DUKE ENERGY REPORTS YEAR-END AND FOURTH QUARTER 2004 RESULTS
- Basic earnings per share as reported rose to $1.59 in 2004;
$1.38 in ongoing basic EPS
- Field Services and Crescent Resources produced record results
- Debt pay down exceeded 2004 goal of $3.5 billion to $4
billion; asset sales topped 2004 goal of $1.5 billion
- Volatility at DENA reduced; continued improvement seen in company's
merchant business
CHARLOTTE, N.C. – Duke Energy today reported 2004 basic earnings per
share (EPS) of $1.59, or $1.49 billion in net income, compared to a loss of
($1.48) per share in 2003, or a $1.32 billion loss. On a fully diluted basis,
2004 earnings were $1.54 per share, compared to a loss of ($1.48) in 2003.
Ongoing basic EPS for 2004, which excludes special items, was $1.38 versus
$1.28 in 2003.
"In 2004, we regained control of our own destiny," said Paul
Anderson, Duke Energy chairman of the board and chief executive officer.
"We exceeded the 2004 targets we set to rebuild our financial strength
and finished this year in the driver's seat to pursue new growth opportunities.
"We maintained our dividend, exceeded our goals in reducing debt and
asset sales, and improved our merchant operation. As we move into 2005,
we will build on those accomplishments and continue to fine-tune our portfolio."
Anderson added that the 2005 earnings target for employee incentive bonuses,
which should track ongoing basic earnings, is $1.60 per share -- 33 percent
higher than 2004's incentive target.
He said the anticipated increase will come primarily from higher earnings at
Field Services, a smaller loss from Duke Energy North America and lower interest
expenses due to the company's successful debt reduction, which should
produce about $200 million in interest expense savings in 2005.
In fourth quarter 2004, Duke Energy reported basic earnings of $0.38 per share,
or $358 million, compared to a loss of ($2.23) per share, or a $2.02 billion
loss, in the fourth quarter 2003. Fully diluted earnings for the quarter were
$0.36, compared to a loss of ($2.23) in the previous year's quarter. Excluding
special items, ongoing basic earnings per share for fourth quarter 2004 were
$0.24 versus $0.22 in fourth quarter 2003.
Special items impacting basic EPS for the quarter include:
| ($ in Millions) |
Pre-Tax Amount |
Tax Effect |
2004 EPS Impact |
2003 EPS Impact |
| |
| Fourth quarter 2004 |
| Net gain on asset sales, including a minority interest benefit of
$20 million |
$148 |
($51) |
$0.10 |
-- |
| Adjustment to captive insurance reserves |
64 |
(22) |
0.04 |
-- |
| Net gain on sales of equity investments |
10 |
(3) |
0.01 |
-- |
| Loss on asset exchanges |
(7) |
2 |
-- |
-- |
| Early contract termination charges |
(20) |
7 |
(0.01) |
-- |
| |
|
|
|
|
| Fourth quarter 2003 |
| DENA plant impairments and DETM charges, net of minority interest |
($2,826) |
$1,046 |
-- |
($1.97) |
| DENA redesignation of hedging contracts to mark-to-market |
(262) |
97 |
-- |
(0.18) |
| Charges and impairments for Australia and Europe |
(292) |
69 |
-- |
(0.25) |
| Severance and related charges |
(48) |
18 |
-- |
(0.03) |
| Tax adjustments |
-- |
23 |
-- |
0.03 |
| DEI reserve and charges for environmental settlements in Brazil |
(26) |
10 |
-- |
(0.02) |
| Write-off of risk management system |
(51) |
19 |
-- |
(0.04) |
| Net gain on asset sales, including minority interest benefit |
15 |
(6) |
-- |
0.01 |
| |
|
|
|
|
| Total basic EPS impact |
|
|
$0.14 |
($2.45) |
| Basic EPS, as reported |
|
|
$0.38 |
($2.23) |
| Basic EPS, ongoing * |
|
|
$0.24 |
$0.22 |
Special items impact on basic EPS year-to-date:
| |
2004 |
2003 |
| First quarter |
$0.01 |
($0.17) |
| Second quarter |
0.04 |
0.16 |
| Third quarter |
0.03 |
(0.30) |
| Fourth quarter |
0.14 |
(2.45) |
| Impact of change in shares outstanding |
(0.01) |
-- |
| Total basic EPS impact |
$0.21 |
($2.76) |
| Basic year-to-date EPS, as reported |
$1.59 |
($1.48) |
| Basic year-to-date EPS, ongoing * |
$1.38 |
$1.28 |
* Includes results from operations in International Energy, DENA, Crescent
Resources, Field Services and Other that have been discontinued.
BUSINESS UNIT RESULTS
Franchised Electric
Fourth quarter 2004 segment EBIT for Franchised Electric was $252 million, compared
to fourth quarter 2003 segment EBIT of $197 million. Economic growth in North
Carolina and South Carolina drove a 5 percent increase in industrial sales over
the same quarter in 2003. Overall, customer growth continued to be positive
as Duke Power added about 40,000 new customers during 2004. Operating and maintenance
costs for the quarter were lower than fourth quarter 2003 by $59 million, driven
in part by the absence of 2003's severance charges. Bulk power marketing sales
were down in the fourth quarter 2004 due to coal supply constraints in the marketplace.
Coal supply has since improved.
Year-end segment EBIT for Franchised Electric was $1.47 billion, compared to
$1.40 billion in 2003. Ongoing segment EBIT for 2004 was $1.46 billion, compared
to $1.51 billion in 2003. Going forward, Franchised Electric expects to see
a segment EBIT compound annual growth rate through 2007 in the zero to 2 percent
range based on 2004 ongoing segment EBIT.
Natural Gas Transmission
Duke Energy Gas Transmission (DEGT) reported fourth quarter 2004 segment EBIT
of $336 million, compared to $308 million in fourth quarter 2003.
Results were positively affected by pipeline expansion projects, which
more than offset losses in foregone earnings due to asset sales. Results
were also favorably impacted by $11 million from the stronger Canadian currency
and the absence of $11 million in severance costs from 2003's fourth quarter.
Gains on asset sales of $15 million for the fourth quarter 2004 were offset
by a similar amount in the previous year's quarter.
The favorable Canadian currency impacts on DEGT's segment EBIT were partially
offset in Duke Energy's net income by currency impacts on Canadian interest
and taxes.
Year-end 2004 segment EBIT for DEGT was $1.31 billion versus $1.32 billion
in 2003. Ongoing segment EBIT for 2004 was $1.28 billion, compared to $1.25
billion in 2003. Going forward, DEGT expects to see a segment EBIT compound
annual growth rate through 2007 in the 3 percent to 5 percent range based on
2004 ongoing segment EBIT.
Field Services
The Field Services business segment, which represents Duke Energy's 70 percent
interest in Duke Energy Field Services (DEFS), reported fourth quarter 2004
segment EBIT from continuing operations of $128 million compared to $51
million in the fourth quarter of 2003.
The increase was primarily driven by higher commodity prices realized, compared
to last year's fourth quarter. During the quarter, DEFS paid a dividend, of
which Duke Energy's portion was $174 million. This payment reflects continuing
strong cash flow and earnings at DEFS.
Year-end segment EBIT from continuing operations for Field Services was $380
million, compared with $187 million in 2003. For 2005, Field Services expects
to see ongoing segment EBIT in the range of $350 million to $500 million based
on the price of crude oil being $30 or $40 a barrel, respectively.
Duke Energy North America
Duke Energy North America (DENA) reported segment EBIT from continuing operations
of $77 million in fourth quarter 2004, compared to a segment EBIT loss of $3.16
billion in fourth quarter 2003.
Excluding special items, DENA had an ongoing segment EBIT loss from continuing
operations of $50 million in the fourth quarter 2004. That compares to an ongoing
segment EBIT loss of $77 million in the previous year's quarter.
Results for fourth quarter 2004 were helped by lower operating costs of
$82 million. DENA also recognized a $146 million net gain, including a minority
interest benefit of $20 million, on asset sales during the quarter. These
results were partially offset by lower margins and lower than expected electricity
production due to warmer weather.
Year-end 2004 segment EBIT from continuing operations for DENA was a loss of
$535 million, compared with a segment EBIT loss of $3.34 billion in 2003. Excluding
special items, ongoing segment EBIT loss from continuing operations for 2004
was $288 million, which includes mark-to-market losses of $25 million. Going
forward, DENA expects a 2005 ongoing segment EBIT loss of approximately $150
million.
International Energy
For the fourth quarter 2004, Duke Energy International (DEI) reported segment
EBIT from continuing operations of $61 million, compared to $40 million in fourth
quarter 2003.
The quarter-to-quarter increase was largely driven by the absence of a $26
million reserve and charges for environmental settlements in Brazil taken in
fourth quarter 2003.
Year-end segment EBIT from continuing operations for DEI was $222 million versus
$215 million in 2003. Ongoing segment EBIT from continuing operations for 2004
was $236 million, compared to $244 million in 2003. Going forward, DEI expects
to see a segment EBIT compound annual growth rate through 2007 in the 2 percent
to 3 percent range based on 2004 ongoing segment EBIT.
Crescent Resources
Crescent Resources reported fourth quarter 2004 segment EBIT from continuing
operations of $50 million, compared to $72 million in the previous year's
quarter.
The results were driven by lower legacy land sales and $38 million of impairment
and other charges, net of minority interest of $12 million, related to residential
developments in Texas and Arizona, which were partially offset by improved residential
and commercial sales in other areas.
Year-end segment EBIT from continuing operations for Crescent Resources was
$240 million versus $134 million in 2003. Crescent continues to manage a healthy
portfolio of commercial and residential properties. After record earnings in
2004, segment EBIT should return to about $150 million in 2005.
Other
Other, which includes certain corporate costs, DukeNet Communications, the
company's 50 percent interest in Duke/Fluor Daniel, Duke Energy Merchants
and Duke Energy's captive insurance company Bison Insurance Co. Limited,
reported an EBIT loss from continuing operations of $21 million in fourth
quarter 2004, compared to a loss of $67 million in fourth quarter 2003.
The improvement was partially driven by a $64 million adjustment to insurance
reserves related to Bison.
Year-end EBIT from continuing operations in 2004 was a $77 million loss compared
to a loss of $272 million in year-end 2003. Going forward, Other should return
to a normal ongoing EBIT loss of about $200 million.
Discontinued Operations
The operations reported as discontinued showed a fourth quarter 2004 loss
of $2 million, compared to a loss of $219 million in 2003. The reduction
was largely due to 2003's $223 million after-tax charge to complete the
exit from the European market and the divestiture of DEI's Australian assets.
Year-end 2004 earnings for Discontinued Operations were $258 million, which
consisted mainly of asset sales. That compared to a loss of $158 million in
2003.
INTEREST EXPENSE
Interest expense was $314 million for fourth quarter 2004, compared to $353
million for fourth quarter 2003 – primarily due to a $55 million decrease
from net debt reduction and refinancing activities. This was partially offset
by lower capitalized interest of $7 million and $5 million for movements in
the Canadian currency.
For 2004, interest expense was $1.35 billion, compared to $1.38 billion in
2003.
INCOME TAX
Fourth quarter 2004 income tax expenses from continuing operations were $245
million, compared to a tax benefit of $1.08 billion in fourth quarter 2003,
primarily due to impairments and charges in the previous year's quarter.
Due to the American Jobs Creation Act of 2004, Duke Energy expects to repatriate
approximately $500 million of accumulated foreign earnings in 2005, which resulted
in a $45 million tax expense in the fourth quarter of 2004.
Year-end income tax expenses from continuing operations were $540 million,
compared to a tax benefit of $707 million in 2003.
LIQUIDITY AND CAPITAL RESOURCES
Duke Energy's consolidated capital structure as of Dec. 31, 2004, including
short-term debt, was 51 percent debt, 45 percent common equity and 4 percent
minority interests. The company had approximately $1.85 billion in cash and
cash equivalents as of Dec. 31, 2004.
ADDITIONAL INFORMATION
Additional information, including EPS reconciliation data and a schedule for
Duke Energy Field Services gas volume and margin by contract type can be obtained
at Duke Energy's fourth quarter 2004 earnings information Web site at: http://www.duke-energy.com/investors/.
NON-GAAP FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment performance
is segment EBIT from continuing operations, which at the segment level represents
all profits from continuing operations (both operating and non-operating) before
deducting interest and taxes, and is net of the minority interest expense related
to those profits. Management believes segment EBIT from continuing operations,
which is the GAAP measure used to report segment results, is a good indicator
of each segment's operating performance as it represents the results of
our ownership interests in continuing operations without regard to financing
methods or capital structures.
Duke Energy's management uses ongoing basic EPS, which is a non-GAAP
financial measure as it represents basic EPS adjusted for the impact of special
items, as one of the measures to evaluate operations of the company. Special
items represent certain charges which management believes will not be recurring
on a regular basis. Management believes that the presentation of ongoing basic
EPS provides useful information to investors, as it allows them to more accurately
compare the company's ongoing performance across all periods. Ongoing
basic EPS is also the basis used for employee incentive bonuses. The most directly
comparable GAAP measure for ongoing basic EPS is reported basic EPS, which includes
the impact of special items. Due to the forward-looking nature of ongoing basic
EPS for future periods, information to reconcile such a non-GAAP financial measure
to the most directly comparable GAAP financial measure is not available at this
time as the company is unable to forecast any special items for future periods.
Duke Energy also uses ongoing segment EBIT as a measure of historical and
anticipated future segment performance. Management also uses a forecasted
ongoing segment EBIT growth rate for certain segments, which is based on
historical and forecasted ongoing segment EBIT, as an indicator of anticipated
future compound annual growth rates. When used for future periods, ongoing
segment EBIT may also include any amounts that may be reported as discontinued
operations. Ongoing segment EBIT, and related growth rates, are non-GAAP
financial measures as they represent reported segment EBIT adjusted for
special items. Management believes that the presentation of ongoing segment
EBIT, and related growth rates, provides useful information to investors,
as it allows them to more accurately compare a segment's ongoing performance
across all periods. The most directly comparable GAAP measure for ongoing
segment EBIT is reported segment EBIT, which represents EBIT from continuing
operations, including any special items. Due to the forward-looking nature
of forecasted ongoing segment EBIT and 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 any special items or any amounts that may
be reported as discontinued operations for future periods.
This release includes a statement that actual 2004 debt pay down exceeded
our 2004 goal of $3.5 billion to $4 billion. The amounts referred to in
this statement represent a non-GAAP measure because they include changes
in amounts that are presented in the consolidated balance sheet as other
than "debt," including amounts classified as liabilities associated
with assets held for sale and minority interests. Management believes the
presentation of this non-GAAP measure presents useful information to investors
as it summarizes the overall change in amounts related to the company’s
various financing instruments, other than equity, except for certain changes
primarily related to the impact of changes in exchange rates.
This release also includes a statement that asset sales topped our original
goal of $1.5 billion. The amounts referred to in this statement represent
non-GAAP measures primarily because they include cash proceeds from asset
sales, amounts related to net tax benefits triggered by the sales of these
assets and amounts related to debt assumed or repaid by the buyers of the
assets. Management believes that presentation of this non-GAAP measure provides
useful information to investors because it presents a more complete financial
impact of the sales of the assets as compared to the corresponding GAAP
measure of net proceeds received directly from the purchasers of the assets.
For 2004, this difference was significant due to the tax basis of many of
the assets sold and the structuring of the sale of the Australian assets,
whereby the buyer retired approximately $840 million of debt rather than
remitting these proceeds to the company.
Duke Energy is a diversified energy company with a portfolio of natural
gas and electric businesses, both regulated and unregulated, and an affiliated
real estate company. Duke Energy supplies, delivers and processes energy
for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy
is a Fortune 500 company traded on the New York Stock Exchange under the
symbol DUK. More information about the company is available on the Internet
at: www.duke-energy.com.
An earnings conference call for analysts is scheduled for 10 a.m. ET today.
The conference call can be accessed via the investors'
section of Duke Energy's Web site http://www.duke-energy.com/investors/
or by dialing 800/475-3716 in the United States or 719/457-2728 outside
the United States. The confirmation code is 434060. Please call in five
to 10 minutes prior to the scheduled start time. A replay of the conference
call will be available by dialing 888/203-1112 with a confirmation code
of 434060. The international replay number is 719/457-0820, confirmation
code 434060. A replay and transcript also will be available by accessing
the investors' section
of the company's Web site. The presentation may include certain non-GAAP
financial measures as defined under SEC rules. In such event, a reconciliation
of those measures to the most directly comparable GAAP measures will be
available on our investor relations Web site at: http://www.duke-energy.com/investors/publications/gaap/.
This release includes statements that do not directly or exclusively relate
to historical facts. Such statements are "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. Those statements represent Duke
Energy's intentions, plans, expectations, assumptions and beliefs about
future events and are subject to risks, uncertainties and other factors. Many
of those factors are outside Duke Energy's control and could cause actual
results to differ materially from the results expressed or implied by those
forward-looking statements. Important factors that could cause actual results
to differ materially from those in the forward-looking statements include: state,
federal and foreign legislative and regulatory initiatives that affect cost
and investment recovery, have an impact on rate structures, and affect the speed
at and degree to which competition enters the electric and natural gas industries;
the outcomes of litigation and regulatory investigations, proceedings or inquiries;
industrial, commercial and residential growth in Duke Energy's service
territories; the weather and other natural phenomena; the timing and extent
of changes in commodity prices, interest rates and foreign currency exchange
rates; general economic conditions, including any potential effects arising
from terrorist attacks and any consequential hostilities or other hostilities;
changes in environmental and other laws and regulations to which Duke Energy
and its subsidiaries are subject or other external factors over which Duke Energy
has no control; the results of financing efforts, including Duke Energy's
ability to obtain financing on favorable terms, which can be affected by various
factors including Duke Energy's credit ratings and general economic conditions;
lack of improvement or declines in the market prices of equity securities and
resultant cash funding requirements for Duke Energy's defined benefit
pension plans; the level of creditworthiness of counterparties to Duke Energy's
transactions; the amount of collateral required to be posted from time to time
in Duke Energy's transactions; growth in opportunities for Duke Energy's
business units, including the timing and success of efforts to develop domestic
and international power, pipeline, gathering, liquefied natural gas, processing
and other infrastructure projects; the performance of electric generation, pipeline
and gas processing facilities; the extent of success in connecting natural gas
supplies to gathering and processing systems and in connecting and expanding
gas and electric markets; the effect of accounting pronouncements issued periodically
by accounting standard-setting bodies; and conditions of the capital markets
and equity markets during the periods covered by the forward-looking statements.
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. Information contained
in this release is unaudited, and is subject to change pending completion of
the 2004 financial audit by the company's registered public accounting firm.
| Media Contact: |
Randy Wheeless |
| Phone: |
704/382-8379 |
| 24 Hour Phone: |
704/382-8333 |
| Email: |
crwheele@duke-energy.com |
| Analyst Contact: |
Julie Dill |
| Phone: |
980/373-4332 |
 |
DECEMBER 2004
QUARTERLY HIGHLIGHTS
(Unaudited) |
| |
| |
Three Months Ended
December 31, |
|
Twelve Months Ended
December 31, |
| |
|
| |
|
|
|
| (In millions, except where noted) |
2004 |
|
2003 |
|
2004 |
|
2003 |
|
| COMMON STOCK DATA |
|
|
|
|
|
|
|
| Earnings (Loss) Per Share (from continuing operations) |
|
|
|
|
|
|
|
| Basic |
$0.38 |
|
$(1.99) |
|
$1.31 |
|
$(1.13) |
| Diluted |
$0.36 |
|
$(1.99) |
|
$1.27 |
|
$(1.13) |
| (Loss) Earnings Per Share (from discontinued operations) |
|
|
|
|
|
|
|
| Basic |
$- |
|
$(0.24) |
|
$0.28 |
|
$(0.17) |
| Diluted |
$- |
|
$(0.24) |
|
$0.27 |
|
$(0.17) |
| Earnings (Loss) Per Share (before cumulative effect of change in
accounting principle) |
|
|
|
|
|
|
|
| Basic |
$0.38 |
|
$(2.23) |
|
$1.59 |
|
$(1.30) |
| Diluted |
$0.36 |
|
$(2.23) |
|
$1.54 |
|
$(1.30) |
| Earnings (Loss) Per Share |
|
|
|
|
|
|
|
| Basic |
$0.38 |
|
$(2.23) |
|
$1.59 |
|
$(1.48) |
| Diluted |
$0.36 |
|
$(2.23) |
|
$1.54 |
|
$(1.48) |
| Dividends Per Share |
$0.275 |
|
$0.275 |
|
$1.10 |
|
$1.10 |
| Weighted-Average Shares Outstanding |
|
|
|
|
|
|
|
| Basic |
947 |
|
908 |
|
931 |
|
903 |
| Diluted |
983 |
|
908 |
|
966 |
|
903 |
| |
|
|
|
|
|
|
|
|
| INCOME |
|
|
|
|
|
|
|
| Operating Revenues |
$6,046 |
|
$5,249 |
|
$22,503 |
|
$22,080 |
| |
|
|
|
|
|
|
|
| Total Reportable Segment EBIT |
904 |
|
(2,496) |
|
3,084 |
|
(85) |
| Other EBIT |
(21) |
|
(67) |
|
(77) |
|
(272) |
| Interest Expense (a) |
314 |
|
353 |
|
1,349 |
|
1,380 |
| Minority Interest (Benefit) Expense and Other (b) |
(36) |
|
(38) |
|
(114) |
|
(27) |
| Income Tax Expense (Benefit) from Continuing Operations |
245 |
|
(1,076) |
|
540 |
|
(707) |
| (Loss) Income from Discontinued Operations |
(2) |
|
(219) |
|
258 |
|
(158) |
Cumulative Effect of Change in Accounting Principle,
net of tax and minority interest |
- |
|
- |
|
- |
|
(162) |
| |
|
|
|
|
|
|
|
| Net Income (Loss) |
358 |
|
(2,021) |
|
1,490 |
|
(1,323) |
| Dividends and Premiums on Redemptions of Preferred and Preference Stock |
2 |
|
2 |
|
9 |
|
15 |
| |
|
|
|
|
|
|
|
| Earnings (Loss) Available for Common Stockholders |
$356 |
|
$(2,023) |
|
$1,481 |
|
$(1,338) |
| |
|
|
|
|
|
|
|
|
| CAPITALIZATION |
|
|
|
|
|
|
|
| Common Equity |
|
|
|
|
45% |
|
37% |
| Preferred Stock |
|
|
|
|
0% |
|
0% |
| |
|
|
|
|
|
| Total Common Equity and Preferred Securities |
|
|
|
|
45% |
|
37% |
| |
|
|
|
|
|
|
|
| Minority Interests |
|
|
|
|
4% |
|
5% |
| Total Debt (f) |
|
|
|
|
51% |
|
58% |
| |
|
|
|
|
|
|
|
|
| Total Debt (f) |
|
|
|
|
$18,832 |
|
$21,952 |
| Book Value Per Share |
|
|
|
|
$17.18 |
|
$15.09 |
| Actual Shares Outstanding |
|
|
|
|
957 |
|
911 |
|
| CAPITAL AND INVESTMENT EXPENDITURES |
|
|
|
|
|
|
|
| Franchised Electric (c) |
$291 |
|
$206 |
|
$1,282 |
|
$997 |
| Natural Gas Transmission |
146 |
|
156 |
|
533 |
|
766 |
| Field Services |
50 |
|
117 |
|
213 |
|
211 |
| Duke Energy North America |
3 |
|
9 |
|
22 |
|
277 |
| International Energy |
4 |
|
10 |
|
28 |
|
71 |
| Crescent (d) (e) |
162 |
|
87 |
|
568 |
|
290 |
| Other |
5 |
|
67 |
|
(22) |
|
116 |
| |
|
|
|
|
|
|
|
| Total Capital and Investment Expenditures |
$661 |
|
$652 |
|
$2,624 |
|
$2,728 |
| |
|
|
|
|
|
|
|
|
| EBIT BY BUSINESS SEGMENT |
|
|
|
|
|
|
|
| Franchised Electric |
$252 |
|
$197 |
|
$1,467 |
|
$1,403 |
| Natural Gas Transmission |
336 |
|
308 |
|
1,310 |
|
1,317 |
| Field Services |
128 |
|
51 |
|
380 |
|
187 |
| Duke Energy North America |
77 |
|
(3,164) |
|
(535) |
|
(3,341) |
| International Energy |
61 |
|
40 |
|
222 |
|
215 |
| Crescent (d) |
50 |
|
72 |
|
240 |
|
134 |
| |
|
|
|
|
|
|
|
| Total reportable segment EBIT |
904 |
|
(2,496) |
|
3,084 |
|
(85) |
| Other EBIT |
(21) |
|
(67) |
|
(77) |
|
(272) |
| Interest expense |
(314) |
|
(353) |
|
(1,349) |
|
(1,380) |
| Minority interest benefit (expense) and other (b) |
36 |
|
38 |
|
114 |
|
27 |
| |
|
|
|
|
|
|
|
| Consolidated earnings (loss) from continuing operations before income
taxes |
$605 |
|
$(2,878) |
|
$1,772 |
|
$(1,710) |
| |
|
|
|
|
|
|
|
|
| (a) Financing expenses related to securities of subsidiaries
are accounted for in interest expense in 2004. Minority interest includes
expense related to these securities of $55 million for the year ended
December 2003. |
| (b) Includes interest income, foreign currency remeasurement
gains and losses, and additional minority interest not allocated to the
segment results. |
| (c) Current year amounts include a $262 million contribution
to the nuclear decommissioning trust funds. |
| (d) Beginning in 2004, Crescent, formerly part of Other, is
considered a reportable segment. |
| (e) Capital expenditures for residential properties are included
in operating cash flows on the Consolidated Statements of Cash Flows. Capital
expenditures for commercial and multi-family properties are included in
investing cash flows on the Consolidated Statements of Cash Flows. |
| (f) For 2003, debt excludes approximately $890 million
of debt that has been reclassified as liabilities associated with assets
held for sale. |
DECEMBER 2004
QUARTERLY HIGHLIGHTS
(Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
December 31, |
|
Twelve Months Ended
December 31, |
| |
|
|
| |
|
|
|
|
| (In millions, except where noted) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
| FRANCHISED ELECTRIC |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$1,151 |
|
$1,155 |
|
$5,069 |
|
$4,875 |
| Operating Expenses |
|
899 |
|
973 |
|
3,613 |
|
3,525 |
| Gains on Sales of Other Assets, net |
|
- |
|
4 |
|
3 |
|
6 |
| Other Income, net of expenses |
|
- |
|
11 |
|
8 |
|
47 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$252 |
|
$197 |
|
$1,467 |
|
$1,403 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Sales, GWh |
|
18,754 |
|
19,207 |
|
82,708 |
|
82,828 |
| |
|
|
|
|
|
|
|
|
|
| NATURAL GAS TRANSMISSION |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$926 |
|
$896 |
|
$3,290 |
|
$3,197 |
| Operating Expenses |
|
611 |
|
588 |
|
2,033 |
|
1,969 |
| Gains on Sales of Other Assets, net |
|
5 |
|
3 |
|
17 |
|
7 |
| Other Income, net of expenses |
|
22 |
|
8 |
|
58 |
|
125 |
| Minority Interest Expense |
|
6 |
|
11 |
|
22 |
|
43 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$336 |
|
$308 |
|
$1,310 |
|
$1,317 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Proportional Throughput, TBtu |
|
865 |
|
860 |
|
3,332 |
|
3,362 |
| |
|
|
|
|
|
|
|
|
|
| FIELD SERVICES (a) |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$2,906 |
|
$1,963 |
|
$10,104 |
|
$8,595 |
| Operating Expenses |
|
2,715 |
|
1,895 |
|
9,531 |
|
8,360 |
| Gains (Loss) on Sales of Other Assets, net |
|
1 |
|
(4) |
|
2 |
|
(4) |
| Other Income, net of expenses |
|
20 |
|
14 |
|
37 |
|
67 |
| Minority Interest Expense |
|
84 |
|
27 |
|
232 |
|
111 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$128 |
|
$51 |
|
$380 |
|
$187 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Natural Gas Gathered and Processed/Transported, TBtu/day (b) |
|
7.3 |
|
7.3 |
|
7.3 |
|
7.4 |
| Natural Gas Liquids Production, MBbl/d (b) |
|
370 |
|
353 |
|
363 |
|
353 |
| Average Natural Gas Price per MMBtu |
|
$7.11 |
|
$4.58 |
|
$6.14 |
|
$5.39 |
| Average Natural Gas Liquids Price per Gallon |
|
$0.80 |
|
$0.54 |
|
$0.68 |
|
$0.53 |
| |
|
|
|
|
|
|
|
|
|
| DUKE ENERGY NORTH AMERICA |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$549 |
|
$822 |
|
$2,361 |
|
$4,321 |
| Operating Expenses |
|
628 |
|
3,923 |
|
2,690 |
|
7,767 |
| Gains (Loss) on Sales of Other Assets, net |
|
126 |
|
(124) |
|
(248) |
|
(208) |
| Other Income (Expense), net |
|
7 |
|
(1) |
|
12 |
|
206 |
| Minority Interest Benefit |
|
(23) |
|
(62) |
|
(30) |
|
(107) |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$77 |
|
$(3,164) |
|
$(535) |
|
$(3,341) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Actual Plant Production, GWh (c) |
|
4,288 |
|
5,376 |
|
21,884 |
|
24,046 |
| Proportional MW Capacity in Operation |
|
|
|
|
|
9,890 |
|
15,820 |
| |
|
|
|
|
|
|
|
|
|
| INTERNATIONAL ENERGY (a) |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$172 |
|
$105 |
|
$619 |
|
$597 |
| Operating Expenses |
|
124 |
|
87 |
|
462 |
|
426 |
| Loss on Sales of Other Assets, net |
|
(4) |
|
(2) |
|
(3) |
|
- |
| Other Income, net of expenses |
|
18 |
|
26 |
|
78 |
|
57 |
| Minority Interest Expense |
|
1 |
|
2 |
|
10 |
|
13 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$61 |
|
$40 |
|
$222 |
|
$215 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Sales, GWh |
|
4,688 |
|
4,022 |
|
17,776 |
|
16,374 |
| Proportional MW Capacity in Operation |
|
|
|
|
|
4,139 |
|
4,121 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| CRESCENT (a) |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$220 |
|
$142 |
|
$437 |
|
$284 |
| Operating Expenses |
|
219 |
|
105 |
|
393 |
|
231 |
Gains on Sales of Investments in Commercial
and Multi-Family Real Estate |
|
43 |
|
37 |
|
192 |
|
84 |
| Other Income, net of expenses |
|
3 |
|
- |
|
3 |
|
- |
| Minority Interest (Benefit) Expense |
|
(3) |
|
2 |
|
(1) |
|
3 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$50 |
|
$72 |
|
$240 |
|
$134 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| OTHER (a) |
|
|
|
|
|
|
|
|
| Operating Revenues |
|
$215 |
|
$377 |
|
$1,144 |
|
$1,628 |
| Operating Expenses |
|
243 |
|
466 |
|
1,257 |
|
1,933 |
| Gains on Sales of Other Assets, net |
|
- |
|
- |
|
4 |
|
- |
| Other Income, net of expenses |
|
7 |
|
22 |
|
32 |
|
33 |
| |
|
|
|
|
|
|
|
|
| EBIT |
|
$(21) |
|
$(67) |
|
$(77) |
|
$(272) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| (a) Certain prior year amounts have been reclassified due
to discontinued operations. |
| (b) Represents 100% of joint venture volumes. |
| (c) Represents 100% of GWh. |
| |
| Note: See GAAP reconciliation associated with the 2004 fourth
quarter Earnings Release on the Investor Relations |
| Web site at http://www.duke-energy.com/investors/publications/gaap/. |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per-share amounts) |
| |
| |
| |
| |
Years Ended
December 31, |
| |
| |
|
| |
2004 |
|
2003 |
| |
|
|
|
| |
|
|
|
| Operating Revenues |
$22,503 |
|
$22,080 |
| Operating Expenses |
19,456 |
|
22,818 |
| Gains on Sales of Investments in Commercial and
Multi-Family Real Estate |
192 |
|
84 |
| Losses on Sales of Other Assets, net |
(225) |
|
(199) |
| |
|
|
|
| Operating Income (Loss) |
3,014 |
|
(853) |
| |
|
|
|
| |
|
|
|
| Other Income and Expenses |
302 |
|
584 |
| Interest Expense |
1,349 |
|
1,380 |
| Minority Interest Expense |
195 |
|
61 |
| |
|
|
|
| |
|
|
|
| Earnings (Loss) From Continuing Operations Before
Income Taxes |
1,772 |
|
(1,710) |
| Income Tax Expense (Benefit) from Continuing Operations |
540 |
|
(707) |
| |
|
|
|
| |
|
|
|
| Income (Loss) From Continuing Operations |
1,232 |
|
(1,003) |
| Income (Loss) From Discontinued Operations, net
of tax |
258 |
|
(158) |
| |
|
|
|
| |
|
|
|
| Income (Loss) Before Cumulative Effect of Change
in Accounting Principle |
1,490 |
|
(1,161) |
| Cumulative Effect of Change in Accounting Principle,
net of tax and minority interest |
- |
|
(162) |
| |
|
|
|
| |
|
|
|
| Net Income (Loss) |
1,490 |
|
(1,323) |
| |
|
|
|
| Dividends and Premiums on Redemption of Preferred
and Preference Stock |
9 |
|
15 |
| |
|
|
|
| |
|
|
|
| Earnings (Loss) Available For Common Stockholders |
$1,481 |
|
$(1,338) |
| |
|
|
|
| |
|
|
|
| Common Stock Data |
|
|
|
| |
Weighted-average shares outstanding |
|
|
|
| |
|
Basic |
931 |
|
903 |
| |
|
Diluted |
966 |
|
903 |
| |
Earnings (Loss) per share (from continuing operations) |
|
|
|
| |
|
Basic |
$1.31 |
|
$(1.13) |
| |
|
Diluted |
$1.27 |
|
$(1.13) |
| |
Earnings (Loss) per share (from discontinued operations) |
|
|
|
| |
|
Basic |
$0.28 |
|
$(0.17) |
| |
|
Diluted |
$0.27 |
|
$(0.17) |
| |
Earnings (Loss) per share (before cumulative effect of
change in accounting principle) |
|
|
|
| |
|
Basic |
$1.59 |
|
$(1.30) |
| |
|
Diluted |
$1.54 |
|
$(1.30) |
| |
Earnings (Loss) per share |
|
|
|
| |
|
Basic |
$1.59 |
|
$(1.48) |
| |
|
Diluted |
$1.54 |
|
$(1.48) |
| |
Dividends per share |
$1.10 |
|
$1.10 |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
December 31, |
| |
|
|
| |
|
2004 |
|
2003 |
| |
|
|
|
| ASSETS |
|
|
|
| |
|
|
|
| Current Assets |
$7,971 |
|
$7,675 |
| Investments and Other Assets |
10,513 |
|
12,316 |
| Net Property, Plant and Equipment |
33,506 |
|
33,848 |
| Regulatory Assets and Deferred Debits |
2,460 |
|
2,366 |
| |
|
|
|
| |
|
|
|
| |
Total Assets |
$54,450 |
|
$56,205 |
| |
|
|
|
| |
|
|
|
| |
|
|
|
| LIABILITIES AND COMMON STOCKHOLDERS' EQUITY |
|
|
|
| |
|
|
|
| Current Liabilities |
$7,488 |
|
$7,698 |
| Long-term Debt |
16,932 |
|
20,622 |
| Deferred Credits and Other Liabilities |
11,969 |
|
12,302 |
| Minority Interests |
1,486 |
|
1,701 |
| Preferred and preference stock without sinking
fund requirements |
134 |
|
134 |
| Common Stockholders' Equity |
16,441 |
|
13,748 |
| |
|
|
|
| |
|
|
|
|
| |
Total Liabilities and Common Stockholders' Equity |
$54,450 |
|
$56,205 |
| |
|
|
|
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In millions) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
Years Ended December 31, |
| |
|
|
|
|
|
| |
|
|
|
|
2004 |
|
2003 |
| |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| |
Net income (loss) |
$1,490 |
|
$(1,323) |
| |
Adjustments to reconcile net income to net cash
provided by operating activities |
|
|
|
| |
2,649 |
|
4,725 |
| |
|
|
|
| |
|
Net cash provided by operating activities |
4,139 |
|
3,402 |
| |
|
|
|
| |
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| |
|
|
|
| |
|
Net cash used in investing activities |
(208) |
|
(404) |
| |
|
|
|
| |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| |
|
|
|
| |
|
Net cash used in financing activities |
(3,278) |
|
(2,657) |
| |
|
|
|
| |
|
|
|
|
| |
Net increase (decrease) in cash and cash equivalents associated
with assets held for sale |
39 |
|
(55) |
| |
|
|
|
| |
|
|
|
|
|
|
|
| |
Net increase in cash and cash equivalents |
692 |
|
286 |
| |
Cash and cash equivalents at beginning of year |
1,160 |
|
874 |
| |
|
|
|
| |
Cash and cash equivalents at end of year |
$1,852 |
|
$1,160 |
| |
|
|
|
Supplemental Disclosures
Quarter Ended December 31, 2004 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy Corporation |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
4Q04 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Mark-to-market Portfolio (in millions) |
|
$(250) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Daily Earnings at Risk (DER) (in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 95% Confidence Level, One-Day Holding Period, Two-Tailed |
|
|
|
|
|
|
|
| As of 12/31/2004 |
$6 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Duke Energy North America
|
|
| (in millions unless stated otherwise) |
Q-T-D December 31, 2004 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Proprietary |
|
Structured |
|
Owned |
|
|
|
|
| Merchant Energy Gross Margin |
Trading |
|
Contracts |
|
Assets |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gross
margin (loss) |
|
$4 |
|
$(8) |
|
$3 |
|
$(1) |
|
|
| Accrual gross margin |
|
N/A |
|
3 |
|
78 |
|
81 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Gross Margin |
|
$4 |
|
$(5) |
|
$81 |
|
80 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Segment EBIT:
|
|
|
|
|
|
|
|
|
| Plant depreciation
|
|
|
|
|
|
(39) |
|
|
| Plant operating and maintenance expenses
|
|
|
|
|
|
(73) |
|
|
General and administrative and
other expenses
|
|
|
|
|
|
(47) |
|
|
| Minority interest |
|
|
|
|
|
23 |
|
|
| Other income (expense), net |
|
|
|
|
|
7 |
|
|
| Gains on sales of other assets, net |
|
|
|
|
|
126 |
|
|
| |
|
|
|
|
|
|
|
|
| DENA Segment EBIT |
|
|
|
|
|
$77 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Owned Assets - Contracted Level |
|
|
|
|
|
|
|
|
|
|
|
| |
MWs |
|
Millions MWh |
|
2005
% Contracted |
|
2006
% Contracted |
| |
|
|
|
|
|
|
|
| Capacity Under Contract |
Capacity |
|
Available |
|
Capacity |
|
Energy |
|
Capacity (b) |
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
| East |
4,615 |
|
37 |
(a) |
17% |
|
8% |
|
11% |
|
7% |
| West |
5,275 |
|
34 |
|
25% |
|
31% |
|
1% |
|
42% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Total |
9,890 |
|
71 |
|
21% |
|
19% |
|
6% |
|
24% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (a) East capacity includes 7 million MWh from peaking
facilities but does not include any capacity for plants where we own
an equity interest only. |
| (b) Capacity does not include Regulatory Must Run ("RMR)
elections for 2006, scheduled to occur in September 2005. |
Supplemental Disclosures
Quarter Ended December 31, 2004 |
| |
| Terms of Reference |
|
| |
| MWs Capacity |
| Represents the official rated capacity of DENA’s percentage ownership of its merchant assets excluding Bayside which has been classified as discontinued operations. |
| Millions MWhs Available |
| Represents the amount of electric power capable of being generated from owned merchant assets, after adjusting for scheduled maintenance and outage factors. For simple cycle facilities, only peak demand periods were included in this calculation. |
| % Contracted: |
Capacity: Volumes contracted under tolls as well as volumes from Regulatory
Must Run (“RMR”) facilities and Canadian facilities.
Energy: Volumes sold as forward power hedges. |
| Owned Assets |
| Represents activity around energy assets owned or leased, including hedges of power sales and fuel purchase requirements and tolls, transmission, transportation and storage contracts that hedge owned assets. Normal purchases and sales associated with such assets are included in the Merchant Energy Gross Margin table. Economic hedges of Owned Assets that do not meet hedge accounting standards will still be classified as Owned Assets in the Merchant Energy Gross Margin table. |
| |
| Proprietary Trading |
| Standardized contracts entered into to take a market view, capture market price changes or put capital at risk. |
| Structured Contracts |
| Contracts not associated with owned or leased assets and involving significant tailoring of terms to meet customer needs, and associated hedges. Disqualified hedges previously categorized as owned assets are also in this category. Contract types include tolls, transmission, transportation and storage contracts, except those that qualify as hedges of Owned Assets. Economic hedges of Structured Contracts that do not meet hedge accounting standards will still be classified as Structured Contracts in the Merchant Energy Gross Margin table. |
Duke Energy Corporation
Quarterly Highlights
Supplemental Franchised Electric Information
December 31, 2004 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
Quarter Ended |
Year To Date |
| |
|
December 31, |
December 31, |
| |
|
|
|
| |
|
|
|
% |
|
|
% |
| |
|
2004 |
2003 |
Inc.(Dec.) |
2004 |
2003 |
Inc.(Dec.) |
| |
|
|
|
|
|
|
|
| GWH Sales |
| |
Residential |
5,074 |
5,036 |
0.8% |
24,543 |
23,355 |
5.1% |
| |
General Service |
5,788 |
5,686 |
1.8% |
24,775 |
23,933 |
3.5% |
| |
|
|
|
|
|
|
|
|
| |
Industrial - Textile |
1,757 |
1,761 |
(0.2%) |
7,147 |
7,562 |
(5.5%) |
| |
Industrial - Other |
4,523 |
4,220 |
7.2% |
17,938 |
17,083 |
5.0% |
| |
|
|
|
|
|
|
|
| |
Total Industrial |
6,280 |
5,981 |
5.0% |
25,085 |
24,645 |
1.8% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Other Energy Sales |
68 |
66 |
3.0% |
267 |
268 |
(0.4%) |
| |
Regular Resale |
335 |
326 |
2.8% |
1,467 |
1,377 |
6.5% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Total Regular Sales Billed |
17,545 |
17,095 |
2.6% |
76,137 |
73,578 |
3.5% |
| |
|
|
|
|
|
|
|
|
| |
Special Sales (A) |
541 |
1,383 |
(60.9%) |
5,385 |
7,622 |
(29.3%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total Electric Sales |
18,086 |
18,478 |
(2.1%) |
81,522 |
81,200 |
0.4% |
| |
|
|
|
|
|
|
|
| |
Unbilled Revenue |
342 |
402 |
(14.9%) |
(56) |
412 |
(113.6%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total Duke Power Electric Sales |
18,428 |
18,880 |
(2.4%) |
81,466 |
81,612 |
(0.2%) |
| |
|
|
|
|
|
|
|
| |
Nantahala Electric Sales |
326 |
327 |
(0.3%) |
1,242 |
1,216 |
2.1% |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total DP Consolidated
Electric Sales |
18,754 |
19,207 |
(2.4%) |
82,708 |
82,828 |
(0.1%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Average Number of Customers
|
| |
Residential |
1,817,814 |
1,786,074 |
1.8% |
1,805,232 |
1,776,415 |
1.6% |
| |
General Service |
306,806 |
301,089 |
1.9% |
304,706 |
298,633 |
2.0% |
| |
|
|
|
|
|
|
|
| |
Industrial - Textile |
828 |
895 |
(7.5%) |
852 |
911 |
(6.5%) |
| |
Industrial - Other |
6,701 |
6,726 |
(0.4%) |
6,681 |
6,806 |
(1.8%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total Industrial |
7,529 |
7,621 |
(1.2%) |
7,533 |
7,717 |
(2.4%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Other Energy Sales |
12,900 |
11,465 |
12.5% |
12,177 |
11,375 |
7.1% |
| |
Regular Resale |
15 |
16 |
(6.3%) |
15 |
16 |
(6.3%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total Regular Sales |
2,145,064 |
2,106,265 |
1.8% |
2,129,663 |
2,094,156 |
1.7% |
| |
|
|
|
|
|
|
|
| |
Special Sales (A) |
22 |
37 |
(40.5%) |
34 |
38 |
(10.5%) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total Duke Power Electric Sales |
2,145,086 |
2,106,302 |
1.8% |
2,129,697 |
2,094,194 |
1.7% |
| |
|
|
|
|
|
|
|
| |
Nantahala Electric Sales |
67,537 |
66,164 |
2.1% |
66,995 |
65,607 |
2.1% |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Total DP Average Number of Customers |
2,212,623 |
2,172,466 |
1.8% |
2,196,692 |
2,159,801 |
1.7% |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
(A) Excludes Sales to Nantahala Power and Light Company
|
| |
|
|
|
|
|
|
|
| Heating and Cooling Degree Days
|
| |
Actual |
|
|
|
|
|
|
| |
Heating Degree Days |
1,165 |
1,242 |
(6.2%) |
3,259 |
3,346 |
(2.6%) |
| |
Cooling Degree Days |
40 |
24 |
66.7% |
1,440 |
1,158 |
24.4% |
| |
| |
Variance from Normal |
|
|
|
|
|
|
| |
Heating Degree Days |
(7.2%) |
(1.7%) |
n/a |
2.6% |
4.8% |
n/a |
| |
Cooling Degree Days |
58.8% |
(4.9%) |
n/a |
(0.8%) |
(19.1%) |
n/a |
|
