Duke Energy Corp (NYSE: DUK) is a regulated electric and natural gas utility company that generates, transmits, distributes, and sells energy to residential, commercial, and industrial customers. It makes money primarily through regulated rate structures set by state public utility commissions, charging customers for electricity and natural gas delivery across its service territories. The filing identifies operating subsidiaries including Duke Energy Carolinas, LLC; Duke Energy Progress; Duke Energy Florida, LLC; Duke Energy Ohio, Inc.; and Duke Energy Indiana, reflecting a multi-state regulated utility footprint in the Carolinas, Florida, Ohio, and Indiana. Duke Energy has issued preferred stock (5.75% Series A Cumulative Redeemable Perpetual Preferred Stock) and long-dated debt (notes due September 15, 2078), consistent with the capital-heavy financing structure typical of regulated utilities. The company is organized as a corporation with multiple subsidiary entities structured as both corporations and limited liability companies. Business segments disclosed in the 10-K filing (fiscal year ended, filed 2026-02-26) include operations under each major subsidiary utility.

Revenue model

Regulated utility rate recovery: customers pay tariff-based rates for electricity generation, transmission, and distribution, and natural gas distribution, with rates approved by state public utility commissions across the subsidiary service territories.

Products and services

Electric generation, electric transmission and distribution, natural gas distribution. Operating subsidiaries include Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, and Duke Energy Indiana.

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers across the Carolinas, Florida, Ohio, and Indiana service territories. End markets are driven by population growth, industrial load, and regulatory rate approvals.

Value-chain role

Vertically integrated regulated utility: generation, transmission, and distribution of electricity; distribution of natural gas. Rate-regulated by state commissions.

Geographic exposure

Multi-state U.S. regulated utility operating in North Carolina, South Carolina, Florida, Ohio, and Indiana, based on subsidiary identities disclosed in the 10-K filed 2026-02-26.

Source: SEC 10-K, filed 2026-02-26

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