (IURC)

subject to

Duke Energy Indiana is subject to the regulatory provisions of the IURC and FERC.Business (Item 1)

Also named by AES, CNP, NI, TLN

Public Utilities Commission of Ohio (PUCO)

subject to

Duke Energy Ohio is subject to the regulatory provisions of the PUCO, KPSC, PHMSA and FERC.Business (Item 1)

Also named by AEP, AES, ENB, FE

Florida Public Service Commission (FPSC)

subject to

Duke Energy Florida is subject to the regulatory provisions of the FPSC, NRC and FERC.Business (Item 1)

Also named by NEE

Public Service Commission of South Carolina (PSCSC)

subject to

Duke Energy Carolinas is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC.Business (Item 1)

Laws and programs

Price-Anderson Act

subject to · approximately $16.3 billion

The Price-Anderson Act requires plant owners to provide for public nuclear liability claims resulting from nuclear incidents to the maximum total financial protection liability, which is approximately $16.3 billion.Business (Item 1)

Also named by BWXT, CDRE, CEG, CW, ETR, FLR, J, LEU and 5 more

Public Utility Regulatory Policies Act of 1978 (PURPA)

subject tonamed as a risk

Stranded costs primarily include the generation assets of the Duke Energy Registrants whose value in a competitive marketplace may be less than their current book value, as well as above-market purchased power commitments from QFs from whom the Duke Energy Registrants are legally obligated to purchase energy at an avoided cost rate under the Public Utility Regulatory Policies Act of 1978.Risk factors (Item 1A)

Also named by AMRC

Inflation Reduction Act (IRA) / One Big Beautiful Bill Act (OBBBA) nuclear production tax credits

subject tonamed as a risk

If such nuclear production tax credits were eliminated or reduced, it could negatively impact our ability to return the anticipated cost benefits to customers.Risk factors (Item 1A)

EPA 2024 power plant rules (Clean Air Act Section 111)

subject tonamed as a risk

For example, EPA Rule 111 as issued imposes stringent GHG emissions limitations and reliance on carbon capture technologies that are not yet adequately demonstrated at utility scale.Risk factors (Item 1A)

EPA Coal Combustion Residuals (CCR) Rules

subject tonamed as a risk

Federal and state laws, regulations and other legal requirements, including those related to the 2015 CCR Rule and 2024 CCR Rule, may require or result in additional expenditures, including increased operating and maintenance costs, which could affect the results of operations, financial position or cash flows of the Duke Energy Registrants.Risk factors (Item 1A)

North Carolina Coal Ash Act

subject to

The Coal Ash Act, as amended, which establishes requirements regarding the use and closure of existing ash basins, the disposal of ash at active coal plants and the handling of surface water and groundwater impacts from ash basins in North Carolina.Business (Item 1)