Duke Energy reports first quarter earnings

                  Duke Energy reports first quarter earnings

- First quarter 2013 adjusted diluted earnings per share (EPS) were $1.02,
compared to $1.13 for the first quarter 2012

- Reported diluted EPS for first quarter 2013 was $0.89, compared to $0.66 for
the first quarter 2012

- Company affirms its 2013 adjusted earnings guidance range of $4.20 to $4.45
per share

PR Newswire

CHARLOTTE, N.C., May 3, 2013

CHARLOTTE, N.C., May 3, 2013 /PRNewswire/ --Duke Energy (NYSE: DUK) today
announced first quarter 2013 adjusted diluted EPS of $1.02, compared to $1.13
for first quarter 2012, and reported diluted EPS of $0.89, compared to $0.66
for the same period last year.

(Logo:http://photos.prnewswire.com/prnh/20130322/CL81938LOGO )

Adjusted EPS for the quarter reflects the addition of earnings from Progress
Energy, favorable weather and revised customer rates for Duke Energy
Carolinas. These drivers helped mitigate the impact of share dilution from the
merger and less favorable results from the company's Commercial Power and
International Energy segments.

As expected, Commercial Power experienced lower results from the Midwest
generation fleet primarily due to lower PJM capacity prices, while
International Energy was negatively impacted by lower volumes and higher
purchased power costs in Brazil due to a delay in the rainy season.

"Our first quarter earnings were consistent with our internal plan and we are
affirming our 2013 earnings guidance range," said Jim Rogers, Duke Energy
chairman, president and CEO. "Our operational performance was strong, as
highlighted by our 97.1 percent nuclear capacity factor, reflecting our
continuing focus on optimizing the performance of our nuclear fleet.

"We're 10 months into the merger with Progress Energy and we are pleased with
the pace of our integration efforts. We are clearly on track to achieve our
merger commitments, providing benefits for both customers and investors," he
added. "As we move forward, our focus will remain on safety and operational
excellence as we pursue our near-term priorities, including successfully
concluding regulated rate cases in North Carolina, South Carolina and Ohio. We
also are finalizing our remaining major construction projects, providing
increased diversity to our generation mix for decades to come."

BUSINESS UNIT RESULTS

The discussion below of first-quarter 2013 financial results includes adjusted
segment income, which is a non-GAAP financial measure. The tables on pages 21
through 22 present a reconciliation of reported results to adjusted results.

U.S. Franchised Electric and Gas (USFE&G)
USFE&G recognized first-quarter 2013 adjusted segment income of $656 million,
compared to $344 million in the first quarter 2012, an increase of $0.44 per
share.

USFE&G's increased results were primarily driven by the addition of Progress
Energy's regulated utility operations in the Carolinas and Florida (+$0.35 per
share).

Other drivers, excluding the addition of Progress Energy, included:

  oFavorable weather (+$0.10 per share) compared to 2012
  oIncreased pricing and riders principally related to the implementation of
    revised customer rates at Duke Energy Carolinas in February 2012 (+$0.03
    per share)
  oIncreased wholesale revenues including new contracts (+$0.02 per share)

These results were partially offset by a change in effective tax rate (-$0.02
per share) and a decrease in AFUDC equity (-$0.02 per share) primarily due to
the completion of certain major capital projects.

International Energy
International Energy recognized first-quarter 2013 adjusted segment income of
$97 million, compared to $142 million in the first quarter 2012, a decrease of
$0.06 per share.

International Energy's quarterly results decreased primarily due to lower
volumes and higher purchased power costs in Brazil as a result of a delay in
the rainy season (-$0.03 per share), lower volumes and pricing at National
Methanol Corporation (-$0.01 per share) and unfavorable foreign exchange rates
primarily in Brazil (-$0.01 per share).

Commercial Power
Commercial Power recognized first-quarter 2013 adjusted segment income of $6
million, compared to $30 million in the first quarter 2012, a decrease of
$0.03 per share.

Commercial Power's quarterly results decreased primarily due to lower results
from the Midwest coal and gas generation fleets (-$0.05 per share) driven
primarily by lower PJM capacity revenues. These results were partially offset
by favorable margins at Duke Energy Retail (+$0.01 per share).

Other
On an adjusted basis, Other primarily includes corporate interest expense not
allocated to the business units, results from Duke Energy's captive insurance
company, other investments, and quarterly income tax levelization adjustments.

Other recognized first-quarter 2013 adjusted net expense of $43 million,
compared to net expense of $10 million in the first quarter 2012, a difference
of $0.05 per share. Other's results were primarily due to the addition of
interest expense on Progress Energy holding company's corporate debt (-$0.04
per share) and increased Duke Energy holding company interest expense (-$0.02
per share).

Share Issuance
On July 2, 2012, Duke Energy issued approximately 258 million shares of common
stock in connection with the closing of the merger with Progress Energy Inc.
The issuance of these additional shares had a dilutive impact of $0.41 per
share on the quarter-over-quarter adjusted diluted EPS results.

Earnings Conference Call for Investors
An earnings conference call for investors is scheduled for 10 a.m. ET Friday,
May 3, to discuss Duke Energy's financial performance for the first quarter
2013 as well as providing other business updates. The conference call will be
hosted by Jim Rogers, chairman, president and chief executive officer, and
Lynn Good, executive vice president and chief financial officer.

The call can be accessed via the investors' section
(http://www.duke-energy.com/investors) of Duke Energy's website or by dialing
877-723-9523 in the United States or 719-325-4929 outside the United States.
The confirmation code is 9459861. Please call in 10 to 15 minutes prior to the
scheduled start time.

A replay of the conference call will be available until 1 p.m. ET, May 13,
2013, by calling 888-203-1112 in the United States or 719-457-0820 outside the
United States and using the code 9459861. A replay and transcript also will be
available by accessing the investors' section of the company's website.

Special Items and Non-GAAP Reconciliation
Special items affecting Duke Energy's adjusted diluted EPS for first quarter
2012 and first quarter 2013 include:

(In millions, except per-share        Pre-Tax Tax Effect 1Q2013 EPS 1Q2012 EPS
amounts)                              Amount             Impact     Impact
First Quarter 2013
Costs to Achieve, Progress Energy     $(55)   $21        $(0.05)
Merger
Economic Hedges (Mark-to-Market)      $(75)   $27        $(0.08)
First Quarter 2012
Edwardsport Charges                   $(420)  $152                  $(0.60)
Costs to Achieve, Progress Energy     $(8)    $2                    $(0.01)
Merger
Voluntary Opportunity Plan deferral   $99     $(39)                 $0.13
Economic Hedges (Mark-to-Market)      $2      $(1)                  --
Discontinued operations, net of tax   --      $2                    $0.01
Total diluted EPS impact                                 $(0.13)    $(0.47)



Reconciliation of reported to adjusted diluted EPS for the quarters:

                                                                 1Q2013 1Q2012

                                                                 EPS    EPS
Diluted EPS, as reported                                         $0.89  $0.66
Adjustments to reported EPS:
Diluted EPS impact of special items, mark-to-market in           $0.13  $0.47
Commercial Power and discontinued operations
Diluted EPS, adjusted                                            $1.02  $1.13



NON-GAAP FINANCIAL MEASURES

The primary performance measure used by management to evaluate segment
performance is segment income. Segment income is defined as income from
continuing operations net of income attributable to non-controlling interests.
In addition, direct interest expense and income taxes are included in segment
income and certain governance costs are allocated to each of the segments.

Management believes segment income, which is the GAAP measure used to report
segment results, is a good indicator of each segment's operating performance
as it represents the approximate net income contribution of Duke Energy's
business segments by incorporating the direct financing methods or capital
structures of the business segments as well as the income tax attributes of
the businesses and regions in which they operate.

Duke Energy's management uses adjusted diluted EPS, which is a non-GAAP
financial measure as it represents diluted EPS from continuing operations
attributable to Duke Energy Corporation common shareholders, adjusted for the
per-share impact of special items and the mark-to-market impacts of economic
hedges in the Commercial Power segment, as a measure to evaluate operations of
the company. In addition, Duke Energy's management calculates the EPS impact
of segment income drivers to facilitate an understanding of the impacts of
each income driver on consolidated adjusted diluted EPS.

Special items represent certain charges and credits, which management believes
will not be recurring on a regular basis, although it is reasonably possible
such charges and credits could recur. Mark-to-market adjustments reflect the
mark-to-market impact of derivative contracts, which is recognized in GAAP
earnings immediately as such derivative contracts do not qualify for hedge
accounting or regulatory accounting treatment, used in Duke Energy's hedging
of a portion of the economic value of its generation assets in the Commercial
Power segment. The economic value of the generation assets is subject to
fluctuations in fair value due to market price volatility of the input and
output commodities (e.g. coal, power, gas) and, as such, the economic hedging
involves both purchases and sales of those input and output commodities
related to the generation assets. Because the operations of the generation
assets are accounted for under the accrual method, management believes that
excluding the impact of mark-to-market changes of the economic hedge contracts
from adjusted earnings until settlement better matches the financial impacts
of the hedge contract with the portion of the economic value of the underlying
hedged asset. Management believes that the presentation of adjusted diluted
EPS provides useful information to investors, as it provides them an
additional relevant comparison of the company's performance across periods.
Adjusted diluted EPS is also used as a basis for employee incentive bonuses.
The most directly comparable GAAP measure for adjusted diluted EPS is reported
diluted EPS from continuing operations attributable to Duke Energy Corporation
common shareholders, which includes the impact of special items and the
mark-to-market impacts of economic hedges in the Commercial Power segment. Due
to the forward-looking nature of adjusted diluted EPS for future periods,
information to reconcile such non-GAAP financial measures to the most directly
comparable GAAP financial measures is not available at this time, as the
company is unable to forecast special items and the mark-to-market impacts of
economic hedges in the Commercial Power segment for future periods.

Duke Energy also uses adjusted segment income and adjusted Other net expenses
as a measure of historical and anticipated future segment and Other
performance. Adjusted segment income and adjusted Other net expenses are
non-GAAP financial measures, as they represent reported segment income and
Other net expenses adjusted for special items and the mark-to-market impacts
of economic hedges in the Commercial Power segment. Management believes that
the presentation of adjusted segment income and adjusted Other net expenses
provides useful information to investors, as it provides them an additional
relevant comparison of a segment's or Other's performance across periods. When
an EPS amount is provided for a segment income driver, the per share impact is
derived by taking the before-tax amount of the item less income taxes based on
Duke Energy's consolidated effective tax rate, divided by the Duke Energy
weighted-average diluted shares outstanding for the period. The most directly
comparable GAAP measure for adjusted segment income or adjusted Other net
expenses is reported segment income or Other net expenses, which represents
segment income and Other net expenses from continuing operations, including
any special items and the mark-to-market impacts of economic hedges in the
Commercial Power segment. Due to the forward-looking nature of any forecasted
adjusted segment income or adjusted Other net expenses and any related growth
rates for future periods, information to reconcile these non-GAAP financial
measures to the most directly comparable GAAP financial measures is not
available at this time, as the company is unable to forecast special items,
the mark-to-market impacts of economic hedges in the Commercial Power segment,
or any amounts that may be reported as discontinued operations or
extraordinary items for future periods.

Duke Energy is the largest electric power holding company in the United States
with more than $100 billion in total assets. Its regulated utility operations
serve approximately 7.1 million electric customers located in six states in
the Southeast and Midwest. Its commercial power and international business
segments own and operate diverse power generation assets in North America and
Latin America, including a growing portfolio of renewable energy assets in the
United States.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded
on the New York Stock Exchange under the symbol DUK. More information about
the company is available at: www.duke-energy.com.

Forward-Looking Information
This release includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are based on management's beliefs and
assumptions.

These forward-looking statements are identified by terms and phrases such as
"anticipate," "believe," "intend," "estimate," "expect," "continue," "should,"
"could," "may," "plan," "project," "predict," "will," "potential," "forecast,"
"target," "guidance," "outlook" and similar expressions. Forward-looking
statements involve risks and uncertainties that may cause actual results to be
materially different from the results predicted. Factors that could cause
actual results to differ materially from those indicated in any
forward-looking statement include, but are not limited to: state, federal and
foreign legislative and regulatory initiatives, including costs of compliance
with existing and future environmental requirements, as well as rulings that
affect cost and investment recovery or have an impact on rate structures; the
ability to recover eligible costs and earn an adequate return on investment
through the regulatory process; the costs of retiring Duke Energy Florida's
Crystal River Unit 3 could prove to be more extensive than is currently
identified, all costs associated with the retirement Crystal River Unit 3
asset, including replacement power may not be fully recoverable through the
regulatory process; the ability to maintain relationships with customers,
employees or suppliers post-merger; the ability to successfully integrate the
Progress Energy businesses and realize cost savings and any other synergies
expected from the merger; the risk that the credit ratings of the combined
company or its subsidiaries may be different from what the companies expect;
the impact of compliance with material restrictions of conditions related to
the Progress Energy merger imposed by regulators could exceed our
expectations; costs and effects of legal and administrative proceedings,
settlements, investigations and claims; industrial, commercial and residential
growth or decline in the respective Duke Energy Registrants' service
territories, customer base or customer usage patterns; additional competition
in electric markets and continued industry consolidation; political and
regulatory uncertainty in other countries in which Duke Energy conducts
business; the influence of weather and other natural phenomena on each of the
Duke Energy Registrants' operations, including the economic, operational and
other effects of storms, hurricanes, droughts and tornadoes; the ability to
successfully operate electric generating facilities and deliver electricity to
customers; the ability to recover, in a timely manner, if at all, costs
associated with future significant weather events through the regulatory
process; the impact on the Duke Energy Registrants' facilities and business
from a terrorist attack, cyber security threats and other catastrophic events;
the inherent risks associated with the operation and potential construction of
nuclear facilities, including environmental, health, safety, regulatory and
financial risks; the timing and extent of changes in commodity prices,
interest rates and foreign currency exchange rates and the ability to recover
such costs through the regulatory process, where appropriate; unscheduled
generation outages, unusual maintenance or repairs and electric transmission
system constraints; the performance of electric generation facilities and of
projects undertaken by Duke Energy's non-regulated businesses; the results of
financing efforts, including the Duke Energy Registrants' ability to obtain
financing on favorable terms, which can be affected by various factors,
including the respective Duke Energy Registrants' credit ratings and general
economic conditions; declines in the market prices of equity securities and
resultant cash funding requirements for Duke Energy's defined benefit pension
plans and nuclear decommissioning trust funds; the level of creditworthiness
of counterparties to Duke Energy Registrants' transactions; employee workforce
factors, including the potential inability to attract and retain key
personnel; growth in opportunities for the respective Duke Energy Registrants'
business units, including the timing and success of efforts to develop
domestic and international power and other projects; construction and
development risks associated with the completion of Duke Energy Registrants'
capital investment projects in existing and new generation facilities,
including risks related to financing, obtaining and complying with terms of
permits, meeting construction budgets and schedules, and satisfying operating
and environmental performance standards, as well as the ability to recover
costs from ratepayers in a timely manner or at all; the subsidiaries ability
to pay dividends or distributions to Duke Energy Corporation holding company
(the Parent); the effect of accounting pronouncements issued periodically by
accounting standard-setting bodies; the impact of potential goodwill
impairments; the ability to reinvest retained earnings of foreign subsidiaries
or repatriate such earnings on a tax free basis; and the ability to
successfully complete future merger, acquisition or divestiture plans.

Additional risks and uncertainties are identified and discussed in Duke
Energy's and its subsidiaries' reports filed with the SEC and available at the
SEC's website at www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements might not
occur or might occur to a different extent or at a different time than Duke
Energy has described. Duke Energy undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

Media Contact: Tom Shiel
Office: 704.382.2355 | 24-Hour: 800.559.3853
Analyst: Bob Drennan
Office: 704.382.4070
Analyst: Bill Currens
Office: 704.382.1603



DUKE ENERGY CORPORATION
EARNINGS VARIANCES
March 2013 YTD vs. Prior Year
                  U.S.
                  Franchised  International  Commercial
($ per share)                 Energy         Power       Other     Consolidated
                  Electric &
                  Gas
2012 YTD
Reported          $  0.30     $    0.32      $  0.07     $ (0.04)  $   0.66
Earnings Per
Share, Diluted
Costs to
Achieve,             -             -            -          0.01        0.01
Progress Merger
Edwardsport          0.60          -            -          -           0.60
Charges
Voluntary
Opportunity Plan     (0.13)        -            -          -           (0.13)
Deferral
Economic Hedges      -             -            -          -           -
(Mark-to-Market)
Discontinued                                                           (0.01)
Operations
2012 YTD
Adjusted          $  0.77     $    0.32      $  0.07     $ (0.03)  $   1.13
Earnings Per
Share, Diluted
Share                (0.28)        (0.12)       (0.03)     0.02        (0.41)
Differential (a)
2012 YTD
Adjusted
Earnings Per      $  0.49     $    0.20      $  0.04     $ (0.01)  $   0.72
Share, Diluted,
Recasted for
Share Issuance
Progress Energy      0.35          -            -          (0.04)      0.31
Contribution
Weather              0.10          -            -          -           0.10
Pricing and          0.03          -            -          -           0.03
Riders (b)
Latin America,
including            -             (0.05)       -          -           (0.05)
Foreign Exchange
Rates (c)
National             -             (0.01)       -          -           (0.01)
Methanol Company
Midwest Coal         -             -            (0.02)     -           (0.02)
Generation (d)
Midwest Gas          -             -            (0.03)     -           (0.03)
Generation (e)
Duke Energy          -             -            0.01       -           0.01
Retail
Interest Expense     -             -            0.01       (0.02)      (0.01)
Change in
effective income     (0.02)        -            -          -           (0.02)
tax rate
Other (f)            (0.02)        -            -          0.01        (0.01)
2013 YTD
Adjusted          $  0.93     $    0.14      $  0.01     $ (0.06)  $   1.02
Earnings Per
Share, Diluted
Costs to
Achieve,             -             -            -          (0.05)      (0.05)
Progress Merger
Economic Hedges      -             -            (0.08)     -           (0.08)
(Mark-to-Market)
2013 YTD
Reported          $  0.93     $    0.14      $  (0.07)   $ (0.11)  $   0.89
Earnings Per
Share, Diluted

     Note 1: Earnings Per Share amounts are calculated using the consolidated
     effective income tax rate.
     Note 2: Adjusted and Reported Earnings Per Share amounts by segment may
     not recompute from other published schedules due to rounding.
     Reflects the impact on prior period earnings per diluted share due to the
     increase in Duke Energy's weighted-average diluted common shares
     outstanding as a result of shares issued to complete

(a)  the merger with Progress Energy. Weighted-average diluted shares
     outstanding increased from 446 million for the three months ended March
     31, 2012, to 705 million for the three months ended

     March 31, 2013.
     Primarily due to the timing of the implementation of revised customer
     rates in North and South Carolina as a result of the 2011 Duke Energy
     Carolinas rate case. The revised rates were in
(b)
     implemented in February 2012, resulting in only two months of increased
     rates in quarter ended March 31, 2012, compared to three months in
     quarter ended March 31, 2013.
     Primarily driven by higher average purchased power costs and lower
(c) volumes due to a delay in the rainy season (-$0.03) and unfavorable
     foreign exchange rates (-$0.01) in Brazil.
(d)  Primarily due to lower capacity revenues received from PJM (-$0.03).
(e)  Primarily due to lower capacity revenue from PJM (-$0.03).
     Amount for U.S. Franchised Electric & Gas is primarily due to a decrease
     in AFUDC-equity (-$0.02), and increases in depreciation and amortization
(f)  expense (-$0.01) and general taxes (-$0.01),

     partially offset by higher wholesale revenue, including new contracts
     (+$0.02).







March 2013
QUARTERLY HIGHLIGHTS
(Unaudited)
                                           Three Months Ended
                                           March 31,
(In millions, except per-share amounts     2013                2012
and where noted)
COMMON STOCK DATA
Income from continuing operations
attributable to Duke Energy Corporation
common shareholders^(a)
 Basic                                  $             $       
                                           0.89                   0.65
 Diluted                                $             $       
                                           0.89                   0.65
Income from discontinued operations
attributable to Duke Energy Corporation
common shareholders^(a)
 Basic                                  $           $       
                                            -                     0.01
 Diluted                                $           $       
                                            -                     0.01
Net income attributable to Duke Energy
Corporation common shareholders^(a)
 Basic                                  $             $       
                                           0.89                   0.66
 Diluted                                $             $       
                                           0.89                   0.66
 Dividends Declared Per Share^(a)         $      0.765  $       
                                                                   0.75
 Weighted-Average Shares Outstanding^(a)
 Basic                                  705                 446
 Diluted                                705                 446
SEGMENT INCOME BY BUSINESS SEGMENT
U.S. Franchised Electric and Gas^(b)       $            $       
                                           656                     136
Commercial Power                           (42)                31
International Energy                       97                  142
Total Reportable Segment Income            711                 309
Other Net Expense                          (77)                (16)
Income from Discontinued Operations, net   -                   2
of tax
Net Income Attributable to Duke Energy     $            $       
Corporation                                634                     295
CAPITALIZATION
Total Common Equity                        50%                 53%
Total Debt                                 50%                 47%
Total Debt                                 $     41,350   $       
                                                                 20,550
Book Value Per Share^(a)                   $      58.14  $       
                                                                  51.29
Actual Shares Outstanding^(a)              706                 446
CAPITAL AND INVESTMENT EXPENDITURES
U.S. Franchised Electric and Gas           $      1,309  $       
                                                                   795
Commercial Power                           25                  209
International Energy                       12                  15
Other                                      64                  24
Total Capital and Investment Expenditures  $      1,410  $       
                                                                  1,043

(a) Reflects the impact of
the 1-for-3 reverse stock
split on July 2, 2012.
(b) Includes impairment and other charges of $268 million in the first quarter
of 2012 related to the Edwardsport IGCC project (net of tax of $152 million).





March 2013
QUARTERLY HIGHLIGHTS
(Unaudited)
                                     Three Months Ended
                                     March 31,
(In millions, except where noted)    2013                 2012
U.S. FRANCHISED ELECTRIC AND GAS
 Operating Revenues                 $           $         
                                     5,060                2,668
 Operating Expenses ^(a)            3,840                2,382
 Gains on Sales of Other Assets,    2                    4
net
 Operating Income (Loss)            1,222                290
 Other Income and Expenses          61                   62
 Interest Expense                   236                  146
 Income Before Income Taxes         1,047                206
 Income Tax Expense^(b)             391                  70
 Less: Income Attributable to       -                    -
Noncontrolling Interests
 Segment Income                     $           $         
                                       656                136
 Depreciation and Amortization      $           $         
                                       536               368
 Duke Energy Carolinas GWh sales    22,246               19,461
 Duke Energy Progress GWh sales     14,701               13,168
 Duke Energy Florida's GWh sales    8,017                8,412
 Duke Energy Ohio GWh sales         6,178                5,854
 Duke Energy Indiana GWh sales      8,505                8,469
 Net Proportional MW Capacity in    49,641               27,471
Operation
COMMERCIAL POWER
 Operating Revenues                 $           $         
                                       452               580
 Operating Expenses                 533                  530
 Gains on Sales of Other Assets,    -                    -
net
 Operating Income (Loss)            (81)                 50
 Other Income and Expenses          11                   8
 Interest Expense                   15                   19
 Income Before Income Taxes         (85)                 39
 Income Tax Expense                 (43)                 8
 Less: Income Attributable to       -                    -
Noncontrolling Interests
 Segment Income                     $           $         
                                        (42)               31
 Depreciation and Amortization      $           $         
                                         63               56
Actual Coal-fired Plant Production,  4,549                4,068
GWh
Actual Gas-fired Plant Production,   3,897                4,583
GWh
Actual Renewable Plant Production,   1,405                998
GWh
Actual Plant Production, GWh         9,851                9,649
 Net Proportional MW Capacity in    8,094                7,691
Operation
INTERNATIONAL ENERGY
 Operating Revenues                 $           $         
                                       392               402
 Operating Expenses                 263                  245
 Gains on Sales of Other Assets,    -                    -
net
 Operating Income (Loss)            129                  157
 Other Income and Expenses          33                   54
 Interest Expense                   21                   16
 Income Before Income Taxes         141                  195
 Income Tax Expense                 42                   49
 Less: Income Attributable to       2                    4
Noncontrolling Interests
 Segment Income                     $           $         
                                         97              142
 Depreciation and Amortization      $           $         
                                         26               24
 Sales, GWh                         4,756                5,074
 Proportional MW Capacity in        4,584                4,231
Operation
OTHER
 Operating Revenues                 $           $         
                                         35               15
 Operating Expenses                 90                   16
 (Losses) Gains on Sales of Other   -                    (1)
Assets, net
 Operating Income (Loss)            (55)                 (2)
 Other Income and Expenses          11                   5
 Interest Expense                   95                   43
 (Loss) Income Before Income Taxes  (139)                (40)
 Income Tax (Benefit) Expense       (60)                 (24)
 Less: Income (Loss) Attributable   (2)                  -
to Noncontrolling Interests
 Net Expense                        $           $         
                                        (77)              (16)
 Depreciation and Amortization      $           $         
                                         35               31

(a) Includes pre-tax impairment and other charges of $420 million for the
three months ended March 31, 2012, related to the Edwardsport IGCC project.
(b) Includes a tax benefit of $152 million for the three months ended March
31, 2012, on the impairment and other charges related to the Edwardsport IGCC
project.



DUKE ENERGY CORPORATION
Condensed Consolidated Statements Of Operations
(Unaudited)
                                                   Three Months Ended
                                                   March 31,
(in millions, except per-share amounts)            2013        2012
Operating Revenues
Regulated electric                                 $       $    
                                                   4,889       2,501
Nonregulated electric, natural gas, and other      824         958
Regulated natural gas                              185         171
Total operating revenues                           5,898       3,630
Operating Expenses
Fuel used in electric generation and purchased     1,703       777
power - regulated
Fuel used in electric generation and purchased     454         448
power - nonregulated
Cost of natural gas and coal sold                  104         102
Operation, maintenance and other                   1,421       746
Depreciation and amortization                      660         479
Property and other taxes                           343         184
Impairment charges                                 -           402
Total operating expenses                           4,685       3,138
Gains on Sales of Other Assets and Other, net      2           3
Operating Income                                   1,215       495
Other Income and Expenses
Equity in earnings of unconsolidated               36          45
affiliates
Impairments on sales of unconsolidated             -           (5)
affiliates
Other income and expenses, net                     80          89
Total other income and expenses                    116         129
Interest Expense                                   367         224
Income From Continuing Operations Before Income    964         400
Taxes
Income Tax Expense from Continuing Operations      330         103
Income From Continuing Operations                  634         297
Income From Discontinued Operations, net of tax    -           2
Net Income                                        634         299
Less: Net Income Attributable to Noncontrolling    -           4
Interests
Net Income Attributable to Duke Energy             $      $     
Corporation                                        634        295
Earnings Per Share - Basic and Diluted
Income from continuing operations attributable to Duke Energy Corporation
common shareholders
                 Basic                            $      $     
                                                   0.89        0.65
                 Diluted                           $      $     
                                                   0.89        0.65
Income from discontinued operations attributable to Duke Energy Corporation
common shareholders
                 Basic                            $      $     
                                                     -      0.01
                 Diluted                           $      $     
                                                     -      0.01
Net Income attributable to Duke Energy Corporation
common shareholders
                 Basic                            $      $     
                                                   0.89        0.66
                 Diluted                           $      $     
                                                   0.89        0.66
Dividends declared per share                       $       $     
                                                   0.765       0.75
Weighted-average shares outstanding
                 Basic                             705         446
                 Diluted                           705         446





DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
                                              March 31,        December 31,
(in millions)                                 2013             2012
ASSETS
Current Assets
Cash and cash equivalents                     $         $       
                                              1,296            1,424
Short-term investments                        288              333
Receivables (net of allowance for doubtful
accounts of
  $32 at March 31, 2013 and $34 at December   1,503            1,516
  31, 2012)
Restricted receivables of variable interest
entities (net of allowance for
  doubtful accounts of $42 at March 31, 2013  1,304            1,201
  and $44 at December 31, 2012)
Inventory                                     3,096            3,223
Other                                         2,062            2,425
  Total current assets                        9,549            10,122
Investments and Other Assets
Investments in equity method unconsolidated   478              483
affiliates
Nuclear decommissioning trust funds           4,536            4,242
Goodwill                                      16,371           16,365
Intangibles, net                              356              372
Notes receivable                              69               71
Restricted other assets of variable interest  54               62
entities
Other                                         2,466            2,399
  Total investments and other assets          24,330           23,994
Property, Plant and Equipment
Cost                                          99,605           98,833
Cost, variable interest entities              1,579            1,558
Accumulated depreciation and amortization     (32,501)         (31,969)
Generation facilities to be retired, net      130              136
  Net property, plant and equipment           68,813           68,558
Regulatory Assets and Deferred Debits
Regulatory assets                            10,778           11,004
Other                                         196              178
  Total regulatory assets and deferred        10,974           11,182
  debits
Total Assets                                  $           $     
                                              113,666          113,856
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable                              $         $       
                                              1,985            2,444
Notes payable and commercial paper            1,361            745
Non-recourse notes payable of variable        325              312
interest entities
Taxes accrued                                 425              459
Interest accrued                              478              448
Current maturities of long-term debt          3,323            3,110
Other                                         2,068            2,511
  Total current liabilities                   9,965            10,029
Long-term Debt                                35,084           35,499
Non-recourse Long-term debt of Variable       1,255            852
Interest Entities
Deferred Credits and Other Liabilities
Deferred income taxes                         10,518           10,490
Investment tax credits                        454              458
Accrued pension and other post-retirement     2,380            2,520
benefit costs
Asset retirement obligations                  5,229            5,169
Regulatory liabilities                        5,555            5,584
Other                                         2,196            2,221
  Total deferred credits and other            26,332           26,442
  liabilities
Commitments and Contingencies
Preferred Stock of Subsidiaries               -                93
Equity
Common stock, $0.001 par value, 2 billion
shares authorized; 706 million
  and 704 million shares outstanding at
  March 31, 2013 and
  December 31, 2012, respectively             1                1
Additional paid-in capital                    39,263           39,279
Retained earnings                             1,978            1,889
Accumulated other comprehensive loss          (289)            (306)
  Total Duke Energy Corporation               40,953           40,863
  shareholders' equity
Noncontrolling interests                      77               78
  Total equity                                41,030           40,941
Total Liabilities and Equity                  $           $     
                                              113,666          113,856



DUKE ENERGY CORPORATION
Condensed Consolidated Statements Of Cash Flows
(Unaudited)
                                         Three Months Ended
                                         March 31,
(in millions)                            2013               2012
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                             $          $        
                                         634                299
 Adjustments to reconcile net income to
 net cash provided by
     operating activities                457                573
         Net cash provided by operating  1,091              872
         activities
CASH FLOWS FROM INVESTING ACTIVITIES
         Net cash used in investing      (1,465)            (1,180)
         activities
CASH FLOWS FROM FINANCING ACTIVITIES
         Net cash provided by (used in)  246                (731)
         financing activities
 Net decrease in cash and cash           (128)              (1,039)
 equivalents
 Cash and cash equivalents at beginning  1,424              2,110
 of period
 Cash and cash equivalents at end of     $           $       
 period                                  1,296              1,071





Duke Energy Carolinas
Quarterly Highlights
Supplemental Franchised Electric Information
March 2013
                                    Three Months Ended
                                                   March 31
                                                                  %
                                    2013           2012           Inc.(Dec.)
GWH Sales
 Residential                        7,705          7,030          9.6%
 General Service                    6,526          6,391          2.1%
 Industrial                         4,811          4,879          (1.4%)
 Other Energy Sales                 74             72             1.7%
  Total Regular Sales Billed     19,116         18,372         4.1%
 Special Sales (1)                  3,120          1,261          147.3%
  Total Electric Sales         22,236         19,633         13.3%
 Unbilled Sales                     10             (172)          105.8%
  Total Electric Sales - Duke      22,246         19,461         14.3%
 Energy Carolinas
Average Number of Customers
 Residential                        2,062,339      2,048,361      0.7%
 General Service                    337,515        335,650        0.6%
 Industrial                         6,650          6,833          (2.7%)
 Other Energy Sales                 14,350         14,303         0.3%
  Total Regular Sales              2,420,854      2,405,147      0.7%
 Special Sales                      24             23             4.3%
 Total Average Number of
 Customers - Duke Energy            2,420,878      2,405,170      0.7%
 Carolinas
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                1,856          1,319          40.7%
 Cooling Degree Days                -              32             (100.0%)
 Variance from Normal
 Heating Degree Days                5.8%           (24.9%)        n/a
 Cooling Degree Days                (100.0%)       464.4%         n/a
 (1) First quarter 2013 includes 184 GWH of sales associated with the FERC
 mitigation contracts, for which the

 financial results are excluded from the Franchised Electric & Gas segment
 earnings.



Duke Energy Progress
Quarterly Highlights
Supplemental Franchised Electric Information
March 2013
                                              Three Months Ended
                                                         March 31
                                                                    %
                                              2013       2012       Inc.(Dec.)
GWH Sales
 Residential                                  4,959      4,435      11.8%
 General Service                              3,482      3,449      1.0%
 Industrial                                   2,444      2,429      0.6%
 Other Energy Sales                           30         30         1.1%
  Total Regular Sales Billed               10,915     10,343     5.5%
 Special Sales                                3,751      2,958      26.8%
  Total Electric Sales                   14,666     13,301     10.3%
 Unbilled Sales                               35         (133)      (126.5%)
  Total Consolidated Electric Sales - Duke   14,701     13,168     11.6%
 Energy Progress
Average Number of Customers
 Residential                                  1,237,568  1,227,520  0.8%
 General Service                              220,208    218,266    0.9%
 Industrial                                   4,396      4,457      (1.4%)
 Other Energy Sales                           1,812      1,872      (3.2%)
  Total Regular Sales                        1,463,984  1,452,115  0.8%
 Special Sales                                15         19         (21.1%)
 Total Average Number of Customers - Duke     1,463,999  1,452,134  0.8%
 Energy Progress
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                          1,764      1,218      44.8%
 Cooling Degree Days                          6          59         (89.8%)
 Variance from Normal
 Heating Degree Days                          4.7%       (28.6%)    n/a
 Cooling Degree Days                          (40.8%)    391.7%     n/a



Duke Energy Florida
Quarterly Highlights
Supplemental Franchised Electric Information
March 2013
                                             Three Months Ended
                                                        March 31
                                                                   %
                                             2013       2012       Inc.(Dec.)
GWH Sales
 Residential                                 3,744      3,705      1.1%
 General Service                             3,224      3,311      (2.6%)
 Industrial                                  755        757        (0.3%)
 Other Energy Sales                          6          6          0.6%
  Total Regular Sales Billed              7,729      7,779      (0.6%)
 Special Sales                               286        346        (17.6%)
  Total Electric Sales                  8,015      8,125      (1.4%)
 Unbilled Sales                              1          286        (99.5%)
  Total Consolidated Electric Sales - Duke  8,016      8,411      -4.7%
 Energy Florida
Average Number of Customers
 Residential                                 1,473,749  1,461,004  0.9%
 General Service                             188,344    186,635    0.9%
 Industrial                                  2,361      2,397      (1.5%)
 Other Energy Sales                          1,568      1,548      1.3%
  Total Regular Sales                       1,666,022  1,651,584  0.9%
 Special Sales                               14         14         0.0%
 Total Average Number of Customers - Duke    1,666,036  1,651,598  0.9%
 Energy Florida
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                         274        202        35.6%
 Cooling Degree Days                         201        325        (38.2%)
 Variance from Normal
 Heating Degree Days                         (0.6%)     (26.7%)    n/a
 Cooling Degree Days                         (7.0%)     50.8%      n/a



Duke Energy Ohio
Quarterly Highlights
Supplemental Franchised Electric Information
March 2013
                                           Three Months Ended
                                           March 31
                                                              %
                                           2013      2012     Inc.(Dec.)
GWH Sales
 Residential                               2,498     2,247    11.2%
 General Service                           2,282     2,207    3.4%
 Industrial                                1,396     1,398    (0.1%)
 Other Energy Sales                        28        29       (3.4%)
  Total Regular Electric Sales Billed   6,204     5,881    5.5%
 Special Sales                            120       52       130.8%
  Total Electric Sales Billed        6,324     5,933    6.6%
 Unbilled Sales                            (146)     (79)     (84.8%)
  Total Electric Sales - Duke Energy      6,178     5,854    5.5%
 Ohio
Average Number of Customers
 Residential                               737,283   736,116  0.2%
 General Service                           86,056    85,664   0.5%
 Industrial                               2,562     2,595    (1.3%)
 Other Energy                              2,924     2,879    1.6%
  Total Regular Sales                     828,825   827,254  0.2%
 Special Sales                             1         2        (50.0%)
 Total Average Number Electric Customers   828,826   827,256  0.2%
 - Duke Energy Ohio
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                       2,165     1,525    42.0%
 Cooling Degree Days                       -         29       (100.0%)
 Variance from Normal
 Heating Degree Days                       4.5%      (27.3%)  n/a
 Cooling Degree Days                       (100.0%)  1350.0%  n/a



Duke Energy Ohio
Quarterly Highlights
Supplemental Franchised Gas Information
March 2013
                                           Three Months Ended
                                           March 31
                                                                    %
                                           2013        2012         Inc.(Dec.)
MCF Sales
 Residential                               20,044,850  16,532,983   21.2%
 General Service                           11,648,545  9,594,616    21.4%
 Industrial                               2,407,491   1,953,064    23.3%
 Other Energy Sales                        6,154,498   6,131,351    0.4%
  Total Gas Sales Billed - Duke Energy  40,255,384  34,212,014   17.7%
 Ohio
 Unbilled Sales                            (912,000)   (2,622,000)  65.2%
  Total Gas Sales - Duke Energy Ohio      39,343,384  31,590,014   24.5%
Average Number of Customers
 Residential                               471,571     471,836      (0.1%)
 General Service                           45,001      45,225       (0.5%)
 Industrial                                1,688       1,716        (1.6%)
 Other Energy                              166         172          (3.5%)
 Total Average Number Gas Customers -      518,426     518,949      (0.1%)
 Duke Energy Ohio
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                       2,165       1,525        42.0%
 Cooling Degree Days                       -           29           (100.0%)
 Variance from Normal
 Heating Degree Days                       4.5%        (27.3%)      n/a
 Cooling Degree Days                       -100.0%     1350.0%      n/a



Duke Energy Indiana
Quarterly Highlights
Supplemental Franchised Electric Information
March 2013
                                           Three Months Ended
                                           March 31
                                                              %
                                           2013      2012     Inc.(Dec.)
GWH Sales
 Residential                               2,828     2,506    12.8%
 General Service                           2,031     1,960    3.6%
 Industrial                                2,519     2,556    (1.4%)
 Other Energy Sales                        13        14       (7.1%)
  Total Regular Electric Sales Billed   7,391     7,036    5.0%
 Special Sales                            1,253     1,469    (14.7%)
  Total Electric Sales Billed         8,644     8,505    1.6%
 Unbilled Sales                            (139)     (36)     (286.1%)
  Total Electric Sales - Duke Energy      8,505     8,469    0.4%
 Indiana
Average Number of Customers
 Residential                               690,220   684,185  0.9%
 General Service                           100,109   99,993   0.1%
 Industrial                               2,721     2,737    (0.6%)
 Other Energy                              1,454     1,422    2.3%
  Total Regular Sales                     794,504   788,337  0.8%
 Special Sales                             7         11       (36.4%)
 Total Average Number Electric Customers   794,511   788,348  0.8%
 - Duke Energy Indiana
Heating and Cooling Degree Days
 Actual
 Heating Degree Days                       2,427     1,622    49.6%
 Cooling Degree Days                       -         38       (100.0%)
 Variance from Normal
 Heating Degree Days                       8.4%      28.5%    n/a
 Cooling Degree Days                       (100.0%)  3700.0%  n/a





DUKE ENERGY CORPORATION
ADJUSTED TO REPORTED EARNINGS RECONCILIATION
Three Months Ended March 31, 2013
(Dollars in millions, except per-share amounts)
                                Special
                                Items
                                Costs to     Economic

                                Achieve,     Hedges         Total        Reported
                      Adjusted               (Mark-
                      Earnings  Progress                    Adjustments  Earnings
                                             to-Market)
                                Energy       *
                                Merger
SEGMENT
INCOME
U.S. Franchised       $      $         $          $       $   
Electric and Gas                                    -      
                      656         -      -                          656
Commercial            6         -            (48)       B (48)         (42)
Power
International         97        -            -              -            97
Energy
 Total
Reportable Segment    759       -            (48)           (48)         711
Income
Other                 (43)      (34)     A -              (34)         (77)
Net Income (Loss)     $      $         $          $       $   
Attributable to Duke                     (48)       (82)       
Energy Corporation    716      (34)                                    634
EPS ATTRIBUTABLE TO   $      $         $          $       $   
DUKE ENERGY                             (0.08)      (0.13)        
CORPORATION, BASIC    1.02      (0.05)                                   0.89
EPS ATTRIBUTABLE TO   $      $         $          $       $   
DUKE ENERGY                             (0.08)      (0.13)        
CORPORATION, DILUTED  1.02      (0.05)                                   0.89
A - Net of $21 million tax benefit. $15 million recorded as an increase in
Operating Revenues and $70 million recorded within Operating Expenses on the
Condensed Consolidated Statements of Operations.
B - Net of $27 million tax benefit. $68 million loss recorded within
Non-regulated electric, natural gas, and other (Operating Revenues) and $7
million loss recorded within Fuel used in electric generation and purchased
 power-non-regulated (Operating Expenses) on the Condensed
Consolidated Statements of Operations.
Weighted Average Shares (reported and
adjusted) - in millions
      Basic    705
      Diluted  705
* Represents the mark-to-market impact of derivative contracts, which is
recognized in earnings immediately as such derivative contracts do not qualify
for hedge or regulatory accounting, used in Duke

Energy Corporation's hedging of a portion of the economic value of its generation
assets in the Commercial Power segment. The economic value of the generation
assets is subject to fluctuations in fair

value due to market price volatility of the input and output commodities (e.g.
coal, gas, power) and, as such, the economic hedging involves both purchases and
sales of those input and output

commodities related to the generation assets. Because the operations of the
generation assets are accounted for under the accrual method, management believes
that excluding the impact of mark-to-

market changes of the economic hedge contracts from adjusted earnings until
settlement better matches the financial impacts of the hedge contract with the
portion of the economic value of the

underlying hedged asset. Management believes that the presentation of adjusted
diluted EPS Attributable to Duke Energy Corporation provides useful information
to investors, as it provides them an

additional relevant comparison of Duke Energy Corporation's performance across
periods.



DUKE ENERGY CORPORATION
ADJUSTED TO REPORTED EARNINGS RECONCILIATION
Three Months Ended March 31, 2012
(Dollars in millions, except per-share amounts)
                                Special Items
                                Costs to
                                             Voluntary                       Economic
                                Achieve,
                      Adjusted               Opportunity     Edwardsport     Hedges         Discontinued     Total        Reported
                      Earnings  Progress                                     (Mark-
                                             Plan            Impairment                     Operations       Adjustments  Earnings
                                Energy       Deferral                        to-Market)
                                                                             *
                                Merger
SEGMENT
INCOME
U.S. Franchised       $      $         $          $          $          $           $       $   
Electric and Gas        344               60    C  (268)     E                -       (208)      136
                                -                                           -
Commercial            30        -            -               -               1          B -                1            31
Power
International         142       -            -               -               -              -                -            142
Energy
 Total
Reportable Segment    516       -            60              (268)           1              -                (207)        309
Income
Other                 (10)      (6)      A -               -               -              -                (6)          (16)
 Total Reportable
Segment Income and    506       (6)          60              (268)           1              -                (213)        293
Other Net Expense
 Discontinued      -         -            -               -               -              2            D 2            2
Operations
Net Income (Loss)     $      $         $          $          $          $           $       $   
Attributable to Duke    506                60         (268)                       2        (211)      295
Energy Corporation              (6)                                          1
EPS ATTRIBUTABLE TO   $      $         $          $          $          $           $       $   
DUKE ENERGY            1.13   (0.01)       0.13          (0.60)             -      0.01           (0.47)      0.66
CORPORATION, BASIC
EPS ATTRIBUTABLE TO   $      $         $          $          $          $           $       $   
DUKE ENERGY            1.13   (0.01)       0.13          (0.60)             -      0.01           (0.47)      0.66
CORPORATION, DILUTED
A - Net of $2 million tax benefit. $7 million recorded in Operating Expenses and $1 million recorded in Interest Expense on the
Condensed Consolidated Statements of Operations.
B - Net $1 million tax expense. $3 million gain recorded within Nonregulated electric, natural gas, and other (Operating Revenues)
and $1 million loss recorded within Fuel used in electric generation and purchased power-nonregulated (Operating

Expenses) on the Condensed Consolidated Statements of Operations.
C - Net of $39 million tax expense. $101 million revenue recorded in Operations, maintenance and other and $2 million expense
recorded in Depreciation and Amortization (all Operating Expenses) on the Condensed Consolidated Statements of Operations.
D - Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
E - Net of $152 million tax benefit. $400 million recorded in Goodwill and other impairment charges and $20 million recorded
within Operations, maintenance and other (all Operating Expenses) on the Condensed Consolidated Statements of Operations.
Weighted Average
Shares (reported and
adjusted) - in
millions
      Basic    446
      Diluted  446
* Represents the mark-to-market impact of derivative contracts, which is recognized in earnings immediately as such derivative
contracts do not qualify for hedge or regulatory accounting, used in Duke Energy Corporation's hedging of a portion of the

economic value of its generation assets in the Commercial Power segment. The economic value of the generation assets is subject to
fluctuations in fair value due to market price volatility of the input and output commodities (e.g. coal, gas, power)

and, as such, the economic hedging involves both purchases and sales of those input and output commodities related to the
generation assets. Because the operations of the generation assets are accounted for under the accrual method,

management believes that excluding the impact of mark-to-market changes of the economic hedge contracts from adjusted earnings
until settlement better matches the financial impacts of the hedge contract with the portion of the economic value of

the underlying hedged asset. Management believes that the presentation of adjusted diluted EPS Attributable to Duke Energy
Corporation provides useful information to investors, as it provides them an additional relevant comparison of Duke Energy

Corporation's performance across periods.



SOURCE Duke Energy

Website: http://www.duke-energy.com