Duke Energy Corporation has added a news release to its Investor Relations website.

CHARLOTTE, N.C., Feb. 18, 2014 /PRNewswire/ -- Duke Energy (NYSE: DUK) today posted 2013 full-year adjusted diluted EPS of $4.35, achieving the midpoint of its adjusted diluted EPS guidance range of $4.25 to $4.45. Adjusted diluted EPS for 2012 was $4.32.

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Duke Energy's full-year reported diluted EPS was $3.76 for 2013, compared to $3.07 in 2012.

Fourth quarter 2013 adjusted diluted EPS was $1.00, compared to 70 cents for fourth quarter 2012. Fourth quarter 2013 reported diluted EPS was 97 cents, compared to 62 cents for fourth quarter 2012.

For the quarter, the company achieved lower costs through synergies realized from the 2012 merger with Progress Energy; recovered infrastructure modernization costs through revised customer rates; and benefitted from the adoption of nuclear outage cost levelization in the Carolinas, which will lessen quarterly earnings volatility caused by the variable timing of nuclear refueling outages.

The company's International Energy segment also saw favorable volumes and pricing in Brazil.

These positive quarterly drivers helped offset the full-year impact of lower results from the company's Midwest gas generation fleet, unfavorable foreign exchange rates in Brazil, as well as interest expense on incremental financings.

"Our company demonstrated tremendous focus and discipline in 2013," said Lynn Good, president and CEO. "As a result, we achieved the mid-point of our earnings per share guidance range, increased the dividend, and exceeded our original target of 5 to 7 percent in non-fuel operating and maintenance savings.

"We are also ahead of target to achieve our merger savings commitment to Carolinas customers through fuel and joint-dispatch savings," she added.

"In 2014, we will focus on building on the momentum created in 2013 to achieve our financial and operational objectives," Good said.

The company has set its 2014 adjusted diluted EPS guidance range at $4.45 to $4.60 and updated through 2016 its longer-term 4 to 6 percent average annual growth in adjusted diluted EPS based upon the midpoint of the original 2013 adjusted diluted EPS guidance range of $4.20-4.45.

Business Unit Results The discussion below of fourth-quarter and year-end results includes adjusted segment income, which is a non-GAAP financial measure. The tables on pages 27 through 30 present a reconciliation of reported results to adjusted results.

Regulated Utilities Regulated Utilities (formerly known as U.S. Franchised Electric and Gas) recognized fourth-quarter 2013 adjusted segment income of $607 million, compared to $498 million in the fourth quarter 2012, an increase of $0.15 per share.

Increased quarterly results at Regulated Utilities were primarily driven by:

• Lower operating and maintenance expenses (+$0.20 per share) due in part to the adoption of nuclear outage cost levelization in the Carolinas, lower benefits costs and merger synergies
• Increased pricing and riders (+$0.12 per share) resulting from revised customer rates
• Favorable weather as compared to unfavorable weather in last year's quarter (+$0.06 per share)
• Increased wholesale net margins (+$0.03 per share).

These favorable drivers were partially offset by:

• Higher depreciation and amortization expense (-$0.09 per share) primarily resulting from reduced cost of removal amortization in Florida as well as additional plant in-service
• Higher effective tax rate (-$0.09 per share) largely resulting from the decrease in allowance for funds used during construction (AFUDC) equity.
• Lower AFUDC equity (-$0.05 per share) primarily due to the completion of certain major capital projects

Full-year 2013 adjusted segment income for Regulated Utilities was $2,776 million compared to $2,086 million in 2012, an increase of $0.98 per share.

These increased results were primarily driven by the addition of Progress Energy's regulated utility operations in the Carolinas and Florida for the first six months of the year (+$0.72 per share).

Other favorable drivers (excluding the addition of Progress Energy for the first six months of the year), included:

• Increased pricing and riders (+$0.35 per share) resulting from revised customer rates
• Lower operating and maintenance expenses (+$0.21 per share) due in part to the adoption of nuclear outage cost levelization in the Carolinas, lower benefits costs and merger synergies
• Increased retail volumes (+$0.07 per share)
• Increased wholesale margins including new contracts (+$0.07 per share)

These results were partially offset by:

• Higher depreciation and amortization expense (-$0.15 per share) primarily resulting from reduced cost of removal amortization in Florida as well as additional plant in-service
• Lower AFUDC equity (-$0.14 per share) primarily due to the completion of certain major capital projects
• Higher effective tax rates (-$0.11 per share) largely resulting from the decrease in AFUDC equity.
• Higher property taxes (-$0.03 per share)

International Energy International Energy recognized fourth-quarter 2013 adjusted segment income of $108 million, compared to $89 million in the fourth quarter 2012, an increase of $0.02 per share.

International Energy's improved quarterly earnings were primarily due to stronger results in Latin America (+$0.03 per share) due to higher volumes and pricing as well as lower purchased power costs in Brazil. These drivers were partially offset by unfavorable foreign currency exchange rates in Brazil (-$0.01 per share).

Full-year 2013 adjusted segment income for International Energy was $408 million compared to $439 million in 2012, a decrease of $0.04 per share.

Lower year-over-year results were primarily due to unfavorable foreign currency exchange rates in Brazil (-$0.03 per share) and lower results at National Methanol Company (-$0.03 per share) primarily due to an extended planned maintenance outage. These results were partially offset by stronger results in Latin America (+$0.03 per share) primarily driven by higher average prices in Brazil.

Commercial Power Commercial Power recognized fourth-quarter 2013 adjusted segment loss of $3 million, compared to break-even results in the fourth quarter 2012. This did not substantially affect earnings.

For the quarter, higher energy margins and PJM capacity revenues for the Midwest coal generation fleet (+$0.02 per share) were largely offset by lower margins at Duke Energy Retail (-$0.01 per share).

Full-year 2013 adjusted segment income for Commercial Power was $15 million compared to $93 million in 2012, a decrease of $0.11 per share.

Lower year-over-year results for Commercial Power were primarily due to lower results from the Midwest gas generation fleet (-$0.09 per share) due to lower energy margins and PJM capacity revenues as well as the prior year recovery of a previously written-off receivable from Lehman Brothers. For the Midwest coal generation fleet, lower PJM capacity revenues were largely offset by higher energy margins. Renewables results were lower (-$0.02) in 2013, primarily due to a prior year joint venture development fee.

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 income tax levelization adjustments.

Other recognized a fourth-quarter 2013 adjusted net expense of $6 million, compared to $91 million in the fourth quarter 2012, an improvement of $0.13 per share.

Other's favorable results were primarily due to a lower effective tax rate (+$0.10 per share), favorable captive insurance loss experience (+$0.01 per share), and higher investment returns (+$0.01 per share).

Full-year 2013 adjusted net expense for Other was $128 million compared to $135 million in 2012, an improvement of $0.01 per share.

For the year, interest expense on Progress Energy holding company debt for the first six months (-$0.07 per share) and Duke Energy holding company interest expense (-$0.04 per share) were offset by a lower effective tax rate (+$0.10 per share).

Share Dilution 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 full year impact of the issuance of these additional shares had a dilutive impact of $0.81 per share on the year-over-year adjusted diluted EPS results.

Earnings Conference Call for Analysts An earnings conference call for analysts is scheduled for 10 a.m. ET today.

In addition to discussing the fourth quarter and year-end 2013 results, the company will provide its 2014 adjusted diluted earnings per share guidance range and other business and financial updates.

The conference call will be hosted by Lynn Good, president and chief executive officer, and Steve Young, 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 888-349-9582 in the United States or 719-325-2291 outside the United States. The confirmation code is 8505537. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available until 2 p.m. ET, Feb. 28, 2014, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 8505537. A replay and transcript also will be available by accessing the investors' section of the company's website.

Special Items and Non-GAAP Reconciliation

Non-GAAP financial measures Management evaluates financial performance in part based on the non-GAAP financial measures, adjusted earnings and adjusted diluted earnings per share (EPS). These items are measured as income from continuing operations after deducting income attributable to noncontrolling interests, adjusted for the dollar and per share impact of special items and mark-to-market impacts of economic hedges in the Commercial Power segment. 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 impact of derivative contracts, which are used in Duke Energy's hedging of a portion of the economic value of its generation assets in the Commercial Power segment. The mark-to-market impact of derivative contracts is recognized in GAAP earnings immediately as such derivative contracts do not qualify for hedge accounting or regulatory treatment. The economic value of generation assets is subject to fluctuations in fair value due to market price volatility of input and output commodities (e.g. coal, electricity, natural gas). Economic hedging involves both purchases and sales of those input and output commodities related to generation assets. Operations of the generation assets are accounted for under the accrual method. Management believes excluding impacts of mark-to-market changes of the derivative contracts from adjusted earnings until settlement better matches the financial impacts of the derivative contract with the portion of economic value of the underlying hedged asset. Management believes the presentation of adjusted earnings and adjusted diluted EPS provides useful information to investors, as it provides them an additional relevant comparison of Duke Energy's performance across periods. Management uses these non-GAAP financial measures for planning and forecasting and for reporting results to the Board of Directors, employees, shareholders, analysts and investors concerning Duke Energy's financial performance. The most directly comparable GAAP measures for adjusted earnings and adjusted diluted EPS are Net Income Attributable to Duke Energy Corporation and Diluted EPS attributable to Duke Energy Corporation common shareholders, which include the dollar and per share impact of special items, mark-to-market impacts of economic hedges in the Commercial Power segment and discontinued operations.

Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated in the Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income adjusted for special items and mark-to-market impacts of economic hedges in the Commercial Power segment. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment's performance across periods. The most directly comparable GAAP measure for adjusted segment income is segment income, which represents segment income from continuing operations, including any special items and mark-to-market impacts of economic hedges in the Commercial Power segment.

Due to the forward-looking nature of this non-GAAP financial measure for future periods, information to reconcile it to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items or mark-to-market adjustments for future periods. The earnings guidance range assumptions for 2014 include a full-year of earnings contributions from the Midwest generation fleet, which management has begun a process to exit. Irrespective of whether this business is reclassified as discontinued operations for accounting purposes, management expects to continue including any Midwest generation fleet earnings in adjusted earnings, adjusted diluted EPS, and adjusted segment income. Management believes it is unlikely a sale transaction will close in 2014.

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 all 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 $110 billion in total assets. Its regulated utility operations serve approximately 7.2 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 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 or climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; the ability to recover eligible costs, including those associated with future significant weather events, and earn an adequate return on investment through the regulatory process; the costs of decommissioning Crystal River Unit 3 could prove to be more extensive than is currently identified and all costs may not be fully recoverable through the regulatory process; the risk that the credit ratings of the company or its subsidiaries may be different from what the companies expect; costs and effects of legal and administrative proceedings, settlements, investigations and claims; industrial, commercial and residential growth or decline in service territories or customer bases resulting from customer usage patterns, including energy efficiency efforts and use of alternative energy sources including self-generation and distributed generation technologies; 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 operations, including the economic, operational and other effects of severe storms, hurricanes, droughts and tornadoes; the ability to successfully operate electric generating facilities and deliver electricity to customers; the impact on facilities and business from a terrorist attack, cyber security threats, data security breaches 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 price, interest rates and foreign currency exchange rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; the results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general economic conditions; declines in the market prices of equity securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans, and nuclear decommissioning trust funds; changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; the ability to control operation and maintenance costs; the level of creditworthiness of counterparties to transactions; employee workforce factors, including the potential inability to attract and retain key personnel; the ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); the performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities; 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. Forward looking statements speak only as of the date they are made, 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 that occur after that date.

Media Contact: Tom Shiel Office: 704.382.2355 | 24-Hour: 800.559.3853

Analysts: Bill Currens Office: 704.382.1603