Duke Energy 2020 Proxy Statement

March 26, 2020

Dear Fellow Shareholders:

I am pleased to invite you to Duke Energy's Annual Meeting to be held on Thursday, May 7, 2020, at 12:30 p.m. Eastern time. We look forward to updating you at the Annual Meeting on our strategy and areas of focus and progress in 2019, as well as plans for the future of Duke Energy.

2019 Developments

In 2019, Duke Energy executed on our strategy to transform the customer experience by modernizing the energy grid, generating cleaner energy, and expanding natural gas infrastructure. We announced an updated 2030 goal to reduce carbon emissions from electricity generation by at least 50% from 2005 levels and set a new goal to reach net-zero emissions from electricity generation by 2050. This is an aggressive goal, and one we are committed to strive to attain. We also reached a very important agreement with the NC DEQ and community groups to permanently close all remaining ash basins in North Carolina, with the substantial majority of the ash being excavated and placed in lined landfills. These developments are just a small portion of the progress made on implementing Duke Energy's long-term strategy in 2019, which is further detailed in the 2019 Annual Report that accompanies this proxy statement.

This proxy statement contains information about our Board's oversight of Duke Energy's strategy, performance, risks, governance, executive compensation, and sustainability practices. It also talks about the outreach we have had in the past year with fellow shareholders and how that feedback has influenced the work that we are doing at Duke Energy.

Annual Meeting Details

This year's Annual Meeting will once again be held exclusively via live webcast. As a result of the online format, we are able to connect with more shareholders and answer more questions than we were able to do at previous in-person meetings, all while providing our shareholders the same opportunities to vote and ask questions that they would have had at an in-person meeting.

As we have done in previous years, you will be able to submit questions in writing in advance of the Annual Meeting on our pre-meeting forum at proxyvote.com. An audio broadcast of the Annual Meeting will also be available by phone toll-free at 1.800.289.0438, confirmation code 1802740. Details regarding how to participate in the Annual Meeting via live webcast, as well as the items to be voted on, are more fully described in the accompanying Notice of Annual Meeting of Shareholders and in the ''Frequently Asked Questions and Answers About the Annual Meeting'' on page 79 of this proxy statement.

Please review this proxy statement prior to casting your vote as it contains important information relating to the business of the Annual Meeting. Page 1 contains instructions on how you can vote your shares online, by phone, or by mail. We hope you can participate in the Annual Meeting. It is important that all of our shareholders, regardless of the number of shares owned, participate in the affairs of Duke Energy. We encourage you to vote promptly, even if you plan to participate in the Annual Meeting.

Thank you for your continued investment in Duke Energy.

Sincerely,
Lynn J. Good
Chairman, President and CEO