Reuniones bilaterales

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Duke Energy Corporation (Duke Energy)

Report of Independent Registered Public Accounting Firm . . . 63

Consolidated Statements of Operations . . . 64

Consolidated Statements of Comprehensive Income . . . 65

Consolidated Balance Sheets. . . 66

Consolidated Statements of Cash Flows . . . 68

Consolidated Statements of Changes in Equity . . . 70

Duke Energy Carolinas, LLC (Duke Energy Carolinas)

Report of Independent Registered Public Accounting Firm . . . 71

Consolidated Statements of Operations and Comprehensive Income . . . 72

Consolidated Balance Sheets. . . 73

Consolidated Statements of Cash Flows . . . 74

Consolidated Statements of Changes in Member’s Equity . . . 75

Progress Energy, Inc. (Progress Energy)

Report of Independent Registered Public Accounting Firm . . . 76

Consolidated Statements of Operations and Comprehensive Income . . . 77

Consolidated Balance Sheets. . . 78

Consolidated Statements of Cash Flows . . . 80

Consolidated Statements of Changes in Common Stockholder’s Equity . . . 82

Duke Energy Progress, Inc. (Duke Energy Progress)

Report of Independent Registered Public Accounting Firm . . . 83

Consolidated Statements of Operations and Comprehensive Income . . . 84

Consolidated Balance Sheets. . . 85

Consolidated Statements of Cash Flows . . . 86

Consolidated Statements of Changes in Common Stockholder’s Equity . . . 87

Duke Energy Florida, Inc. (Duke Energy Florida)

Report of Independent Registered Public Accounting Firm . . . 88

Consolidated Statements of Operations and Comprehensive Income . . . 89

Consolidated Balance Sheets. . . 90

Consolidated Statements of Cash Flows . . . 91

Consolidated Statements of Changes in Common Stockholder’s Equity . . . 92

Duke Energy Ohio, Inc. (Duke Energy Ohio)

Report of Independent Registered Public Accounting Firm . . . 93

Consolidated Statements of Operations and Comprehensive Income . . . 94

Consolidated Balance Sheets. . . 95

Consolidated Statements of Cash Flows . . . 96

Consolidated Statements of Changes in Common Stockholder’s Equity . . . 97

Duke Energy Indiana, Inc. (Duke Energy Indiana)

Report of Independent Registered Public Accounting Firm . . . 98

Consolidated Statements of Operations and Comprehensive Income . . . 99

Consolidated Balance Sheets. . . 100 Consolidated Statements of Cash Flows . . . 101 Consolidated Statements of Changes in Common Stockholder’s Equity . . . 102

Combined Notes to Consolidated Financial Statements

Note 1 – Summary of Signifi cant Accounting Policies . . . 103 Note 2 – Acquisitions, Dispositions and Sales of Other Assets. . . 110 Note 3 – Business Segments. . . 114 Note 4 – Regulatory Matters . . . 119 Note 5 – Commitments and Contingencies . . . 129 Note 6 – Debt and Credit Facilities . . . 137 Note 7 – Guarantees and Indemnifi cations . . . 142 Note 8 – Joint Ownership of Generating and Transmission Facilities . . . 143 Note 9 – Asset Retirement Obligations. . . 144 Note 10 – Property, Plant and Equipment . . . 147 Note 11 – Goodwill and Intangible Assets . . . 149 Note 12 – Investments in Unconsolidated Affi liates. . . 150 Note 13 – Related Party Transactions . . . 151 Note 14 – Derivatives and Hedging . . . 152 Note 15 – Investments in Debt and Equity Securities. . . 162 Note 16 – Fair Value Measurements . . . 169 Note 17 – Variable Interest Entities . . . 178 Note 18 – Common Stock . . . 183 Note 19 – Severance. . . 184 Note 20 – Stock-Based Compensation . . . 185 Note 21 – Employee Benefi t Plans. . . 187 Note 22 – Income Taxes . . . 203 Note 23 – Other Income and Expenses, Net. . . 210 Note 24 – Subsequent Events . . . 210 Note 25 – Quarterly Financial Data (Unaudited) . . . 211

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Duke Energy Corporation

Charlotte, North Carolina

We have audited the accompanying consolidated balance sheets of Duke Energy Corporation and subsidiaries (the “Company”) as of December 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash fl ows for each of the three years in the period ended December 31, 2014. We also have audited the Company’s internal control over fi nancial reporting as of December 31, 2014, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for these fi nancial statements, for maintaining effective internal control over fi nancial reporting, and for its assessment of the effectiveness of internal

control over fi nancial reporting, included in the accompanying Management’s Annual Report On Internal Control Over Financial Reporting. Our responsibility is to

express an opinion on these fi nancial statements and an opinion on the Company’s internal control over fi nancial reporting based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement and whether effective internal control over fi nancial reporting was maintained in all material respects. Our audits of the fi nancial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements, assessing the accounting principles used and signifi cant estimates made by management, and evaluating the overall fi nancial statement presentation. Our audit of internal control over fi nancial reporting included obtaining an understanding of internal control over fi nancial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over fi nancial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal fi nancial offi cers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over fi nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refl ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of fi nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the fi nancial statements.

Because of the inherent limitations of internal control over fi nancial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over fi nancial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the consolidated fi nancial statements referred to above present fairly, in all material respects, the fi nancial position of Duke Energy Corporation and subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash fl ows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in

all material respects, effective internal control over fi nancial reporting as of December 31, 2014, based on the criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. /s/ Deloitte & Touche LLP

Charlotte, North Carolina February 27, 2015

Years Ended December 31, (in millions, except per share amounts) 2014 2013 2012 Operating Revenues

Regulated electric $21,550 $20,329 $15,515

Nonregulated electric, natural gas, and other 1,802 1,916 1,928

Regulated natural gas 573 511 469

Total operating revenues 23,925 22,756 17,912

Operating Expenses

Fuel used in electric generation and purchased power – regulated 7,686 7,108 5,582

Fuel used in electric generation and purchased power – nonregulated 533 540 651

Cost of natural gas and other 248 224 215

Operation, maintenance and other 5,856 5,673 4,787

Depreciation and amortization 3,066 2,668 2,145

Property and other taxes 1,213 1,274 965

Impairment charges 81 399 666

Total operating expenses 18,683 17,886 15,011

Gains (Losses) on Sales of Other Assets and Other, net 16 (16) 10

Operating Income 5,258 4,854 2,911

Other Income and Expenses

Equity in earnings of unconsolidated affi liates 130 122 148

Gains on sales of unconsolidated affi liates 17 100 22

Other income and expenses, net 351 262 397

Total other income and expenses 498 484 567

Interest Expense 1,622 1,543 1,244

Income From Continuing Operations Before Income Taxes 4,134 3,795 2,234

Income Tax Expense from Continuing Operations 1,669 1,205 623

Income From Continuing Operations 2,465 2,590 1,611

(Loss) Income From Discontinued Operations, net of tax (576) 86 171

Net Income 1,889 2,676 1,782

Less: Net Income Attributable to Noncontrolling Interests 6 11 14

Net Income Attributable to Duke Energy Corporation $ 1,883 $ 2,665 $ 1,768

Earnings Per Share – Basic and Diluted

Income from continuing operations attributable to Duke Energy Corporation common shareholders

Basic $ 3.46 $ 3.64 $ 2.77

Diluted $ 3.46 $ 3.63 $ 2.77

(Loss) Income from discontinued operations attributable to Duke Energy Corporation common shareholders

Basic $ (0.80) $ 0.13 $ 0.30

Diluted $ (0.80) $ 0.13 $ 0.30

Net Income attributable to Duke Energy Corporation common shareholders

Basic $ 2.66 $ 3.77 $ 3.07

Diluted $ 2.66 $ 3.76 $ 3.07

Weighted-average shares outstanding

Basic 707 706 574

Diluted 707 706 575

See Notes to Consolidated Financial Statements DUKE ENERGY CORPORATION